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Become A Bank Officer

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Working As A Bank Officer

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

  • Make Decisions

  • Repetitive

  • $84,000

    Average Salary

What Does A Bank Officer 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 Officer

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 Officer Jobs

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Bank Officer Career Paths

Bank Officer
Branch Manager Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Branch Manager General Manager Vice President
Group Vice President
9 Yearsyrs
Branch Manager Area Manager Sales Manager
Branch Sales Manager
6 Yearsyrs
Assistant Branch Manager Operations 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
Assistant Branch Manager Account Manager Relationship Manager
Senior Relationship Manager
9 Yearsyrs
Office Manager Owner Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Office Manager Account Manager Regional Sales Manager
Vice President & Sales Manager
9 Yearsyrs
Office Manager Account Manager Relationship Manager
Business Relationship Manager
9 Yearsyrs
Relationship Manager Project Manager Operations Director
Assistant Vice President Operations
8 Yearsyrs
Account Executive Customer Service Manager Collections Manager
Credit And Collection Manager
7 Yearsyrs
Manager Production Manager Processing Manager
Underwriting Manager
8 Yearsyrs
Accountant Analyst Underwriter
Branch Operations Manager
6 Yearsyrs
Senior Personal Banker Banking Center Manager
Finance Center Manager
6 Yearsyrs
Senior Personal Banker Teller Supervisor
Banking Center Manager
5 Yearsyrs
Senior Personal Banker Teller Supervisor Banking Center Manager
Bank Manager
5 Yearsyrs
Manager Sales Manager Branch Sales Manager
Business Development Officer
7 Yearsyrs
Senior Loan Officer Senior Loan Processor Closing Manager
Mutual Fund Manager
5 Yearsyrs
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Help others decide if this is a good career for them

Average Length of Employment
Bank President 4.6 years
Bank Manager 4.4 years
Bank Officer 4.0 years
Commercial Banker 3.5 years
Investment Advisor 3.3 years
Banking Associate 2.5 years
Bank Specialist 2.4 years
Bank Advisor 2.3 years
Bank Consultant 2.2 years
Bank Analyst 2.0 years
Top Careers Before Bank Officer
Teller 10.7%
Internship 4.0%
Cashier 3.5%
Manager 3.2%
Supervisor 2.6%
Top Careers After Bank Officer
Manager 3.5%
Consultant 3.2%

Do you work as a Bank Officer?

Average Yearly Salary
$84,000
View Detailed Salary Report
$44,000
Min 10%
$84,000
Median 50%
$84,000
Median 50%
$84,000
Median 50%
$84,000
Median 50%
$84,000
Median 50%
$84,000
Median 50%
$84,000
Median 50%
$160,000
Max 90%
Best Paying Company
Banco Santander Int Miami
Highest Paying City
Tacoma, WA
Highest Paying State
Washington
Avg Experience Level
4.4 years
How much does a Bank Officer make at top companies?
The national average salary for a Bank Officer in the United States is $84,558 per year or $41 per hour. Those in the bottom 10 percent make under $44,000 a year, and the top 10 percent make over $160,000.

Real Bank Officer Salaries

Job Title Company Location Start Date Salary
Chief Retail and Commercial Banking Officer Fortune Bank Seattle, WA Sep 30, 2010 $300,000
Bank Officer Aozora Bank Ltd. New York, NY Sep 25, 2016 $217,914
Bank Officer Aozora Bank Ltd. New York, NY Aug 26, 2013 $150,000
Bank Officer Aozora Bank Ltd. New York, NY Sep 25, 2013 $150,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Oct 24, 2011 $120,000
Analyst 1-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ May 02, 2011 $120,000
Commercial Banking Officer IV Comerica Management Company Waltham, MA Sep 16, 2014 $117,013
Analyst 1-Banking Officer-Systems Office for The The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Nov 27, 2011 $117,000
Analyst 1-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Apr 04, 2011 $115,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Aug 15, 2011 $115,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Sep 06, 2011 $115,000
Analyst 1-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Mar 28, 2011 $115,000
Banking Officer-Analyst 1 The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Jun 07, 2010 $115,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Aug 15, 2011 $110,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Aug 22, 2011 $110,000
Analyst I-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Feb 06, 2010 $110,000
Analyst 1-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Dec 20, 2010 $110,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Aug 22, 2011 $105,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Oct 24, 2011 $105,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Nov 28, 2011 $105,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Sep 07, 2010 $100,000
Commercial Banking Officer III United Central Bank Garland, TX Jul 12, 2013 $90,000
Analyst 1-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Jun 27, 2011 $80,000
Private Banking Officer Lloyds TSB Bank PLC Miami, FL Dec 01, 2013 $79,750
International Private Banking Officer Frost National Bank Houston, TX Sep 29, 2011 $79,300
International Private Banking Officer Frost National Bank Houston, TX May 04, 2011 $79,300
Banking Officer-Credit Specialist The Bank of Tokyo-Mitsubishi UFJ, Ltd. New York, NY Nov 02, 2009 $73,000
Banking Officer, Global Markets Credit Risk Cnslt. State Street Bank and Trust Company Boston, MA Oct 02, 2009 $65,000 -
$78,600

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Top Skills for A Bank Officer

  1. Financial Statements
  2. Loan Portfolio
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Analyze personal and company financial statements and tax returns to determine credit worthiness and overall ability to service debts.
  • Originated and managed loan portfolio.
  • Provided excellent customer service to meet customer and company expectations and develop long-term relationships for referral business.
  • Involved contact with account officers and daily communication with front-line staff to obtain proper documentation and/or information to effectively ensure compliance.
  • Developed and managed new and existing client relationships of high-net-worth individuals and their related businesses with focus on maximizing revenue.

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Top 10 Best States for Bank Officers

  1. New Jersey
  2. North Dakota
  3. Kansas
  4. Nebraska
  5. Connecticut
  6. Minnesota
  7. New Hampshire
  8. Ohio
  9. Texas
  10. Maine
  • (161 jobs)
  • (16 jobs)
  • (32 jobs)
  • (13 jobs)
  • (35 jobs)
  • (58 jobs)
  • (10 jobs)
  • (122 jobs)
  • (202 jobs)
  • (18 jobs)

Bank Officer Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 3,249 Bank Officer resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Bank Officer Resume

View Resume Examples

Bank Officer Demographics

Gender

Male

44.2%

Female

43.3%

Unknown

12.4%
Ethnicity

White

56.4%

Hispanic or Latino

15.8%

Black or African American

13.2%

Asian

9.4%

Unknown

5.2%
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Foreign Languages Spoken

Spanish

42.6%

French

12.4%

Mandarin

7.1%

German

5.3%

Chinese

4.7%

Portuguese

4.1%

Hindi

3.0%

Italian

3.0%

Japanese

3.0%

Cantonese

3.0%

Swedish

1.8%

Gujarati

1.8%

Russian

1.8%

Arabic

1.8%

Swahili

1.2%

Romanian

1.2%

Turkish

0.6%

Hebrew

0.6%

Danish

0.6%

Indonesian

0.6%
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Bank Officer Education

Schools

University of Phoenix

20.9%

University of Houston

6.4%

DePaul University

5.7%

New York University

5.4%

University of Alabama

5.1%

University of Texas at Arlington

5.1%

Strayer University

4.4%

American Institute of Baking

4.0%

Temple University

4.0%

Texas Tech University

4.0%

University of Central Florida

4.0%

Georgia Southern University

4.0%

American Institute

3.7%

Florida International University

3.7%

State University of New York Buffalo

3.4%

University of Colorado at Boulder

3.4%

Kaplan University

3.4%

Colorado State University

3.4%

University of New Orleans

3.0%

University of Texas at San Antonio

3.0%
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Majors

Business

35.4%

Finance

20.3%

Accounting

10.4%

Management

5.6%

Marketing

4.0%

Economics

3.5%

Criminal Justice

2.2%

Psychology

2.1%

Communication

2.0%

Computer Science

1.7%

Political Science

1.6%

Education

1.6%

Human Resources Management

1.6%

Law

1.6%

English

1.2%

Legal Research And Advanced Professional Studies

1.1%

Real Estate

1.1%

International Business

1.0%

History

1.0%

General Studies

1.0%
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Degrees

Bachelors

43.3%

Masters

26.6%

Other

17.1%

Associate

6.1%

Certificate

3.8%

Diploma

1.4%

Doctorate

1.3%

License

0.4%
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Top Bank Officer Employers

Jobs From Top Bank Officer Employers

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