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Working as a Commercial Loan Officer

There is more than meets the eye when it comes to being a commercial loan officer. For example, did you know that they make an average of $31.41 an hour? That's $65,332 a year!

Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.

What Does a Commercial Loan Officer Do

There are certain skills that many commercial loan officers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed initiative, interpersonal skills and detail oriented.

When it comes to the most important skills required to be a commercial loan officer, we found that a lot of resumes listed 25.6% of commercial loan officers included loan portfolio, while 12.5% of resumes included financial statements, and 8.7% of resumes included customer service. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the commercial loan officer job title. But what industry to start with? Most commercial loan officers actually find jobs in the finance and professional industries.

How To Become a Commercial Loan Officer

If you're interested in becoming a commercial loan officer, one of the first things to consider is how much education you need. We've determined that 52.4% of commercial loan officers have a bachelor's degree. In terms of higher education levels, we found that 28.6% of commercial loan officers have master's degrees. Even though most commercial loan officers have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a commercial loan officer. When we researched the most common majors for a commercial loan officer, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on commercial loan officer resumes include associate degree degrees or doctoral degree degrees.

You may find that experience in other jobs will help you become a commercial loan officer. In fact, many commercial loan officer jobs require experience in a role such as loan officer. Meanwhile, many commercial loan officers also have previous career experience in roles such as assistant vice president or credit analyst.

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Average Salary$65,332
Job Growth Rate8%

Commercial Loan Officer Career Paths

Top Careers Before Commercial Loan Officer

Top Careers After Commercial Loan Officer

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Average Salary for a Commercial Loan Officer

Commercial Loan Officers in America make an average salary of $65,332 per year or $31 per hour. The top 10 percent makes over $92,000 per year, while the bottom 10 percent under $46,000 per year.
Average Salary
$65,332

Best Paying Cities

City
Average Salary
Fort Lee, NJ
Salary Range62k - 115k$85k$85,102
Franklin Town, MA
Salary Range61k - 113k$84k$83,573
Norwalk, CT
Salary Range57k - 106k$79k$78,502
New York, NY
Salary Range56k - 103k$76k$76,205
Waukesha, WI
Salary Range52k - 98k$72k$71,560
Raleigh, NC
Salary Range51k - 92k$69k$69,258
$35k
$115k

Recently Added Salaries

Job TitleCompanyCompanyStart DateSalary
Commercial Loan Officer-Boulder Market (2350)
Commercial Loan Officer-Boulder Market (2350)
Elevations Creditunion
Elevations Creditunion
01/25/2021
01/25/2021
$75,36001/25/2021
$75,360
Commercial Loan Officer-Banking
Commercial Loan Officer-Banking
Management Recruiters of Wausau
Management Recruiters of Wausau
01/04/2021
01/04/2021
$70,00001/04/2021
$70,000
Senior Commercial Loan Officer
Senior Commercial Loan Officer
Management Recruiters of Wausau
Management Recruiters of Wausau
01/04/2021
01/04/2021
$85,00001/04/2021
$85,000
Commercial Loan Officer
Commercial Loan Officer
Management Recruiters of Wausau
Management Recruiters of Wausau
12/28/2020
12/28/2020
$70,00012/28/2020
$70,000
Agricultural/Commercial Loan Officer
Agricultural/Commercial Loan Officer
Management Recruiters of Wausau
Management Recruiters of Wausau
12/22/2020
12/22/2020
$80,00012/22/2020
$80,000
See More Recent Salaries

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Commercial Loan Officer Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Commercial Loan Officer. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Commercial Loan Officer Resume

At Zippia, we went through countless Commercial Loan 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.

View Detailed Information

Commercial Loan Officer Demographics

Gender

male

69.6 %

female

25.6 %

unknown

4.8 %

Ethnicity

White

69.0 %

Hispanic or Latino

13.9 %

Black or African American

8.5 %

Foreign Languages Spoken

Spanish

47.1 %

French

9.2 %

Mandarin

6.9 %
See More Demographics

Commercial Loan Officer Education

Majors

Business
36.3 %
Finance
21.4 %

Degrees

Bachelors

52.4 %

Masters

28.6 %

Associate

6.6 %

Top Colleges for Commercial Loan Officers

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Public

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Public

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Public

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info
Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills For a Commercial Loan Officer

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 25.6% of commercial loan officers listed loan portfolio on their resume, but soft skills such as initiative and interpersonal skills are important as well.

Best States For a Commercial Loan Officer

Some places are better than others when it comes to starting a career as a commercial loan officer. The best states for people in this position are New Jersey, Massachusetts, Connecticut, and New Hampshire. Commercial loan officers make the most in New Jersey with an average salary of $84,771. Whereas in Massachusetts and Connecticut, they would average $83,336 and $78,680, respectively. While commercial loan officers would only make an average of $77,434 in New Hampshire, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. New Jersey

Total Commercial Loan Officer Jobs:
130
Highest 10% Earn:
$149,000
Location Quotient:
1.23
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Maine

Total Commercial Loan Officer Jobs:
22
Highest 10% Earn:
$125,000
Location Quotient:
1.62
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Massachusetts

Total Commercial Loan Officer Jobs:
90
Highest 10% Earn:
$146,000
Location Quotient:
0.79
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Commercial Loan Officer Employers

1. Wells Fargo
4.7
Avg. Salary: 
$82,338
Commercial Loan Officers Hired: 
53+
2. U.S. Bank
4.7
Avg. Salary: 
$93,652
Commercial Loan Officers Hired: 
25+
3. Bank of America
4.8
Avg. Salary: 
$82,345
Commercial Loan Officers Hired: 
22+
4. Independent Bank
4.7
Avg. Salary: 
$72,994
Commercial Loan Officers Hired: 
14+
5. First National Bank
4.3
Avg. Salary: 
$66,729
Commercial Loan Officers Hired: 
14+
6. Community Bank
4.2
Avg. Salary: 
$72,581
Commercial Loan Officers Hired: 
12+

Commercial Loan Officer Videos

Updated October 2, 2020