Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between risk 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 risk manager and an underwriting manager. Additionally, a risk manager has an average salary of $116,072, which is higher than the $77,426 average annual salary of an underwriting manager.
The top three skills for a risk manager include oversight, risk assessments and project management. The most important skills for an underwriting manager are customer service, portfolio, and risk management.
| Risk Manager | Underwriting Manager | |
| Yearly salary | $116,072 | $77,426 |
| Hourly rate | $55.80 | $37.22 |
| Growth rate | 17% | 17% |
| Number of jobs | 75,795 | 44,546 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 73% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
A risk manager is responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility. Risk managers identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services. They also develop compliance training and programs for all the employees to provide them the awareness of the safety and security regulations within the company premises. A risk manager must have excellent communication and leadership skills, especially on handling and investigating cases that might compromise the business stability and financial status.
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.
Risk managers and underwriting managers have different pay scales, as shown below.
| Risk Manager | Underwriting Manager | |
| Average salary | $116,072 | $77,426 |
| Salary range | Between $84,000 And $160,000 | Between $50,000 And $119,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | California | New York |
| Best paying company | Credit Karma | W. R. Berkley |
| Best paying industry | Technology | Insurance |
There are a few differences between a risk manager and an underwriting manager in terms of educational background:
| Risk Manager | Underwriting Manager | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between risk managers' and underwriting managers' demographics:
| Risk Manager | Underwriting Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 59.3% Female, 40.7% | Male, 49.5% Female, 50.5% |
| Race ratio | Black or African American, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 10.1% White, 63.5% 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% |