According to data from the US Bureau of Labor Statistics, the average salary for Loan Officers is $80,570 per year, while Insurance Underwriters earn an average of $79,940 per year. As a result, these two professions have salaries that are similar.
However, it's important to keep in mind that the salary of an employee can be influenced by factors such as location and experience. In particular, Loan Officers working in New York (with a salary of $107,770 on average) may earn more than those in Mississippi ($55,340). To provide another instance, Insurance Underwriters in Washington DC have an average salary that is 131% higher than those in West Virginia.
Loan Officers vs Insurance Underwriters overview
Loan Officers and Insurance Underwriters are two important occupations in the Credit Intermediation industry. There is a common interest in understanding the differences between these job titles, as well as the average pay for each.
Loan Officer job description
Loan Officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.
Loan Officer education and experience
The majority of Loan Officers (69%) have obtained a Bachelor's Degree. However, among employees in this occupation, there are also some with a College Course Certificate (13%) and an Associate's Degree (11%). With regard to experience, 40% of Loan Officer jobs require a 4 to 6 years of work-related experience. A smaller percentage of jobs (31%) require a previous experience of 2 to 4 years.
Loan Officer average salary
As stated by the US Bureau of Labor Statistics, the United States employed 340,170 Loan Officers in 2021, and the mean income they earned annually was $80,570. The bottom 10 percent had earnings of $32,520 or less, and the top 10 percent had earnings of $138,310 or more. The average salary has increased by 4.7% compared the previous year.
Do Loan Officers make good money?
Loan Officers are usually paid well, as their average salary is 38% higher than the average wage in the United States ($58,260). Additionally, they earn 12% more than the average wage of the Credit Intermediation industry ($71,620).
Loan Officers are usually paid well, as their average salary is 38% higher than the average wage in the United States ($58,260).
Loan Officers job growth
There has been an increase in the employment of Loan Officers in the last two years. In 2021, there have been 31,470 more positions than the previous year nationwide, which marks a rise of 10.2%. Job growth has averaged 3.8% for the last 3 years.
Insurance Underwriter job description
Insurance Underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Insurance Underwriter education and experience
The majority of Insurance Underwriters (70%) have obtained a Bachelor's Degree. However this occupation also includes some employees who have a High School Diploma (10%) and an Associate's Degree (10%). With regard to experience, 40% of Insurance Underwriter jobs do not require any previous experience. A smaller percentage of jobs (27%) require a previous experience of 2 to 4 years.
Insurance Underwriter average salary
According to the US Bureau of Labor Statistics, there were 107,690 Insurance Underwriters employed in the United States in 2021, and they earned a mean annual income of $79,940. The bottom 10 percent earned $47,330 or less, and the top 10 percent earned $126,380 or more. Compared to the previous year, the average salary has declined by 0.6%.
Do Insurance Underwriters make good money?
The average salary of Insurance Underwriters is 37% higher than the average wage in the United States ($58,260). However, they earn 4% more than the average wage of the Insurance Carriers industry ($76,810).
The average salary of Insurance Underwriters is 37% higher than the average wage in the United States ($58,260).
Insurance Underwriters job growth
There has been an increase in the employment of Insurance Underwriters in the last two years. In 2021, there have been 5,900 more positions than the previous year nationwide, which marks a rise of 5.8%. Job growth has averaged 3.9% for the last 3 years.
FAQ
Do Loan Officers or Insurance Underwriters make more?
These two jobs have similar salaries. Insurance Underwriters average around $79,940 per year, while Loan Officers make $80,570 per year.
How long does it take to become a Loan Officer vs Insurance Underwriter?
Both Loan Officer and Insurance Underwriter jobs generally require a Bachelor's Degree. It usually takes around 4 years to complete a Bachelor's Degree.
Is it harder to become a Loan Officer vs Insurance Underwriter?
The education requirements for both job titles are similar, making the difficulty of achieving either one equal.