- Underwriters study for a minimum of a bachelor's degree in the finance and business industries to prepare them to study the market and insurance world so they can make judgments about whether an investment will provide a return or turn out poorly. Underwriters analyze risk potential through both their own experience and "gut" feelings and computerized risk calculations.
- Underwriters took home an average salary of $56,790 as of May 2008, varying widely across the country, according to the Bureau of Labor Statistics. While the states with the highest number of underwriters (as of May 2009) were Connecticut, Nebraska and Kansas, underwriters looking to tap into the high end of the salary scale saw Connecticut ($76,700 per year), New York ($75,910 per year) and New Jersey ($71,880) as the three highest-paying states for the profession. Connecticut's Bridgeport-Stamford-Norwalk area topped the scales at an annual salary of $90,720 in May 2009.
- To start earning a salary as an underwriter requires a minimum of a bachelor's degree, but the U.S. Bureau of Labor Statistics suggests potential underwriters also have computer experience and/or train as underwriter assistants. Current underwriters and those looking to earn higher salaries must participate in an ongoing cycle of continuing education--organizations such as the American Institute for Chartered Property Casualty Underwriters, the American College and the Insurance Institute of America offer training.
- The U.S. Bureau of Labor Statistics projects that fewer underwriters will be required through the year 2018, with the profession declining approximately 4 percent total. While this means fewer new job openings for underwriters, it doesn't translate to the career completely disappearing. Underwriting is a cycle and as current, long-term underwriters retire, replacements will be needed to take their place. The bureau specifically highlights long-term care insurance as a growing place to start earning an underwriting salary.
- Advertisement -
- Advertisement -