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The differences between loan specialists and loan analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan specialist, becoming a loan analyst takes usually requires 4-6 years. Additionally, a loan specialist has an average salary of $43,081, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Loan Specialist | Loan Analyst | |
| Yearly salary | $43,081 | $37,857 |
| Hourly rate | $20.71 | $18.20 |
| Growth rate | -3% | 4% |
| Number of jobs | 29,041 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 66% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
A loan specialist is in charge of processing loans to make transactions easier for the clients. They usually work in banks, lending firms, and other financial institutions. One of their primary responsibilities is to guide clients to understand what program works best for them, assist in filling out forms, gathering requirements, and verifying authenticity. There are also instances where a loan specialist must discern whether a client can uphold financial obligations using the information collected. Furthermore, it is also their responsibility to produce and submit reports to creditors or lenders.
A loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Loan specialists and loan analysts have different pay scales, as shown below.
| Loan Specialist | Loan Analyst | |
| Average salary | $43,081 | $37,857 |
| Salary range | Between $26,000 And $68,000 | Between $24,000 And $58,000 |
| Highest paying City | Mount Laurel, NJ | Raleigh, NC |
| Highest paying state | Maryland | South Dakota |
| Best paying company | FNB | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a loan specialist and a loan analyst in terms of educational background:
| Loan Specialist | Loan Analyst | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan specialists' and loan analysts' demographics:
| Loan Specialist | Loan Analyst | |
| Average age | 42 | 45 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 43.2% Female, 56.8% |
| Race ratio | Black or African American, 12.7% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 7.3% White, 58.6% American Indian and Alaska Native, 0.4% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |