To work as a loan officer, you typically need to:

• have a high school diploma or equivalent;
• have a bachelor's degree;
• have one to five years of related work experience; and
• complete moderate-term, on-the-job training.

Education after high school

Most loan officers have a bachelor's degree. The best preparation is a major in finance, economics, or a closely related field. Whatever major you choose, you should take courses in banking, finance, computers, and business administration.

Work experience

Some people work their way up to loan officer. They need many years of experience in banking before they can be promoted to this occupation.

A job as a teller or customer service representative in a bank or credit union is good background for this occupation.

Sales experience is valuable if you want to become a commercial or mortgage loan officer.

On-the-job training

Many banks provide additional training. Some pay for their employees to take college courses related to the field.

In addition, the first few months on the job may serve as an introductory period. You may work with more experienced loan officers to gain skills. This training may last up to one year.