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Senior Underwriter Salary

The majority of Senior Underwriters in the United States — about three in five — boast more than 10 years of experience in their profession. Salaries stretch from $52K to $107K per year, and the median is $73K annually. Overall cash earnings for Senior Underwriters stretch from $52K on the lower end to $107K near the top, and the heftiest packages can encompass around $15K from bonuses and $10K from profit sharing. The company is the main element affecting pay for this group — geography and years of experience are driving factors as well. Job satisfaction is reported as high by the vast majority of workers. Medical benefits are awarded to nearly all, and most earn dental coverage. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 54 percent. This report is based on answers to PayScale's salary questionnaire.
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$52,081 - $97,765
(Median)
$52K
$73K
$98K
MEDIAN: $73,444
10%
50%
90%

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$16.13 - $38.48
(Median)
$16
$27
$38
MEDIAN: $27.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$50K$100K$150K
Salary
$52,081 - $97,765  
   
Bonus
$496.08 - $15,111  
Profit Sharing
$996 - $9,989  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$52,381 - $106,813  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 1,556
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$25$50$75
Hourly Rate
$16.13 - $38.48  
   
Overtime
$24.78 - $61.34  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$50K$100K$150K
Bonus
$496.08 - $15,111  
   
Profit Sharing
$996 - $9,989  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$52,381 - $106,813  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 91

Find Out Exactly What You Should Be Paid

United States (change)


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Job Description for Senior Underwriter

  • Structure products to meet clients' needs.
  • Evaluate collateral and ensure portfolio credit quality.
  • Assess eligibility of clients' applications to receive capital, insurance, mortgage, or credit.

Common Career Paths for Senior Underwriter


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Senior Underwriters may experience a large salary bump if they progress into a role such as VP of Underwriting. The latter position pays an average of $129K annually. With an annual salary of $88K, Manager of Underwriting is the most common role for Senior Underwriters to subsequently assume on their way up the ladder. Transitioning into a Mortgage Loan Underwriter role — which usually pays $54K — is also typical for Senior Underwriters, though less common by comparison.

Senior Underwriter Job Listings

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Popular Employer Salaries for Senior Underwriter


Many Senior Underwriters can be found at The Hartford Financial Services Group, Inc., Liberty Mutual Insurance Group, Bank of America Corp. (BOFA), American International Group, Inc. (AIG), and ACE Group, firms that are at the top of the field. Those at Zurich can expect to make the most, with the company offering a median salary of $122K. Other big spenders include The Chubb Corporation, The Hanover Insurance Company, and Zurich North America, top-paying firms where Senior Underwriters see paychecks nearing $110K, $107K, or $100K.

With a median salary of only $64K (about half the top paying employer's rate), Nationwide Mutual Insurance Company lags significantly in the earnings department. Others at the bottom of the scale for this job include Bank of America Corp. (BOFA) at $74K, and The Travelers Companies, Inc. where $78K is the norm, but it is worth noting that some Senior Underwriters there earn up to $114K.

Popular Skills for Senior Underwriter


Senior Underwriters seem to require a number of specific skills. Most notably, facility with Sales, Negotiation, and Underwriting are correlated to pay that is significantly above average, leading to increases of 21 percent, 8 percent, and 7 percent, respectively. At the other end of the pay range are skills like Data Analysis. For most people, competency in Insurance indicates knowledge of Financial Analysis.

Pay by Experience Level for Senior Underwriter

Median of all compensation (including tips, bonus, and overtime) by years of experience.


For Senior Underwriters, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Survey participants with less than five years' experience pocket $67K on average, but those with five to 10 years of experience enjoy a much bigger median of $77K. Senior Underwriters bring in $77K after working for 10 to 20 years. As Senior Underwriters reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $80K.

Pay Difference by Location


Surpassing the national average by 28 percent, Senior Underwriters in San Francisco receive some of the highest pay in the country. Senior Underwriters can also look forward to large paychecks in cities like New York (+28 percent), Boston (+25 percent), Chicago (+14 percent), and Los Angeles (+13 percent). Phoenix ranks last in the field for pay, reporting salaries 12 percent below the national average. A couple other locations with smaller-than-average paychecks include Tampa (9 percent lower) and Portland (2 percent lower).

Related Job Salaries

United States (change)

Experience Affects Senior Underwriter Salaries




National Average
$77,000


Skills That Affect Senior Underwriter Salaries

Sales
up arrow 21%



Underwriting
up arrow 7%


Insurance
up arrow 4%

Risk Management / Risk Control
up arrow 1%

Loan Underwriting
0%

Mortgage Loans
0%

National Average
$77,000

Data Analysis
up arrow 6%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 357 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

Less than 1 year
0%
1-4 years
8%
5-9 years
31%
10-19 years
36%
20 years or more
25%

Common Health Benefits

medical benefits Medical: 92% dental benefits Dental: 86%
vision benefits Vision: 70% employee benefits None: 6%
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