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The differences between bank officers 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 officer and a loan officer. Additionally, a bank officer has an average salary of $79,562, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a bank officer include customer service, real estate and business development. The most important skills for a loan officer are customer service, origination, and loan origination.
| Bank Officer | Loan Officer | |
| Yearly salary | $79,562 | $45,817 |
| Hourly rate | $38.25 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 69,880 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 61% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A bank officer is in charge of overseeing the daily operations at banking establishments, ensuring efficiency and client satisfaction. Their responsibilities include gathering and analyzing requests, approving and denying loan applications, providing consultations, processing client requests, and producing progress reports. There are also instances where they sign important documents, delegate tasks, and resolve issues and concerns. Moreover, as a bank officer, it is essential to lead and encourage staff to reach goals, all while implementing the company's policies and regulations.
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 officers and loan officers have different pay scales, as shown below.
| Bank Officer | Loan Officer | |
| Average salary | $79,562 | $45,817 |
| Salary range | Between $57,000 And $110,000 | Between $30,000 And $69,000 |
| Highest paying City | Bangor, ME | New York, NY |
| Highest paying state | Maine | New York |
| Best paying company | Federal Reserve Bank | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a bank officer and a loan officer in terms of educational background:
| Bank Officer | Loan Officer | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between bank officers' and loan officers' demographics:
| Bank Officer | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 50.8% Female, 49.2% | 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, 63.3% 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% |