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

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.

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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).

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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

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

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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%.

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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 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.

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Race & Ethnicity

Most Common Race or Ethnicity of Credit counselors & loan officers
  1. White (Non-Hispanic)
  2. Black (Non-Hispanic)
  3. 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.

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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.

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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 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.

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