How To Become A Loan Analyst: What It Is and Career Path

What is a loan analyst and how to become one

Updated January 8, 2025

3 min read

Quoted expert

Dr. Paige Novak P.E. (Minnesota), BCEE

Loan analysts are employed in banks, credit unions, and other financial lending institutions to review credit applications and decide loan approvals. They identify client financial goals, explain the different types of loans, and collect their information. They review applicant information and calculate the financial risk to determine whether or not to approve loans. Also, they monitor closed loan portfolios for compliance. Additionally, they collaborate with other staff, including financial advisors and underwriters, on financing strategies. The loan analyst work on commercial loans, mortgages, or credit loans.

To become a loan Analyst, you need at least a bachelor's degree in finance, economics, or a related field. You must have at least four years of professional work experience. Essential skills include interpersonal, attention to detail, analytical, communication, teamwork, critical thinking, and maths skills. You must be proficient in Microsoft Office. Loan analysts are paid around $46,800 a year. The salary ranges between $35,000 and $63,000.

What general advice would you give to a loan analyst?

Dr. Paige Novak P.E. (Minnesota), BCEE

Department Head and Joseph T. and Rose S. Ling Chair in Environmental Engineering, University of Minnesota - Twin Cities

Ask questions, stay curious and open minded, take opportunities to learn and develop new skills.

ScoreLoan AnalystUS Average

Salary

3.0

Avg. Salary $37,857

Avg. Salary $59,228

Stability level

7.3

Growth rate 4%

Growth rate 0.3%

Diversity

5.4

Race

American Indian and Alaska Native 0.48%

Asian 6.37%

Black or African American 9.17%

Hispanic or Latino 15.90%

Unknown 4.64%

White 63.45%

Gender

female 56.82%

male 43.18%

Age - 44

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 44

Stress level

7.3

Stress level is high

7.1 - high

Complexity level

8.8

Complexity level is advanced

7 - challenging

Work life balance

5.6

Work life balance is fair

6.4 - fair

Key steps to become a loan analyst

Explore loan analyst education requirements

Most common loan analyst degrees

Bachelor's

65.5 %

Associate

16.8 %

Master's

7.8 %

Start to develop specific loan analyst skills

Skills	Percentages
Loan Documentation	12.94%
Customer Service	12.24%
Real Estate	8.98%
Financial Statements	8.75%
Loan Portfolio	4.28%

Complete relevant loan analyst training and internships

Accountants spend an average of 6-12 months on post-employment, on-the-job training. New loan analysts learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loan analyst based on U.S. Bureau of Labor Statistics data and data from real loan analyst resumes.

Research loan analyst duties and responsibilities

Innovate technical solutions, including development of complex macros within MSP, to automate work and reduce manual processes
Prepare and remit quarterly / semi-annual USDA reporting
Communicate with FHA, VA, FNMA and FHLMC investors for any missing documents that are not include at closing.
Review government loan's documents including FHA & VA loans, and approves or suspends the loans after the underwriter decision.

Prepare your loan analyst resume

When your background is strong enough, you can start writing your loan analyst resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a loan analyst resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose from 10+ customizable loan analyst resume templates

Build a professional loan analyst resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your loan analyst resume.