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Become An Underwriting Manager

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Working As An Underwriting Manager

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $117,990

    Average Salary

What Does An Underwriting Manager Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become An Underwriting Manager

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Underwriting Manager jobs

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Underwriting Manager Career Paths

Underwriting Manager
Mortgage Underwriter Senior Underwriter
Assistant Vice President
7 Yearsyrs
Quality Control Operations Manager
Branch Manager
6 Yearsyrs
Account Manager Territory Sales Manager
Branch Sales Manager
6 Yearsyrs
Product Manager Vice President, Business Development
Chief Finance And Operating Officer
14 Yearsyrs
Risk Manager Senior Manager
Corporate Controller
12 Yearsyrs
Manager, Assistant Vice President Controller
Director Of Accounting & Finance
11 Yearsyrs
Assistant Vice President Human Resources Coordinator
Director Of Human Resources
10 Yearsyrs
Consumer Loan Underwriter Administrative Manager
Finance Controller
9 Yearsyrs
Manager, Assistant Vice President Finance Advisor
Finance Vice President
9 Yearsyrs
Sales Manager Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Operations Manager Account Executive
Marketing Director
7 Yearsyrs
Operations Manager General Manager
Operations Director
9 Yearsyrs
Mortgage Underwriter Quality Control
Operations Manager
7 Yearsyrs
Sales Manager Operations Manager
Regional Operation Manager
9 Yearsyrs
Vice President And Manager Finance Advisor
Regional Vice President
11 Yearsyrs
Assistant Vice President Senior Consultant
Senior Manager
10 Yearsyrs
Vice President And Manager Operations Director
Senior Vice President-Operations
13 Yearsyrs
Product Manager Regional Sales Manager
Vice President & Sales Manager
9 Yearsyrs
Risk Manager Senior Project Manager
Vice President And Manager
10 Yearsyrs
Consumer Loan Underwriter Assistant Vice President
Vice President Operation Manager
9 Yearsyrs
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Underwriting Manager Demographics

Gender

Female

50.3%

Male

48.5%

Unknown

1.2%
Ethnicity

White

82.0%

Hispanic or Latino

9.8%

Asian

5.8%

Unknown

1.8%

Black or African American

0.6%
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Languages Spoken

Spanish

50.0%

Carrier

9.4%

Russian

9.4%

German

6.3%

Czech

3.1%

Chinese

3.1%

Greek

3.1%

Romanian

3.1%

French

3.1%

Gujarati

3.1%

Hindi

3.1%

Italian

3.1%
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Underwriting Manager Education

Schools

University of Phoenix

14.2%

Villanova University

6.6%

Arizona State University

6.6%

Strayer University

6.6%

Temple University

5.7%

Brigham Young University

4.7%

Ohio State University

4.7%

San Jose State University

4.7%

Purdue University

4.7%

University of South Florida

3.8%

New York University

3.8%

California State University - Fullerton

3.8%

University of Rhode Island

3.8%

Auburn University

3.8%

Illinois State University

3.8%

Webster University

3.8%

Pennsylvania State University

3.8%

University of Missouri - Kansas City

3.8%

Florida Atlantic University

3.8%

George Mason University

3.8%
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Majors

Business

37.4%

Finance

12.2%

Accounting

5.4%

Insurance

5.0%

Management

4.7%

Political Science

4.4%

Marketing

3.9%

Communication

3.2%

Psychology

3.2%

Economics

2.9%

Real Estate

2.9%

English

2.1%

General Education, Specific Areas

1.8%

Liberal Arts

1.7%

Criminal Justice

1.7%

Legal Support Services

1.7%

Law

1.7%

Project Management

1.5%

Human Resources Management

1.5%

Nursing

1.4%
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Degrees

Bachelors

48.4%

Other

20.9%

Masters

20.5%

Associate

4.9%

Certificate

2.4%

Doctorate

1.3%

License

0.9%

Diploma

0.7%
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Real Underwriting Manager Salaries

Job Title Company Location Start Date Salary
Head of Office/Underwriter Manager QBE Americas, Inc. Houston, TX Sep 02, 2015 $258,093
Manager Underwriter CI Risk Specialists Companies Insurance Agency, Inc. Boston, MA Dec 09, 2009 $140,000
SR. Underwriting Manager Liberty Mutual Insurance Company New York, NY Apr 04, 2011 $134,800 -
$235,900
Regional Underwriting Manager Ace American Insurance Company Chicago, IL Nov 10, 2014 $118,565
Underwriting Manager Argent Management LLC Irvine, CA Feb 17, 2013 $100,000
Underwriting Manager Beacon Risk Strategies LLC Seattle, WA Feb 18, 2016 $92,331
Underwriting Manager Beacon Risk Strategies LLC Seattle, WA May 25, 2016 $92,331
Regional Underwriting Manager, Accident & Health Ace American Insurance Company Chicago, IL Aug 15, 2016 $86,424 -
$137,200

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Top Skills for An Underwriting Manager

UnderwritingDepartmentUnderwritingGuidelinesProceduresEnsureComplianceUnderwritingPoliciesLoanProductsFha/VaCustomerServiceLossRatioUnderwritingProcessUnderwritingStaffAuditLiabilityAppraisalLoanOfficersInvestorGuidelinesJumboLoanFilesMortgageLoansRealEstate

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Top Underwriting Manager Skills

  1. Underwriting Department
  2. Underwriting Guidelines
  3. Procedures
You can check out examples of real life uses of top skills on resumes here:
  • Disbursed loan application information received from Underwriting Department to affected parties.
  • Maintain and communicate knowledge of underwriting guidelines and stay current with department requirements.
  • Recommend modifications to policies and procedures.
  • Anticipate and respond to changing regulatory environment to ensure compliance with federal and state regulations.
  • Involved in training, establishing underwriting policies, establishing field authority.

Top Underwriting Manager Employers

Underwriting Manager Videos

CIA: Underwriting Managers of the Year 2014

Career Advice on becoming a Risk Manager by Martyn R (Highlights)

Trade Credit Underwriting Manager Job (General Insurance),Jakarta,Indonesia.

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