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The differences between loan officers and relationship managers 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 relationship manager takes usually requires 6-8 years. Additionally, a relationship manager has an average salary of $83,761, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a relationship manager are client relationships, work ethic, and strong work ethic.
| Loan Officer | Relationship Manager | |
| Yearly salary | $45,817 | $83,761 |
| Hourly rate | $22.03 | $40.27 |
| Growth rate | 4% | 5% |
| Number of jobs | 63,663 | 72,920 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 69% |
| Average age | 45 | 46 |
| Years of experience | 6 | 8 |
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 relationship manager is responsible for maintaining a positive and professional relationship with customers and business partners, ensuring the highest customer satisfaction and good reputation. Relationship managers advise management on identifying business opportunities by analyzing the current market trends that would help generate revenues and increase its profitability. They connect with the marketing and sales team for product and services innovation, create compelling sales pitches, and develop customer service processes to assist customers with their inquiries and concerns efficiently.
Loan officers and relationship managers have different pay scales, as shown below.
| Loan Officer | Relationship Manager | |
| Average salary | $45,817 | $83,761 |
| Salary range | Between $30,000 And $69,000 | Between $56,000 And $123,000 |
| Highest paying City | New York, NY | San Francisco, CA |
| Highest paying state | New York | New York |
| Best paying company | Bangor Savings Bank | |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer and a relationship manager in terms of educational background:
| Loan Officer | Relationship Manager | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Southern California |
Here are the differences between loan officers' and relationship managers' demographics:
| Loan Officer | Relationship Manager | |
| Average age | 45 | 46 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 53.5% Female, 46.5% |
| 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, 3.2% Unknown, 4.4% Hispanic or Latino, 9.8% Asian, 4.1% White, 78.2% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 8% | 7% |