Loan Officers and Counselors

Employment for loan officers is expected to grow more slowly than the average for all occupations through 2033, according to the U.S. Department of Labor (DOL). "Demand for loan officers is expected as both businesses and individuals seek credit to finance commercial investments and personal spending," according to the DOL. However, the decline of bank branches and the increased use of productivity-enhancing technology in loan processing are expected to slow employment growth."

Job opportunities for credit counselors (including loan counselors) are expected to increase about as fast as the average through 2033. As the economy grows, banks and other lending institutions are granting an increasing number of loans to businesses and individuals—which is fueling demand for loan counselors.

In the future, advances in the way people apply for loans and the expanded use of loan underwriting software will improve worker productivity. While computerized credit scoring, the use of advanced artificial intelligence, online mortgage shopping, and online loan applications may increase the efficiency of a loan officer, unfortunately they may also cut the number of professionals needed to get the job done. The rise of mobile banking and the subsequent reduction in the number of physical banking branches is another factor that will limit employment growth in this field.

College graduates, and/or those with work experience in lending, banking, or sales, will have the best employment opportunities.