As of March 01, 2026, the average salary for an Underwriter II in the United States is $71,308 per year, which breaks down to an hourly rate of $34.
However, an Underwriter II's salary can vary significantly. Here’s a look at the typical salary range:
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An Underwriter II's salary isn't a fixed number. It's shaped by several important factors. Below, we'll explore how your years of experience, geographic location, education and company size can directly affect your earning potential.
Experience is a primary driver of an Underwriter II's salary. As you build your skills and take on more complex tasks, your compensation generally increases. Here's how the average salary grows at different career stages:
| Job Role | Years of Experience | Average Salary |
|---|---|---|
| Underwriter I | 0-2 years | $60,522 |
| Underwriter II | 2-4 years | $71,308 |
| Underwriter III | 4-7 years | $92,692 |
| Underwriter IV | 7+ years | $108,290 |
| Underwriter V | 7-10 years | $133,449 |
What Am I Worth?
Your salary can change significantly depending on where you work. States with a higher cost of living and strong industrial sectors often pay more to attract Underwriter IIs. For example, consider the average annual salaries in these key locations:
Demanded Skills for the Role:
| Skills | Demand Percentage |
|---|---|
| Analysis | 7.62% |
| Accounting | 1.27% |
| Cash Flow Analysis | 0.95% |
| Skill | Salary | Salary % Increase |
|---|---|---|
|
Credit Administration
|
$80,578 |
13%
|
|
Bank Secrecy Act
|
$78,439 |
10%
|
|
Collective Bargaining
|
$78,439 |
10%
|
|
Financial Accounting
|
$77,726 |
9%
|
|
Due Diligence
|
$75,586 |
6%
|
|
Credit Analysis
|
$74,873 |
5%
|
Your level of education can impact your salary potential. While many Underwriter IIs enter the field with a Associate's Degree degree, higher education can lead to more specialized and higher-paying roles.
According to our 100% employer-reported salary data, the median salary for an Underwriter II with a Associate's Degree is between $70,451 and $75,103).
Underwriter II Salaries by Degree Level
| Degree Level | % of user with this level of education |
|---|---|
| No Diploma | 4.8% |
| High School | 4.8% |
| Associates | 3.2% |
| Bachelors | 72.6% |
| Masters | 19.4% |
| Doctorate | 0.0% |
Understanding how an Underwriter II's annual salary breaks down can help with budgeting. Below, you can see the average hourly rate, weekly pay, and monthly pay for this role. Use the buttons to switch between different pay periods.
Last Updated on March 01, 2026Promotions are the fastest way to increase your earnings. As an Underwriter II, you have the following paths for advancement. The table below compares the salary raises for common next-step roles. By comparing these figures, you can choose the career path that best meets your financial goals.
| Next Step Role | Estimate Salary | Projected Raise |
|---|---|---|
| Health Underwriter, Sr. | $92,695 | 30% |
| Underwriter (Life) III | $92,695 | 30% |
| Underwriter (P/C) III | $92,692 | 30% |
| Underwriter III | $92,692 | 30% |
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Compensation PlanningHere are companies hiring for Underwriter II and their salaries, click below for more details.
Ready to take the next step in your career? Browse thousands of current Underwriter II job openings on our job board. Use the search bar below to find your perfect match.
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An Underwriter II's earning potential can vary widely depending on several factors, including location, industry, experience, education, and the specific employer. According to the latest salary data by Salary.com, an Underwriter II earns the most in San Jose, CA, where the annual salary of an Underwriter II is $89,941.
The highest pay for Underwriter II is $79,743.
The lowest pay for Underwriter II is $59,656.
Reviews and analyzes risk characteristics on insurance applications, renewals, and change requests. Utilizes underwriting guidelines, rules, standards, and levels of authority to accept, reject, or mitigate risk for applications and determine appropriate premiums, limits, and coverages. Calculates renewal rates. Ensures that underwriting activities comply with all industry and governmental regulations. May coordinate with field agents to collect or clarify information or decisions. Typically requires a bachelor's degree or equivalent. Typically reports to a supervisor or manager. Occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. Typically requires 2-4 years of related experience.
Salary.com provides salary estimates, histograms, trends, and comparisons using data from employer job postings and third-party sources.
We offer detailed salary information across multiple percentiles for your reference. (Click here to learn Why the Salary Midpoint Formula Is Crucial for Achieving Pay Equity.)
With the most extensive online, real-time compensation data available, Salary.com helps you pinpoint your exact pay target.
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