Employment of loan counselors and officers is projected to grow about as fast as the average for all occupations through 2012. Loan counselors and officers together held about 255,000 jobs in 2002. The majority of this employment consisted of loan officers—nearly 88 percent—with the remaining 31,000 jobs being held by loan counselors. Approximately 40 percent of loan officers and counselors were employed by commercial banks, savings institutions, and credit unions. Mortgage and consumer finance companies employed an additional 33 percent. Loan officers are employed throughout the Nation, but most work in urban and suburban areas. At some banks, particularly in rural areas, the branch or assistant manager often handles the loan application process.

Median annual earnings of loan counselors were $32,010 in 2002. The middle 50 percent earned between $26,330 and $41,660. The lowest 10 percent earned less than $22,800, while the top 10 percent earned more than $57,400. Median annual earnings of loan officers were $43,980 in 2002. The middle 50 percent earned between $32,360 and $62,160. The lowest 10 percent earned less than $25,790, while the top 10 percent earned more than $88,450.

According to a salary survey conducted by Robert Half International, a staffing services firm specializing in accounting and finance, mortgage loan officers earned between $36,000 and $45,750 in 2002; consumer loan officers with 1 to 3 years of experience earned between $42,250 and $56,750; and commercial loan officers with 1 to 3 years of experience made between $48,000 and $64,500. With over 3 years of experience, commercial loan officers made between $66,000 and $92,000, and consumer loan officers earned between $55,500 and $75,750. Earnings of loan officers with graduate degrees or professional certifications were approximately 10 to 15 percent higher than these figures. Loan officers who are paid on a commission basis usually earn more than those on salary only, and those who work for smaller banks generally earn less than those employed by larger institutions.

Financial managers held about 599,000 jobs in 2002. While the vast majority is employed in private industry, nearly 1 in 10 work for the different branches of government. In addition, although they can be found in every industry, approximately 1 out of 4 are employed by insurance and finance establishments, such as banks, savings institutions, finance companies, credit unions, and securities dealers.

Employment of financial managers is expected to grow about as fast as the average for all occupations through 2012. Growth is expected to be steady and will increase in line with the growth of the economy as a whole. However, jobseekers are likely to face keen competition for jobs, as the number of job openings is expected to be less than the number of applicants. Candidates with expertise in accounting and finance, particularly those with a master’s degree, should enjoy the best job prospects. Strong computer skills and knowledge of international finance are important; so are excellent communication skills, because financial management jobs involve working on strategic planning teams.

As the economy expands, job growth for financial managers will stem from both the expansion of established companies and from the creation of new businesses. Over the short term, employment in this occupation is negatively impacted by economic downturns, during which companies are more likely to close departments, or even go out of business—decreasing the need for financial managers. Mergers, acquisitions, and corporate downsizing also are likely to adversely affect employment of financial managers. However, the growing need for financial expertise as the economy expands will ensure job growth over the next decade.

Median annual earnings of financial managers were $73,340 in 2002. The middle 50 percent earned between $52,490 and $100,660. The lowest 10 percent had earnings of less than $39,120, while the top 10 percent earned over $142,260. According to a 2002 survey by Robert Half International, a staffing services firm specializing in accounting and finance professionals, directors of finance earned between $75,000 and $204,500, and corporate controllers earned between $54,000 and $138,750.

The Association for Financial Professionals’ 14th annual compensation survey showed that financial officers’ average total compensation in 2002, including bonuses and deferred compensation, was $130,900. Selected financial manager positions had average total compensation as follows:

Financial analysts and personal financial advisors held 298,000 jobs in 2002; financial analysts accounted for almost 6 in 10 of the total. Many financial analysts work at the headquarters of large financial companies, several of which are based in New York City. 19 percent of financial analysts work for securities and commodity brokers, exchanges, and investment services firms; and 17 percent work for depository and non-depository institutions, including banks, savings institutions, and mortgage bankers and brokers. The remainder work primarily for insurance carriers; accounting, tax preparation, bookkeeping, and payroll services; management, scientific, and technical consulting services; and State and local government agencies.