This growth will be slowed somewhat by technological advances. Loan officers now use computers to calculate loans and interest. Computers make this process faster and allow loan officers to meet with more clients each day. In addition, some banks allow customers to file for loans over the Internet. This further reduces the amount of time loan officers spend with customers.
Loan officers are less likely to lose their jobs than other bank workers during slow economic times.
Because loans are the major source of income for banks, loan officers are important to the success of their organizations. College graduates and those with banking or lending experience should have the best job prospects. Preparation Most loan officer positions require a bachelor's degree. The degree should be in finance, economics, or a related field. However, for mortgage officers, training or experience in sales is more important.