Loan Officer

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AVG. SALARY

$91,760

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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

$91,760

Entry Annual Wage

$58,010

Experienced Annual Wage

$146,640

Average Hourly Wage

$44.12

Entry Hourly Wage

$27.89

Experienced Hourly Wage

$70.50

Median Hourly Wage

$40.70

North Dakota Regional Earnings

North Dakota Metropolitan Areas Wages

Region Average Entry Level Experienced
Bismarck MSA $90,020 or $43.28/hr $54,010 or $25.97/hr $137,160 or $65.94/hr
Fargo ND-MN MSA $96,200 or $46.25/hr $57,980 or $27.88/hr $146,640 or $70.50/hr
Grand Forks ND-MN MSA $95,050 or $45.70/hr $54,480 or $26.19/hr $145,160 or $69.79/hr
Minot MSA $88,950 or $42.77/hr $59,390 or $28.55/hr $132,890 or $63.89/hr

North Dakota Geographical Areas Wages

Region Average Entry Level Experienced
East North Dakota nonmetropolitan area $90,880 or $43.69/hr $56,160 or $27.00/hr $151,520 or $72.85/hr
West North Dakota nonmetropolitan area $87,990 or $42.30/hr $59,550 or $28.63/hr $147,990 or $71.15/hr

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

Outlook Stable
Growth rate is estimated to be 4%
Job Openings 97 estimated annual job openings
Employment 1,379 were employed in this occupation

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 63 10% 1 4 5
Region 2 141 6% 1 10 11
Region 4 138 0% 9 9
Region 5 466 6% 3 31 34
Region 7 279 4% 1 19 20
Region 8 84 4% 5 5

Regions with decreasing outlook (negative growth rate expected)

Region Employment Projected Growth Rate Annual Openings (growth) Annual Openings (replacement) Annual Openings
Region 3 83 -2% 5 5
Region 6 134 -2% 9 9

National Earnings

Average Annual Wage

$87,790

Average Hourly Wage

$42.21

Average Annual Range

$39,430 to $153,180

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 2024 to 2034 is estimated to be +2%.
(The National average for all occupations is +3%)
Job Openings very small number
  A total of 2030 average annual openings are expected for this occupation between 2024 and 2034.
(The National Average for all occupations is 1,696 openings)
Employment medium occupation
  This was a medium sized occupation in the United States, employing 301,400 workers in 2024.
(The National average for all occupations is 152,838 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) (82.5%)
  • Credit intermediation and related activities (NAICS522000) (79%)
  • Nondepository credit intermediation (NAICS522200) (27.2%)
  • Other Nondepository Credit Intermediation (NAICS522290) (23.8%)