Loan Officer

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AVG. SALARY

$80,490

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EDUCATION

Bachelor's degree

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JOB OUTLOOK

Stable

Money & Outlook

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Oklahoma Earnings

Average Annual Wage

$80,490

Entry Annual Wage

$35,850

Experienced Annual Wage

$147,170

Average Hourly Wage

$38.70

Entry Hourly Wage

$17.24

Experienced Hourly Wage

$70.76

Median Hourly Wage

$31.59

Oklahoma Regional Earnings

Oklahoma Metropolitan Areas Wages

Region Average Entry Level Experienced
Enid MSA $91,340 or $43.91/hr $37,950 or $18.25/hr $139,320 or $66.98/hr
Fort Smith AR-OK MSA $86,670 or $41.67/hr $37,190 or $17.88/hr $159,490 or $76.68/hr
Lawton MSA $64,850 or $31.18/hr $34,220 or $16.45/hr $130,380 or $62.68/hr
Oklahoma City MSA $78,180 or $37.59/hr $36,720 or $17.65/hr $150,030 or $72.13/hr
Tulsa MSA $86,980 or $41.82/hr $37,090 or $17.83/hr $170,890 or $82.16/hr

Oklahoma Geographical Areas Wages

Region Average Entry Level Experienced
Northeast Oklahoma nonmetropolitan area $78,870 or $37.92/hr $35,770 or $17.20/hr $134,880 or $64.85/hr
Northwest Oklahoma nonmetropolitan area $79,040 or $38.00/hr $37,920 or $18.23/hr $133,210 or $64.04/hr
Southwest Oklahoma nonmetropolitan area $91,400 or $43.94/hr $39,820 or $19.14/hr $182,310 or $87.65/hr
Southeast Oklahoma nonmetropolitan area $79,700 or $38.32/hr $34,530 or $16.60/hr $128,490 or $61.77/hr

Oklahoma's Employment and Outlook (State-wide)

Outlook Stable
Growth rate is estimated to be 6%
Job Openings 404 estimated annual job openings
Employment 5,374 were employed in this occupation

Oklahoma's Regional Employment and Outlook

Regions with stable outlook (0 to 20% growth rate expected)

Region Employment Projected Growth Rate Annual Openings (growth) Annual Openings (replacement) Annual Openings
Northeast 350 17% 5 N/A 34
Northwest 390 3% 1 N/A 31
Southeast 550 9% 4 N/A 48
Southwest 230 13% 3 N/A 21
Tulsa MSA 960 4% 5 N/A 79
Lawton MSA 80 12% 1 N/A 8
Oklahoma City MSA 1,470 6% 9 N/A 124
Enid MSA 60 0% N/A 5

National Earnings

Average Annual Wage

$86,020

Average Hourly Wage

$41.35

Average Annual Range

$38,490 to $145,780

Note: variations in salaries reflect differences in size of firm, location, level of education and professional credentials.

Where do these numbers come from?


National Employment and Outlook

Outlook stable
  The employment change from 2023 to 2033 is estimated to be +1%.
(The National average for all occupations is +4%)
Job Openings very small number
  A total of 2290 average annual openings are expected for this occupation between 2023 and 2033.
(The National Average for all occupations is 1,724 openings)
Employment medium occupation
  This was a medium sized occupation in the United States, employing 334,100 workers in 2023.
(The National average for all occupations is 150,944 workers)
Growth Slower than average growth
  Increased demand for loan officers is expected as both businesses and individuals seek credit to finance commercial investments and personal spending. Loan officers will be needed to evaluate the creditworthiness of applicants and determine the likelihood that loans will be paid back in full and on time. However, the decline of bank branches and the increased use of productivity-enhancing technology in loan processing are expected to slow employment growth. 
Industries Large concentrations of this occupation are found in these industries
  • Finance and insurance (NAICS520000) (83.7%)
  • Credit intermediation and related activities (NAICS522000) (79.8%)
  • Nondepository credit intermediation (NAICS522200) (28.5%)
  • Other Nondepository Credit Intermediation (NAICS522290) (25.4%)