What is the Job Market Outlook for Financial Loan Managers?
Job Market Outlook October 14, 2013The financial loan manager is the leader of a group of loan officers, dedicated to helping lending companies and borrowers come together for smart business. Because of the modern age of recession, naturally, lenders are more conservative about lending while borrowers are in greater need.
This means overall growth for the industry, though not necessarily the fastest growing profession even among tax and accounting jobs. The job field is set to grow nine percent over the next ten years.
The Financial Loan Industry
However, limited growth certainly does not mean that these services are not in demand. As the economy recovers from recession, there is going to be substantial growth. If the recession continues, the demand will not change, and more scrutiny will be required when arranging contracts between borrowers and lenders.
Furthermore, the economic growth of other countries will only improve the U.S. economy. In practically every scenario, this is not a job that will become obsolete anytime soon.
Also consider that self-employed financial managers are set to see growth over the next decade, as much as 20 percent, which is above average. Independent contractors, the ones that are a safe distance away from the bank itself and more interested in helping borrowers would surely be a trend to plan around.
On the other hand, there is predicted decreasing in depository credit intermediation, which just so happens to provide employment to these loan managers.
Competition and Standing Out from the Crowd
Competition is intense and even while the profession remains in demand, job openings will be limited. Therefore, as a student, it is time to start aiming higher, in educating and work experience. The key subjects are accounting and finance.
Educationally, employers are looking for master’s degree graduates, though bachelor’s degrees will suffice. The question is what incentives, what skills, do you offer that would put you ahead of the competition which may have a master’s degree?
Certification is certainly advantageous, and a thorough understanding of international finance would come in handy, particularly if you show yourself as a team player who is ready to travel and make yourself available. Remember that the growth of the industry can be misleading.
This is not a job that can be combined or make redundant. Government agencies rely on these professionals, as do nonprofits and private commercial firms. Every company is interested in improving the outlook for the future, and they count on you, the ambitious student and budding leader, to help create that future.
Insurance may be a subfield worth pursuing. In fact, 39 percent of managers work within a financial institution or an insurance company. If this is your aim then concentrate your studies on insurance-related loan questions, including the most common issues that arise in day to day business.
Knowing these regulations and the laws that govern you (and you will be expected to know as a manager) is a proactive way to grow into the industry rather than simply applying at various jobs without a clear path set.
It’s not easy—no, few things are in life. However, this is a career profession that will take care good care of you for years on end if you seek training now!
