Loan administrator

What does a loan officer do? – Tasks and work environment

A loan officer in the banking and finance sector is responsible for processing and assessing loan applications from individuals and companies. Tasks include credit assessments, collecting and reviewing financial documents, customer contact, and advising on various loan products. The officer analyzes borrowers' repayment ability, ensures compliance with regulations and internal routines, and makes decisions on approval or rejection. The work is often office-based and team-oriented but requires independence, structure, and accuracy. The environment involves both administrative tasks and direct customer contact, with digital tools central to daily operations.

Salary development over time

Over the past three years, the salary for loan officers has shown a clear upward trend. In 2022, the average salary was 42,500 SEK, rising to 44 200 SEK in 2023. The latest measurement from 2024 shows a further increase to 47 400 SEK, representing an overall salary increase of approximately 11.5% over the three-year period. This development reflects increased demand for qualified credit assessment and customer advising, along with the digitization efforts in banks raising skill requirements. Salary growth is also linked to a greater focus on business acumen and risk management within the sector, making experienced loan officers highly valued. Despite these positive trends, significant gender pay gaps persist within the profession.

Loan officer salary – comprehensive overview

• Average salary: 47 400 SEK/month
• Lowest salary: 40,700 SEK/month
• Highest salary: 59,900 SEK/month
• Hourly wage (average): 285 SEK
• Women: 43 600 SEK/month (83% of men's salary)
• Men: 52 800 SEK/month
• Regional differences: Larger cities and growth regions tend to offer higher salaries than rural areas

Education and qualifications

To work as a loan officer, a post-secondary education in economics, finance, or banking and insurance is usually required. Many employers also seek experience from customer service, administration, or similar roles within the banking sector. Specialized courses and certifications in credit assessment or financial advising can be advantageous and improve employment prospects. Internships or trainee programs within banking provide valuable insights into the profession and its tasks.

• Post-secondary education: Economics, finance, or banking (2–3 years)
• Certifications: Courses in credit assessment and advising
• Internship/trainee: Common in larger banks
• Prerequisites: Good knowledge of economics and digital tools
• Tips for choosing: Combine theoretical education with practical experience for best opportunities

Common benefits and compensations

Loan officers are often offered benefits such as pension contributions, wellness allowances, private health insurance, and flexible working hours. Bonuses linked to performance and results may occur, especially in larger banks. Further, skills development, internal training, and remote work options are common in the profession.

Competition and challenges

The competition for roles as a loan officer is moderate but varies depending on region and bank size. Digitization has streamlined many tasks, increasing the demand for technical skills and changing the nature of the work. At the same time, expanded regulations and increased complexity in lending impose higher standards for accuracy and responsibility. Navigating between customer demands and bank risk assessments, along with occasional high workload periods, are ongoing challenges. Salary growth is good, but gender pay gaps remain significant.

Tips for those who want to become a loan officer

To succeed as a loan officer, it’s beneficial to combine analytical skills with a genuine interest in economics. Developing strong communication skills facilitates both internal collaboration and customer dialogues, while precision minimizes errors in credit assessments. Flexibility and technical curiosity are valuable as the banking industry digitizes and processes evolve. Building an understanding of regulations and risk management provides an advantage, especially in more complex deals. Engaging with customers builds trust and long-term relationships. Resilience is also important, as workload can vary and require quick decisions. Finally, early internships or part-time jobs in banking help gain insight into daily work and establish valuable contacts.

Key facts about loan officers

• Education level: Post-secondary education in economics or finance (2–3 years)
• Work environment: Office-based, often in open-plan spaces with digital tools
• Typical work form: Full-time, sometimes with remote options
• Demand: Moderate, approximately 550 job openings in the profession
• Special skills: Credit assessment, risk analysis, customer advising

Career paths and future prospects

After three to five years as a loan officer, opportunities open for roles such as credit manager, corporate advisor, or risk assessment specialist. Experienced officers often advance to leadership positions within the bank’s credit department or work in training new colleagues. The Swedish Public Employment Service forecasts that demand for banking jobs will remain moderate, with stable prospects over the next five years. The recruitment situation is balanced, indicating neither a shortage nor an oversupply of qualified candidates. Digitalization and increased regulatory complexity will continue to develop skill requirements. Those wishing to broaden their careers can also consider related roles such as financial advisor, business advisor, or risk analyst.

Frequently asked questions about loan officers

• What does a loan officer earn?
  - The average salary for a loan officer is 47 400 SEK per month.
• What are the gender differences in salary?
  - Men earn an average of 52 800 SEK, while women earn 43 600 SEK, which corresponds to 83% of men's salary.
• What education is required to become a loan officer?
  - A post-secondary education in economics, finance, or banking is most common, often 2–3 years long.
• What does the job market look like for loan officers?
  - Opportunities are moderate, and the recruitment situation is assessed to be balanced nationwide.
• Are there regional salary differences?
  - Yes, salaries are generally higher in large cities and growth regions compared to rural areas.
• What career opportunities are available after a few years?
  - Common career paths include credit manager, business advisor, or specialist roles within risk and credit.
• What benefits are offered to loan officers?
  - Common benefits include wellness allowances, pension contributions, health insurance, and opportunities for skills development.