Loan specialist and assistants direct or perform analytical functions and evaluative work which requires knowledge of (1) credit risk factors and lending principles involved in loans of specialized types granted, insured, or guaranteed by the Federal Government; (2) financial structures and practices of business organizations concerned with such loans; and (3) pertinent statutory, regulatory, and administrative provisions.

 

 

The federal government employs 4,208 loan specialists and assistants of which 60 work overseas. The Department of Agriculture is the largest employer with 3,081 followed by the Small Business Administration with 487 and Veterans Affairs (VA) with 473. About half of the cabinet level agencies and several large independent agencies employ loan specialist and assistants.

Federal Government Requirements

• You must be a U.S. citizen to apply
• The yearly salary for a GS-11/12 is $64,961.00 to $101,225.00

Typical Duties & Occupational Profile:

These duties are relevant to loan specialists and loan officers.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business.

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans.

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants.

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan.

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

Federal Government Requirements:

• You must be a U.S. citizen to apply
• The yearly salary for a GS-11/12 is $64,961.00 to $101,225.00

Typical Duties & Occupational Profile:

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking.

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities.

Important Qualities

• Decision making skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan.
• Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.
• Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.
• Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer questions.

The occupational profile information was excerpted from the Occupational Handbook (OOH) published by the Department of Labor.

GS-1165 Loan Specialist (Excerpted from USA Job Announcement)

QUALIFICATIONS:
GS-11: One year of specialized experience, equivalent to the GS-09 grade level in the Federal service, obtained in either the private or public sector as a loan processor, underwriter, financial analyst, portfolio manager, or other like position with responsibility for making repayment and other eligibility recommendations about the loan application package. Applicant must also have experience utilizing automated systems including the data entry, tracking and processing of loan applications with attendant documents pertaining to commercial loans such as credit reports, appraisals, business valuations, environmental reviews or franchise agreements.

GS-12: One year of specialized experience, equivalent to the GS-11 grade level in the Federal service, obtained in either the private or public sector as a commercial loan underwriter, financial analyst, portfolio manager, or other like position with responsibility for making repayment and other eligibility decisions about the loan application package. Applicant must also have experience utilizing automated systems including the data entry, tracking and processing of loan applications with attendant documents pertaining to commercial loans including credit reports and appraisals or business valuations, and other documents such as environmental reviews and franchise agreements.
Duties:

• Analysis of commercial loan applications characterized by limited financial data, complex corporate and financial structures with interlocking relationships with subsidiaries and other financial partners.
• Assesses management skills to determine the potential for successful operation.
• Prepares financial analysis reports on the merits of a credit application, examining eligibility and all credit factors, and recommending approval or decline with supporting justification addressing mitigating terms and conditions suitable to protect the interest of the Government.
• Counsels with financial customers, such as borrowers and lending partners, both orally and in writing, concerning financial position, eligibility, policy, procedures and practices bearing on the financial condition of an financial assistance for small businesses.

Job Prospects:

(Source: U.S. Bureau of Labor Statistics, Employment Projections Program)

Employment of loan officers is projected to grow 8 percent from 2014 to 2024, about as fast as the average for all occupations. The need for loan officers fluctuates with the economy, generally increasing in times of economic growth, low interest rates, and population growth—all of which create demand for loans.

The need for regulatory compliance also should create demand for loan officers. In the wake of the housing and financial crisis, loan applications are undergoing more scrutiny. Loan officers must ensure that the loans they originate are in accordance with state and federal laws, including recently enacted consumer financial protection laws. A stricter regulatory environment means a more labor-intensive loan approval process and a greater need for loan officers.

Prospects for loan officers should improve over the coming decade as lending activity rebounds from the recent recession. Job opportunities should be good for those with lending, banking, or sales experience. In addition, some firms require loan officers to find their own clients, so candidates with established contacts and a referral network should have the best job opportunities.

Job Listings

• USAJOBS GS-1165 (Federal Job Lists)
• Private Sector Job Listings

Credits

• The Occupational Outlook Handbook
• Qualification Standards

Helpful Career Planning Tools 

• Federal Job Search, Application Help, and Guidance
• Federal Career Exploration and Planning

The information provided may not cover all aspects of unique or special circumstances, federal and postal regulations, and programs are subject to change. Our articles and replies are time sensitive. Over time, various dynamic human resource guidance and factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM, the postal service or any federal entity. You should consult with school counselors, hiring agency personnel offices, and human resource professionals where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages

The budget analyst series covers positions that perform, advise on, or supervise work in any of the phases of budget administration when such work requires knowledge and skill in applying budget- related laws, regulations, policies, precedents, methods, and techniques.

The federal government employs 13,397 in this occupation of which 341 work overseas. The military departments employ 6,360 , the Department of Defense employs 738, the VA employs 730. There are workers in this series in all cabinet level departments, and in most large and many small agencies.

Budgeting in the Federal Government is a cyclical process consisting of three major phases:

• budget formulation,
• budget presentation/enactment, and
• budget execution.

The three phases co-exist during the fiscal year. When the approved operating budget for the current fiscal year is in the execution phase, the proposed budget for the following fiscal year is in the presentation/enactment phase, and the budget request for two years hence is in the formulation phase.

The budget cycle for a single budget year covers nearly three calendar years.

Budget officer and budget analyst positions function in organizations that are large enough to warrant establishing full-time positions to do budget administration work. The positions exist in nearly all agencies and departments of the Executive Branch. Tight timeframes, and rigid milestones and deadlines for completing budget actions characterize much of the work.

The budget officer is normally responsible for the full complement of budgetary operations necessary to support the programs and personnel of the organizational component and level in which employed. At a minimum , these responsibilities include formulation of the budget request and execution of the approved annual operating budget for the employing component.

In addition to performing a wide range of analytical, technical, and advisory functions related to the budgetary processes, most budget officers also perform supervisory duties and responsibilities over a subordinate staff of budget analysts and administrative support positions. Many budget officers report to a Chief Financial Officer or other management official in the supervisory chain with authority and responsibility for the total financial management of the employing organization.

Federal Government Requirements:

• You must be a U.S. citizen to apply
• The yearly salary for a GS-12 is $72,168.00 to $93,821.00

Typical Duties & Occupational Profile:

• Work with program and project managers to develop the organization’s budget
• Review managers’ budget proposals for completeness, accuracy, and compliance with laws and other regulations
• Combine all the program and department budgets together into a consolidated organizational budget and review all funding requests for merit
• Explain their recommendations for funding requests to others in the organization, legislators, and the public
• Help the chief operations officer, agency head, or other top managers analyze proposed plans and find alternatives if the projected results are unsatisfactory
• Monitor organizational spending to ensure that it is within budget
• Inform program managers of the status and availability of funds
• Estimate future financial needs

Budget analysts advise various institutions—including governments, universities, and businesses—on how to organize their finances. They prepare annual and special reports and evaluate budget proposals. They analyze data to determine the costs and benefits of various programs and recommend funding levels based on their findings. Although elected officials (in government) or top executives (in a private company) usually make the final decision on an organization’s budget, they rely on the work of budget analysts to prepare the information for that decision.

Sometimes, budget analysts use cost-benefit analyses to review financial requests, assess program tradeoffs, and explore alternative funding methods. Budget analysts also may examine past budgets and research economic and financial developments that affect the organization’s income and expenditures. Budget analysts may recommend program spending cuts or redistributing extra funds.
Throughout the year, budget analysts oversee spending to ensure compliance with the budget and determine whether changes to funding levels are needed for certain programs. Analysts also evaluate programs to determine whether they are producing the desired results.

In addition to providing technical analysis, budget analysts must effectively communicate their recommendations to officials within the organization. For example, if there is a difference between the approved budget and actual spending, budget analysts may write a report explaining the variations and recommend changes to reconcile the differences.

Budget analysts working in government attend committee hearings to explain their recommendations to legislators. Occasionally, budget analysts may evaluate how well a program is doing, provide policy analysis, and draft budget-related legislation.

Education

Employers generally require budget analysts to have at least a bachelor’s degree. However, some employers may require candidates to have a master’s degree. Because developing a budget requires strong numerical and analytical skills, courses in statistics or accounting are helpful. Federal, state, and local governments have varying requirements, but usually require a bachelor’s degree in one of many areas, such as accounting, finance, business, public administration, economics, statistics, political science, or sociology.

Sometimes, budget-related or finance-related work experience can be substituted for formal education.

Licenses, Certifications, and Registrations

Government budget analysts may earn the Certified Government Financial Manager credential from the Association of Government Accountants. To earn this certification, candidates must have a minimum of a bachelor’s degree, 24 credit hours of study in financial management, 2 years of professional-level experience in governmental financial management, and they must pass a series of exams. To keep the certification, budget analysts must take 80 hours of continuing education every 2 years.

Advancement

Entry-level budget analysts begin with limited responsibilities, but advancement is common. As analysts gain experience, they have the opportunity to advance to intermediate and senior budget analyst positions.

Important Qualities

Analytical skills. Budget analysts must be able to process a variety of information, evaluate costs and benefits, and solve complex problems.

Communication skills. Budget analysts need strong communication skills because they often have to explain and defend their analyses and recommendations in meetings and legislative committee hearings.

Detail oriented. Creating an efficient budget requires careful analysis of each budget item.

Math skills. Most budget analysts need math skills and should be able to use certain software, including spreadsheets, database functions, and financial analysis programs.

Writing skills. Budget analysts must present technical information in writing that is understandable for the intended audience.

The occupational profile information was excerpted from the Occupational Handbook (OOH) published by the Department of Labor.

GS-0560 Budget Analyst (Excerpted from USA Job Announcement)

Basic Requirements:

• Financial Management Level 2 Certificate must be obtain within one (1) year of placement.
• Knowledge of Budget Formulation/Execution utilizing a Financial Automated System
• Knowledge of Budgetary Guidelines, Regulations and Processes
• Ability to Manage Budget Program
• Ability to communicate orally

Budget Analyst Duties:

• Serve as Senior Budget Analyst performing a variety of duties in the planning, analysis, formulation, justification, presentation, execution and review of multi-year budgets for a large organization;
• Defend budget and justify a supplemental budget request as required;
• Plan, program, formulate, and execute the budget of assigned programs by reviewing and utilizing pertinent policies and objectives, and reviewing financial reports;
• Analyze requests from all activities to determine adequacy to support approved programs, projects, and conformance with budgetary guidelines;
• Evaluate programs and funds received from higher headquarters to determine the need for adjustments or submission of a request for additional resources;
• Recommend reprogramming of funds in relation to execution and coordinates supporting actions with higher headquarters.

Job Prospects:

(Source: U.S. Bureau of Labor Statistics, Employment Projections program)

Employment of budget analysts is projected to grow 3 percent from 2014 to 2024, slower than the average for all occupations. This occupation has fairly steady turnover, as budget analysts often leave the occupation to pursue opportunities to work in similar areas. These opportunities include positions as higher-level budget analysts at other organizations and positions in related business and financial occupations, such as financial analysts. For this reason, job prospects are expected to be good for entry-level budget analysts.

Efficient use of public funds is increasingly expected at the Federal, state, and local levels. Budget analysts should be in demand for their ability to manage the allocation of public funds. Many state and local governments, which previously had hiring freezes due to revenue shortfalls, are now seeing growth in revenue and spending. This should allow for increased hiring of budget analysts, as these governments fill positions that were previously left vacant. Budget analysts working in state government are projected to grow 2 percent, while those working in local government are projected to grow 6 percent.

However, recent slowdowns in federal spending and employment have limited overall employment growth at the federal level. Because of this, budget analysts working in the federal government are projected to decline 10 percent.
Job Series Titles: (Click on the job title to view job vacancies for government and private sector jobs.) The USAJOBS selection lists all federal job vacancies for this job series.

• Budget officer
• budget analyst
• USAJOBS GS-0560 Vacancy List

Helpful Career Planning Tools 

• Federal Job Search, Application Help, and Guidance
• Federal Career Exploration and Planning

The information provided may not cover all aspects of unique or special circumstances, federal and postal regulations, and programs are subject to change. Our articles and replies are time sensitive. Over time, various dynamic human resource guidance and factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM, the postal service or any federal entity. You should consult with school counselors, hiring agency personnel offices, and human resource professionals where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.