Senior Underwriter Salary (United States)

59 percent of Senior Underwriters in the United States have been in the field for more than 10 years. Pay can fall anywhere from $50,799 to $103,945 per year, but standard earnings come to around $75,031 per year. While geography and experience level impact pay for this group, the specific employer is the most influential factor. The vast majority report receiving medical coverage from their employers and a solid majority collect dental insurance. Men are barely outnumbered by their female counterparts, who make up a slight majority at 55 percent. The majority of workers are highly satisfied with their job. Participants in PayScale's salary questionnaire provided the particulars of this report.
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  
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  
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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Additional career progression can lead to a hefty increase in pay for Senior Underwriters. At the upper end, those who move into a VP of Underwriting role can bring in an extra $55K per year. The most common career progression for Senior Underwriters leads to becoming an Underwriting Manager, resulting in an extra $12,315 annually. However, many Senior Underwriters also opt to become a Mortgage Loan Underwriter, a move that typically leads to 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 leaders in the field that employ a large number of Senior Underwriters. Pay for Senior Underwriters is best at The Chubb Corporation, which offers a median salary of $109,997. However, there's little room to grow there, with salaries maxing out at $142K. The Hanover Insurance Company, American International Group, Inc. (AIG), and ACE Group are a few other companies that offer generous salaries, with Senior Underwriters earning around $106,184, $94,007, or $91,238 at each firm, respectively.
Not only do salaries lack room to grow—pay ranges from $58K to just $100K—but Bank of America Corp. (BOFA) offers the lowest pay in town to boot, with a median paycheck of $73,589. Others at the bottom of the scale for this job include The Hartford Financial Services Group, Inc. at $76,896, and The Travelers Companies, Inc. where $79,687 is the norm, but it is worth noting that 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. 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 is not a major factor in determining pay, and incremental pay growth is standard. Beginning workers can expect to earn $65K starting out, which grows to $77K after five to 10 years. After 10 to 20 years, salary hovers around $77K. As Senior Underwriters approach two decades on the job, pay accelerates at a slower pace, and typical earnings come to $80K. The majority of Senior Underwriters have only one to 10 years of practice in the field. Workers with 10 to 20 years make up the second biggest group followed by those with more than 20 years under their belt.

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.
For Senior Underwriters, New York provides a pay rate that is 28 percent greater than the national average. Other urban areas shelling out big bucks include San Francisco, Boston, Chicago, and Atlanta, where Senior Underwriters typically earn around 28 percent, 22 percent, 18 percent, and 11 percent more than usual. With compensation 17 percent below the national average, Phoenix is not known for hefty paychecks and actually represents the lowest-paying market. Workers in Jacksonville and Tampa earn less than others in this profession; their -8 percent and -2 percent-salaries fall short of the national average.

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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%