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Loan Officer

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AVG. SALARY

$81,910

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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

$81,910

Entry Annual Wage

$46,290

Experienced Annual Wage

$124,810

Average Hourly Wage

$39.38

Entry Hourly Wage

$22.25

Experienced Hourly Wage

$60.01

Median Hourly Wage

$38.03

North Dakota Regional Earnings

North Dakota Metropolitan Areas Wages

Region Average Entry Level Experienced
Bismarck MSA $80,980 or $38.93/hr $46,340 or $22.28/hr $125,260 or $60.22/hr
Fargo ND-MN MSA $82,750 or $39.79/hr $46,240 or $22.23/hr $131,330 or $63.14/hr
Grand Forks ND-MN MSA $80,880 or $38.89/hr $41,290 or $19.85/hr $136,310 or $65.53/hr

North Dakota Geographical Areas Wages

Region Average Entry Level Experienced
East North Dakota nonmetropolitan area $78,060 or $37.53/hr $46,760 or $22.48/hr $104,520 or $50.25/hr
West North Dakota nonmetropolitan area $83,700 or $40.24/hr $47,070 or $22.63/hr $117,780 or $56.63/hr

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

Outlook Stable
Growth rate is estimated to be 10%
Job Openings 124 estimated annual job openings
Employment 1,357 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 69 6% 6 6
Region 2 158 8% 1 13 14
Region 4 144 1% 12 12
Region 5 371 16% 6 31 37
Region 7 316 10% 3 26 29
Region 8 84 11% 1 7 8

Regions with decreasing outlook (negative growth rate expected)

Region Employment Projected Growth Rate Annual Openings (growth) Annual Openings (replacement) Annual Openings
Region 3 67 -3% 6 6
Region 6 129 -5% -1 10 9

National Earnings

Average Annual Wage

$84,160

Average Hourly Wage

$40.46

Average Annual Range

$34,920 to $138,580

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 2021 to 2031 is estimated to be +4%.
(The National average for all occupations is +5%)
Job Openings very small number
  A total of 2940 average annual openings are expected for this occupation between 2021 and 2031.
(The National Average for all occupations is 1,757 openings)
Employment medium occupation
  This was a medium sized occupation in the United States, employing 354,600 workers in 2021.
(The National average for all occupations is 142,207 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) (86.1%)
  • Credit intermediation and related activities (NAICS522000) (82.7%)
  • Nondepository credit intermediation (NAICS522200) (30.7%)
  • Other Nondepository Credit Intermediation (NAICS522290) (28.4%)

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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