How much does an Underwriter make in Springfield, MA?

The average salary for an Underwriter is $76,885 per year in Springfield, MA. Salaries estimates are based on 12570 salaries submitted anonymously to Glassdoor by an Underwriter employees in Springfield, MA.

The highest salary for an Underwriter in Springfield, MA is $98,833 per year.

The lowest salary for an Underwriter in Springfield, MA is $60,270 per year.

If you are thinking of becoming an Underwriter or planning the next step in your career, find details about the role, the career path and salary trajectory of an Underwriter.

Underwriters earn pay similar to other commercial banking roles that require only a bachelor’s degree, including claims adjustors, loan officers, budget analysts, and cost estimators. Their pay is generally higher than that of insurance sales agents and lower than the pay for actuaries. Underwriters are generally expected to hold a bachelor’s degree in business, finance, accounting or a related field. Applicants with three to five years of related experience are in the greatest demand, and will likely command the highest pay.

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Considerable years of experience, certification in an industry specialty, and an advanced degree can help qualify underwriter salaries as good. On Glassdoor, professionals rated their personal salary satisfaction anonymously, and 71% of underwriters consider themselves happy with the salary they bring in.

As underwriters gain experience in the industry, obtain their professional certifications, and master industry-specific skills, they can progress in seniority and become senior underwriters, followed by directors of underwriting. While higher-level positions correspond with higher underwriter salaries following the average career path, those in standard positions have a salary range between $48,441.88 and $123,310.63, with an average underwriter salary of $66,042.46.

To remain current in the financial industry and make a higher salary as an underwriter, obtain and update professional certifications in an industry specialty or specialties. These generally include insurance, mortgage, equity markets, and debt security trading. Some markets are more profitable than others, so consider switching if you're not making enough from your current role; those with the most risk make the most money. As you progress in your career, use certifications to your advantage; they could help you score a more advanced role and will stand out to potential employers. Completing your master's degree in finance or a related field is also impactful in your profession.

In your underwriter job, you'll need to prove to employers and investors your value in determining the level of risk associated with every business decision. If you're an experienced professional, fight for a higher salary by showing concrete proof of your results in this area. Business reports go a long way in establishing credibility and could earn you a higher raise in the 15% to 20% range. If you're in an established position and fighting for a raise, ask what you can do to earn it and work toward that goal. Always work your compensation package into the deal by factoring in PTO, vacation time, insurance benefits, and tuition reimbursement.