Interest has been strong in Senior Underwriters as a profession since 2007 and that’s likely due to the growing need for them. You can see the following Google Trend graph that clearly shows a stable trend of interest of people typing in Senior Underwriter looking for jobs, salaries and people to hire.
A Senior Underwriter gets paid more than an Underwriter as they are given more duties and responsibilities. A typical Senior Underwriter has around 8 – 10 years of mortgage loan experience, insurance underwriting experience or other similar financial experience that would help them merge into the Senior Underwriter position.
Most underwriters either work for Mortgage companies or Insurances companies. The positions can be very diverse to consumer level insurance, commercial, industrial and more. The basic duties that helps Underwriters get paid so much are things like weighing the risk of insurance on who is being covered. You’ll have to figure out things like whether insurance proposals are viable for the company you’re working for, doing diligence on clients and their background information and if it comes to it, deciding how much should be paid out to the clients.
A Senior Underwriter will be paid for doing things like picking competitive premiums based on the information you find and keeping clients happy but risks low. Writing policies out that have conditions that are specific to the situation that is being researched land on the underwriters desk.
The Federal Bureau of Labor Statistics did survey data to figure out how much Insurance Underwriters were making in 2010 and they decided on a median pay of $59,290 a year. That comes out to about $28.51 a hour if you’re working hourly which could work out nice if you’re getting overtime. The entry level education is listed as a Bachelors Degree but we’ve seen Underwriters get jobs with just years of experience in either the Mortgage or Insurance business. There are a total of around 101,800 Underwriter jobs reported in 2010 and the profession was expected to grow around 6% adding about 6,000 underwriting jobs for seekers out there.
Working your way up in the Underwriter business will get you paid more as you gain more experience. Once you reach the Senior Underwriter level you can expect your salary to be between $60,000 a year to $85,000 a year. You can use the information below to decide what state it is best to practice as a Senior Underwriter and start looking for jobs in that region to get the highest paying salary. When people ask how much do you Senior Underwriters get paid they aren’t always asking the right question, you should be asking, what states pay Senior Underwriters the most amount of money! Just browse our State By State salary listings below for different variations in Underwriter pay.
Listed below is information that is specific to Senior Underwriter job salaries that you can expect to receive in that state area. Our state by state breakdown allows you to see which state is best to get a job as a Senior Underwiter. The salary information provided below is off of real-world job listings for Senior Underwriters and the pay offered for those jobs. We source Indeed, Simply Hired, PayScale and GlassDoor.com. The information provided by Indeed about their process for collecting salary averages is as follows: “Indeed Salary Search is based on an index of salary information extracted from over 50 million job postings from thousands of unique sources over the last 12 months. Many job descriptions don’t contain salary information, but there are enough that do to produce statistically significant median salaries for millions of keyword, job title and location combinations – in fact, most job searches you are likely to think of. As new jobs are added each day, the Indeed Salary Search index is automatically updated with fresh salary data, so the salary results are as up-to-date as they could possibly be.”