Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between junior underwriters and commercial underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a commercial underwriter has an average salary of $59,051, which is higher than the $51,782 average annual salary of a junior underwriter.
The top three skills for a junior underwriter include loan programs, income documentation and credit reports. The most important skills for a commercial underwriter are real estate, customer service, and financial analysis.
| Junior Underwriter | Commercial Underwriter | |
| Yearly salary | $51,782 | $59,051 |
| Hourly rate | $24.90 | $28.39 |
| Growth rate | 4% | -4% |
| Number of jobs | 19,456 | 31,908 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 75% |
| Average age | 45 | 44 |
| Years of experience | 6 | - |
Working alongside senior underwriters, a junior underwriter is in charge of performing research and analysis to determine the eligibility of clients for insurance products and services. Their responsibilities include gathering and analyzing requirements, inspecting financial histories, participating in handling underwriting conditions, and monitoring current and past loans of a client. Should there be any complicated issues and concerns, they must report to the senior underwriter right away. Furthermore, a junior underwriter must carry out tasks while adhering to the company's policies and regulations.
A commercial underwriter is responsible for processing commercial loan applications, evaluating payment agreements and terms of service, validating customers' information, and requesting additional documents as needed. Commercial underwriters analyze the credit qualifications of an applicant, including financial history, account statements, and outstanding loan applications, if any. They identify potential credit risks for the loan request and advice the applicants for alternative loan options according to their needs and qualifications. A commercial underwriter responds to the applicants' inquiries and concerns regarding their loan applications and provides timely decisions for their requests.
Junior underwriters and commercial underwriters have different pay scales, as shown below.
| Junior Underwriter | Commercial Underwriter | |
| Average salary | $51,782 | $59,051 |
| Salary range | Between $34,000 And $77,000 | Between $41,000 And $84,000 |
| Highest paying City | Hicksville, NY | Olympia, WA |
| Highest paying state | New York | Washington |
| Best paying company | Chubb | J.P. Morgan |
| Best paying industry | Insurance | Finance |
There are a few differences between a junior underwriter and a commercial underwriter in terms of educational background:
| Junior Underwriter | Commercial Underwriter | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 75% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior underwriters' and commercial underwriters' demographics:
| Junior Underwriter | Commercial Underwriter | |
| Average age | 45 | 44 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 48.7% Female, 51.3% |
| Race ratio | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% | Black or African American, 9.9% Unknown, 2.5% Hispanic or Latino, 9.3% Asian, 5.5% White, 72.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 9% |