Career comparison
Loan Officer vs. New Accounts Clerk
Side-by-side pay, training, growth and day-to-day duties to help you choose between two related careers.
Loan officers earn more at the median ($76,690 vs. $47,670), while new accounts clerks usually get to work faster (A few months on the job of training). Loan officers help people and businesses get mortgages and loans, from application to closing. New accounts clerks open new bank accounts and explain banking products to customers.
Pay data: BLS OEWS, May 2025 · Outlook: BLS 2025–35 · Checked October 15, 2026
| Loan Officer | New Accounts Clerk | |
|---|---|---|
| Median pay | $76,690 ($36.87/hr) | $47,670 ($22.92/hr) |
| Pay range (10th–90th) | $39,430 – $153,180 | $38,180 – $60,910 |
| Job growth, 2025–35 | +1.1% (slower than average) | -6.5% (a projected decline) |
| Openings per year | 17,100 | 2,300 |
| Typical entry education | Bachelor's degree | High school diploma or equivalent |
| Training time | 3–6 months for mortgage licensing | A few months on the job |
| Key credential | NMLS Mortgage Loan Originator license | BSA/AML training |
| Work setting | Loan officers work in banks, credit unions, mortgage companies and from home, meeting clients in offices or virtually. | Clerks work in bank and credit union branches and call centers.. |
What each job does
Loan Officer
- Meet with borrowers to understand their goals
- Review credit, income, assets and debts
- Explain loan options, rates and costs
- Take and submit loan applications
- Work with processors and underwriters
New Accounts Clerk
- Explain account options
- Verify identity
- Open accounts
- Order cards and checks
- Set up online banking
How they’re similar
Both careers involve working with people. Both are part of the business & office field, so many skills transfer between them.
Which should you choose?
Choose loan officer if…
- I like helping people with big decisions
- I’m comfortable with numbers and credit
- I enjoy building relationships
Choose new accounts clerk if…
- I like explaining things
- I’m accurate with forms
- I’m friendly
Still torn? Take the Loan Officer fit quiz and the New Accounts Clerk fit quiz, or the full Career Match Quiz.
Quick comparisons
Which pays more, loan officer or new accounts clerk?
Loan Officers earn more at the median: $76,690 versus $47,670 for new accounts clerks, based on BLS May 2025 data.
Which takes less time to train for?
New Accounts Clerks typically train faster (A few months on the job) than loan officers (3–6 months for mortgage licensing).
Which career has better job growth?
BLS projects loan officers to grow +1.1% from 2025–35, compared with -6.5% for new accounts clerks.