The majority of Senior Underwriters in the United States — roughly two in three — boast more than 10 years of experience in their profession. Salaries stretch from $55K to $115K per year, and the median is $77K per year. In the world of Senior Underwriters, total cash compensation can vary between $55K and $115K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $20K and $12K, respectively. Earnings for this group are mostly affected by the particular firm, followed by the particular city and years of experience. Job satisfaction is reported as high by the vast majority of workers. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. Women Senior Underwriters who took the survey just slightly outnumber men. The data for this synopsis comes from respondents who took the PayScale salary survey.
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$54,475 - $103,851
(Median)
$54K
$77K
$100K
MEDIAN: $76,959
10%
50%
90%

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$17.89 - $42.07
(Median)
$18
$31
$42
MEDIAN: $30
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Salary
$54,475 - $103,851  
   
Bonus
$1,472 - $19,589  
Profit Sharing
$0.00 - $11,562  
Commission
$12,208  
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).
)
$55,275 - $114,701  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 1,100
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$25$50$75
Hourly Rate
$17.89 - $42.07  
   
Hourly Tips
$0.43  
Overtime
$28.28 - $64.08  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Bonus
$1,472 - $19,589  
   
Commission
$12,208  
Profit Sharing
$0.00 - $11,562  
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).
)
$55,275 - $114,701  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 63
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Job Description for Senior Underwriter

Senior underwriters analyze new loan applications to determine whether an applicant should be administered a loan. They may analyze the ability to pay, credit score, and how much is being requested, and the submitted information should be verified during this process. It's also important to determine whether the application fulfills certain parameters of various loans.

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Senior Underwriter Tasks

  • 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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While not commonly seen, Senior Underwriters who transition into a VP of Underwriting position may see a rise in pay. The median salary for VPs of Underwriting is $130K per year. 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 $55K — 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


Liberty Mutual Insurance Group, American International Group, Inc. (AIG), ACE Group, The Hartford Financial Services Group, Inc., and The Chubb Corporation are top-notch employers for Senior Underwriters in this area. The biggest paychecks can be found at Crum and Forster — the median salary there is $118K. Soaring salaries can also be found at The Hanover Insurance Company, The Hartford Financial Services Group, Inc., and American International Group, Inc. (AIG), where earnings of $112K, $110K, or $101K are standard for Senior Underwriters.

Nationwide Mutual Insurance Company reports the lowest median salary in the area by far — it's only $64K, just about half of the top paying company's median. Workers at J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., and Nationwide Agribusiness also face smaller salaries than the rest of the field — average earnings for these employers come to $67K, $83K, and $87K respectively.

Popular Skills for Senior Underwriter


Survey results suggest that Senior Underwriters put a wide range of professional skills to use. Most notably, skills in Sales, Negotiation, Underwriting, and Financial Analysis are correlated to pay that is above average, with boosts between 5 percent and 18 percent. Skills that are correlated to lower pay, on the other hand, include Mortgage Loans. 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, experience does not seem to be a major factor in determining pay. Relatively untried employees who have less than five years' experience make $70K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $80K. Senior Underwriters who work for 10 to 20 years in their occupation tend to earn about $82K. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $83K.

Pay Difference by Location

National Average: $80,576

Larger city markers indicate a job is popular in that location.

Surpassing the national average by 37 percent, Senior Underwriters in New York receive some of the highest pay in the country. Senior Underwriters will also find cushy salaries in San Francisco (+26 percent), Boston (+24 percent), Los Angeles (+17 percent), and Dallas (+17 percent). Place of residence plays a huge part in a Senior Underwriter's salary, with Tampa Senior Underwriters earning salaries that are 21 percent less than the national average. Employers also pay below the national average in Phoenix and Portland (8 percent lower).

Senior Underwriter Reviews

What is it like working as a Senior Underwriter at The Travelers Companies, Inc.?

Senior Underwriter in New York:
"I am able to provide a valuable service to my customers,"
Pros: Providing high level service to the customer.
Cons: The time it takes to provide that service, even with the new technology.

Related Job Salaries

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Experience Affects Senior Underwriter Salaries



National Average
$81,000



Skills That Affect Senior Underwriter Salaries

Sales
up arrow 18%


Underwriting
up arrow 5%

Financial Analysis
up arrow 3%

Insurance
up arrow 2%

Customer Relationship Management (CRM)
up arrow 2%

Risk Management / Risk Control
0%

Data Analysis
0%

National Average
$81,000

Loan Underwriting
up arrow 2%

Mortgage Loans
up arrow 4%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 182 votes.

Gender

Female
57 %
Male
43 %

Years of Experience

Less than 1 year
0%
1-4 years
7%
5-9 years
27%
10-19 years
39%
20 years or more
27%

Common Health Benefits

medical benefits
Medical: 91%
dental benefits
Dental: 86%
medical benefits
Vision: 75%
dental benefits
None: 7%
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