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The differences between commercial bankers 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 commercial banker and a senior loan officer. Additionally, a commercial banker has an average salary of $78,697, which is higher than the $37,162 average annual salary of a senior loan officer.
The top three skills for a commercial banker include customer service, business development and treasury. The most important skills for a senior loan officer are customer service, loan applications, and origination.
| Commercial Banker | Senior Loan Officer | |
| Yearly salary | $78,697 | $37,162 |
| Hourly rate | $37.84 | $17.87 |
| Growth rate | 4% | 4% |
| Number of jobs | 45,270 | 65,807 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 66% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A commercial banker is responsible for providing financial advice and selling financial instruments to corporate clients according to their business needs and specifications. Commercial bankers process the opening and registration of corporate client accounts, updating the clients with current financial services, and resolving account disputes. They also manage investment options and identify opportunities that would help the bank gain more prospective clients that would increase the company's revenues and profitability. A commercial banker must have excellent knowledge of the banking industry to determine banking solutions for clients for their best interests.
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.
Commercial bankers and senior loan officers have different pay scales, as shown below.
| Commercial Banker | Senior Loan Officer | |
| Average salary | $78,697 | $37,162 |
| Salary range | Between $51,000 And $121,000 | Between $29,000 And $46,000 |
| Highest paying City | Seattle, WA | Miami, FL |
| Highest paying state | New Mexico | Hawaii |
| Best paying company | Northern Trust | Salal Credit Union |
| Best paying industry | Finance | Finance |
There are a few differences between a commercial banker and a senior loan officer in terms of educational background:
| Commercial Banker | Senior Loan Officer | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial bankers' and senior loan officers' demographics:
| Commercial Banker | Senior Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 63.5% Female, 36.5% | Male, 69.4% Female, 30.6% |
| Race ratio | Black or African American, 9.7% Unknown, 4.7% Hispanic or Latino, 14.7% Asian, 6.6% White, 63.8% 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% |