Underwriter Training and Certification
To become an insurance underwriter, you'll likely need to complete at least a bachelor's degree program. Additional training is available via internships and focused coursework. Read about what you'd study as a student, and get info on certification options for underwriters. Check the career outlook for this field. Schools offering Accounting & Finance degrees can also be found in these popular choices.
What Education Do I Need to Become an Insurance Underwriter?
According to the U.S. Bureau of Labor Statistics (BLS), most companies require prospective insurance underwriter employees to have a bachelor's degree in a field such as accounting or finance. Completing a 4-year degree program can help you understand business protocol, account management, financial forecasting and the circumstances that can impact a company's bottom line. Courses may include business finance, portfolio management, macroeconomics, capital management, accounting and risk measurement. The BLS also suggests that experience in the field is highly valued by insurance organizations (www.bls.gov).
|Common Courses||Business finance, portfolio management, macroeconomics, capital management, accounting|
|Insurance Underwriter Training||Internships, on-the-job training, formal courses|
|Certification Specializations||Commercial, private, property, life or health underwriting|
|Job Outlook||11% decrease from 2014-2024*|
Source: *U.S. Bureau of Labor Statistics (BLS)
What Training Is Available?
Insurance underwriter training can be acquired through internships, on-the-job training and formal courses. These programs allow you to decide which field you want to specialize in. You learn to use the risk analysis programs, deduce premiums based on risk, contact the necessary people for policy explanation and navigate insurance databases. There are also supplementary courses for beginning underwriters through agencies such as the Insurance Institute of America.
What About Certification?
Voluntary certification is available through a handful of organizations, with options specific to your choice of specialization. For example, you can earn your certification in commercial, private, property, life or health underwriting. These can prepare you for career advancement or lead to salary increases; necessary qualifications vary according to your level of experience and education.
What Jobs Are Available?
The U.S. Bureau of Labor Statistics projects an 11% decrease in available underwriter jobs between 2014 and 2024 due to technology allowing for increased productivity. You may find work as an automobile and property, personal or commercial underwriter. This field may expand as new types of insurance are introduced.
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