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The differences between credit managers and underwriting managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both a credit manager and an underwriting manager. Additionally, an underwriting manager has an average salary of $77,426, which is higher than the $68,583 average annual salary of a credit manager.
The top three skills for a credit manager include customer service, financial statements and credit card. The most important skills for an underwriting manager are customer service, portfolio, and risk management.
| Credit Manager | Underwriting Manager | |
| Yearly salary | $68,583 | $77,426 |
| Hourly rate | $32.97 | $37.22 |
| Growth rate | 17% | 17% |
| Number of jobs | 63,898 | 44,546 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 73% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
A credit manager is an individual who supervises the credit granting process for a company by evaluating the creditworthiness of potential customers. Credit managers must maintain corporate credit policy to optimize company sales and reduce bad debt losses. They must manage the proper relationship with agencies such as the collection agency, credit insurance providers, and the sales department. Credit managers may work in different industries such as banks, accounting firms, or auto dealerships. They must also possess a bachelor's degree in financial management or related field.
Underwriting managers work mostly in the financial and insurance industries to provide management for all underwriting activities, including loan applications and insurance products. They oversee a team of associate-level staff, assigning them insurance or loan plans to evaluate and underwrite, ensuring that they comprehend expectations and timelines, and provide support by answering questions. They are team leaders, leading associate-level underwriters altogether activities, supporting risk management, and financial due diligence activities. In addition, underwriting managers also play a significant role in developing and enacting policies and procedures in regional offices.
Credit managers and underwriting managers have different pay scales, as shown below.
| Credit Manager | Underwriting Manager | |
| Average salary | $68,583 | $77,426 |
| Salary range | Between $39,000 And $119,000 | Between $50,000 And $119,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | Oregon | New York |
| Best paying company | Microsoft | W. R. Berkley |
| Best paying industry | Finance | Insurance |
There are a few differences between a credit manager and an underwriting manager in terms of educational background:
| Credit Manager | Underwriting Manager | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between credit managers' and underwriting managers' demographics:
| Credit Manager | Underwriting Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 53.9% Female, 46.1% | Male, 49.5% Female, 50.5% |
| Race ratio | Black or African American, 7.9% Unknown, 4.1% Hispanic or Latino, 15.3% Asian, 7.8% White, 64.5% American Indian and Alaska Native, 0.3% | Black or African American, 7.9% Unknown, 4.1% Hispanic or Latino, 15.3% Asian, 7.8% White, 64.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |