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The differences between loan advisers and loan analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a loan adviser and a loan analyst. Additionally, a loan adviser has an average salary of $40,365, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a loan adviser include customer service, origination and mortgage loans. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Loan Adviser | Loan Analyst | |
| Yearly salary | $40,365 | $37,857 |
| Hourly rate | $19.41 | $18.20 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,189 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 66% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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 loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Loan advisers and loan analysts have different pay scales, as shown below.
| Loan Adviser | Loan Analyst | |
| Average salary | $40,365 | $37,857 |
| Salary range | Between $28,000 And $56,000 | Between $24,000 And $58,000 |
| Highest paying City | - | Raleigh, NC |
| Highest paying state | - | South Dakota |
| Best paying company | - | Barclays |
| Best paying industry | - | Finance |
There are a few differences between a loan adviser and a loan analyst in terms of educational background:
| Loan Adviser | Loan Analyst | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan advisers' and loan analysts' demographics:
| Loan Adviser | Loan Analyst | |
| Average age | 45 | 45 |
| Gender ratio | Male, 47.7% Female, 52.3% | Male, 43.2% Female, 56.8% |
| 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, 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% |