Individuals borrow loans for a variety of purposes. Some take loans to buy a house, a vehicle or to cover their college education expenses. Others use loans to start a new business or invest in capital equipment. The job duty of loan officers is to look for such clients and help them apply for a variety of loans. The loan lending process may involve a lot of hassles and complications. That's exactly where loan officers prove to be of help. If you are ready to become a loan officer, you should be familiar with the job description, roles and responsibilities, educational requirements, job skills and annual salary of these officers.

 

Job Description
Depending on their chosen fields, loan officers may specialize in commercial loans, mortgage loans or consumer loans. Banks and financial institutions provide numerous types of loans. Officers also, therefore, need to keep themselves up-to-date with the wide range of financial products available to clients looking for loans. Officers guide the clients and help them make well informed decisions about borrowing the right type of loan.

 

Loan officers do not only guide clients on borrowing different types of loans, but also inspect the latter's backgrounds to ensure their creditworthiness. The purpose is to figure out the probability of repayment of loans. There are many applicants who have problems qualifying for obtaining loans. Loan officers find out these problems and help clients take desired loans.

 

While working for banks and financial institutions, loan officers play the role of salespeople. Those who work as commercial loan officers get in touch with firms and persuade them to borrow the commercial loans from their banks or financial institutions. Likewise, there are mortgage loan officers who work with real estate agencies to find prospective clients to provide property loans.

 

Right from the start till the loan is repaid in full, loan officers play a crucial role. They maintain loan files containing the credit history of clients. They guide and help clients qualify for the applied loans. There are some loan officers who function as loan collection officers, responsible for making the loan repayment process hassle free for clients.

 

Educational Qualification & Training
To become a loan officer, candidates should possess a bachelor's degree in economics, finance or a related field. Employers prefer hiring candidates who carry work experience in sales, banking, lending etc. Knowledge of computers is also required to qualify for loan officers' jobs. Officers who work in credit unions or banks do not need to obtain licensing. On the other hand, those who are employed in mortgage banks or brokerages do need to complete licensing requirements, which may vary from one state to another.

 

Job Skills
Besides having a bachelor's degree in finance or economics, candidates should also possess some essential job skills to make the most of their careers. A strong desire to succeed is the foundation of a successful loan officer career. Good interpersonal skills, sales skills and communication skills are required to work as a loan officer.

 

Annual Salary
In May 2004, loan officers earned a median annual salary of $48,830. Most of these officers earn between the range of $35,360 and $69,160 annually. Depending on work experience and skill sets, the annual salary of loan officers can go up to $98,280. Those who work with state governments earn an average salary of $43,400 annually. Private companies offer around $52,260 per year.

 

Commercial loan officers, carrying over 3 years of experience, earn between the range of $61,750 and $100,000 annually. Officers who possess a graduate degree and professional certifications earn a higher income. Those who work on a commission basis earn more than those who are employed on a salary basis.

Are you ready to make a career in the finance industry? Well, the industry offers aspiring candidates a host of career options. If you have a keen interest in working for financial institutions and banks and handling financial transactions, you can consider becoming a financial examiner. Since financial institutions have to abide by multiple laws and rules, financial examiners are called upon to see to it that these institutions work in compliance with the laws that govern them. Private corporations, federal government agencies and state agencies - all of them offer employment opportunities for financial examiners. Read on to know more about the job description, typical responsibilities of these examiners, educational qualification required and career prospects that await you in this field of banking and finance.

 

Job Description
Depending on where they work or are employed, the job responsibilities of financial examiners may vary a little. For example, examiners who work for private companies hold the responsibility of examining the company's tax documentation before filing the same. While performing their duties with financial institutions, examiners ensure that the records and authentic and in appropriate order. They are responsible for checking the tax return to make sure the deductions are accurate and legitimate.

 

Job duties of a financial examiner will also vary depending on their job position. Sometimes, these professionals are also called upon to manage accounting procedures for large computer accounting systems. Examiners who join at entry level positions may need to perform some clerical task including entering tax information into the computer system.

 

Typical job duties of a financial examiner includes -

 

Evaluating and examining bank owned securities, cash reserves etc
Preparing procedural guidelines and policies in compliance with revised regulations
Analyzing the minutes of meetings for directors, stock holders etc
Ensuring legality of financial transactions and operations
Recommending necessary actions complying with laws and regulations
Ensuring that various financial activities conform to regulations
Investigating the activities of financial institutions to remove errors
Maintaining the overall financial integrity of banks and financial institutions

 

Depending on their work roles, financial examiners may specialize as internal auditors, compliance analysts, compliance specialists, compliance officers etc. They work closely with bank directors, accountants, trustees of a financial institution, consultants etc.

 

Educational Qualification & Licensing Requirements
To become a financial examiner, candidates should possess at least a bachelor's degree in accounting or a related field. Besides having an accounting degree, candidates also need to be quite well versed with computer databases and various accounting and auditing software programs to perform their work efficiently. Licensing requirements for financial examiners vary from one state to another. Employers prefer hiring candidates who possess certifications like CPA, CISA etc.

 

Job Outlook
According to the BLS reports, financial examiners occupied around 27,000 jobs in 2008 in the United States. The occupation is projected to show a faster employment growth, as compared to other job positions that require a bachelor's degree. The employment growth for these finance jobs is dependent on the economy situations. Job growth will be driven as the economy gets better more and more. On the other hand, private companies offer good employment prospects for financial examiner jobs.

 

Major Employers
State agencies, federal government agencies and private financial institutions offer good employment opportunities for professionals. Other major employers featuring excellent job prospects include companies that are engaged in security and commodity contracts.

 

Annual Salary
Salaries of financial examiners will vary depending on the employment sector they work in. In the year 2008, these professionals earned a median annual salary of around $70,930. Highest salaries are offered to those who work for employers like federal executive branch, investment pools, Central Bank, commodity industry, securities etc.