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The differences between underwriting specialists 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 $63,325 average annual salary of an underwriting specialist.
The top three skills for an underwriting specialist include customer service, underwriting guidelines and financial statements. The most important skills for an underwriting manager are customer service, portfolio, and risk management.
| Underwriting Specialist | Underwriting Manager | |
| Yearly salary | $63,325 | $77,426 |
| Hourly rate | $30.44 | $37.22 |
| Growth rate | -4% | 17% |
| Number of jobs | 25,164 | 44,546 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 73% |
| Average age | 44 | 46 |
| Years of experience | - | 8 |
An underwriting specialist is responsible for reviewing clients' applications in availing financial services and determining their eligibility by analyzing credit scores and risk potential. Underwriting specialists record all necessary information and may ask for additional requirements for further investigation. They assess policy applications and implement terms and conditions upon approval and ensure that the clients understood the process to prevent miscommunication and payment delays. An underwriting specialist must have extensive knowledge of the loan and insurance disciplines to identify coverage and limitations for efficient contract negotiations.
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.
Underwriting specialists and underwriting managers have different pay scales, as shown below.
| Underwriting Specialist | Underwriting Manager | |
| Average salary | $63,325 | $77,426 |
| Salary range | Between $39,000 And $101,000 | Between $50,000 And $119,000 |
| Highest paying City | Boston, MA | San Francisco, CA |
| Highest paying state | Massachusetts | New York |
| Best paying company | AIG | W. R. Berkley |
| Best paying industry | Finance | Insurance |
There are a few differences between an underwriting specialist and an underwriting manager in terms of educational background:
| Underwriting Specialist | Underwriting Manager | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between underwriting specialists' and underwriting managers' demographics:
| Underwriting Specialist | Underwriting Manager | |
| Average age | 44 | 46 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 49.5% Female, 50.5% |
| Race ratio | Black or African American, 8.9% Unknown, 2.5% Hispanic or Latino, 10.0% Asian, 5.8% White, 72.4% 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% |