Should I Consider Becoming a Loan Manager?

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When it comes time to take a trip to the bank or financial institution to apply for a home or car loan, this means it’s time to come face to face with a loan manager. These financial specialists are responsible for processing loan requests and determining the qualifications of applicants.

Anyone considering a career in this field has to be numbers oriented with strong people skills and a fierce desire to solve complex financial issues. A willingness to complete extensive educational and training requirements is crucial to success and students must understand the intricacies of financial loans, both from a client and applicant perspective.

Education & Skills Needed

To become a loan manager, an individual needs to possess a specific skill set and a strong commitment to higher education. Like most financial jobs, a loan manager has to obtain a Bachelor’s degree and at times, a Master’s degree in Finance, Accounting, or Business Management. Human resource classes and skills are also important, as loan manager deal with loan applicants of all kinds and must have the knowledge and professional demeanor to effectively communicate with each applicant.

Loan managers are similar to accountants and financial advisors in that they must be able to look at a loan application and an applicant’s qualifications to see if the two pair well. Extensive math skills are a must as well as good communication and analytical skills. There are times when loan managers must be salesmen and marketing strategists as well, so a good skill set in those areas are also beneficial.

Salary

Loan managers (officers) have a current median salary of $59,820, according to the US Bureau of Labor Statistics. As entry level employees, loan managers average $32,000 per year with the top end salaries going as high as $119,710. Salary in this field depends greatly on the employer and bonuses/incentives are commonplace for high achievers.

Work Environment

Banks or financial institutions house most loan managers. Anywhere a loan is processed; it is possible to find loan officers on site. Work in this field is done behind a desk and face to face with applicants. At times, loan managers are required to visit clients in their homes or at their onsite business location, so minimal travel is necessary.

As with any banking or finance position, a professional appearance and carriage is expected. Loan managers represent the financial face of lending institutes and as such, are expected to do so with grace and style. Courtesy, compassion, and a friendly personality are all considered good, quality traits for a loan manager as well.

Overview

Anyone seeking a career in loan management should first visit a banking institution and take a few moments to speak with a loan manager. Learn what it’s all about and then take the time to research the position. Think about what personality traits and skills are needed to be successful in the field and if everything fits the way it should, go for it. Loan management is a solid career option with a nice salary and steady growth potential.