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What is the Job Market Outlook for Loan Managers?

Job Market Outlook October 14, 2013

Loan managers are experienced loan officers with managerial and leadership skills. They make business work and are involved in everything from investment to business loans to advertising firms and even government offices. This is a very kind market to new entry level graduates straight from college, as it allows them to use their people skills to relate to households desiring a loan.

Education and Training

These workers will come from an educational background that prepares them for financial records supervision as well as budgeting. They may even work in investment, determining risk, and helping borrowers to become approved wherever possible. Loan managers assume weightier responsibilities, leading the team, training new employees, and instructing officers where needed. This is a job that requires a solid education, since lending is such a delicate process.

A college education is obviously a step in the right direction, although trends suggest that higher degrees, such as a PhD or a master’s degree, are more likely to land you a position in a competitive field. However, work experience is also preferred, as is an education in business administration. Training in computers and modern software programs is also important.

The popular hire-worthy candidate comes from an educational background and a resume boasting at least five years of experience working as a loan officer, or an accountant, or financial analyst.

Certification is also a worthy goal, and a CPA title, as well as a Certified Treasury Professional and Certified Risk Manager title, can make a good resume look great. All that is required is to fulfill the educational and work hour requirements and then take a computer exam.

The good news is that loan managers tend to make good money for their hard work, upwards of $103,000 per year. Of course, competing for these jobs is challenging and it shows—it is estimated that 4,000 loan officers quit the business every month of every year.

A Changing Industry

In fact, the whole industry is changing. Now lenders are changing the role of the loan officer to that of acquisitions; that he or she should be developing customer relationships and not merely overseeing transactions.

Sometimes managers now act in the capacity as officers, and may even incur longer work hours. This may well be because of the job turnover rate in this industry which is unusually bleak. Therefore, companies are not only in need of manpower but also of efficient systems that allow business to continue, undeterred by that turnover.

Another important issue to deal with is that of support quality, which is often questioned by borrowers who feel that back office staff is not giving their all. A lot of this boils down to poor communication skills. Therefore, understanding the loan process, its dynamics and psychology, is just one part of the deal, together with technology savvy and leadership ability.

You have the potential to break into this exciting field and progress—as a worker, a devoted accountant, and finally, a leader of business communication. Start your college training today!

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