The idea of taking an underwriting internship is to gain real-life experience in underwriting and boost your portfolio. As an intern, you will be required to follow instructions, take notes and observe. Most employers who give room for underwriting interns expect the interns to contribute largely to work being done. In simpler terms, you will be expected to work as an underwriter in analyzing business risks, recommending policies to be written for customers, and determining the coverage that the company should take. An underwriting internship is a good opportunity to learn from experienced underwriters, especially on how to develop a profitable commercial book of business.
Underwriters play a very key role in the financial world, and as such, insurance companies, mortgage companies, and equity markets are always looking to hire more hands, especially as interns. A bachelor's degree is most commonly preferred, even if you aren't done with school. You will also be required to demonstrate skills in underwriting, excellent oral and verbal communication skills, and risk management. An average underwriting intern earns $20.01 an hour, which amounts to $41,626 a year.
There is more than meets the eye when it comes to being an underwriting internship. For example, did you know that they make an average of $20.01 an hour? That's $41,626 a year!
Between 2018 and 2028, the career is expected to grow -5% and produce -5,400 job opportunities across the U.S.
There are certain skills that many underwriting interns 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 analytical skills, detail oriented and math skills.
When it comes to the most important skills required to be an underwriting internship, we found that a lot of resumes listed 20.9% of underwriting interns included internship program, while 17.7% of resumes included risk management, and 11.5% of resumes included underwriting guidelines. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the underwriting internship job title. But what industry to start with? Most underwriting interns actually find jobs in the insurance and finance industries.
If you're interested in becoming an underwriting internship, one of the first things to consider is how much education you need. We've determined that 72.3% of underwriting interns have a bachelor's degree. In terms of higher education levels, we found that 6.3% of underwriting interns have master's degrees. Even though most underwriting interns 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 underwriting internship. When we researched the most common majors for an underwriting internship, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on underwriting internship resumes include associate degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become an underwriting internship. In fact, many underwriting internship jobs require experience in a role such as internship. Meanwhile, many underwriting interns also have previous career experience in roles such as sales associate or finance internship.