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The differences between loan officers and bankers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan officer, becoming a banker takes usually requires 2-4 years. Additionally, a loan officer has an average salary of $45,817, which is higher than the $44,463 average annual salary of a banker.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a banker are taking care, financial services, and securities.
| Loan Officer | Banker | |
| Yearly salary | $45,817 | $44,463 |
| Hourly rate | $22.03 | $21.38 |
| Growth rate | 4% | 10% |
| Number of jobs | 63,663 | 29,725 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 56% |
| Average age | 45 | 43 |
| Years of experience | 6 | 4 |
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
A banker is primarily responsible for assisting clients with their banking needs, particularly when withdrawing, depositing, and paying. Aside from handling transactions, bankers are also mainly responsible for opening and closing accounts, processing requirements, verifying the validity of documentation, recommending services and other financial options to clients, and resolving inquiries and concerns. A banker may answer calls and correspondence, coordinate with other banking personnel, maintain accurate data, and discuss conditions to clients thoroughly. Furthermore, because a banker mainly works with clients, it is essential to attain customer satisfaction.
Loan officers and bankers have different pay scales, as shown below.
| Loan Officer | Banker | |
| Average salary | $45,817 | $44,463 |
| Salary range | Between $30,000 And $69,000 | Between $20,000 And $97,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Bangor Savings Bank | Citi |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and a banker in terms of educational background:
| Loan Officer | Banker | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and bankers' demographics:
| Loan Officer | Banker | |
| Average age | 45 | 43 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 46.3% Female, 53.7% |
| Race ratio | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% | Black or African American, 5.5% Unknown, 4.1% Hispanic or Latino, 11.4% Asian, 12.3% White, 66.5% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 8% | 6% |