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The differences between loan analysts and loan managers 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 analyst and a loan manager. Additionally, a loan manager has an average salary of $39,623, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a loan analyst include loan documentation, customer service and real estate. The most important skills for a loan manager are loan applications, customer service, and real estate.
| Loan Analyst | Loan Manager | |
| Yearly salary | $37,857 | $39,623 |
| Hourly rate | $18.20 | $19.05 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,756 | 11,965 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 59% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
A loan manager is a person who supervises and oversees the financial system and the cash flow of a company. They are responsible for the assessment, examination, approval, and even rejection of loan application based on the financial capacity and capability of a loan applicant. A loan manager determines and classifies the possible financial risk and problems that could be encountered. Also, they are the one who controls lending activities for all loan programs, manages all collections, as well as ensuring that the policies of the company are implemented.
Loan analysts and loan managers have different pay scales, as shown below.
| Loan Analyst | Loan Manager | |
| Average salary | $37,857 | $39,623 |
| Salary range | Between $24,000 And $58,000 | Between $27,000 And $58,000 |
| Highest paying City | Raleigh, NC | Jersey City, NJ |
| Highest paying state | South Dakota | New Jersey |
| Best paying company | Barclays | Pacific Investment Management Company LLC |
| Best paying industry | Finance | Finance |
There are a few differences between a loan analyst and a loan manager in terms of educational background:
| Loan Analyst | Loan Manager | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan analysts' and loan managers' demographics:
| Loan Analyst | Loan Manager | |
| Average age | 45 | 45 |
| Gender ratio | Male, 43.2% Female, 56.8% | Male, 46.5% Female, 53.5% |
| Race ratio | 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% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |