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The differences between bank consultants and senior 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 senior loan officer. Additionally, a bank consultant has an average salary of $90,094, which is higher than the $37,162 average annual salary of a senior loan officer.
The top three skills for a bank consultant include customer service, powerpoint and risk management. The most important skills for a senior loan officer are customer service, loan applications, and origination.
| Bank Consultant | Senior Loan Officer | |
| Yearly salary | $90,094 | $37,162 |
| Hourly rate | $43.31 | $17.87 |
| Growth rate | 4% | 4% |
| Number of jobs | 17,023 | 65,807 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 66% |
| 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.
A senior loan officer is responsible for authorizing loan applications after evaluating the applicant's loan eligibility upon submitting documents and other requirements. Senior loan officers assist the loan staff for the approval or rejection of the application, providing alternatives for the applicants based on their credibility. They monitor the loan process, create loan contracts, ensuring that the payment plans meet the federal laws and regulations. A senior loan officer must have extensive knowledge of the financial industry to prepare proposals timely and accurately.
Bank consultants and senior loan officers have different pay scales, as shown below.
| Bank Consultant | Senior Loan Officer | |
| Average salary | $90,094 | $37,162 |
| Salary range | Between $68,000 And $118,000 | Between $29,000 And $46,000 |
| Highest paying City | Marysville, WA | Miami, FL |
| Highest paying state | Washington | Hawaii |
| Best paying company | Inter-American Development Bank | Salal Credit Union |
| Best paying industry | Technology | Finance |
There are a few differences between a bank consultant and a senior loan officer in terms of educational background:
| Bank Consultant | Senior Loan Officer | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between bank consultants' and senior loan officers' demographics:
| Bank Consultant | Senior Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 59.0% Female, 41.0% | Male, 69.4% Female, 30.6% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |