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Senior Underwriter Salary (United States)

The majority of Senior Underwriters in the United States — approximately three in five — boast more than 10 years of experience in their profession. Salaries stretch from $51K to $104K per year and typically amount to $72K annually. Cash earnings for Senior Underwriters — which occasionally include more than $15K from bonuses and more than $10K from profit sharing — stretch from around $51K to approximately $104K. The company is the main element affecting pay for this group — geography and years of experience are driving factors as well. Almost all workers report receiving medical coverage from their employers and a strong majority collect dental insurance. Women make up a slight majority of Senior Underwriters (55 percent). Most Senior Underwriters like their work and job satisfaction is high. This synopsis is derived from the responses of individuals who took PayScale's 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  
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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Compensation may increase greatly for Senior Underwriters who advance to upper-end positions like VP of Underwriting. Median pay for VPs of Underwriting is $129K per year. More often than not, Manager of Underwriting role is the next step for Senior Underwriters moving up in the field. Managers of Underwriting usually make $87K per year. Many other Senior Underwriters choose to take on a Mortgage Loan Underwriter role, where salaries are typically $54K.

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 all popular places to work. Pay for Senior Underwriters is best at The Chubb Corporation, which offers a median salary of $110K. However, the highest reported salaries don't seem to be much higher than the lowest ones; the pay range here runs from $91K to $143K. Also paying near the top of the field are The Hanover Insurance Company at $106K, American International Group, Inc. (AIG) at $94K, and ACE Group, where Senior Underwriters annually earn $91K.
With a median salary of $74K, Bank of America Corp. (BOFA) provides Senior Underwriters with the lowest pay in their field; moreover, earnings are capped at only $99K, limiting employee salary growth. Others at the bottom of the scale for this job include The Hartford Financial Services Group, Inc. at $77K, and The Travelers Companies, Inc. where $80K is the norm, but it is worth noting that some Senior Underwriters there earn up to $111K.

Popular Skills for Senior Underwriter

Senior Underwriters report using a wide range 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 who know 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.
More years of relevant experience do not necessarily translate to higher paychecks. Salaries for the relatively untried average out to around $65K, but survey participants with five to 10 years of experience earn a significantly higher median of $75K. For Senior Underwriters, 10 to 20 years of experience on the job amounts to an average salary of $75K. Senior Underwriters who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $80K. The largest share of Senior Underwriters have one to 10 years of experience, followed by those with 10 to 20 years. Workers who have been working for more than 20 years are the least common.

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.
Home to some of the best pay for Senior Underwriters, New York offers exceptional salaries, 28 percent above the national average. Other big spenders include San Francisco, Boston, Chicago, and Atlanta, top-paying cities where Senior Underwriters see paychecks higher than average (+28 percent, +22 percent, +18 percent, and +11 percent). The smallest paychecks in the market, 17 percent south of the national average, can be found in Phoenix. Not at the bottom but still paying below the median are employers in Jacksonville and Tampa (8 percent lower and 2 percent lower, respectively).

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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%