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 $31.9 an hour? That's $66,348 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
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.
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 68.2% of Loan Workout Officers have a bachelor's degree. In terms of higher education levels, we found that 16.8% 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.
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And if you’re looking for a job, here are the five top employers hiring now:
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.
Tell us your goals and we'll match you with the rights job to get there.
Use Zippia's Salary Calculator to see how your pay matches up.
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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.