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The differences between loan managers and 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 manager and a manager. Additionally, a manager has an average salary of $58,651, 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 manager are customer service, payroll, and food safety.
| Loan Manager | Manager | |
| Yearly salary | $39,623 | $58,651 |
| Hourly rate | $19.05 | $28.20 |
| Growth rate | 4% | 6% |
| Number of jobs | 11,965 | 1,236,194 |
| Job satisfaction | - | 4.57 |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 49% |
| Average age | 45 | 44 |
| 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.
Managers are responsible for a specific department, function, or employee group. They oversee their assigned departments and all the employees under the department. Managers are responsible that the department they are handling is functioning well. They set the department goals and the steps they must take to achieve the goals. They are also in charge of assessing the performance of their departments and their employees. Additionally, managers are responsible for interviewing prospective candidates for department vacancies and assessing their fit to the needs of the department. Managers also set the general working environment in the department, and they are expected to ensure that their employees remain motivated.
Loan managers and managers have different pay scales, as shown below.
| Loan Manager | Manager | |
| Average salary | $39,623 | $58,651 |
| Salary range | Between $27,000 And $58,000 | Between $37,000 And $92,000 |
| Highest paying City | Jersey City, NJ | - |
| Highest paying state | New Jersey | New Jersey |
| Best paying company | Pacific Investment Management Company LLC | - |
| Best paying industry | Finance | Finance |
There are a few differences between a loan manager and a manager in terms of educational background:
| Loan Manager | Manager | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 49% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan managers' and managers' demographics:
| Loan Manager | Manager | |
| Average age | 45 | 44 |
| Gender ratio | Male, 46.5% Female, 53.5% | Male, 51.0% Female, 49.0% |
| 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, 6.3% Unknown, 4.3% Hispanic or Latino, 15.5% Asian, 6.4% White, 67.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 10% |