Senior Underwriters who are practiced in their profession and carry more than 10 years of experience make up two-thirds of Senior Underwriters. Pay fluctuates from $55K to $114K per year, but expected earnings average $77K annually. Total cash earnings of Senior Underwriters range from $55K on the low end to $114K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $20K and $10K, respectively. The particular firm is the biggest factor affecting pay for this group, followed by geography and years of experience. Job satisfaction is reported as high by the vast majority of workers. Women Senior Underwriters who took the survey just slightly outnumber men. Medical benefits are awarded to nearly all, and most earn dental coverage. The information for this snapshot was generated by responses to the PayScale salary survey.
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$54,635 - $103,460
$55K
$77K
$100K
MEDIAN: $77,022
10%
50%
90%

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$17.94 - $41.98
$18
$30
$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
$54,635 - $103,460  
   
Bonus
$1,472 - $19,518  
Profit Sharing
$0.00 - $9,826  
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).
)
$55,412 - $114,019  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 1,095
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
$17.94 - $41.98  
   
Hourly Tips
$0.43  
Overtime
$29.80 - $64.83  
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 - $19,518  
   
Commission
$12,208  
Profit Sharing
$0.00 - $9,826  
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).
)
$55,412 - $114,019  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 64

Find Out Exactly What You Should Be Paid

United States (change)

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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

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

Common Career Paths for Senior Underwriter


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It's not very common for Senior Underwriters to move on to become VPs of Underwriting. Average pay for a VP of Underwriting is $130K annually. The most common career progression for Senior Underwriters leads to becoming a Manager of Underwriting, where average pay is $88K annually. However, many Senior Underwriters also opt to become Mortgage Loan Underwriters. Typically, a Mortgage Loan Underwriter brings home $56K.

Senior Underwriter Job Listings

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Popular Employer Salaries for Senior Underwriter


Leading companies who hire large numbers of Senior Underwriters include Liberty Mutual Insurance Group, American International Group, Inc. (AIG), The Chubb Corporation, The Hartford Financial Services Group, Inc., and ACE Group. Senior Underwriters flock to Crum and Forster for generous paychecks, where average earnings of $118K lead the pack in compensation. Soaring salaries can also be found at The Hanover Insurance Company, The Hartford Financial Services Group, Inc., and Zurich North America, where earnings of $112K, $104K, or $100K are standard for Senior Underwriters.

The smallest paychecks in the field are found at Nationwide Mutual Insurance Company, where the median salary is a mere $64K, about half the top paying employer's rate. Aetna, Inc., J.P. Morgan Chase & Co. (JPMCC), and ACE Group also scrape the bottom of the pay scale, with median earnings hovering around $73K, $78K, and $86K.

Popular Skills for Senior Underwriter


Senior Underwriters report using a wide range of professional skills. Most notably, skills in Sales, Data Analysis, Negotiation, and Underwriting are correlated to pay that is above average, with boosts between 6 percent and 18 percent. Skills that are correlated to lower pay, on the other hand, include Mortgage Loans and Loan Underwriting. 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.


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. Respondents with less than five years' experience take home $72K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $80K. For Senior Underwriters, 10 to 20 years of experience on the job amounts to an average salary of $82K. Senior Underwriters with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $83K.

Pay Difference by Location

National Average: $80,814

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

For Senior Underwriters, working in the bustling city of New York has its advantages, including an above-average pay rate. Senior Underwriters can also look forward to large paychecks in cities like San Francisco (+27 percent), Boston (+22 percent), Los Angeles (+18 percent), and Dallas (+15 percent). The lowest-paying market is Tampa, which sits 22 percent below the national average, proving that location is a significant contributor to overall pay. Employers in Houston and Phoenix also lean toward paying below-median salaries (9 percent lower and 4 percent lower, respectively).

Senior Underwriter Reviews

Q: 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

Key Stats for Senior Underwriter

Gender

Female
58 %
Male
42 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 182 votes.
1-4 years
8%
5-9 years
26%
10-19 years
38%
20 years or more
28%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Underwriter Salaries



National Average
$81,000



Skills That Affect Senior Underwriter Salaries

Sales
up arrow 18%

Data Analysis
up arrow 8%


Underwriting
up arrow 4%




National Average
$81,000




Job Satisfaction

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

Gender

Female
58 %
Male
42 %

Years of Experience

1-4 years
8%
5-9 years
26%
10-19 years
38%
20 years or more
28%

Common Health Benefits

medical benefits
Medical: 90%
dental benefits
Dental: 85%
vision benefits
Vision: 74%
dental benefits
None: 7%
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