How to Become an Underwriter
This is a rare job where a person can learn directly and regularly from a mentor. He or she will handle the strategic work and will monitor the numbers related to risk assessments for loans and policies as well as many other aspects. You will get a full view of the market and its functioning. This job is utilized in many fields and sectors especially Insurance. All businesses today require finance staff and the transactions from installment-based purchases to credit cards and from home loans to business expansions debts are all risk-assessed by a team of underwriters. Your job is to keep risk out of sight.
Advice for a Career in Underwriting
Remember there are many different types of underwriting jobs. Pick your niche and sector, a company where you will feel comfortable, etc. Your services can be used in a bank, investment house, securities dealings, real estate, insurance, credit card divisions, etc.
Master the art of team work and learn to work efficiently under a team of underwriters. The people you manage are all refined underwriters and you must consider them to be mentors to guide you properly. You will need great communication skills, group dynamics skills and collaborative skills.
A person in this position must have superior sales skills to succeed as an underwriter. Underwriters must deal with people with tact and wit. Both borrowers and lenders must be happy and satisfied at all times. You will be like their personal and professional helper related to underwriting job issues. Make full efforts while on job to understand and master the nuances and the details of the business.
Become like Sherlock Holmes. Add people-reading, body language reading and mind-reading abilities. Learn to interrogate, investigate, assess, deduce, judge and forecast. You have to master numbers and present them in an interesting way so as to provide delight to your mangers about the money earned and saved for the firm.
Conclusion
Most underwriters have a finance-related degree or at least a diploma in a related line of study. A person can even learn on the job and get an accredited degree on the internet too. You must learn to deal with people impeccably. Just be active in any other finance job you get before or after you become an underwriter. As the saying goes, once an underwriter, always prosperous! Don't enter this if you get stressed quickly. A good candidate must be able to work under any type of working condition, good and bad.
