How is underwriting analyst different from underwriter position? What is the difference in terms of hour, work load, pay, etc?
What do analysts do that is different from what underwriters do? Do underwriting analysts just analyze the information and report to the underwriters?
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One knows what is feasible and checks the work, the other inputs what he/she is told to.
"Analyst" is a less experienced underwriter; "Underwriter" is a full underwriter, if that makes sense. In many (most) cases, a full Underwriter has no supervisory role of analysts--they just are put in a back room and told to work (that was basically my life as an underwriter).
Let me add, underwriter is a perfect job for someone who is looking to earn a great living, to not be hassled much at work, and to generally leave their work at the office. If a job is a job for you and not the central aspect of your life, it's an amazing career track, and I think it's why a disproportionate number of U/Ws are women. If you really want to self-actualize at your job and do something you at least feel is meaningful, it's not a great role long-term.
Thanks for the comment. What kind of exit opps do you think U/W has?
It depends on the organization you come out of, how long you've been at the role, and in what area you specialize, if any. A multifamily analyst (sometimes called "associate") role at a GSE (Fannie, Freddie), a federal behemoth (FHA), or a large, well-known group (Capital One, Prudential, Wells Fargo Multifamily Capital) where you're at for 1-2 years will open up plenty of doors across the spectrum, particularly with multifamily institutions (REITs, developers, lenders, etc.). Once you're a full underwriter, like, underwriting is your exit option unless you jump to a smaller developer.
The reality is, if you progress too far down the line in underwriting you become an underwriter. You may be able to work within a multifamily lending group in the production team (as an originator) or in their treasury department. But underwriting is a career path. It's almost like asking, "What's the exit option of a doctor?"
(Focused on multifamily, because "underwriting analyst" is generally a credit underwriting term used in the multifamily industry, so I assume it's the role you're looking at.)
I agree with most of what you said here. My girlfriend is a new UW Analyst at an agency shop. She loves real estate, has a math degree from a top tier UC but hates sales. This job to her is rewarding and fulfilling. She loves nothing more than analyzing and closing deals as a future UW.
She was going to be an actuary but the path is too long and the hours are horrible. UW is a great balance for someone like her. Where you work matters a lot too. Being an UW at a bank doesn't sound so exciting.
Pac,
Did your girlfriend run in to trouble getting the job with a math major? I am a math graduate as well and I feel as if it didn't help me
In GSE it’s all about institutional knowledge, it’s about how well you know Freddie and Fannie
My group is hiring but we haven’t even post anything online, in GSE they always look to old colleagues or internal candidates before they post the positions to external, again because GSE values “institutional knowledge” above all else
Underwriting isn’t rocket science, anyone can pick it up, but it takes years for someone to build up connections within the company, I know GSE rather get someone from internal audit to fill their underwriter position before they look outside
So, are you saying that if I have an interview coming up soon and I have not been referred by someone from inside, it is most likely that I won't get an offer?
No worry at analyst level, that’s entry level and usually only outside candidates apply
Did large shops lay off many underwriters during the GFC? As we all expect the economy to take a dip in the near future, is this a position that is prone to layoffs in downturns?
X
I'm about to enter the final round of interviewing for a MF underwriting analyst position in NYC for a lender. I've been a MF production analyst and credit analyst at a GSE for over a year and half and I think I low balled myself in HR interview a couple weeks ago. What do you all think an UW analyst with my experience should be asking for compensation wise for this position? Also, if I low balled myself is there a way out? The hiring manger said to push in the last interview which is a good sign to me that they won't go too low, but also a sign I low balled myself. Thanks
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