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Loan Officer

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AVG. SALARY

$93,020

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EDUCATION

Bachelor's degree

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JOB OUTLOOK

Stable

Money & Outlook

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North Dakota Earnings

Average Annual Wage

$93,020

Entry Annual Wage

$49,090

Experienced Annual Wage

$154,690

Average Hourly Wage

$44.72

Entry Hourly Wage

$23.60

Experienced Hourly Wage

$74.37

Median Hourly Wage

$41.56

North Dakota Regional Earnings

North Dakota Metropolitan Areas Wages

Region Average Entry Level Experienced
Bismarck MSA $90,240 or $43.38/hr $48,540 or $23.34/hr $147,950 or $71.13/hr
Fargo ND-MN MSA $97,490 or $46.87/hr $50,340 or $24.20/hr $155,500 or $74.76/hr
Grand Forks ND-MN MSA $91,840 or $44.15/hr $47,880 or $23.02/hr $150,060 or $72.15/hr

North Dakota Geographical Areas Wages

Region Average Entry Level Experienced
East North Dakota nonmetropolitan area $88,550 or $42.57/hr $45,760 or $22.00/hr $155,840 or $74.93/hr
West North Dakota nonmetropolitan area $91,570 or $44.02/hr $50,670 or $24.36/hr $153,530 or $73.81/hr

North Dakota's Employment and Outlook (State-wide)

Outlook Stable
Growth rate is estimated to be 10%
Job Openings 110 estimated annual job openings
Employment 1,360 were employed in this occupation
Industries Large concentrations of this occupation are found in these industries
  • Nondepository credit intermediation (NAICS522200) (15.4%)
  • Automobile dealers (NAICS441100) (0.57%)
  • Social advocacy organizations (NAICS813300) (0.46%)
  • Architectural, engineering, and related services (NAICS541300) (0.23%)

North Dakota'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
Region 1 64 11% 1 5 6
Region 2 157 9% 1 11 12
Region 3 60 3% 4 4
Region 4 140 6% 1 10 11
Region 5 390 18% 7 28 35
Region 6 118 0% 8 8
Region 7 299 10% 3 21 24
Region 8 81 9% 1 5 6

National Earnings

Average Annual Wage

$84,490

Average Hourly Wage

$40.62

Average Annual Range

$37,020 to $139,470

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 2022 to 2032 is estimated to be +3%.
(The National average for all occupations is +3%)
Job Openings very small number
  A total of 2530 average annual openings are expected for this occupation between 2022 and 2032.
(The National Average for all occupations is 1,670 openings)
Employment medium occupation
  This was a medium sized occupation in the United States, employing 354,800 workers in 2022.
(The National average for all occupations is 147,916 workers)
Growth 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) (85.3%)
  • Credit intermediation and related activities (NAICS522000) (81.7%)
  • Nondepository credit intermediation (NAICS522200) (31.4%)
  • Other Nondepository Credit Intermediation (NAICS522290) (28.6%)

Contact

  • Email Support
  • 1-800-GO-TO-XAP (1-800-468-6927)
    From outside the U.S., please call +1 (424) 750-3900
  • North Dakota Career Resource Network
    ndcrn@nd.gov | (701) 328-9733

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