The average annual and hourly salaries for loan officers in the state of Minnesota are shown in Table 1 and Table 2, respectively. The comparison of the salary statistics of loan officers amongst Minnesota areas is shown in Table 3. The salary statistics are based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2017 and published in April 2018 .
|Percentile Bracket||Average Annual Salary|
|10th Percentile Wage||$40,470|
|25th Percentile Wage||$51,100|
|50th Percentile Wage||$70,820|
|75th Percentile Wage||$98,100|
|90th Percentile Wage||$126,900|
Table 1 shows the average annual salary for loan officers in Minnesota in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $126,900. The median (50th percentile) annual salary is $70,820. The average annual salary for the bottom 10 percent is $40,470.
The table and chart below show the trend of the median salary of loan officers from 2012 to 2017.
|Year||Median Salary||Yearly Growth||5-Year Growth|
Table 3 shows the median annual salary of loan officers in some Minnesota cities and metropolitan areas. We note that the median annual salary of loan officers in state of Minnesota ranges from $48,510 to $71,220. The highest paying area for loan officers in Minnesota is Northwest Minnesota nonmetropolitan area with a median annual salary of $71,220. The second highest paying city/area in Minnesota State is Mankato-North Mankato (mean annual salary $70,390). The lowest paying area is Northeast Minnesota nonmetropolitan area with a median annual salary of $48,510.
|Cities/Areas||Median Annual Salary|
|Northwest Minnesota nonmetropolitan area|| |
|Mankato-North Mankato|| |
|Southeast Minnesota nonmetropolitan area|| |
|Southwest Minnesota nonmetropolitan area|| |
|St Cloud|| |
|Northeast Minnesota nonmetropolitan area|| |