Loan Officer

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AVG. SALARY

$92,790

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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

$92,790

Entry Annual Wage

$54,910

Experienced Annual Wage

$142,450

Average Hourly Wage

$44.61

Entry Hourly Wage

$26.40

Experienced Hourly Wage

$68.49

Median Hourly Wage

$39.90

North Dakota Regional Earnings

North Dakota Metropolitan Areas Wages

Region Average Entry Level Experienced
Bismarck MSA $93,480 or $44.94/hr $54,000 or $25.96/hr $140,220 or $67.41/hr
Fargo ND-MN MSA $94,130 or $45.25/hr $55,710 or $26.79/hr $142,450 or $68.49/hr
Grand Forks ND-MN MSA $92,280 or $44.37/hr $51,110 or $24.57/hr $141,100 or $67.84/hr
Minot MSA $89,940 or $43.24/hr $51,840 or $24.93/hr $132,040 or $63.48/hr

North Dakota Geographical Areas Wages

Region Average Entry Level Experienced
East North Dakota nonmetropolitan area $89,890 or $43.21/hr $50,310 or $24.19/hr $151,330 or $72.75/hr
West North Dakota nonmetropolitan area $92,810 or $44.62/hr $58,450 or $28.10/hr $129,100 or $62.07/hr

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

Outlook Stable
Growth rate is estimated to be 7%
Job Openings 110 estimated annual job openings
Employment 1,447 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 66 9% 1 5 6
Region 2 155 5% 1 11 12
Region 4 146 1% 10 10
Region 5 431 10% 4 30 34
Region 7 298 5% 2 21 23
Region 8 77 9% 1 5 6

Regions with decreasing outlook (negative growth rate expected)

Region Employment Projected Growth Rate Annual Openings (growth) Annual Openings (replacement) Annual Openings
Region 3 88 -3% 6 6
Region 6 136 -3% 9 9

National Earnings

Average Annual Wage

$86,020

Average Hourly Wage

$41.35

Average Annual Range

$38,490 to $145,780

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 2023 to 2033 is estimated to be +1%.
(The National average for all occupations is +4%)
Job Openings very small number
  A total of 2290 average annual openings are expected for this occupation between 2023 and 2033.
(The National Average for all occupations is 1,724 openings)
Employment medium occupation
  This was a medium sized occupation in the United States, employing 334,100 workers in 2023.
(The National average for all occupations is 150,944 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) (83.7%)
  • Credit intermediation and related activities (NAICS522000) (79.8%)
  • Nondepository credit intermediation (NAICS522200) (28.5%)
  • Other Nondepository Credit Intermediation (NAICS522290) (25.4%)