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The differences between loan advisers and finance advisors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan adviser, becoming a finance advisor takes usually requires 2-4 years. Additionally, a finance advisor has an average salary of $64,993, which is higher than the $40,365 average annual salary of a loan adviser.
The top three skills for a loan adviser include customer service, origination and mortgage loans. The most important skills for a finance advisor are team support, wealth management, and securities.
| Loan Adviser | Finance Advisor | |
| Yearly salary | $40,365 | $64,993 |
| Hourly rate | $19.41 | $31.25 |
| Growth rate | 4% | 15% |
| Number of jobs | 24,189 | 106,311 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 74% |
| Average age | 45 | 45 |
| Years of experience | 6 | 4 |
A loan adviser evaluates and assesses mortgage applications to ensure that the client is capable and capacitated to pay their finances and obligations. They conduct one on one interviews with the client, verifies the documents presented, and handles the approval process. They can often be seen in a bank or a credit institution that gives support to the clients and borrowers. This career is considered a vital part of a bank as it determines the possible increase of a company's profit by their loan programs.
A Financial Advisor specializes in sharing their expertise with an individual or company on how to handle and boost finances. The responsibilities of a Financial Advisor include creating and proposing a strategy to attain financial gains through profits and investments, educating the client about new methods and opportunities, monitor and evaluate progress, and as well as plan policies according to the clients' life changes. Furthermore, it is also the duty of the Financial Advisor to research new investments that would be of great help to the client's assets.
Loan advisers and finance advisors have different pay scales, as shown below.
| Loan Adviser | Finance Advisor | |
| Average salary | $40,365 | $64,993 |
| Salary range | Between $28,000 And $56,000 | Between $34,000 And $121,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New York |
| Best paying company | - | Enbridge |
| Best paying industry | - | Finance |
There are a few differences between a loan adviser and a finance advisor in terms of educational background:
| Loan Adviser | Finance Advisor | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Minnesota - Twin Cities |
Here are the differences between loan advisers' and finance advisors' demographics:
| Loan Adviser | Finance Advisor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 47.7% Female, 52.3% | Male, 72.3% Female, 27.7% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.1% American Indian and Alaska Native, 0.5% | Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.3% White, 72.1% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 8% | 5% |