Loan Officers and Counselors

Employment for loan officers and counselors is expected to grow faster than the average for all occupations through 2028, according to the U.S. Department of Labor. 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 officers and 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, 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.