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Loan Officers

Wages & Outlook

 

Typical Wages   This career pays well above the median wage.

Wages listed below are for a variety of experience and education levels. Make sure that you research the typical entry-level education and work experience and training requirements for this occupation.

This career: $40.54
Statewide median: $25.22

 

This is a very high-wage career. It pays well above the statewide median wage.


Wages for Loan Officers *

Area Low Median High
U S
$24.19 $34.47 $49.26
Minnesota
$29.88 $40.54 $56.92
Central Minnesota
$29.88 $39.50 $56.29
Northeast Minnesota
$24.47 $31.93 $47.00
Northwest Minnesota
$28.13 $37.90 $49.04
Southeast Minnesota
$30.85 $41.34 $57.25
Southwest Minnesota
$29.66 $39.03 $49.39
Seven County Mpls-St Paul, MN
$30.87 $41.43 $61.10

* "Low" indicates 25% of workers earn less and 75% earn more.
"Median" indicates 50% of workers earn less and 50% earn more.
"High" indicates 75% of workers earn less and 25% earn more.

See more wage detail.

 

Employment

In Minnesota, there are 7,270 workers employed in this medium-sized career.

Where do Loan Officers most often work?

 

Current Demand

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This career is currently in very high demand.

 

Future Demand

This career is seeing low growth compared to other careers.

There will be a need for about 6,834 new Loan Officers to meet market demand between 2020-2030. This includes the demand due to replacement (workers leaving the occupation or retiring) as well as growth.

 

Employment Outlook for Loan Officers
Area Employment Employment Change
2020 2030 Number Percent
U S 322,100 326,400 4,300 1.3%
Minnesota 8,646 8,843 197 2.3%
Central Minnesota 709 747 38 5.4%
Northeast Minnesota 349 379 30 8.6%
Northwest Minnesota 631 676 45 7.1%
Southeast Minnesota 655 688 33 5%
Southwest Minnesota 621 656 35 5.6%
Seven County Mpls-St Paul, MN 5,583 5,636 53 0.9%


Source: You can learn about our data sources in the About Us section.