Loan OfficerBy: Jake Hess

Career Information

• Description: A loan officer is someone who will interview a loan applicant and go over their financial situation to determine how much money the company can loan that applicant. If they pass, they can qualify for the whole loan. Once they determine if the loan applicant’s financial record is okay, they will send it to a financial/credit manager for approval.

Special Skills:Using Math and ScienceCommunicatingReasoning and Problem SolvingManaging People, Time, Things, and SelfWorking with People

Values and Interests:Conventional Interests: They like working with details and enjoy following set standards.Enterprising Interests: They enjoy projects in business, persuading others, making decisions, and taking risks for profitConsider relationships important. Consider independence important. Consider support from their employer important. Consider achievement important. Consider recognition important. Consider good working conditions important.

Career Choice

Why I Chose: I chose a loan officer because this career involves both math, and communication. Math has always been a strong suit of mine, and I also enjoy working with others. A loan officer meets with clients and goes over their financial plan with them, so that would be a perfect fit for me!

 MCIS Data Results: In MCIS, we took a test to see our top personality type. After putting in my top five very satisfying skills of record keeping, using computers, calculating, math reasoning, and managing resources, my top two Holland Personality Types turned out as Conventional and Enterprising. A conventional person likes details and straight-forward instructions, while an enterprising person likes competition and leading others. Resulting from my interest profiler short form, top 30 occupations, and work importance locator, a loan officer would be a good fit for me because loan officers have conventional and enterprising interest.Why I will Enjoy Being a Loan Officer: My number one career is a financial manager and to be a financial manager, you need at least 5 years of experience. A loan officer is a perfect fit for this experience. After researching what loan officers do, I believe I will enjoy being a loan officer. They get to work with people and math for the majority of the day. These are two of my favorite things. Having taken plenty of math classes already, I believe a loan officer is the perfect fit.

Self-Evaluation: I believe I have the right skill set to become a loan officer .My Holland Personality matches with that of a loan officer, so that is veryhelpful. Also, I started BPA this yearand that will help me learn more about finance. The skills and valuesalso match up with mine. Having a strong math and communication background can help me become a loan officer.

Job Projections, Salary and Reality Check

Minnesota Projections and Salary:160 Openings-High$50,460/year when starting, can make up to $97,280/year

U.S. Projections and Salary: 7,500 Openings-High$44,740/year when starting, can make up to $91,810/year

Reality check: A reality check is deciding what you want to do after college, having your number one occupation, to see if you will fit your budget. Choosing the same options as being a financial manager, I had to make some changes. To be a loan officer, I had to change my living by having a roommate because I was $7,820 over, and changing miscellaneous from very high to high. This is okay though because I can be $718 over per month by having a roommate. Having a roommate will make it $651.66 over which is less than $718. To have 2 children, I will have to spend an extra $2,810 per month. I have not changed my mind because to be a financial manager, I will need work experience, and being a loan officer can be that experience and I can gradually work my way up.

High School Classes

MCIS• Accounting• Banking and Finance• Computer Applications• Economics• Keyboarding• Personal Finance

MHS Classes• Accounting• Banking and Finance (BPA)• Senior Economics• Keyboarding• Word Processing• Stats

Post-Secondary

Schooling/Training Needed: High School Diploma, Bachelor’s Degree in finance,

economics, or a closely related field, and moderate, on-the-job training  Minnesota State University Mankato

I would recommend Mankato because it offers the same degrees as my first career, financial manager. It is a beautiful campus. My sister, Gabby, currently attends Mankato for nursing,

and she loves it. I have visited the campus three times, and I enjoyed it every time. The dorms are very nice and clean. The campus itself is large, but everything seems to be close together, so it is hard to get lost. Sports are very important to me, and aura of the school seems to be very high in sports. The school offers many intramural activities, and that is

very important to me. Also, after researching many colleges on MCIS, I found out that Mankato offers the degrees needed to become loan officer. It is a great setting for me to be able to achieve my goals. Lastly, some of my family lives near and in Mankato. The tuition

for attending Mankato is $7,858, and the estimated total cost with fees is $16,574.   Winona State University

I would recommend Winona because, just like Mankato, it also offers the same degrees as my first career. It is also a beautiful campus. My family went to Winona on a college visit

for my sister, and I enjoyed it just as much as I enjoy Mankato's campus. The city of Winona is beautiful with an open setting and has many hills and forests, and is overall just beautiful. The dorms aren't as nice as the dorms in Mankato, but that isn't a huge

factor in deciding to go there or not. I found of that Winona also offers the degrees needed to become a financial manager, and that is the most important factor in my

decision. Winona would be a great place for me to achieve my goals of becoming a loan officer. Winona also offers many intramural activities, and I also have some family that

live near Winona. The tuition for attending Winona is $9,076, and the estimated total cost with fees is $20,193.