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Underwriter II Salary in the United States

How much does an Underwriter II make in the United States?

As of September 01, 2026, the average salary for an Underwriter II in the United States is $71,302 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:

  • Top Earners (90th percentile): $79,754
  • Majority Range (25th-75th percentile): $65,214 to $75,726
  • Entry-Level (10th percentile): $59,671
Salary Factors Salary-Boosting Skills Salary by Experience Related Job Salaries Top Paying Cities Explore Related Jobs

Key Factors That Influence Underwriter II Salaries

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.

How Experience Level Affects Underwriter II Salaries?

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:

  • Underwriter I (0-2 years): $60,516
  • Underwriter II (2-4 years): $71,302
  • Underwriter III (4-7 years): $92,694
  • Underwriter IV (7+ years): $108,278
  • Underwriter V (7-10 years): $133,425
Job Role Years of Experience Average Salary
Underwriter I0-2 years$60,516
Underwriter II2-4 years$71,302
Underwriter III4-7 years$92,694
Underwriter IV7+ years$108,278
Underwriter V7-10 years$133,425
View as Graph

How Do Underwriter II Salaries Vary from State to State?

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:
  • District of Columbia: $78,946.
  • California: $78,646.
  • Massachusetts: $77,598.

Top Paying Cities for Underwriter IIs

Salaries can also vary between different cities. Major metropolitan areas or cities with a high demand for technicians often offer more competitive pay. Here are a few examples of average annual salaries in different U.S. cities:

  • San Jose: $89,933
  • San Francisco: $88,949
  • Oakland: $87,074

What Skills Can Increase an Underwriter II's Salary?

Demanded Skills for the Role:

  • Analysis (Mentioned in 7.62% Job Postings): Analysis is the process of considering something carefully or using statistical methods in order to understand it or explain it.
  • Accounting (Mentioned in 1.27% Job Postings): Creating financial statements and reports based on the summary of financial and business transactions.
  • Cash Flow Analysis (Mentioned in 0.95% Job Postings): Cash flow analysis is an integral part of financial reporting. Regular monitoring and analysis of cash flow can ensure that businesses are operating in the most fiscally prudent way, and can plan growth and expansion more strategically.
Skills Demand Percentage
Analysis 7.62%
Accounting 1.27%
Cash Flow Analysis 0.95%
See More Skills

What skills can make your compensation higher?

Mastering certain specialized skills can lead to a significant increase in pay. Here are examples of skills and the potential impact they can have on an Underwriter II's salary.

  • Credit Administration: Can increase your salary by up to 13%.
  • Bank Secrecy Act: Can increase your salary by up to 10%.
  • Collective Bargaining: Can increase your salary by up to 10%.
Skill Salary Salary % Increase
Credit Administration $80,571
13%
Bank Secrecy Act $78,432
10%
Collective Bargaining $78,432
10%
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Underwriter II Salary by Company Size: Startups vs. Enterprise

Underwriter II salary potential scales significantly with company size. Data shows that Enterprise companies (5,000+ employees) pay the highest average salary at around $77,152. While startup companies pay approximate $65,342.

Underwriter II Salary by Company Size

Company Size Employees Average Salary
Startup 1~50 $65,342
Growth Stage 51~500 $69,095
Established 501~5000 $74,512
Enterprise 5000+ $77,152

Underwriter II Salary by Industry: Top Paying Sectors

For Underwriter II roles, the industry you choose can affect earning potential by as much as 70% (the gap between the highest and lowest paying industries). Data shows that the Insurance and Financial Services sectors offer the strongest compensation, at 30% above the average. In contrast, Underwriter positions in Retail & Wholesale or Edu., Gov't. & Nonprofit typically offer lower base pay, as these industries often view Underwriter II as a support function rather than a direct revenue driver.

The top paying industries for an Underwriter II

Industry Sector Average Annual Salary Average Hourly Rate Pay vs.Avg
Insurance$92,693$45.030%
Financial Services$85,562$41.020%
Healthcare$78,432$38.010%

How Education impacts an Underwriter II's Salary?

Your level of education can impact your salary potential. While many Underwriter II enter the field with a Bachelor's 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 Bachelor's Degree is between $70,797 and $75,613.

Underwriter II Salaries by Degree Level

Typical Education for Underwriter II
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%
View as Graph

Underwriter II Salary: Hourly Rate, Weekly Pay, and Monthly Pay

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 September 01, 2026
$65,214
Average $71,302/year
$75,726
$5,435
Average $5,942/month
$6,311
$1,254
Average $1,371/week
$1,456
$31
Average $34/hour
$36
Annual Salary Monthly Pay Weekly Pay Hourly Wage
75th Percentile $75,726 $6,311 $1,456 $36
Average $71,302 $5,942 $1,371 $34
25th Percentile $65,214 $5,435 $1,254 $31

Underwriter II Salary Growth & Career Path

Underwriter II

Next Role

Advancement

Promotions 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 Underwriting Senior Cost Analyst $101,849 43%
Underwriter III - Life $92,697 30%
Senior Underwriter - Complex Medical $92,697 30%
Underwriter III - P&C $92,694 30%

Most common benefits for Underwriter II

  • Social Security
  • 401 (k)
  • Disability
  • Healthcare
  • Pension
  • Time Off (days)

Common company salaries for Underwriter II

Here are companies hiring for Underwriter II and their salaries, click below for more details.

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FAQ about Underwriter II

1. Where can an Underwriter II earn the most?

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 $89,933.

2. What is the highest pay for Underwriter II?

The highest pay for Underwriter II is $79,754.

3. What is the lowest pay for Underwriter II?

The lowest pay for Underwriter II is $59,671.

4. What are the responsibilities of Underwriter II?

Responsible for reviewing and analyzing risk characteristics on insurance applications, renewals, and change requests. Utilizes underwriting guidelines, rules, and standards to accept, reject, or mitigate risk for applications. Calculates renewal rates, and determines appropriate premiums, limits, and coverages. Ensures compliance with all industry and governmental regulations. May coordinate with field agents to collect or clarify information or decisions. Requires a bachelor's degree. Typically reports to a 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.

5. What industry pays the highest salary for Underwriter II?

The Insurance industry offers the highest average compensation for Underwriter II roles, with salaries approximately 30% above the market median.

Where Does Our Salary Data Come From?

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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