How Do I Become an Underwriting Analyst?

T. Davis
T. Davis
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Woman posing

An underwriting analyst is a person who works with a senior member of an underwriting team by assisting him or her with processing applications for insurance or home loans. He or she might be required to talk with clients and calculate quotes if needed. To become an underwriting analyst, you should obtain a bachelor’s degree or have some work experience. Although there is not a specific degree required for this position, most employers prefer to hire employees who have business degrees in areas such as finance or business administration.

To become an underwriting analyst, you will need to enroll in college to earn a bachelor’s degree. Employers who hire for this position are mostly in the banking and insurance industries, so it would be wise to obtain a bachelor’s degree in finance or a related business field. While in college, you should try to take courses in finance, communication, business writing, computers and accounting. Some employers might prefer to hire employees who have some type of banking or insurance background, so you should try to obtain part-time work in this industry or an internship while in college.

After you become an underwriting analyst, you will often receive on-the-job training to learn your new position. Each company has its own set of underwriting guidelines and procedures, so your training might vary based on your employer. During your training, you should try to become more familiar with what your employer has to offer to its customers and try to develop your analyzing skills for underwriting. It also is important to learn how to work well with your underwriting team by being a team player.

A majority of underwriting analysts work full-time in an office setting. An analyst might need to meet with clients at their business or home location, so he or she might travel away from the office if needed. Most of an underwriting analyst’s workday might be spent reviewing the daily activities of financial portfolios to make sure that everything is in compliance and to track any changes or issues. He or she might also be required to review accounting records.

There might be some opportunities for advancement after you become an underwriting analyst and gain some experience. Some underwriting analysts move up the career ladder to become an underwriter or a senior underwriter based on their experience. If a senior underwriter has a graduate degree, then he or she might be promoted into a management position.

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