Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between bank consultants and loan officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a bank consultant and a loan officer. Additionally, a bank consultant has an average salary of $90,094, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a bank consultant include customer service, powerpoint and risk management. The most important skills for a loan officer are customer service, origination, and loan origination.
| Bank Consultant | Loan Officer | |
| Yearly salary | $90,094 | $45,817 |
| Hourly rate | $43.31 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 17,023 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 61% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A bank consultant focuses on identifying and meeting the clients' needs through effective banking advice and guidance. Their daily tasks entail greeting and offering assistance to clients, answering inquiries, discussing terms, recommending options and other services, making arrangements, and processing the clients' applications. They also perform clerical tasks such as handling calls and inquiries, preparing documents, reviewing reports, producing financial statements, and maintaining records. Moreover, a bank consultant maintains an open communication line with co-workers, coordinating to provide clients with optimal services.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Bank consultants and loan officers have different pay scales, as shown below.
| Bank Consultant | Loan Officer | |
| Average salary | $90,094 | $45,817 |
| Salary range | Between $68,000 And $118,000 | Between $30,000 And $69,000 |
| Highest paying City | Marysville, WA | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | Inter-American Development Bank | Bangor Savings Bank |
| Best paying industry | Technology | Finance |
There are a few differences between a bank consultant and a loan officer in terms of educational background:
| Bank Consultant | Loan Officer | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between bank consultants' and loan officers' demographics:
| Bank Consultant | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 59.0% Female, 41.0% | Male, 55.3% Female, 44.7% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |