Loan Workout Officer Overview
Loan Workout Officer Careers
There is more than meets the eye when it comes to being a loan workout officer. For example, did you know that they make an average of $31.72 an hour? That's $65,969 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
What Does a Loan Workout Officer Do
There are certain skills that many loan workout officers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.
When it comes to the most important skills required to be a loan workout officer, we found that a lot of resumes listed 26.7% of loan workout officers included financial statements, while 19.1% of resumes included loan portfolio, and 8.2% of resumes included regulatory agencies. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan workout officer job title. But what industry to start with? Most loan workout officers actually find jobs in the finance and automotive industries.
How To Become a Loan Workout Officer
If you're interested in becoming a loan workout officer, one of the first things to consider is how much education you need. We've determined that 45.7% of loan workout officers have a bachelor's degree. In terms of higher education levels, we found that 32.6% of loan workout officers have master's degrees. Even though most loan workout officers have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a loan workout officer. When we researched the most common majors for a loan workout officer, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on loan workout officer resumes include associate degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a loan workout officer. In fact, many loan workout officer jobs require experience in a role such as vice president. Meanwhile, many loan workout officers also have previous career experience in roles such as assistant vice president or credit analyst.
What is the right job for my career path?
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Loan Workout Officer Career Paths
In addition to switching up your job search, it might prove helpful to look at a career path for your specific job. Now, what's a career path you ask? Well, it's practically a map that shows how you might advance from one job title to another. Our career paths are especially detailed with salary changes. So, for example, if you started out with the role of commercial loan officer you might progress to a role such as branch manager eventually. Later on in your career, you could end up with the title manager, assistant vice president.
What is the right job for my career path?
Tell us your goals and we'll match you with the rights job to get there.
Average Salary for a Loan Workout Officer
Recently Added Salaries
Job TitleCompany  | Company | Start Date | Salary |
|---|---|---|---|
Randstad Loan Workout Officer Loan Workout Officer | Randstad Randstad | 04/15/2020 04/15/2020 | $52,17504/15/2020 $52,175 |
Randstad Loan Workout Officer Loan Workout Officer | Randstad Randstad | 04/10/2020 04/10/2020 | $41,74004/10/2020 $41,740 |
Randstad Loan Workout Officer Loan Workout Officer | Randstad Randstad | 04/10/2020 04/10/2020 | $50,08804/10/2020 $50,088 |
Randstad Loan Workout Officer Loan Workout Officer | Randstad Randstad | 04/10/2020 04/10/2020 | $55,18004/10/2020 $55,180 |
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Top Colleges for Loan Workout Officers
1. University of Pennsylvania
Philadelphia, PA • Private
2. Northwestern University
Evanston, IL • Private
3. University of Southern California
Los Angeles, CA • Private
4. SUNY at Binghamton
Vestal, NY • Public
5. Villanova University
Villanova, PA • Private
6. San Diego State University
San Diego, CA • Public
7. Bentley University
Waltham, MA • Private
8. Boston University
Boston, MA • Private
9. SUNY Stony Brook
Stony Brook, NY • Public
10. New York University
New York, NY • Private
Top Skills For a Loan Workout Officer
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 26.7% of loan workout officers listed financial statements on their resume, but soft skills such as detail oriented and initiative are important as well.
- Financial Statements, 26.7%
- Loan Portfolio, 19.1%
- Regulatory Agencies, 8.2%
- SBA, 6.9%
- Real Estate, 4.9%
- Other Skills, 34.2% See All Loan Workout Officer Skills