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Career and Education Opportunities for Loan Officers in Tennessee

Tennessee has a population of 6,296,254, which has grown by 10.67% over the past decade. Nicknamed the "Volunteer State," its capital is Nashville, though its biggest city is Memphis.

About 6,070 people are currently employed as loan officers in Tennessee. By 2016, this is expected to grow by 11% to 6,750 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%. In general, loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

Loan officers earn about $21 hourly or $45,210 per year on average in Tennessee and about $26 per hour or $54,700 annually on average nationally. Compared with people working in the overall category of Accounting and Auditing, people working as loan officers in Tennessee earn less. They earn less than people working in the overall category of Accounting and Auditing nationally. Loan officers work in a variety of jobs, including: lender, loan workout officer, and bank officer.

In 2008, there were a total of 3,759,569 jobs in Tennessee. The average annual income was $34,833 in 2008, up from $34,156 in 2007. The unemployment rate in Tennessee was 10.5% in 2009, which has grown by 3.8% since the previous year. Approximately 19.6% of Tennessee residents have college degrees, which is lower than the national average.

The top industries in Tennessee include bakeries manufacturing, bread product manufacturing, and commercial bakeries. Notable tourist attractions include the Mississippi River Museum, the Dixon Gallery & Gardens, and the Memphis City Government.

CITIES WITH Loan Officer OPPORTUNITIES IN Tennessee


JOB DESCRIPTION: Loan Officer

Loan Officer video from the State of New Jersey Dept. of Labor and Workforce Development

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 Tennessee 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.
  • 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.
  • 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.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

LOCATION INFORMATION: Tennessee

Tennessee
Tennessee photo by Aviator31

Tennessee has a population of 6,296,254, which has grown by 10.67% in the last 10 years. Nicknamed the "Volunteer State," its capital is Nashville, though its largest city is Memphis. In 2008, there were a total of 3,759,569 jobs in Tennessee. The average annual income was $34,833 in 2008, up from $34,156 the previous year. The unemployment rate in Tennessee was 10.5% in 2009, which has grown by 3.8% since the previous year. Roughly 19.6% of Tennessee residents have college degrees, which is lower than the national average.

The top industries in Tennessee include bakeries manufacturing, bread product manufacturing, and commercial bakeries. Notable tourist destinations include the Mississippi River Museum, the Magevney House, and the National Civil Rights Museum.