Career and Education Opportunities for Loan Officers in Illinois
Illinois has a population of 12,910,409, which has grown by 3.95% over the past decade. Nicknamed the "Land of Lincoln," its capital is Springfield, though its most populous city is Chicago.
About 17,220 people are currently employed as loan officers in Illinois. By 2016, this is expected to grow by 13% to about 19,450 people employed. This is better than the nation as a whole, where employment opportunities for loan officers are expected to grow by about 10.1%. Loan officers generally evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.
A person working as a loan officer can expect to earn about $28 hourly or $59,510 per year on average in Illinois and about $26 per hour or $54,700 yearly on average in the U.S. as a whole. Compared with people working in the overall category of Accounting and Auditing, people working as loan officers in Illinois earn more. They earn less than people working in the overall category of Accounting and Auditing nationally. Jobs in this field include: loan adviser, mortgage specialist, and bank representative.
In 2008, there were a total of 7,657,328 jobs in Illinois. The average annual income was $42,540 in 2008, up from $41,720 the previous year. The unemployment rate in Illinois was 10.1% in 2009, which has grown by 3.7% since the previous year. Approximately 26.1% of Illinois residents have college degrees, which is higher than the national average.
The top industries in Illinois include construction machinery merchant wholesalers, beer, wine, and distilled alcoholic beverage merchant wholesalers, and nonchocolate confectionery manufacturing. Notable tourist attractions include the Chinatown Museum Foundation, the Chicago Historical Society, and the Chicago Peregrine Release.
CITIES WITH Loan Officer OPPORTUNITIES IN Illinois
JOB DESCRIPTION: Loan Officer
In general, loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. They also advise borrowers on financial status and methods of payments.
Every day, loan officers are expected to be able to articulate ideas and problems. They need to see details at a very fine level of focus. It is also important that they listen to and understand others in meetings.
Similar jobs with educational opportunities in Illinois include:
- Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
- Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
- Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
- Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
- Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
- Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
- Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
- Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
- Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
- Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
- Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
- Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
- Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.
LOCATION INFORMATION: Illinois
Illinois has a population of 12,910,409, which has grown by 3.95% in the last 10 years. Nicknamed the "Land of Lincoln," its capital is Springfield, though its largest city is Chicago. In 2008, there were a total of 7,657,328 jobs in Illinois. The average annual income was $42,540 in 2008, up from $41,720 in 2007. The unemployment rate in Illinois was 10.1% in 2009, which has grown by 3.7% since the previous year. Roughly 26.1% of Illinois residents have college degrees, which is higher than the national average.
The top industries in Illinois include construction machinery merchant wholesalers, beer, wine, and distilled alcoholic beverage merchant wholesalers, and nonchocolate confectionery manufacturing. Notable tourist attractions include the Chicago Peregrine Release, the Dusable Museum of African American History, and the Chinatown Museum Foundation.