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It is easy to mistake the role of an underwriter as someone who writes something. So, before knowing what the average salary of this position is, it is good to know the profile.

Who is an Underwriter?

As opposed to what the term suggests, an underwriter is someone who analyses and assesses the risks and liabilities involved in a loan or mortgage application. It is a person employed by a bank or a financial institution or a non-banking financial company (NBFC) to receive loan applications and check its validity against a set of standards and policies.

Although this role may sound easy, in reality it involves several concepts and terminologies in the finance and banking world. Because an underwriter essentially works on behalf of the company she works with – where accepting a fraudulent loan application can cause issues – it is an important job role.

With a very active growth in the finance world where borrowers – individuals and organizations – are growing by the day, the role of an underwriter has become more important.

What was a role that did not exist in the previous century – because other staff took care of it – is today a sought-after career role in India. All of this makes it a hot job for job seekers who have a financial or banking academic background.

Underwriter Salary – How Much Is It?

Although it is incorrect to suggest a solid number that will give you a blanket idea as to how much an underwriter earns, Payscale.com has come up with a number. According to its website, the average underwriter salary in India is roughly INR 4,85,000 (i.e. 4.85 lakhs). This is the annual package or the cost to the company (CTC). This figure is based on over 100 respondents who Payscale surveyed till May 2020.

It should be noted that this underwriter salary is for job roles in metro cities like Mumbai, New Delhi, Bengaluru, and Chennai. The numbers will change as per the location, the company, and the experience of the candidate. Research also suggests that individuals who took underwriting courses have reported higher incomes than average.

List of Underwriter Salaries by Experience

Here is a list of packages received by underwriters with different levels of experience. All figures imply annual salaries (gross income).

  • Fresher – Around INR 2,00,000 (2 lakhs)
  • Less than 3 years of experience – Between INR 4,00,000 (4 lakhs) and INR 7,00,000 (7 lakhs)
  • 5+ years of experience – Between INR 8,00,000 (8 lakhs) and INR 12,00,000 (12 lakhs)
  • 10+ years of experience – More than INR 15,00,000 (15 lakhs)

It should be noted that an underwriter’s role experiences substantial changes once the person has stayed in it for long. A person with more than five years of experience will soon move to other roles that will entail a lot of other tasks such as risk management.

Role of an Underwriter in a Glance

If you are an aspirant and are looking to take an underwriting course, here are some ground realities for you to consider:

  • You will be working on different types of loans and mortgages
  • An understanding of company policies and government regulations (SEBI, RBI, etc.) will be needed
  • It is an office job that will entail eight-hour shifts (or more)

As you gain experience, your role will change considerably. In terms of hikes and promotion, an underwriter’s role is not limited to loan assessment. You can even move to wealth management, portfolio assessment, and risk management roles. These pay relatively on a higher scale.
Begin your journey to a dream job. Enrol into an underwriting course today.

Also Read: What is Credit Risk Underwriting

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About Imarticus
Imarticus Learning is India’s leading professional education institute that offers training in Financial Services, Data Analytics & Technology. We’ve successfully transformed careers of over 35,000+ individuals globally through our Certification, Prodegree, and Post Graduate programs offered in association with leading and renowned global organisations in the Financial Services, Data Analytics & Technology domain.
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