Credit counselors & loan officers

Detailed Occupation

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2020 Workforce

333k

Average Age

43.2

Average Salary

$85,275

Average Male Salary

$107,580

Average Female Salary

$66,892

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 $85,275 in 2016. The top 3 most similar occupations to Credit counselors & loan officers by wage are Locomotive engineers & operators, Budget analysts, and Training & development managers.

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, and 24 more.

The top 3 locations that employ the most Credit counselors & loan officers are West Des Moines & Urbandale Cities PUMA, IA, Boone County PUMA, MO, and Gilbert (South) & Queen Creek Towns PUMA, AZ. The top 3 locations with a relatively high concentration of Credit counselors & loan officers are Gilbert (South) & Queen Creek Towns PUMA, AZ, Colorado Springs City (East) & Cimarron Hills PUMA, CO, and Johnson, Lafayette, Ray, Clinton & Caldwell Counties PUMA, MO.

Management, business, & financial occupations Management, business, science, & arts occupations Business & financial operations occupations

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 Lessors of real estate, and offices of real estate agents and brokers. Credit counselors & loan officers are paid most in Chico City PUMA, CA but are relatively concentrated in Gilbert (South) & Queen Creek Towns PUMA, AZ.

Wages

Yearly Wage

$85,275

AVERAGE SALARY

± $3,654

In 2020, Credit counselors & loan officers earned an average of $85,275, $29,321 more than than the average national salary of $55,954.

Locomotive engineers & operators make somewhat more than Credit counselors & loan officers while Training & development managers make somewhat less. This chart shows the various occupations closest to Credit counselors & loan officers as measured by average annual salary in the US.

Wage Distribution

0.386

WAGE GINI

In 2015, Credit counselors & loan officers had a wage GINI coefficient of 0.386, which is lower than than the national average of 0.478. 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).

Wage by Location

HIGHEST PAYING PUMAS

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

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.

Industries

Most Common

The most common industries employing Credit counselors & loan officers, by number of employees, are Banking & related activities, Nondepository credit & related activities, Savings institutions, including credit unions , Colleges, universities & professional schools, including junior colleges, Securities, commodities, funds, trusts & other financial investments, Administration of economic programs & space research, Lessors of real estate, and offices of real estate agents and brokers, Insurance carriers, General medical and surgical hospitals, and specialty (except psychiatric and substance abuse) hospitals, Car Dealers, and Business support services.

Highest Paying

The highest paying industries for Credit counselors & loan officers, by average wage, are Lessors of real estate, and offices of real estate agents and brokers, Real estate property managers, offices of real estate appraisers, and other activities related to real estate, and National security & international affairs.

Industries by Share

333k

2020 Workforce

± 14,154

3.18%

1 YEAR GROWTH

± 5.87%

The number of people employed as Credit counselors & loan officers has been growing at a rate of 3.18%, from 322,850 people in 2019 to 333,126 people in 2020.

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 40%, followed by Nondepository credit & related activities with 37.5% and Savings institutions, including credit unions with 9.58%.

Diversity

Demographic information on Credit counselors & loan officers in the US. The average age of male Credit counselors & loan officers in the workforce is 42.9 and of female Credit counselors & loan officers is 43.5, and the most common race/ethnicity for Credit counselors & loan officers is White (Non-Hispanic).

Composition by Sex

151k

MALE WORKFORCE

± 9,520

183k

FEMALE WORKFORCE

± 10,485

54.8% of Credit counselors & loan officers are Female, making them the more common sex in the occupation. This chart shows the sex breakdown of Credit counselors & loan officers.

Race & Ethnicity

Most Common Race or Ethnicity of Credit counselors & loan officers

White (Non-Hispanic)
Black (Non-Hispanic)
White (Hispanic)

72% of Credit counselors & loan officers are White (Non-Hispanic), making that the most common race or ethnicity in the occupation. Representing 9.12% of Credit counselors & loan officers, Black (Non-Hispanic) is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Credit counselors & loan officers.

Age by Sex

42.9

AVERAGE MALE AGE

± 0.814

43.5

AVERAGE FEMALE AGE

± 0.706

The median age of Credit counselors & loan officers is 43.2, and Male employees are generally 0.578 years younger than than their Female counterparts.

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.

MOST COMMON MAJORS

MOST SPECIALIZED MAJORS

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 Speaking, Active Listening, and Reading Comprehension. The revealed comparative advantage (RCA) shows that Credit counselors & loan officers need more than the average amount of Mathematics, Negotiation, and Service Orientation.