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Become A Bank Consultant

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Working As A Bank Consultant

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $81,000

    Average Salary

What Does A Bank Consultant Do

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. 

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

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How To Become A Bank Consultant

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Bank Consultant Jobs

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Bank Consultant Career Paths

Bank Consultant
Assistant Manager Office Manager Controller
Finance Vice President
10 Yearsyrs
Assistant Manager Manager Vice President
Executive Vice President
11 Yearsyrs
Assistant Manager Owner Vice President
Vice President And Manager
10 Yearsyrs
Project Manager Owner Vice President
Group Vice President
9 Yearsyrs
Project Manager Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Project Manager General Manager Account Manager
Relationship Manager
6 Yearsyrs
Assistant Branch Manager Office Manager Property Manager
Portfolio Manager
7 Yearsyrs
Assistant Branch Manager Branch Manager Assistant Vice President
Commercial Lending Vice President
11 Yearsyrs
Assistant Branch Manager Manager, Assistant Vice President Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
Branch Manager Assistant Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Branch Manager Account Manager Relationship Manager
Business Relationship Manager
9 Yearsyrs
Account Executive General Manager Operations Director
Assistant Vice President Operations
8 Yearsyrs
Account Executive Relationship Manager
Client Relationship Manager
7 Yearsyrs
Account Executive Supervisor Assistant Store Manager
Credit Manager
5 Yearsyrs
Manager Account Manager Client Services Manager
Client Manager
6 Yearsyrs
Manager Controller Finance Vice President
Administration Vice President
6 Yearsyrs
Supervisor Production Manager Processing Manager
Underwriting Manager
8 Yearsyrs
Supervisor Sales Manager Branch Sales Manager
Business Development Officer
7 Yearsyrs
Senior Consultant Sales Manager Branch Sales Manager
Finance Center Manager
6 Yearsyrs
Credit Analyst Accountant Accountant/Consultant
Business Account Manager
6 Yearsyrs
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Bank Consultant Demographics

Gender

Male

50.2%

Female

37.6%

Unknown

12.1%
Ethnicity

White

56.3%

Hispanic or Latino

17.7%

Asian

11.6%

Black or African American

10.7%

Unknown

3.7%
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Foreign Languages Spoken

Spanish

50.8%

French

9.2%

Arabic

6.2%

Portuguese

4.6%

Urdu

3.1%

Japanese

3.1%

Tagalog

3.1%

Russian

3.1%

Italian

3.1%

Dutch

1.5%

Chinese

1.5%

Ukrainian

1.5%

German

1.5%

Dakota

1.5%

Hindi

1.5%

Serbian

1.5%

Danish

1.5%

Korean

1.5%
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Bank Consultant Education

Schools

University of Phoenix

14.6%

Cleveland State University

10.6%

New York University

9.8%

Pace University - New York

6.5%

Ohio State University

5.7%

Fordham University

5.7%

Franklin University

4.1%

Saint John's University - New York

4.1%

State University of New York Buffalo

4.1%

Universidad De Puerto Rico - Rio Piedras Campus

4.1%

Florida International University

3.3%

University of Illinois at Chicago

3.3%

University of Puerto Rico - Mayaguez

3.3%

University of California - Los Angeles

3.3%

Georgia State University

3.3%

University of Missouri - Saint Louis

3.3%

Brooklyn College of the City University of New York

3.3%

Strayer University

3.3%

Bucknell University

2.4%

Baruch College of the City University of New York

2.4%
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Majors

Business

30.1%

Finance

18.3%

Accounting

9.7%

Computer Science

5.9%

Management

5.2%

Economics

4.0%

Marketing

3.8%

Communication

2.9%

Human Resources Management

2.9%

Law

2.4%

Psychology

1.9%

Political Science

1.9%

Education

1.6%

English

1.6%

Criminal Justice

1.6%

Liberal Arts

1.4%

Computer Information Systems

1.4%

Biology

1.2%

Information Technology

1.2%

Engineering

1.2%
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Degrees

Bachelors

41.7%

Masters

28.1%

Other

15.7%

Associate

6.4%

Certificate

4.0%

Doctorate

2.9%

Diploma

1.0%

License

0.2%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$81,000
View Detailed Salary Report
$45,000
Min 10%
$81,000
Median 50%
$81,000
Median 50%
$81,000
Median 50%
$81,000
Median 50%
$81,000
Median 50%
$81,000
Median 50%
$81,000
Median 50%
$145,000
Max 90%
Best Paying Company
Accenture Federal Services
Highest Paying City
Edmonds, WA
Highest Paying State
Washington
Avg Experience Level
2.2 years
How much does a Bank Consultant make at top companies?
The national average salary for a Bank Consultant in the United States is $81,758 per year or $39 per hour. Those in the bottom 10 percent make under $45,000 a year, and the top 10 percent make over $145,000.

Real Bank Consultant Salaries

Job Title Company Location Start Date Salary
SAP Banking Consultant Sap Industries, Inc. Burlington, MA May 25, 2013 $115,000
SAP Banking Consultant Sap Industries, Inc. Burlington, MA Aug 20, 2013 $115,000
SAP Banking Consultant Sap America, Inc. Burlington, MA Jul 21, 2011 $113,000
SAP Banking Consultant Sap America, Inc. Burlington, MA Oct 17, 2011 $113,000
SAP Banking Consultant Sap America, Inc. Burlington, MA Jan 01, 2010 $110,000
Consultant, Strategic Banking Transformation Discover Products Inc. Riverwoods, IL Nov 21, 2016 $102,274 -
$105,000
Consultant 2, Banking Division Simon-Kucher & Partners Strategy & Marketing Consultants LLC New York, NY Aug 26, 2015 $88,000
Consultant 2, Banking Division Simon-Kucher & Partners Strategy & Marketing Consultants LLC New York, NY Sep 08, 2015 $88,000

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Top Skills for A Bank Consultant

  1. Financial Needs
  2. Loan Applications
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Recommend products and services based on customers individual financial needs.
  • Evaluate new loan applications to ensure proper completion and submission of required financial information to facilitate financial credit analysis.
  • Provided training to associates regarding policies and procedures of customer service standards and compliance guidelines.
  • Handled over 100 calls per day selling banking products such as personal loans, credit cards, among others.
  • Expanded relationships with existing clients and converted site visitors into new clients.

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Top 10 Best States for Bank Consultants

  1. New York
  2. Connecticut
  3. Minnesota
  4. Rhode Island
  5. Massachusetts
  6. Vermont
  7. New Jersey
  8. South Dakota
  9. Delaware
  10. Illinois
  • (551 jobs)
  • (135 jobs)
  • (231 jobs)
  • (64 jobs)
  • (350 jobs)
  • (23 jobs)
  • (354 jobs)
  • (14 jobs)
  • (27 jobs)
  • (539 jobs)

Top Bank Consultant Employers

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