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How Do I Become a Credit Underwriter?

Article Details
  • Written By: D. Nelson
  • Edited By: M. C. Hughes
  • Last Modified Date: 09 July 2014
  • Copyright Protected:
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    Conjecture Corporation
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A credit underwriter is a financial professional who gathers and assesses financial data regarding potential borrowers. Assessments performed by underwriters can determine if an individual or organization is eligible for a loan and may also impact the interest rates offered to them. Professionals in this field tend to work for banks, private lenders, and government agencies that make funds available for people and businesses. To become a credit underwriter, it can be helpful to get an educational background in finance or economics and to become comfortable with financial software. In most cases, it is necessary to compose a resume, which lists your qualifications, a cover letter, and to go through an interview process.

Unlike accounting, which requires professionals to earn certification, there are no clear qualifications necessary for an individual who would like to become a credit underwriter. In most cases, however, individuals who enter this field have a knack for preparing and analyzing financial statements. They also tend to demonstrate proficiency using financial software that allows them to record and document statistics and determine risk.

The level of education required by employers varies. Most employers prefer job applicants who have at least an undergraduate degree in economics or finance, since these individuals are thought to have an understanding of key financial principles and terminology. In more competitive job markets, it can help to have a graduate degree in a related field to become a credit underwriter.

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Once you have earned the proper education, it may be necessary to compose a cover letter and resume. A cover letter is supposed to introduce you to a potential employer by illustrating your interest in a specific position and briefly stating your skills and experience. A resume is a more in depth list of specific organizations where you have worked and institutions where you have studied. Under each instance of experience, you can list skills you developed during your employment.

To become a credit underwriter, it can be helpful to have a friend or colleague look over your resume or cover letter to check for spelling and grammatical errors. It may also be a good idea to use a guide or template to get you started composing these documents. Many employers claim that these documents, which are often an employer's first impression of an applicant, play a large part in an individual's chance of getting a job.

If an employer feels that your resume and cover letter are promising, he or she may ask you in for an interview. Expect to interview with several managers or executives who might ask you questions regarding your experience, strengths, and weaknesses. Many experts believe that it can be helpful to research an organization prior to an interview, this way you can provide answers that speak directly to the needs of that organization.

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