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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.

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Average Salary
$65,969
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
31,376
Job Openings

Loan Workout Officer Career Paths

Top Careers Before Loan Workout Officer

Top Careers After Loan Workout Officer

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

Loan Workout Officers in America make an average salary of $65,969 per year or $32 per hour. The top 10 percent makes over $124,000 per year, while the bottom 10 percent under $34,000 per year.
Average Salary
$65,969

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Loan Workout Officer
Loan Workout Officer
Randstad
Randstad
04/15/2020
04/15/2020
$52,17504/15/2020
$52,175
Loan Workout Officer
Loan Workout Officer
Randstad
Randstad
04/10/2020
04/10/2020
$41,74004/10/2020
$41,740
Loan Workout Officer
Loan Workout Officer
Randstad
Randstad
04/10/2020
04/10/2020
$50,08804/10/2020
$50,088
Loan Workout Officer
Loan Workout Officer
Randstad
Randstad
04/10/2020
04/10/2020
$55,18004/10/2020
$55,180

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Loan Workout Officer Demographics

Gender

male

68.7 %

female

27.6 %

unknown

3.7 %

Ethnicity

White

68.5 %

Hispanic or Latino

15.3 %

Black or African American

7.7 %

Foreign Languages Spoken

Spanish

40.0 %

Mandarin

20.0 %

Chinese

20.0 %
See More Demographics

Loan Workout Officer Education

Majors

Business
32.1 %
Finance
24.1 %

Degrees

Bachelors

61.7 %

Masters

15.7 %

Certificate

11.3 %

Top Colleges for Loan Workout Officers

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Public

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Public

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Public

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info
Job type you want
Full Time
Part Time
Internship
Temporary

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.

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Top Loan Workout Officer Employers

1. Randstad USA
4.1
Avg. Salary: 
$48,235
Loan Workout Officers Hired: 
5+
2. Flagstar Bank
4.8
Avg. Salary: 
$67,141
Loan Workout Officers Hired: 
4+
3. IBM
4.8
Avg. Salary: 
$85,550
Loan Workout Officers Hired: 
4+
4. BBVA Compass
4.8
Avg. Salary: 
$95,972
Loan Workout Officers Hired: 
4+
5. M&T Bank
4.7
Avg. Salary: 
$52,157
Loan Workout Officers Hired: 
3+
6. Fulton Financial
4.5
Avg. Salary: 
$80,455
Loan Workout Officers Hired: 
2+
Updated October 2, 2020