An underwriter decides who gets insurance cover. Your role will be studying insurance proposals, studying the background information of the clients, and deciding how much should be paid out. You will be liaising with professionals and those specialized to help judge the risk assessment. By doing so, you will write policies and add specific conditions when required. Similarly, you will be involved in negotiating terms with the clients. In addition, you will select the appropriate and competitive premiums based on information and judgment and deciding whether the risk should be shared.
Employers will always look out for graduates, most especially in the field of accounting, finance, business, and management. You must be able to use your initiative, have good negotiating skills, and be a great communicator. Skills required also include good judgment and a great decision-maker, especially when under pressure. Knowledge of technical information is also an added advantage. You will earn an average of $68,217 yearly or $32.8 hourly.
How to Become an Underwriter
What is an Underwriter
There is more than meets the eye when it comes to being an Underwriter. For example, did you know that they make an average of $28.46 an hour? That's $59,195 a year!
Between 2018 and 2028, the career is expected to grow -5% and produce -5,400 job opportunities across the U.S.
What Does an Underwriter Do
There are certain skills that many Underwriters have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Initiative, Detail oriented and Interpersonal skills.
How To Become an Underwriter
If you're interested in becoming an Underwriter, one of the first things to consider is how much education you need. We've determined that 65.9% of Underwriters have a bachelor's degree. In terms of higher education levels, we found that 6.9% of Underwriters have master's degrees. Even though most Underwriters have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become an Underwriter. When we researched the most common majors for an Underwriter, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Underwriter resumes include High School Diploma degrees or Master's Degree degrees.
You may find that experience in other jobs will help you become an Underwriter. In fact, many Underwriter jobs require experience in a role such as Senior Underwriter. Meanwhile, many Underwriters also have previous career experience in roles such as Customer Service Representative or Loan Processor.
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Underwriter Career Paths
In addition to switching up your job search, it might prove helpful to look at a career path for your specific job. Now, what's a career path you ask? Well, it's practically a map that shows how you might advance from one job title to another. Our career paths are especially detailed with salary changes. So, for example, if you started out with the role of Mortgage Underwriter you might progress to a role such as Senior Underwriter eventually. Later on in your career, you could end up with the title Underwriting Manager.
Underwriter Jobs You Might Like
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Average Salary for an Underwriter
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12 Underwriter Resume Examples
Build a professional underwriter resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 12+ resume templates to create your underwriter resume.
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Amy Nelson Underwriter |
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George Grant Underwriter Experience Underwriter2014 - Present Digital Risk•Denver, CO
Account Executive2004 - 2014 AT&T•Houston, TX
Loan Originator2001 - 2004 USAA•Chandler, AZ
Skills Strategic AccountsCredit DataCustomer ServiceInterest RatesNew CustomersUnderwriting GuidelinesBusiness SolutionsRevenue GrowthSales ActivitiesDU Education Bachelor's Degree Business1992 - 1995 American InterContinental University•Chandler, AZ |
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Learn How To Write an Underwriter Resume
At Zippia, we went through countless Underwriter resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.
View Underwriter Resume Examples And TemplatesAnd if you’re looking for a job, here are the five top employers hiring now:
Choose From 10+ Customizable Underwriter Resume templates
Zippia allows you to choose from different easy-to-use Underwriter templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Underwriter resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
Find the best Underwriter job for you
Underwriter Jobs You Might Like
- High Paying Underwriter Jobs - $86K and Up
- Work From Home Underwriter Jobs
- Entry Level Underwriter Jobs
- Part Time Underwriter Jobs
- Actively Hiring
- No Degree Underwriter Jobs
Top Colleges for Underwriters
1. University of Pennsylvania
Philadelphia, PA • Private
2. Boston University
Boston, MA • Private
3. University of Minnesota - Twin Cities
Minneapolis, MN • Private
4. Northwestern University
Evanston, IL • Private
5. University of Southern California
Los Angeles, CA • Private
6. SUNY at Binghamton
Vestal, NY • Private
7. Ball State University
Muncie, IN • Private
8. Florida State University
Tallahassee, FL • Private
9. Butler University
Indianapolis, IN • Private
10. University of Wisconsin - Madison
Madison, WI • Private
Find the best Underwriter job for you
Underwriter Jobs You Might Like
- High Paying Underwriter Jobs - $86K and Up
- Work From Home Underwriter Jobs
- Entry Level Underwriter Jobs
- Part Time Underwriter Jobs
- Actively Hiring
- No Degree Underwriter Jobs
Online Courses For Underwriter That You May Like
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Horizontal analysis, vertical analysis, ratio analysis-liquidity & efficiency, solvency, profitability, & market ratios...
Top Skills For an Underwriter
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 12.5% of Underwriters listed Loan Portfolio on their resume, but soft skills such as Initiative and Detail oriented are important as well.
Best States For an Underwriter
Some places are better than others when it comes to starting a career as an Underwriter. The best states for people in this position are Washington, Massachusetts, New York, and California. Underwriters make the most in Washington with an average salary of $73,647. Whereas in Massachusetts and New York, they would average $72,052 and $71,674, respectively. While Underwriters would only make an average of $68,306 in California, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
1. New York
$71,674
Avg. Salary
2. Washington
$73,647
Avg. Salary
3. Wyoming
$61,263
Avg. Salary
How Do Underwriter Rate Their Jobs?
Top Underwriter Employers
We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ Underwriters and discovered their number of Underwriter opportunities and average salary. Through our research, we concluded that Wells Fargo was the best, especially with an average salary of $58,418. Bank of America follows up with an average salary of $57,878, and then comes JPMorgan Chase & Co. with an average of $85,398. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as an Underwriter. The employers include Flagstar Bank, New York Life Insurance, and Umpqua Holdings
Underwriter Videos
Becoming an Underwriter FAQs
How long does it take to become an Underwriter?
It takes 6 years of professional experience to become an underwriter. That is the time it takes to learn specific underwriter skills, but does not account for time spent in formal education. If you include the normal education requirements to complete a college degree, then it takes 9 to 11 years years to become an underwriter.
Are underwriters paid well?
Yes, underwriters are paid well. In some industries, they can make six-figure salaries.
The average underwriter's salary is $68,217 per year or $32.80 per hour. On the lower end of the salary range, people can make around $46,000, usually those in entry-level positions. On the higher end, underwriters can make $100,000 or more. As most jobs go, factors like industry, location, and experience can decide salary.
The top-paying states are Massachusetts, New York, and California. Some of the top-paying industries are finance and insurance. For example, according to the U.S. Bureau of Labor Statistics, an insurance underwriter working in the metropolitan area of New York-Newark-New Jersey City can make an annual mean wage of $103,240.
Can an underwriter deny a loan?
Yes, a mortgage loan underwriter can deny a loan. The main responsibility of a mortgage loan underwriter is to ensure that a loan applicant meets all the requirements.
So, after the underwriter reviews, various documents like the applicant's income, credit history, and debt ratios, the underwriter has the final say on whether to approve or deny the loan.
Do underwriters make good money?
Yes, underwriters typically make good money. In some industries, they can make six-figure salaries.
The average underwriter's salary is $68,217 per year or $32.80 per hour. On the lower end of the salary range, people can make around $46,000, usually those in entry-level positions. On the higher end, underwriters can make $100,000 or more. As most jobs go, factors like industry, location, and experience can decide salary.
The top-paying states are Massachusetts, New York, and California. Some of the top-paying industries are finance and insurance. For example, according to the U.S. Bureau of Labor Statistics, an insurance underwriter working in the metropolitan area of New York-Newark-New Jersey City can make an annual mean wage of $103,240.
How do I start an underwriting career?
To start an underwriting career, it will be useful to get a college degree and have relevant experience and skills.
Although some employers may not require postsecondary education, it can be advantageous to have a bachelor's degree in a related field such as business or finance.
Because this occupation requires a lot of analytical and math skills, it would be important to hone those skills and develop strong decision-making and meticulous mindset.
Most employers will offer training on the job before giving you full responsibilities. Some employers may require you to get certifications, especially if you advance to a senior position. Depending on the industry you're in, like finance or insurance, there will be specific certifications.
For example, an insurance underwriter may get a Chartered Life Underwriter (CLU) certification through The American College of Financial Services, where they gain in-depth knowledge regarding life insurance.
Is being an underwriter a good career?
Yes, being an underwriter is a good career. It has a high salary range and job openings in specific industries.
The average underwriter's salary is $68,217 per year or $32.80 per hour. On the lower end of the salary range, people can make around $46,000, usually those in entry-level positions. On the higher end, underwriters can make $100,000 or more. As most jobs go, factors like industry, location, and experience can dictate salary.
Although the U.S. Bureau of Labor Statistics projects a two percent decline in employment from 2020 to 2030 for insurance underwriters, other types of underwriters are in high demand.
For example, Mortgage Professional America (MPA) reported in late 2020 that the mortgage industry didn't have enough underwriters, forcing loans to take longer to close. So, mortgage loan underwriters are much needed in this specific industry.
Overall, the work environment is also generally safe. Most underwriters work indoors and don't come across high-risk situations or tools. So, it's a good career if you are detail-oriented, analytic with strong math and decision-making skills.
Is it hard to become a mortgage underwriter?
No, it is not hard to become a mortgage underwriter. Since there are no educational requirements to become a mortgage underwriter, it is typically not a challenging field to get into, especially for people with the aptitude for the work.
However, while there are no educational requirements to become a mortgage loan underwriter, many financial institutions prefer candidates with a bachelor's degree in business administration, finance, or a related field.
There are many ways to gain experience in the field outside of traditional degree programs. A person can get an entry-level position, such as a loan processor, at a bank to gain experience in the banking industry. Then they can study how to read credit reports and credit histories.
Once a person has learned how to analyze various risk factors to determine what makes a suitable loan applicant, they can become a junior mortgage underwriter and work with senior underwriters to master the requirements for loan approval.
Once a person has several years of underwriting experience, they can take courses to become a certified mortgage loan underwriter to earn higher-level positions.
What are red flags for underwriters?
Red flags for underwriters are issues that arise during processing and are questionable. Different types of underwriters have their red flags to look out for, but in general, underwriters are tasked to find suspicious discrepancies in applications to better assess financial risks.
This can make the processing time take longer as these issues arise and need to be fixed. For example, a mortgage loan underwriter will typically look at things like credit problems, high debt-to-income ratio, and large undocumented deposits. Some other general red flags are unstable job employment and low appraisal.
Overall, an underwriter must assess and evaluate financial risks to see if it's worth taking. So, these red flags are part of the evaluation.
What is meant by underwriter?
An underwriter is someone who evaluates and assesses financial risks to see if it's worth investing. Underwriters typically work in industries like finance, mortgage, and insurance.
An underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations.
Most of the time, the underwriter's tasks will also involve evaluating a client's credit history, health, assets, and overall financial history.
There are several different types of underwriters, such as insurance underwriters and equity underwriters, but the most common is a mortgage loan underwriter.
What is the average salary of a mortgage underwriter?
The average salary of a mortgage underwriter is $68,519 per year or $32.94 per hour. On the lower end of the salary range, such as entry-level positions, some may only make about $46,000 a year. On the higher end, some can make an average of $100,000 a year.
As most jobs go, factors like industry, location, and experience can dictate salary. Mortgage underwriters tend to make more work at insurance and finance companies. The top-paying states are Connecticut, New Jersey, and New Hampshire.