Underwriting managers work primarily in the financial service and insurance industries, providing management and oversight for underwriting activities that include loan applications and insurance products. They provide support and approval for team members on standard underwriting projects and may conduct research, analysis, and underwriting for special or complex applications.
The duties and responsibilities of an underwriting manager are leading the underwriting teams, assessing financial risks, and reporting to upper management regarding team performance and specific issues that may arise. Moreover, they develop and implement procedures and conduct quality control. Essential skills required include personnel management, financial analysis, reviewing loads and insurance policies, and communication. Educational requirements include at least a bachelor's degree in a related field such as actuarial science, business administration, finance, or a related discipline. A master's degree may help applicants gain advantage over other candidates.
The average hourly salary for this position is $58.61, which amounts to $121,907 annually. In addition, the career is expected to grow 16% in the following years to come and produce over 104,000 jobs across the United States.
There is more than meets the eye when it comes to being an underwriting manager. For example, did you know that they make an average of $49.15 an hour? That's $102,241 a year!
Between 2018 and 2028, the career is expected to grow 16% and produce 104,700 job opportunities across the U.S.
There are certain skills that many underwriting managers 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 communication skills, organizational skills and analytical skills.
When it comes to the most important skills required to be an underwriting manager, we found that a lot of resumes listed 19.8% of underwriting managers included underwriting guidelines, while 13.1% of resumes included procedures, and 8.8% of resumes included customer service. 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 manager job title. But what industry to start with? Most underwriting managers actually find jobs in the finance and insurance industries.
If you're interested in becoming an underwriting manager, one of the first things to consider is how much education you need. We've determined that 64.2% of underwriting managers have a bachelor's degree. In terms of higher education levels, we found that 8.2% of underwriting managers have master's degrees. Even though most underwriting managers 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 manager. When we researched the most common majors for an underwriting manager, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on underwriting manager resumes include master's degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become an underwriting manager. In fact, many underwriting manager jobs require experience in a role such as underwriter. Meanwhile, many underwriting managers also have previous career experience in roles such as senior underwriter or mortgage underwriter.