How to Become a Loan Underwriter?
Steps to Become an UnderwriterDo you want to become an underwriter, or are you midway through your career and are looking for the next step? Find out what to do to get a job as an underwriter, the skills you'll need while you work in the field, and how to advance your career. Discover underwriter jobs and how to transition your career into the field. Follow these four steps to start your underwriting career:
Get your bachelor's degree in a field that relates to finance.
Being an underwriter requires analytical, math, and organizational skills, which you can start developing as early as possible. A career as an underwriter begins with a bachelor's degree. Underwriters come to the field with bachelor's degrees in a few different areas, like finance, math, business, and even economics. Focusing on the right classes in school and training after school will set you on the path to becoming an underwriter. While you're getting your degree, you should focus on courses like:
- Financial modeling.
- Business administration.
While you're in school, develop your soft skills as well. Underwriters need to be good problem-solvers and communicators. Taking on leadership positions in student organizations or getting involved with a club can help.
What type of degree should you pursue to become an Underwriter?
85% of people working as an Underwriter earned a Bachelor's Degree
What skills do you need to be an Underwriter?
- Microsoft Office Suite
- Written Communication
- Excellent Organizational
- Excellent Communication
- Property Underwriting
- Business Writing
Obtain underwriting experience to grow your knowledge of the finance industry.
Some employers will hire recent graduates as entry-level underwriters, but others want people who have a few years of experience. You can gain experience in the insurance field by looking for positions as a clerk or an underwriting assistant. This will give you hands-on knowledge about the industry; plus, you'll get to see what underwriters at the company do on a daily basis. Let your boss know you're looking to move into underwriting; take on tasks and projects at work that will help you gain the skills you need.
Once you're hired as an underwriter, you'll likely work under a more senior underwriter while you learn the job. Spend your first years on the job learning the trade and gaining confidence as you take on more projects independently.
Get certified in your underwriting specialty to expand your skills.
Underwriters need to obtain certifications and keep them current. This usually involves taking courses and passing exams. The industry you work in (insurance or mortgage, for example) will help inform the kind of certification you need.
New underwriters will focus on getting certified for the first time, while experienced professionals can use certifications to move into more advanced roles or to expand their knowledge. Remember to pay attention to when certifications expire; your employer will want you to keep them current, and having recent certifications will help you during any job searches.
Advance into underwriter management roles, like senior underwriter or lead underwriter.
Once you have experience underwriting, move into higher positions like senior underwriter and start developing your teamwork skills. As your career as an underwriter advances, look for supervisory and leadership positions. These will bring you a salary boost and the opportunity to continue working as an underwriter while overseeing the work of others.
Loan Underwriter Career Path
Total Pay Trajectory
Loan Underwriter Career Path
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