Loan Officers (NOC 1232)

What They Do Loan officers perform some or all of the following duties: Interview applicants for personal, mortgage, student and business loans Research and evaluate loan applicant's financial status, references, credit and ability to repay the loan Complete credit and loan documentation Submit credit and loan applications to management with recommendations for approval or rejection; or approve or reject applications within authorized limits ensuring that credit standards of the institution are respected Promote the sale of credit and loan services Review and update credit and loan files Prepare statements on delinquent accounts and forward irreconcilable accounts for collector action.

Where They Find Work —    Top Occupational Areas Finance and insurance 83% Wholesale trade 4% Public administration 2% Administrative and support waste management and remediation services 2% Loan officers work for banks, trust companies, credit unions, and similar financial institutions. The highest concentrations (per 10,000 people) of Loan Officers are found in Manitoba and Saskatchewan while the lowest concentrations are in Quebec and Newfoundland.

Related Occupation(s) Finance and Insurance Administrative Occupations (NOC 123)

Something to Think About To enhance your professional knowledge and broaden your opportunities, consider: Dealing with clients (problem-solving) Gaining knowledge of business document production Reading policy/computer manuals

Use the "Where They Find Work" graph to target your worksearch. It may be easier to get into industries with the most people in this field. Want to work in an industry that hires fewer workers in this field? To be more marketable, check out whether you have the most up-to-date knowledge and technology skills for that industry. Check the provincial/territorial or local information (http://www.labourmarketinformation.ca) for opportunities in your area.

What You Need You usually need a high school diploma, extensive banking experience, and a bachelor's degree or college diploma related to commerce or economics. You may also have to complete six- to twelve-month loan or credit training programs. With experience, you may move up the ranks to become a credit or loan manager. Most recent entrants have an undergraduate university degree, and almost 3 in 10 have a community college diploma.

Required/Related    Educational Programs* This will let you explore the program(s) of study that lead to this (these) occupation(s). Financial Management - Other (C111) Business Administration (C121) Commerce - Business Administration (U120) Mathematics (U740) *  These educational programs are listed in the order in which they are most likely to supply graduates to this occupation.

Useful Experience/Skills Computer literacy Financial decision-making Assessment		Useful High School Subjects Business Math English
Depending on your background, this Education, Training, and Experience info will help you to: Choose your high school courses Plan your post-secondary program Choose relevant volunteer work Decide what new skills to learn Read job ads, professional journals, and newspapers for what the industry needs and employers want. Talk to employers and employees to find out the exceptional skills and knowledge that will help you land a job.

Current Conditions Your work prospects are rated GOOD because: Employment grew at an average rate. Hourly wages ($19.40) are close to the average ($18.07), and the rate of wage growth is close to the average. The unemployment rate (1%) is below the 2004 average (7%).

Work Prospects Current   Good   2009   Good

Outlook to 2009 Your work prospects will continue to be GOOD because: The employment growth rate will likely be close to the average. Although the retirement rate will likely be average, the number of retiring workers should contribute to job openings. The number of job seekers will likely match the number of job openings.

Preparing for the Competition You're more likely to be hired if you have skills in technology/underwriting software.

If you are beginning your career investigation, national outlooks will give you a good overview of trends. Ready to explore an occupation in more detail? Check provincial/territorial or local outlooks (http://www.labourmarketinformation.ca).

What you can expect to make (Average Hourly Earnings ($/hour))
Age Group This Occupation All Occupations 20-24 $13.96 $11.74 25-54 $19.77 $19.76 55+ $22.20 $19.59 Overall Average for Ages (20+) This Occupation All Occupations $19.40 $18.07		Hourly wages ($19.40) are close to the national average ($18.07). These earnings are close to the average for occupations in the business, finance and administration sector and are close to average for all technical, professional, and skilled occupations. These wages grew at an average rate from 2002 to 2004.
Your salary can be affected by your background, the company's size and benefits, and the region and setting (urban or rural). Check out salaries in your own region by seeking info from: Employees/unions/associations Employers/human resource people Training institutions and placement services Company websites Professional/trade journals

Below the average
The unemployment rate (1%) is below the 2004 average (7%). This rate is below the average for technical, professional, and skilled occupations. A low unemployment rate often means less competition for the jobs available. But you still need to have the required training and experience. A high unemployment rate doesn't necessarily mean you'll have great difficulty getting hired. But it can mean a fluctuating demand for workers, and you may experience bouts of unemployment.		Year This Occupation All Occupations 1991 3% 10% 1992 4% 11% 1993 5% 11% 1994 2% 10% 1995 1% 10% 1996 1% 10% 1997 1% 9% 1998 2% 8% 1999 1% 8% 2000 2% 7% 2001 1% 7% 2002 2% 8% 2003 2% 8% 2004 1% 7%

% of part-time work is about the same as average
This Occupation All Occupations Full-time 95% 81% Part-time 5% 19%		There were 38,400 workers employed in these occupations in 2004, an increase of 41% since 1997. The percentage of part-time workers is 5% compared to the 2004 average (19%) and has risen since 1997.
When full-time work is difficult to find, look at alternatives such as contract work, consulting, shared positions, and telework.

Average
The percentage of self-employed workers (1%) is below the 2004 average (15%)		This Occupation All Occupations Self-Employed 1% 15%
Does this occupation have an above-average rate of self-employment? Consider being your own boss if you can't find work with an employer.

Age Group This Occupation All Occupations 20-24 7% 10% 25-54 86% 72% 55+ 7% 12%		The retirement rate to 2009 will likely be average influenced by a similar-to-average age of workers (42).
Look at the youngest group. A low percentage means fewer openings for brand-new workers. A high percentage means more openings for brand-new workers. Look at the oldest age group. A high percentage means positions could open up from retirements. This could be significant for both mid-career changers and brand-new workers.

Above average
The percentage of women (74%) is above the 2004 average of 48% and has stayed about the same since 1997.		This Occupation All Occupations Percent Women 74% 48%

This page last modified on: 2007-03-31