Loan officers work at various levels within the banking, corporate and credit industries. This is one of the few modern careers in which a person may literally start at the bottom working as a loan officer and rise to a high management position as a loan officer. Loan officers are frequently responsible for management of loans and credit worth many millions of dollars.
Basic training for loan officers includes qualifications in accountancy, business, financial management and extensive on-site training and experience in loan management. The basic career path for entry into the profession tends to be largely based on qualifications and levels of experience.
Although loan management is theoretically a single stream profession, in practice types of loan and types of credit can be quite different. The area of employment also affects career development in terms of training, experience and knowledge base. Most loan officers also work within organisations, and career progression is frequently based purely on hierarchical promotion in the loan sector in which organisations operate.
This rather narrow range of selections can affect career progression as a loan officer. While being a specialist in a particular area of loans like banking can be a significant career asset, it is not necessarily enough for progression to management level. Ironically, for loan officers their role becomes significantly more diverse at higher levels, and so do the demands for qualifications and expertise. A senior loan officer may be expected to be an expert in multiple forms of credit at corporate level.
The credit industry is also an extremely competitive employment market. At the higher levels of the profession, loan officers are in fact senior executives, and frequently responsible for the core business of major companies. Career progression at this stage is very much a matter of a career achievements within the industry.
The credit industry is one of the biggest industries in the world, and it handles a very large amount of the world's capital. Senior loan officers and managers are among the highest paid executives on Earth. For people seeking a career which embodies the heart and soul of commerce, and is both professionally challenging and rewarding, this may be exactly the career you're looking for.