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What You'll Do: Your job will entail meeting with loan applicants to explain loan options and processes, and to gather relevant personal and/or business information necessary to qualify those applicants for a loan. You'll verify financial and credit information (i.e., credit ratings and salaries and income), approve the loan (or bump it up to management for a decision), and generally coordinate the loan process from origination to closing.

As a Commercial Loan Officer, you'll specialize in business and commercial loan for everything from company start-ups to expansion to inventory. As a Consumer Loan Officer, you'll work to provide loans to people for needs ranging from college tuition to automobile financing to everything in between. As a Mortgage Loan Officer, you'll handle real estate loans (called mortgages).

The day-to-day work of a Loan Officer requires a curious mix of mathematics and analysis, coupled with sales and customer service. Detail orientation is a must, as is a personality geared to upselling products and services if required, and assisting people through a maze of requirements to a positive financial outcome.

Education and Training: A high school diploma is a must, and a bachelor's degree (in finance, business, economics of a related field} is commonly required in the commercial sector.

Those in the real estate sector must have a Mortgage Loan Originator license, requiring the completion of 20+ hours of course work, and the passing of an exam and background and credit checks. Individual states may have additional requirements.

Certification programs are offered by a number of schools and banking associations. And though typically not required, all things being equal, such certification would almost certainly provide a candidate with a competitive advantage in the marketplace.

The Future: Allowing for fluctuation in the national economy, Loan Officer positions are expected to grow at about 14% through 2020. The best opportunities will present themselves to candidates with college degrees and lending, banking or sales experience.

The Pay: The U.S. Bureau of Labor Statistics reports a median annual wage of $68,000 for 2011, though that figure can swing wildly in the extreme due to the fact that some loan officers are paid on commission or receive bonuses based on the number of loans they originate.

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