Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between senior 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 senior credit manager and an underwriting manager. Additionally, a senior credit manager has an average salary of $133,806, which is higher than the $77,426 average annual salary of an underwriting manager.
The top three skills for a senior credit manager include risk management, credit risk and credit analysis. The most important skills for an underwriting manager are customer service, portfolio, and risk management.
| Senior Credit Manager | Underwriting Manager | |
| Yearly salary | $133,806 | $77,426 |
| Hourly rate | $64.33 | $37.22 |
| Growth rate | 17% | 17% |
| Number of jobs | 47,642 | 44,546 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 73% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
Senior credit managers are financial professionals who are responsible for overseeing the credit granting process for a financial institution. These managers are required to develop risk management solution strategies so that the institution can maintain risk and improve profitability. They must screen the credit history of applicants as well as to conduct interviews to minimize credit risk and potential monetary loss. They must also conduct credit analysis and financial risk evaluations by gathering and analyzing all types of credit information on new and existing customers.
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.
Senior credit managers and underwriting managers have different pay scales, as shown below.
| Senior Credit Manager | Underwriting Manager | |
| Average salary | $133,806 | $77,426 |
| Salary range | Between $84,000 And $211,000 | Between $50,000 And $119,000 |
| Highest paying City | Las Vegas, NV | San Francisco, CA |
| Highest paying state | Alaska | New York |
| Best paying company | Credit Karma | W. R. Berkley |
| Best paying industry | Manufacturing | Insurance |
There are a few differences between a senior credit manager and an underwriting manager in terms of educational background:
| Senior Credit Manager | Underwriting Manager | |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between senior credit managers' and underwriting managers' demographics:
| Senior Credit Manager | Underwriting Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 64.2% Female, 35.8% | Male, 49.5% Female, 50.5% |
| Race ratio | Black or African American, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 9.9% White, 63.7% 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% |