Loan Officers vs Mechanical Engineers: Salary Comparison (2024)
Side-by-side salary comparison using 2024 Bureau of Labor Statistics data.
Which Career Pays More?
Mechanical Engineers professionals earn $28,140 more per year than Loan Officers professionals — that's 37.9% higher. At the 90th percentile, Loan Officers earns $145,780 compared to $161,240 for Mechanical Engineers.
Salary Range Comparison
Loan Officers$38,490 – $145,780
Mechanical Engineers$68,740 – $161,240
$38,490$161,240
Detailed Salary Comparison
| Percentile | Loan Officers | Mechanical Engineers | Difference |
|---|---|---|---|
| 10th Percentile | $38,490 | $68,740 | $-30,250 |
| 25th Percentile | $50,460 | $81,800 | $-31,340 |
| Median (50th) | $74,180 | $102,320 | $-28,140 |
| 75th Percentile | $101,920 | $130,290 | $-28,370 |
| 90th Percentile | $145,780 | $161,240 | $-15,460 |
| Mean (Average) | $86,020 | $110,080 | $-24,060 |
Employment Numbers
Loan Officers
290,530
employed nationwide
Mechanical Engineers
286,760
employed nationwide
Top Paying Cities
Best Cities for Loan Officers
| City | Median |
|---|---|
| New York-Newark-Jersey City, NY-NJ-PA | $102,540 |
| Boston-Cambridge-Nashua, MA-NH | $94,850 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | $94,840 |
| San Francisco-Oakland-Berkeley, CA | $94,110 |
| Minneapolis-St. Paul-Bloomington, MN-WI | $91,900 |
Best Cities for Mechanical Engineers
| City | Median |
|---|---|
| San Jose-Sunnyvale-Santa Clara, CA | $147,730 |
| San Francisco-Oakland-Berkeley, CA | $145,640 |
| San Diego-Chula Vista-Carlsbad, CA | $128,660 |
| Houston-The Woodlands-Sugar Land, TX | $126,870 |
| Boston-Cambridge-Nashua, MA-NH | $124,160 |
Frequently Asked Questions
Who earns more: Loan Officers or Mechanical Engineers?
Mechanical Engineers professionals earn more, with a median salary difference of $28,140 (37.9% higher) as of 2024 BLS data.
What is the salary range for Loan Officers?
Loan Officers salaries range from $38,490 (10th percentile) to $145,780 (90th percentile), with a median of $74,180.
What is the salary range for Mechanical Engineers?
Mechanical Engineers salaries range from $68,740 (10th percentile) to $161,240 (90th percentile), with a median of $102,320.
How many Loan Officers and Mechanical Engineers jobs are there?
There are approximately 290,530 Loan Officers positions and 286,760 Mechanical Engineers positions nationwide according to 2024 BLS data.
Is it worth switching from Mechanical Engineers to Loan Officers?
Career decisions depend on many factors beyond salary. Loan Officers has a median salary of $74,180 while Mechanical Engineers earns $102,320. Consider job satisfaction, growth prospects, required education, and work-life balance.
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Data verified March 2026 · Source: U.S. Bureau of Labor Statistics OEWS