Loan Officers
Wages & Outlook
Typical Wages
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 is a very high-wage career. It pays well above the statewide median wage.
Wages for Loan Officers *
U S |
$23.51 | $31.38 | $48.59 |
|---|---|---|---|
Minnesota |
$29.88 | $38.95 | $51.11 |
Central Minnesota |
$23.30 | $31.35 | $49.02 |
Northeast Minnesota |
$24.18 | $30.61 | $47.72 |
Northwest Minnesota |
$29.68 | $37.82 | $49.04 |
Southeast Minnesota |
$29.82 | $37.91 | $49.98 |
Southwest Minnesota |
$28.99 | $37.92 | $49.52 |
Seven County Mpls-St Paul, MN |
$30.55 | $39.47 | $53.86 |
* "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.
Employment
In Minnesota, there are 7,520 workers employed in this medium-sized career.
Where do Loan Officers most often work?
- Credit Intermediation and Related Activities
- Motor Vehicle and Parts Dealers
- Securities, Commodity Contracts, and Other Financial Investments and Related Activities
- Data Processing, Hosting, and Related Servicesssss
- Management of Companies and Enterprises
Current Demand
No data available.
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.
| 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.