Job Profile/description/responsibilities: You need to understand the type of responsibility you want to undertake including insurance, securities, banking or mortgage underwriting.
Requirements: Underwriters are required to read the newspaper or follow the bulletin regularly in order to qualify for their eligibility. They must be updated about all the latest events in the insurance business.
Academic: Underwriting jobs require an underwriter to complete their graduation in either the field of business or finance. However, virtually any degree can get you an underwriting job for that matter especially give you have an edge in the arena of accounting or business organization.
Skill sets: You must possess expertise with computers and must know all about handling the PC. Underwriters who lack knowledge in this regard may lose out on some very good opportunities. This also includes the management and maintenance of a good deal of data and engagement in electronic communication. In fact, correspondence and communication are a must for underwriting jobs as it facilitates effective interaction with mortgage and insurance agents and professionals.
Training: Make sure you work on the capacity to decide importantly and analyze situations. This is because as an underwriter, you must be able to make a sound judgment on a regular basis.
Prior experience: Prior experience is always a blessing in disguise, all the more so if you have an underwriters' job. You can work as a trainee or intern with a mortgage or insurance firm as this will give you a better understanding of the industry and market dynamics. If not, you may even work as a volunteer independently or assist a professional who can be your mentor in the job. One other thing that you can do is start getting trained as an underwriting analyst or underwriter trainee. The advantage of working in the above profiles is that you get a chance to gather vital statistics and data and study them under the watchful eyes of a supervisor.
Employment Outlook: Jobs that involve mortgage underwriting are best if you have a knack for researching information. Otherwise you tend to feel as if you are being pressured. The second most important aspect about underwriting jobs is that you need to go through a period of constant education, which is why a few companies even offer to finance your education or provide the tuition fees.
Career prospects (globally): The US Labor Department has limited scope for underwriters. This is because of the latest underwriting software that's available. You may even be required to travel or work away from home sometimes.
Salaries: $30,000-$43,000
A number of underwriters work for companies that insure the clients; so in this case, there's a risk factor involved. However, you may want to go into underwriting if you like juggling information and vital statistics.
