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The differences between loan managers and commercial loan officers 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 manager and a commercial loan officer. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $39,623 average annual salary of a loan manager.
The top three skills for a loan manager include loan applications, customer service and real estate. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Loan Manager | Commercial Loan Officer | |
| Yearly salary | $39,623 | $70,876 |
| Hourly rate | $19.05 | $34.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,965 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Loan managers and commercial loan officers have different pay scales, as shown below.
| Loan Manager | Commercial Loan Officer | |
| Average salary | $39,623 | $70,876 |
| Salary range | Between $27,000 And $58,000 | Between $50,000 And $100,000 |
| Highest paying City | Jersey City, NJ | Fort Lee, NJ |
| Highest paying state | New Jersey | Maine |
| Best paying company | Pacific Investment Management Company LLC | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between a loan manager and a commercial loan officer in terms of educational background:
| Loan Manager | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan managers' and commercial loan officers' demographics:
| Loan Manager | Commercial Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 46.5% Female, 53.5% | Male, 73.8% Female, 26.2% |
| Race ratio | 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% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |