job postings underwriter in canada

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underwriter Jobs

all about underwriter jobs

As an underwriter, your main responsibility is to evaluate applicants’ submissions for loans and other financial products and determine the level of risk associated with approving the transaction. You operate based on pre-defined industry standards using computer software and other financial tools. Underwriters are strong communicators who are skilled in working with sensitive personal information and financial data.

what underwriter jobs entail

Finance and accounting based underwriter jobs tend to be standard office roles. You will spend most of your time working in the office using a computer to review loan and financial product applications. Some customer-facing interaction may be part of your job. Expect to work normal office hours. Some evenings and weekends may be required, depending on the type of finance products you work with. In most cases, you will report to a senior underwriter or department manager.

average underwriter salaries

The average annual salary for underwriters working in the finance industry is just over $50,000. On the low end, you can make about $40,000 and with experience, you can make up to $75,000 or more. Bonuses and commission may be part of your compensation package and can help to increase your earning potential. Previous experience in underwriting and financial analysis can also help increase your salary when hired.

your day to day tasks

Underwriters work with customers, assessing their eligibility for loans and financial products. Depending on the type of loans you specialize in, you may work with a few or many customers during the course of a day. Some tasks you may perform:

  • reviewing applications for loans, mortgages, and other financial products
  • performing credit checks
  • assessing the financial risk of approving an applicant
  • working with software to calculate risk factors
  • setting up fee structures and loan terms on a case by case basis
  • explaining loan options to customers
  • providing financial advice

where you can work

Underwriters are most commonly known for working in the insurance industry. It’s also a common position in finance and accounting. Most people work for organizations within these industries or for a third party underwriting firm. Large cities such as Toronto, Calgary, and Vancouver offer the most opportunities for underwriter roles.

what you bring to the table

Underwriters have a strong finance and accounting background. Skills employers look for include:

  • deep understanding of financial products and loans
  • prior experience in financial analysis or underwriting
  • background in data / statistics
  • negotiation skills
  • risk management experience
  • strong communications and the ability to explain financial products to clients
  • knowledge of finance and accounting software

training and certifications

Most hiring companies require that you have a bachelor’s degree or college diploma in finance, accounting, insurance, or other related areas of study. Experience in insurance and finance is recommended. Licensing may be required for certain roles. Additional training, education, and certification may be required to progress and as industry standards change over time.

where your career is headed

Many people tend to work in underwriting or related roles for the long term. With ample experience at an entry level underwriting position, you can move up to more senior roles such as senior underwriter, underwriter of personal lines, insurance underwriter, and eventually to a management position in underwriting. Many finance underwriters also make the switch to insurance underwriting and work in personal or commercial insurance. With many different types of roles, there are ample opportunities to work your way up. 

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