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 $69,990 in May 2023, according to the U.S. Department of Labor (DOL). The lowest paid 10 percent of loan officers made $37,020 or less, while the highest paid 10 percent earned $139,470 or more. Fifty percent of loan officers earned between $49,130 and $100,020.

The DOL reports that the "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."

Loan counselors earned salaries that ranged from less than $37,460 to $75,030 or more, with a median salary of $48,570. Fifty percent of loan counselors earned between $41,980 and $59,990.

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.