How to Become a Commercial Loan Agent
Becoming a commercial loan officer could be a wise financial decision. According to the Bureau of Labor Statistics, the highest earning commercial loan officers made more than $106,360 per year, as of May 2008. The median salary of commercial loan officers was $54,700. The number of new jobs for commercial loan officers is expected to grow steadily by 10 percent from 2008 to 2018. Becoming a commercial loan agent requires strong interpersonal skills and a strong will to succeed in the sales industry.
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Instructions
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Obtain a bachelor's degree in a business-related field like finance, accounting or economics. According to the Bureau of Labor Statistics, the minimum requirement to become a loan officer is a high school education, but commercial loan officers generally need a bachelor's degree because of the complex nature of the business field. Commercial loan officers must be able to analyze the financial statements of business in order to determine the feasibility of their loan application.
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Gain experience by working in other sales-related positions and in other positions in the banking industry. The Bureau of Labor Statistics indicates that most commercial loan officers learn much of their job through on-the-job training and by working in other positions within banks in order to learn as much about the banking industry as possible. Some commercial loan officers begin their careers as customer service representatives or tellers.
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Gather a list of contacts and potential business networking associates. Commercial loan representatives need to be able to produce business for their bank rather than just passively waiting for it to come to them. By establishing a list of potential clients or business associates, you can ensure that you get off to a fast start and can also show your potential employers that you know how to take the necessary steps to be successful as a loan officer.
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Familiarize yourself with banking and other types of financial software. These are necessary tools of the trade that you will utilize. Knowing how to use these types of programs prior to applying for a job may reduce the amount of training you need and make you a more attractive applicant to potential employers.
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Apply for positions and complete a background check. Once you have some of the necessary prerequisite knowledge and experience, you can begin working and gain the rest of your training through hands-on experience. Most employers require loan officers to complete a fairly comprehensive background check because of the sensitive nature of the financial data they will be working with.
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References
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