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Loan Officers and Counselors

Education and Training Requirements

High School

While in high school, take classes that will give you a solid preparation for college. Classes may include mathematics (such as algebra and geometry), science, history, and a foreign language. Take English courses to improve your researching, writing, and communication skills. Also, take computer classes. Computer technology is an integral part of today's financial world, and you will benefit from being familiar with this tool. Finally, if your high school offers classes in economics, accounting, or finance, be sure to take these courses. The course work will not only give you an opportunity to gain knowledge, but will also allow you to see if you enjoy working with numbers and theories.

Postsecondary Training

A high school diploma, combined with on-the-job training, may be enough for some positions, but a bachelor's degree is preferred by employers. Possible college majors include accounting, economics, finance, or business administration with an emphasis on accounting or finance. You will need to continue honing your computer skills during this time. Also, you will take business law classes. Federal and state laws regarding business and finances frequently change, so you will need to familiarize yourself with current regulations.

Certification

The Mortgage Bankers Association offers offers nearly 10 certificates and designations in the commercial/multifamily and residential mortgage servicing categories. Visit the association's Web site, https://www.mba.org/conferences-and-education/certificates-and-designations, for more information.

Colleges and universities also offer certificate programs in mortgage banking, financial counseling, and related areas.

Other Education or Training

Many financial management and banking associations offer continuing education programs in conjunction with colleges or universities or other providers. These programs are geared toward advancing and updating your knowledge of subjects such as changing banking regulations, financial analysis, and consumer and mortgage lending. The American Bankers Association, for example, offers training in every phase of banking through its own facilities or the facilities of the local universities and banking organizations. The length of this training may vary from six months to two years. Years of service and experience are required for a top-level financial institution officer to become acquainted with policy, operations, customers, and the community. Similarly, the Association for Financial Professionals, Consumer Bankers Association, Mortgage Bankers Association, and the National Association of Credit Management offer training and instruction.

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