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The differences between senior underwriters and underwriting managers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriting manager has an average salary of $77,426, which is higher than the $69,375 average annual salary of a senior underwriter.
The top three skills for a senior underwriter include customer service, portfolio and underwriting guidelines. The most important skills for an underwriting manager are customer service, portfolio, and risk management.
| Senior Underwriter | Underwriting Manager | |
| Yearly salary | $69,375 | $77,426 |
| Hourly rate | $33.35 | $37.22 |
| Growth rate | -4% | 17% |
| Number of jobs | 6,726 | 44,546 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 73% |
| Average age | 44 | 46 |
| Years of experience | - | 8 |
A senior underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
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 underwriters and underwriting managers have different pay scales, as shown below.
| Senior Underwriter | Underwriting Manager | |
| Average salary | $69,375 | $77,426 |
| Salary range | Between $44,000 And $108,000 | Between $50,000 And $119,000 |
| Highest paying City | New York, NY | San Francisco, CA |
| Highest paying state | New York | New York |
| Best paying company | Capital Group | W. R. Berkley |
| Best paying industry | Insurance | Insurance |
There are a few differences between a senior underwriter and an underwriting manager in terms of educational background:
| Senior Underwriter | Underwriting Manager | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between senior underwriters' and underwriting managers' demographics:
| Senior Underwriter | Underwriting Manager | |
| Average age | 44 | 46 |
| Gender ratio | Male, 42.0% Female, 58.0% | Male, 49.5% Female, 50.5% |
| Race ratio | Black or African American, 9.3% Unknown, 2.5% Hispanic or Latino, 9.4% Asian, 5.6% White, 72.9% American Indian and Alaska Native, 0.4% | 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 | 9% | 11% |