Loan Officers and Counselors

Those who enter banking in the next few years will find their earnings to be dependent on their experience, the size of the institution, and its location. In general, starting salaries in financial institutions are not usually the highest, although among larger financial institutions in big cities, starting salaries often compare favorably with salaries in large corporations.

Loan officers earned median annual salaries of $63,040 in May 2018, according to the U.S. Department of Labor (DOL). The lowest paid 10 percent of loan officers made $31,870 or less, while the highest paid 10 percent earned $132,080 or more. Loan counselors earned salaries that ranged from less than $30,440 to $76,690 or more, with a median salary of $45,180.

The DOL reports that the "form of compensation varies widely by employer. Some loan officers are paid a flat salary; others are paid on commission. Those on commission usually are paid a base salary plus a commission for the loans they originate. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans perform."

Group life insurance, paid vacations, profit-sharing plans, and health care and retirement plans are some of the benefits offered to loan officers and counselors.