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The differences between loan managers and loan advisers 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 loan adviser. Additionally, a loan adviser has an average salary of $40,365, 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 loan adviser are customer service, origination, and mortgage loans.
| Loan Manager | Loan Adviser | |
| Yearly salary | $39,623 | $40,365 |
| Hourly rate | $19.05 | $19.41 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,965 | 24,189 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 52% |
| 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.
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.
Loan managers and loan advisers have different pay scales, as shown below.
| Loan Manager | Loan Adviser | |
| Average salary | $39,623 | $40,365 |
| Salary range | Between $27,000 And $58,000 | Between $28,000 And $56,000 |
| Highest paying City | Jersey City, NJ | - |
| Highest paying state | New Jersey | - |
| Best paying company | Pacific Investment Management Company LLC | - |
| Best paying industry | Finance | - |
There are a few differences between a loan manager and a loan adviser in terms of educational background:
| Loan Manager | Loan Adviser | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan managers' and loan advisers' demographics:
| Loan Manager | Loan Adviser | |
| Average age | 45 | 45 |
| Gender ratio | Male, 46.5% Female, 53.5% | Male, 47.7% Female, 52.3% |
| 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, 16.1% Asian, 6.4% White, 63.1% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |