Senior Underwriter Salary (United States)

With more than half of Senior Underwriters in the United States reporting more than 10 years of experience, the field is heavily weighted toward experienced professionals. Average pay for Senior Underwriters is $75,031 annually and can range from $50,799 on the lower end to $103,945 per year near the higher end. Overall cash income ranges from $50,458 near the bottom to $95,615) near the top; it includes potential earnings of $14,836 from bonuses and $9,656 from profit sharing in exceptional cases. The company is the biggest factor affecting pay for this group, followed by geography and years of experience. Benefits are plentiful in this line of work; nearly all people have both medical and dental plans, and more than half have vision insurance. Women Senior Underwriters just slightly outnumber men in the field. For the most part, Senior Underwriters enjoy their work and report high levels of job satisfaction. The data in this summary comes from the PayScale salary survey.
Senior Underwriter Salary (?
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.
)
$50,458 - $95,615
(Median)
50K
60K
72K
84K
96K
MEDIAN: $72,082
10%
25%
50%
75%
90%
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Senior Underwriter Salary (?
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.
)
$16.35 - $37.16
(Median)
16
20
26
33
37
MEDIAN: $26.00
10%
25%
50%
75%
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
$50,458 - $95,615  
   
Bonus
$503 - $14,836  
Profit Sharing
$976 - $9,656  
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).
)
$50,799 - $103,945  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 1,466
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
$16.35 - $37.16  
   
Overtime
$23.69 - $59.19  
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
$503 - $14,836  
   
Profit Sharing
$976 - $9,656  
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).
)
$50,799 - $103,945  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 91
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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' salaries may rise greatly in accordance with career advancement. Those who assume a higher-end position such as a VP of Underwriting may get paid an extra $55K per year. Becoming an Underwriting Manager is, more often than not, the most common role that Senior Underwriters move into when they're ready for the next step in their career, and salaries hike up an additional $12,315. Another frequent advance is for Senior Underwriters to assume a Mortgage Loan Underwriter role; in this role, workers often experience a pay cut of $21K.

Senior Underwriter Job Listings

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Popular Employer Salaries for Senior Underwriter

Bank of America Corp. (BOFA), The Hartford Financial Services Group, Inc., American International Group, Inc. (AIG), Liberty Mutual Insurance Group, and The PNC Financial Services Group, Inc. are top-notch employers for Senior Underwriters in this area. Salary cannot be beat at The Chubb Corporation, where median pay comes to $109,997. Salary range is somewhat confined, however, with base pay starting at $100K and ending at $142K. Other leaders in compensation levels are The Hanover Insurance Company at $106,184, American International Group, Inc. (AIG) at $94,007, and ACE Group, where Senior Underwriters annually earn $91,238.
Employees at Bank of America Corp. (BOFA) take home the smallest paychecks, and $73,589 is the median salary. Furthermore, range in pay is narrow, with salaries starting at $58K and quickly nearing the top at only $100K. Other low-paying employers include The Hartford Financial Services Group, Inc. at $76,896 and The Travelers Companies, Inc. at $79,687, though some Senior Underwriters there earn up to $111K.

Popular Skills for Senior Underwriter

Survey results suggest that Senior Underwriters use a fairly large toolkit of professional skills. Most notably, facility with Sales, Underwriting, and Customer Relationship Management (CRM) are correlated to pay that is significantly above average, leading to increases of 21 percent, 13 percent, and 8 percent, respectively. Most people familiar with Insurance also know Financial Analysis.

Pay by Experience Level for Senior Underwriter

Median of all compensation (including tips, bonus, and overtime) by years of experience.
Though Senior Underwriters can expect regular salary growth as they advance in their careers, experience does not seem to be a strong driver of pay increase. Beginning workers can expect to earn $65K starting out, which grows to $77K after five to 10 years. After 10 to 20 years, compensation comes in at $77K. Wages continue to grow, though somewhat marginally, for Senior Underwriters after 20 years in the field, and salaries border $80K. Senior Underwriters with one to 10 years of experience are most common in the field, followed by those with 10 to 20 years and more than 20 years. Workers who have been working for more than 20 years are hardest to find.

Pay Difference By Location

up arrow 28%
Boston
up arrow 22%
up arrow 18%
up arrow 11%
Los Angeles
up arrow 10%
Denver
up arrow 10%
Charlotte
0%
Portland
0%
National Average
$75,000
up arrow 2%
Tampa
up arrow 2%
Jacksonville
up arrow 8%
Phoenix
up arrow 17%
Larger circles over a city indicate a job is popular in that location.
New York offers some of the highest pay in the country for Senior Underwriters, 28 percent above the national average. Also paying near the top of the field are San Francisco, Boston, Chicago, and Atlanta, where Senior Underwriters annually earn 28 percent, 22 percent, 18 percent, and 11 percent more than the national average. The smallest paychecks in the market, 17 percent south of the national average, can be found in Phoenix. Employers in Jacksonville and Tampa also lean toward paying below-median salaries (-8 percent and -2 percent, respectively).

Related Job Salaries

Experience Affects Senior Underwriter Salaries

National Average
$75,000

Skills That Affect Senior Underwriter Salaries

Sales
up arrow 21%
Underwriting
up arrow 13%
Risk Management / Risk Control
up arrow 2%
Loan Underwriting
0%
Mortgage Loans
0%
National Average
$75,000

Job Satisfaction

Highly satisfied Image
Highly satisfied
Rated 4 out of 5 based on 388 votes.

Gender

Female
55%
female alumni
 
Male
45%
male alumni

Years of Experience

Less than 1 year
0%
1-4 years
9%
5-9 years
32%
10-19 years
34%
20 years or more
25%

Common Health Benefits

medical benefits Medical: 92% dental benefits Dental: 85%
vision benefits Vision: 67% employee benefits None: 6%
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