Underwriters work for banks and other financial institutions.
They assess the risk factor in accepting applicants for different services such as loans, mortgages, equity, insurance and capital.
Their primary duty is to protect the financial institution for which they work, from losing money.
- Review an applicant’s credit history, age, financial situation and other factors to determine if the applicant would be at a risk.
- Select a new business based on the analysis of its profitability.
- Present analysis reports to the management.
- Monitor existing policies and ensure their compliance with the company guidelines.
- A bachelor’s degree in finance or accounting.
- Certifications vary from field to field. A mortgage underwriter will have a certification which is different from that of an insurance underwriter.
- Must be very proficient in their task and should have great foresight.
- Much of an underwriter’s job is to rely on judgement, so they must be very good decision makers.
The salary ranges between HKD$42,285-HKD$774,769 per annum.