Average Loan Officer Salary in Mexico for 2024

In this article, we will look at the average Loan Officer salary for 2024 in Mexico and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Mexican peso. To keep things simple, we are using the MXN currency code instead of the currency symbol $.

How Much Does a Loan Officer Make in Mexico?

A Loan Officer working in Mexico will typically earn around 169,000 MXN per year, and this can range from the lowest average salary of about 91,560 MXN to the highest average salary of 257,700 MXN.

Average Annual Salary
169,000 MXN
Average Monthly Salary
14,083 MXN

Lowest Annual Salary
91,560 MXN
Lowest Monthly Salary
7,630 MXN

Highest Annual Salary
257,700 MXN
Highest Monthly Salary
21,475 MXN

These are average salaries for a Loan Officer in Mexico and include benefits such as housing and transport. It's also possible for a Loan Officer to earn more or less than the average salaries shown above.

Loan Officer salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Loan Officer Salaries in Mexico

So we've looked at the average salaries a Loan Officer will earn in Mexico. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Loan Officer can earn between 91,560 MXN and 257,700 MXN on average in Mexico. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Loan Officer in Mexico is 159,400 MXN. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 159,400 MXN, and 50% of the population earn more than 159,400 MXN.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Loan Officer salary in Mexico, 25% of the population are earning less than 113,780 MXN while 75% of the population earn more than 113,780 MXN.

75% of the population earn less than 196,800 MXN, and 25% of the population earn more than 196,800 MXN.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Loan Officer Salary by Experience Level in Mexico

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average loan officer salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Loan Officer in Mexico that has less than two years of experience can expect to earn somewhere in the region of 104,600 MXN.
  • 2 - 5 Years Experience. With two to five years of experience the average Loan Officer salary would increase to 125,700 MXN.
  • 5 - 10 Years Experience. From five to ten years of experience as a Loan Officer, the average salary would be 180,500 MXN.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 209,700 MXN.
  • 15 - 20 Years Experience. A Loan Officer with 15 to 20 years of experience can earn an average of 231,000 MXN.
  • 20+ Years Experience. For a Loan Officer with more than 20 years, the expected average salary increases to 243,000 MXN.

Average Salary by Experience Chart

0-2 Years
104,600 MXN
2-5 Years +23%
125,700 MXN
5-10 Years +42%
180,500 MXN
10-15 Years +17%
209,700 MXN
15-20 Years +10%
231,000 MXN
20+ Years +6%
243,000 MXN

Loan Officer Salary by Education Level in Mexico

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Loan Officer in Mexico based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. A Loan Officer in Mexico with a high school education can earn an average salary of 125,700 MXN.

  • Certificate or Diploma. A Loan Officer in Mexico with a certificate or diploma education can earn an average salary of 176,800 MXN.

  • Bachelor's Degree. A Loan Officer in Mexico with a bachelor's degree education can earn an average salary of 249,600 MXN.

Average Salary by Education Chart

High School
125,700 MXN
Certificate or Diploma +40%
176,800 MXN
Bachelor's Degree +42%
249,600 MXN

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Mexico is around 166,000 to 498,000 MXN and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Loan Officer Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Mexico, a male loan officer will earn an average of 176,800 MXN, while a female loan officer will earn around 158,700 MXN.

This means that a male loan officer earns approximately 11% more than a female loan officer for performing the same job.

Average Salary by Gender Chart in Mexico

Male
176,800 MXN
Female -11%
158,700 MXN

Loan Officer Average Pay Raise in Mexico

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Loan Officer in Mexico is around 11% every 16 months.

The national average pay raise across all professions and industries in Mexico is around 8% every 18 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 11 ÷ 16 ) × 12  = 8%

What this means is that a Loan Officer in Mexico can expect to receive an average pay raise of around 8% every 12 months.

Annual Pay Raise by Industry in Mexico for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Mexico.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Loan Officer Bonus and Incentive Rates in Mexico

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Loan Officer is a moderate bonus based job, with 50% of employees reporting at least one bonus in the last 12 months.

50% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 5%.

Received Bonus
50%
No Bonus
50%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Mexico earn approximately 8% more than private sector employees in the same role.

Public Sector
415,900 MXN
Private Sector -8%
384,200 MXN

Salaries for Jobs Similar to a Loan Officer

In the table below, we have salary information for jobs that are similar to a Loan Officer in Mexico.

Job Title Category Salary
AML Analyst Banking 615,300 MXN
Assistant Bank Branch Manager Banking 514,300 MXN
Assistant Bank Manager Banking 722,100 MXN
ATM Manager Banking 575,100 MXN
ATM Service Technician Banking 163,800 MXN
Bank Accounts Analyst Banking 243,000 MXN
Bank Accounts Collector Banking 148,300 MXN
Bank Accounts Controller Banking 307,400 MXN
Bank Accounts Executive Banking 428,400 MXN
Bank Accounts Manager Banking 514,800 MXN
Bank Auditing Manager Banking 499,300 MXN
Bank Branch Manager Banking 744,700 MXN
Bank Branch Operations Coordinator Banking 305,600 MXN
Bank Clerk Banking 138,200 MXN
Bank Client Service Associate Banking 201,100 MXN
Bank Collector Banking 138,800 MXN
Bank Compliance Specialist Banking 394,300 MXN
Bank Manager Banking 874,500 MXN
Bank Operational Risk Manager Banking 858,400 MXN
Bank Operations Head Banking 825,900 MXN
Bank Operations Officer Banking 332,100 MXN
Bank Operations Specialist Banking 516,100 MXN
Bank Process Manager Banking 472,100 MXN
Bank Product Manager Banking 548,800 MXN
Bank Programme Manager Banking 559,000 MXN
Bank Project Manager Banking 695,400 MXN
Bank Propositions Manager Banking 625,000 MXN
Bank Quantitative Analyst Banking 436,200 MXN
Bank Regional Manager Banking 862,400 MXN
Bank Regional Risk Officer Banking 437,300 MXN
Bank Relationship Manager Banking 659,400 MXN
Bank Relationship Officer Banking 292,000 MXN
Bank Teller Banking 154,700 MXN
Banker Banking 294,700 MXN
Banking Business Analyst Banking 447,300 MXN
Banking Business Development Officer Banking 273,300 MXN
Banking Business Planning Executive Banking 656,800 MXN
Banking Product Manager Banking 562,200 MXN
Banking Reference Data Manager Banking 467,700 MXN
Banking Risk Analyst Banking 424,300 MXN
Banking Technical Analyst Banking 232,900 MXN
Bankruptcy Coordinator Banking 318,800 MXN
Bill and Account Collector Banking 159,400 MXN
Budget Analyst Banking 437,900 MXN
Capital Risk Manager Banking 855,200 MXN
Cards Marketing Manager Banking 575,100 MXN
Cash Management Manager Banking 790,600 MXN
Check Processing Manager Banking 551,200 MXN
Commercial Vault Associate Banking 417,200 MXN
Corporate Banker Banking 325,900 MXN
Corporate Dealer Banking 437,300 MXN
Credit Analyst Banking 335,800 MXN
Credit and Collections Manager Banking 606,400 MXN
Credit Card Fraud Investigator Banking 436,200 MXN
Credit Portfolio Manager Banking 861,300 MXN
Credit Risk Analyst Banking 501,400 MXN
Credit Risk Associate Banking 485,200 MXN
Direct Bank Sales Representative Banking 311,700 MXN
Exchange Control Consultant Banking 467,700 MXN
Executive Account Analyst Banking 448,500 MXN
Financial Bank Planning Consultant Banking 553,400 MXN
Financial Banking Analysis Manager Banking 633,300 MXN
Financial Banking Assistant Banking 212,500 MXN
Financial Banking Systems Manager Banking 575,100 MXN
Foreign Exchange Manager Banking 639,900 MXN
Fraud Analyst Banking 460,500 MXN
Fraud Detection Associate Banking 327,300 MXN
Fraud Detection Manager Banking 656,800 MXN
Fraud Detection Supervisor Banking 375,200 MXN
Internal Bank Audit Manager Banking 761,400 MXN
Internal Bank Auditor Banking 420,800 MXN
Internal Private Banker Banking 313,700 MXN
International Banking Manager Banking 927,000 MXN
Investment Banking Analyst Banking 638,700 MXN
Loan Analyst Banking 442,200 MXN
Loan Area Manager Banking 518,900 MXN
Loan Audit Team Leader Banking 485,200 MXN
Loan Branch Manager Banking 500,100 MXN
Loan Business Development Officer Banking 254,700 MXN
Loan Clerk Banking 154,700 MXN
Loan Collection and Recovery Manager Banking 510,200 MXN
Loan Collection Manager Banking 544,800 MXN
Loan Collector Banking 146,200 MXN
Loan Examiner Banking 200,000 MXN
Loan Processing Manager Banking 466,900 MXN
Loan Processor Banking 204,700 MXN
Loan Quality Assurance Auditor Banking 426,700 MXN
Loan Quality Assurance Manager Banking 496,100 MXN
Loan Quality Assurance Representative Banking 341,900 MXN
Loan Review Manager Banking 489,600 MXN
Loan Team Leader Banking 454,300 MXN
Loans Manager Banking 615,000 MXN
Mortgage Advisor Banking 294,700 MXN
Mortgage Collection Manager Banking 516,100 MXN
Mortgage Collector Banking 150,000 MXN
Mortgage Credit Analyst Banking 227,600 MXN
Mortgage Credit Manager Banking 498,000 MXN
Mortgage Development Manager Banking 535,900 MXN
Mortgage Document Reviewer Banking 192,000 MXN
Mortgage Funding Manager Banking 587,800 MXN
Mortgage Operations Manager Banking 781,200 MXN
Mortgage Payment Processing Clerk Banking 161,300 MXN
Mortgage Processing Manager Banking 489,600 MXN
Mortgage Processor Banking 197,600 MXN
Mortgage Quality Assurance Auditor Banking 437,300 MXN
Mortgage Quality Assurance Manager Banking 518,900 MXN
Mortgage Servicing Clerk Banking 159,500 MXN
Mortgage Servicing Manager Banking 480,600 MXN
Mortgage Underwriter Banking 183,600 MXN
Online Banking Manager Banking 743,300 MXN
Payment Processing Clerk Banking 158,700 MXN
Personal Banker Banking 315,900 MXN
Personal Banking Advisor Banking 325,800 MXN
Phone Banker Banking 201,100 MXN
Private Banker Banking 332,500 MXN
Reconciliation and Investigation Specialist Banking 353,600 MXN
Tax Officer Banking 273,000 MXN
Teller Banking 146,200 MXN
Trade Officer Banking 172,200 MXN
Trade Product Manager Banking 519,300 MXN
Trader Banking 225,300 MXN
Treasury Operations Officer Banking 384,500 MXN

Salary Comparison by City

If you want to compare salaries with different cities in Mexico, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Acapulco 208,600 MXN
Acuna 161,600 MXN
Aguascalientes 215,100 MXN
Boca del Rio 139,100 MXN
Buenavista 158,700 MXN
Campeche 169,000 MXN
Cancun 191,600 MXN
Celaya 181,600 MXN
Chalco 152,100 MXN
Chetumal 150,000 MXN
Chicoloapan 158,700 MXN
Chihuahua 216,800 MXN
Chilpancingo 151,800 MXN
Chimalhuacan 196,800 MXN
Cholula de Rivadabia 154,700 MXN
Ciudad Apodaca 192,600 MXN
Ciudad del Carmen 154,700 MXN
Ciudad Juarez 146,200 MXN
Ciudad Lopez Mateos 192,000 MXN
Ciudad Obregon 169,000 MXN
Ciudad Santa Catarina 176,800 MXN
Ciudad Valles 142,300 MXN
Ciudad Victoria 181,600 MXN
Coacalco 176,800 MXN
Coatzacoalcos 157,600 MXN
Colima 146,200 MXN
Cordoba 148,300 MXN
Cuautitlan Izcalli 201,100 MXN
Cuautla 143,200 MXN
Cuernavaca 172,200 MXN
Culiacan 205,700 MXN
Delicias 128,500 MXN
Durango 201,100 MXN
Ecatepec de Morelos 221,500 MXN
Ensenada 172,200 MXN
Fresnillo 128,500 MXN
General Escobedo 176,800 MXN
Gomez Palacio 169,000 MXN
Guadalajara 221,500 MXN
Guadalupe 197,600 MXN
Guaymas 128,900 MXN
Hermosillo 204,700 MXN
Hidalgo del Parral 130,400 MXN
Iguala 136,200 MXN
Irapuato 189,300 MXN
Ixtapaluca 174,000 MXN
Jiutepec 146,200 MXN
La Paz 159,100 MXN
Leon 221,500 MXN
Los Mochis 172,200 MXN
Los Reyes la Paz 163,800 MXN
Manzanillo 136,200 MXN
Matamoros 187,500 MXN
Mazatlan 180,300 MXN
Merida 197,600 MXN
Metepec 157,600 MXN
Mexicali 195,200 MXN
Mexico City 214,000 MXN
Minatitlan 136,100 MXN
Monclova 154,700 MXN
Monterrey 216,800 MXN
Morelia 207,700 MXN
Naucalpan 209,500 MXN
Navojoa 127,700 MXN
Nezahualcoyotl 205,700 MXN
Nogales 164,200 MXN
Nuevo Laredo 183,600 MXN
Oaxaca 174,000 MXN
Ojo de Agua 163,800 MXN
Orizaba 136,200 MXN
Pachuca 161,600 MXN
Piedras Negras 142,300 MXN
Playa del Carmen 150,000 MXN
Poza Rica 154,700 MXN
Puebla 207,800 MXN
Puerto Vallarta 158,700 MXN
Queretaro 197,600 MXN
Reynosa 195,200 MXN
Salamanca 152,000 MXN
Saltillo 207,700 MXN
San Cristobal de las Casas 148,300 MXN
San Juan del Rio 138,200 MXN
San Luis Potosi 205,700 MXN
San Luis Rio Colorado 148,300 MXN
San Nicolas de los Garza 183,700 MXN
San Pablo de las Salinas 161,300 MXN
San Pedro Garza Garcia 128,500 MXN
Soledad de Graciano Sanchez 169,000 MXN
Tampico 180,500 MXN
Tapachula 159,500 MXN
Tehuacan 172,200 MXN
Tepic 187,300 MXN
Tijuana 209,700 MXN
Tlalnepantla de Baz 204,000 MXN
Tlaquepaque 205,700 MXN
Toluca 194,600 MXN
Tonala 194,600 MXN
Torreon 201,100 MXN
Tuxtla Gutierrez 197,600 MXN
Uruapan 172,200 MXN
Veracruz 180,500 MXN
Villa Nicolas Romero 168,100 MXN
Villahermosa 189,300 MXN
Xalapa 192,600 MXN
Xico 175,900 MXN
Zacatecas 128,500 MXN
Zamora de Hidalgo 139,100 MXN
Zapopan 209,700 MXN

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  • "Average Loan Officer Salary in Mexico for 2024". World Salaries. Accessed on March 29, 2024. https://worldsalaries.com/average-loan-officer-salary-in-mexico/.

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