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Senior Underwriter Salary

The majority of Senior Underwriters in the United States — about three-fifths — boast more than 10 years of experience in their profession. Salaries stretch from $52K to $107K per year, and the median is $73K per year. In the world of Senior Underwriters, overall cash allowance can occasionally include more than $15K from bonuses and, in some exceptional cases, $10K from profit sharing, causing incomes to vary widely between $52K and $107K. The most important factor affecting compensation for this group is the particular firm, followed by the particular city and experience level. For the most part, Senior Underwriters enjoy their work and report high levels of job satisfaction. Almost all enjoy medical while a large number get dental coverage. Vision coverage is also available to more than half. Women make up a slight majority of Senior Underwriters (54 percent) survey respondents. This report is based on answers to PayScale's salary questionnaire.
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$52,041 - $97,651
(Median)
$52K
$73K
$98K
MEDIAN: $73,343
10%
50%
90%

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$16.09 - $38.45
(Median)
$16
$27
$38
MEDIAN: $26.00
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
$52,041 - $97,651  
   
Bonus
$500 - $15,117  
Profit Sharing
$994 - $9,946  
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).
)
$52,285 - $106,595  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 1,550
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
$16.09 - $38.45  
   
Overtime
$24.72 - $61.38  
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
$500 - $15,117  
   
Profit Sharing
$994 - $9,946  
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).
)
$52,285 - $106,595  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 89

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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 progress into high-paying roles like VP of Underwriting, where median compensation is $129K annually. The most common promotion for Senior Underwriters is Manager of Underwriting, a position that typically pays $88K annually. Another standard transition for Senior Underwriters seeking advancement is to assume a Mortgage Loan Underwriter role, where pay is often $54K.

Senior Underwriter Job Listings

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Popular Employer Salaries for Senior Underwriter


Leading companies who hire large numbers of Senior Underwriters include The Hartford Financial Services Group, Inc., Liberty Mutual Insurance Group, Bank of America Corp. (BOFA), American International Group, Inc. (AIG), and ACE Group. Heading up the field in terms of compensation, Zurich offers the most; Senior Underwriters earn $122K on average there. Other employers shelling out big bucks include The Chubb Corporation, The Hanover Insurance Company, and Zurich North America, where Senior Underwriters typically earn around $110K, $107K, or $100K, respectively.

Employees at Bank of America Corp. (BOFA) take home the smallest paychecks, and $74K is the median salary. Furthermore, range in pay is narrow, with salaries starting at $58K and quickly nearing the top at only $88K. Other low-paying employers include The Travelers Companies, Inc. at $76K and The Hartford Financial Services Group, Inc. at $81K, though some Senior Underwriters there earn up to $115K.

Popular Skills for Senior Underwriter


Survey results imply that Senior Underwriters put a diverse skill set to use. 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. Skills that pay less than market rate include Data Analysis. Most people experienced in 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.


Senior Underwriters with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Those in the early stages of their career can expect to make around $67K; however, individuals with five to 10 years of experience bring in $76K on average — a distinctly larger sum. The average pay reported by folks with 10 to 20 years of experience is around $77K. Veterans who have worked for more than two decades do tend to make the most in the end; the median pay for this group is $80K.

Pay Difference by Location


For those looking to make money, Senior Underwriters in San Francisco enjoy an exceptional pay rate, 28 percent above the national average. Senior Underwriters will also find cushy salaries in New York (+28 percent), Boston (+24 percent), Chicago (+14 percent), and Los Angeles (+13 percent). Trailing the national average by 15 percent, Phoenix is the market with the smallest paychecks. Employers in Tampa and Portland also lean toward paying below-median salaries (9 percent lower and 2 percent lower, respectively).

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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%

Financial Analysis
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 359 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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