Credit counselors & loan officers

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Total Workforce

312k

Average Age

43.4

Estimated Job Growth

11.6%

10-year projection

Average Salary

$79,861

Average Male Salary

$99,204

Average Female Salary

$63,407

About

Credit counselors & loan officers are most often employed by the Banking & related activities industry. The average yearly wage for Credit counselors & loan officers was $79,861 in 2016. The top 3 most similar occupations to Credit counselors & loan officers by wage are Compliance officers, Detectives & criminal investigators, and Producers & directors.

Credit counselors & loan officers are part of the Business & financial operations occupations, along with Agents & business managers of artists, performers, & athletes, Buyers & purchasing agents, farm products, Wholesale & retail buyers, except farm products, Purchasing agents, except wholesale, retail, & farm products, Claims adjusters, appraisers, examiners, & investigators, Compliance officers, Cost estimators, Human resources workers, Logisticians, Management analysts, Meeting, convention, & event planners, Fundraisers, Compensation, benefits, & job analysis specialists, Training & development specialists, Market research analysts & marketing specialists, Business operations specialists, all other, Accountants & auditors, Appraisers & assessors of real estate, Budget analysts, Credit analysts, Financial analysts, Personal financial advisors, Insurance underwriters, Financial examiners, Credit counselors & loan officers, Tax examiners & collectors, & revenue agents, Tax preparers, and Other financial specialists

The top 3 locations that employ the most Credit counselors & loan officers are Boone County PUMA, MO, Frisco City (East) & Prosper Town PUMA, TX, and Huntington Beach City PUMA, CA. The top 3 locations with a relatively high concentration of Credit counselors & loan officers are Boone County PUMA, MO, Dearborn & Dearborn Heights Cities PUMA, MI, and Frisco City (East) & Prosper Town PUMA, TX.

Employment

Information on the businesses and industries that employ Credit counselors & loan officers and on wages and locations for those in the field. Banking & related activities is the industry that employs the most Credit counselors & loan officers, both by share and by number, though the highest paid industry for Credit counselors & loan officers, by average wage, is Insurance carriers & related activities. Credit counselors & loan officers are paid most in Dallas (Far North) & Richardson (Southwest) Cities PUMA, TX but are relatively concentrated in Boone County PUMA, MO.

Wages

Yearly Wage

$79,861

AVERAGE SALARY

± $3,469

In 2017, Credit counselors & loan officers earned an average of $79,861, $27,796 more than than the average national salary of $52,065.

Producers & directors make somewhat more than Credit counselors & loan officers while Compliance officers make somewhat less. This chart shows the various occupations closest to Credit counselors & loan officers as measured by average annual salary in the US.

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Wage Distribution

0.408

WAGE GINI

In 2017, Credit counselors & loan officers had a wage GINI coefficient of 0.408, which is lower than than the national average of 0.479. In other words, wages are distributed more evenly for Credit counselors & loan officers (shown in red) than for the overall labor force (shown in gray).

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Wage by Location

This map shows the Public Use Microdata Areas (PUMAs) in the United States shaded by average annual wage for Credit counselors & loan officers.

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Spatial Concentration

PUMAs with a Relatively High Concentration of Credit counselors & loan officers

This map displays which Public Use Microdata Areas (PUMAs) in the United States have a relatively high population of Credit counselors & loan officers.

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Industries

Most Common

The most common industries employing Credit counselors & loan officers, by number of employees, are Banking & related activities, Nondepository credit & related activities, and Savings institutions, including credit unions .

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Highest Paying

The highest paying industries for Credit counselors & loan officers, by average wage, are Insurance carriers & related activities, Real estate, and Nondepository credit & related activities.

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Industries by Share

312k

2017 Workforce

± 13,703

-2.76%

1 YEAR GROWTH

± 6.34%

The number of people employed as Credit counselors & loan officers has been declining at a rate of -2.76%, from 321,009 people in 2016 to 312,154 people in 2017.

This graphic shows the share of Credit counselors & loan officers employed by various industries. Banking & related activities employs the largest share of Credit counselors & loan officers at  41.3%, followed by Nondepository credit & related activities with 37.6% and Savings institutions, including credit unions  with 9.22%.

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Diversity

Demographic information on Credit counselors & loan officers in the US. The average age of male Credit counselors & loan officers in the workforce is 43 and of female Credit counselors & loan officers is 43.8, and the most common race/ethnicity for Credit counselors & loan officers is White.

Gender Composition

143k

MALE WORKFORCE

± 9,295

169k

FEMALE WORKFORCE

± 10,077

54% of Credit counselors & loan officers are Female, making them the more common gender in the occupation. This chart shows the gender breakdown of Credit counselors & loan officers.

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Race & Ethnicity

Most Common Race or Ethnicity of Credit counselors & loan officers

  1. White

  2. Black

  3. Asian

82.3% of Credit counselors & loan officers are White, making that the most common race or ethnicity in the occupation. Representing 8.88% of Credit counselors & loan officers, Black is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Credit counselors & loan officers.

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Age by Gender

43

AVERAGE MALE AGE

± 0.827

43.8

AVERAGE FEMALE AGE

± 0.73

The median age of Credit counselors & loan officers is 43.4, and Male employees are generally 0.779 years younger than than their Female counterparts.

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Education

Data on higher education choices for Credit counselors & loan officers from The Department of Education and Census Bureau. The most common major for Credit counselors & loan officers is Business but a relatively high number of Credit counselors & loan officers hold a major in Agriculture.

Majors

ACS PUMS data only shows the major for bachelor's degrees. However, we can filter the data based on highest degree obtained.

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Skills

Data on the critical and distinctive skills necessary for Credit counselors & loan officers from the Bureau of Labor Statistics. Credit counselors & loan officers need many skills, but most especially Reading Comprehension and Active Listening. The revealed comparative advantage (RCA) shows that Credit counselors & loan officers need more than the average amount of Learning Strategies, Instructing, and Mathematics.

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Growth Projections

Projections on wages and job growth for Credit counselors & loan officers from the Bureau of Labor Statistics. The ten-year national workforce is projected to grow 7.4%, but Credit counselors & loan officers are expected to see a growth of 11.6% over the same period. This occupation is expected to grow higher than the national average.

Job Growth

11.6%

ESTIMATED GROWTH

7.4%

NATIONAL AVERAGE

This line chart shows the 10-year projected employment growth (from 2016 to 2026) for Credit counselors & loan officers. This profession is expected to grow faster than 7.4%, the average rate of national job growth.

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