What is the career path for an underwriter?

The career path for an underwriter involves jobs as an underwriter, senior underwriter, and underwriter manager. The underwriter career path is pretty straightforward with little variation on job title and function.

Underwriters must obtain at least a bachelor's degree, if not a more advanced degree in one of the following areas:

• Accounting

• Economics

• Business

• Business Administration

• Finance

Professional certifications in the field of underwriting are very beneficial and lead to more job opportunities and pay increases. Here are some of the best certifications for underwriters looking to advance on their career path:

• Chartered Practice Casualty Underwriter

This certification focuses on the fundamentals of property-casualty insurance and risk management.

• International Accredited Business Accountant (IABA)

An International Accredited Business Accountant (IABA) certification provides theoretical and practical knowledge about accounting and other business theories and concepts. This certification is not only for underwriters, but it can give them important information about economic and accounting practices that may improve their efficiency in their field.

• Associate in Risk Management (ARM)

The associate in risk management certification focuses on financing and risk management. It takes around one year to complete and consists of three separate courses.

• Certified Underwriter

This certification is a great general certification for underwriters that are offered by the commercial certification company Vskills.

• Registered Professional Liability Underwriter

This certification is for underwriters who specialize in professional liability.

Underwriters must be proficient in many different workplace skills and skills that apply directly to the role of an underwriter. Some workplace skills include;

While skills that apply directly to their role include:

• Analyzing insurance applications and applicants for potential risks

• Screening candidates based on pre-existing criteria created by their organizations

• A strong understanding of underwriting software that is used to make insurance application decisions

• Approving or denying insurance applications

• Determining and calculating premiums of approved applications and informing applicants