Understanding Business
12th Edition
ISBN: 9781260092332
Author: Nickels
Publisher: McGraw-Hill Education
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Question
Chapter 20, Problem 1CE
Summary Introduction
To determine: The task performed, skills needed, pay and opportunity outlook of the career.
Introduction: Loan officers are those who work for financial institutions and have the main objective to evaluate and approve the applications for loan from the individuals or organization.
Expert Solution & Answer
Answer to Problem 1CE
These officers who can evaluate and analyze the balance sheet of individuals and organizations and then, approve loan for such individuals. Some of the skill sets required is employee must at least hold a bachelor’s degree and have good communicational skill. The hourly wage rate in this career is $31.09 and annually it is $64,660. The opportunity outlook for the career is that it is projected to grow by 11% from 2016 to 2026.
Explanation of Solution
Loan officer get jobs in financial institutions, commercial banks, mortgage companies, and credit union. The demand for this job is increasing as per the growth of economy. The skill set which a training and development manager requires is mentioned below:
- Bachelor’s degree.
- Mortgage officer must have a license.
- Strong communication skill.
The wage rate of an officer working in this career is:
- Hourly wage rate- $31.09.
- Annual wage rate- $64,660.
The opportunity outlook for the career is that it has chances to grow by 11% from year 2016 to 2026, much faster than the average of all occupations.
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Chapter 20 Solutions
Understanding Business
Ch. 20.1 - Prob. 20.1AQCh. 20.1 - Prob. 20.1BQCh. 20.2 - Prob. 1TPCh. 20.2 - Prob. 2TPCh. 20.2 - Prob. 3TPCh. 20.2 - Prob. 4TPCh. 20.2 - Prob. 5TPCh. 20.3 - Prob. 20.3AQCh. 20.4 - Prob. 1MEDCh. 20.4 - Prob. 6TP
Ch. 20.4 - Prob. 7TPCh. 20.4 - Prob. 8TPCh. 20.5 - Prob. 20.5AQCh. 20.6 - Prob. 20.6AQCh. 20.7 - Prob. 20.7AQCh. 20.7 - Prob. 9TPCh. 20.7 - Prob. 10TPCh. 20.7 - Prob. 11TPCh. 20.7 - Prob. 12TPCh. 20.7 - Prob. 13TPCh. 20 - Prob. 1CECh. 20 - Prob. 2CECh. 20 - Prob. 3CECh. 20 - Prob. 1CTCh. 20 - Prob. 2CTCh. 20 - Prob. 3CTCh. 20 - Prob. 4CTCh. 20 - Prob. 1DCSCh. 20 - Prob. 2DCSCh. 20 - Prob. 3DCSCh. 20 - Prob. 4DCSCh. 20 - Prob. 5DCSCh. 20 - Prob. 1PPTCh. 20 - Prob. 2PPTCh. 20 - Prob. 3PPTCh. 20 - Prob. 1VCCh. 20 - Prob. 2VCCh. 20 - Prob. 3VC
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