How to Become an Underwriting Analyst

As an important part of the financial industry, the underwriting analyst often works under a senior underwriter to assess, calculate and process requests for financial services, such as insurance policies or bank loans. Underwriting analysts work in a variety of industries, but they are often found in the insurance field. If you wish to enhance your finance career, then you may want to become an underwriting analyst.

Instructions

1. Learn and improve upon group communication and teamwork skills. A great deal of the underwriting analyst's time is spent working extensively with a team of underwriters or managers.

2. Become literate with computers and other electronic communication tools.

3. Focus on your interpersonal and communicative skills so that you can show effectiveness in interacting with borrowers and lenders in a professional and tactful manner.

4. Seek opportunities where you can practice and pay attention to detail. The underwriting analyst is often required to monitor the specifics of each financial portfolio, keeping track of daily activities, compliance issues and any account changes.

5. Develop your analytical abilities. As the name of the job implies, an underwriting analyst must be able to gather, interpret and present data in a way that facilitates a sound decision for the entire underwriting team.

6. Earn a university or college business degree, preferably in finance or a related area. Significant work experience may be considered in place of a 4-year diploma.

7. Become proficient in a second language, preferably Spanish. Bilingual analysts are almost always highly attractive job candidates.

8. Seek some work experience that enables you to manage portfolios and inventories on a daily basis.

Tips & Warnings

• The underwriting analyst collects data and keeps track of each financial transaction in order to assist the underwriting team in making the best financial decision regarding each customer or applicant.

• Because the analyst is dealing with sensitive and privileged financial information, she must take issues of confidentiality and ethics very seriously.

• Horizontal communication, or interactions with cohorts in other departments is an important aspect of the analyst's job. He must be able to relate well to personnel with varied responsibilities and duties.

• If you prefer to get paid by the hour, then think twice about being an underwriting analyst. Most analyst jobs pay based on performance or results. On the other hand, if getting paid for results motivates you, then this may be the career track for you.

• The world of the underwriting analyst is a high-paced one. Think twice about this industry if you get easily stressed or disorganized.