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The differences between senior bankers and loan officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a senior banker and a loan officer. Additionally, a senior banker has an average salary of $66,444, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a senior banker include bank policies, cross-selling and financial services. The most important skills for a loan officer are customer service, origination, and loan origination.
| Senior Banker | Loan Officer | |
| Yearly salary | $66,444 | $45,817 |
| Hourly rate | $31.94 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 23,051 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 61% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A senior banker works in a banking facility to help potential clients develop relationships with their company. They promote banking products such as credit cards, accounts, or loans to clients. They also have the responsibility of processing payments and reminding clients of payment deadlines.
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.
Senior bankers and loan officers have different pay scales, as shown below.
| Senior Banker | Loan Officer | |
| Average salary | $66,444 | $45,817 |
| Salary range | Between $28,000 And $153,000 | Between $30,000 And $69,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Citi | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a senior banker and a loan officer in terms of educational background:
| Senior Banker | Loan Officer | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior bankers' and loan officers' demographics:
| Senior Banker | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 52.8% Female, 47.2% | Male, 55.3% Female, 44.7% |
| Race ratio | Black or African American, 8.9% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% | 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% |
| LGBT Percentage | 8% | 8% |