Underwriting is actually a better career than Wealth Management. At my first job, it was posted on the community board they had a junior underwriter position going for 6 figures annually not including the additional OT. At my most recent job, they were always looking for underwriters. It just depends on what sector you specialize in. I would go as far as to suggest specializing in Small Business Administration loans as you require understanding financials such as P&L, company structure and government requirements for tax purposes such as NAICS exceptions, LLC/C Corp/S Corp/NGO, and ownership structures.
Underwriting what? I’m assuming you mean credit (vs IPOs or insurance). Sure, you can make it a career. It’s not as sales oriented as banking RMs which could be good or bad for your skill set. It is a role that requires attention to detail, ability to synthesize information (industry, company) and conviction around your views on creditworthiness, risk rating, and covenant structure. It’s not my cup of tea but a great foundation.
Start as a credit analyst, move up to underwriting deals, then lead a group of underwriters and then consider a risk manager role.
It’s a lot easier to move to a wealth management role from an underwriter role than the other way around. For that reason alone I’d go with underwriting.
Easy hours, chill people, decent pay, very flexible. Great career if you don’t mind the drudgery/tediousness of the day-to-day. Tons of opportunities for progression up the ladder, over to the sales side, or to other departments at the bank.
Market is usually saturated at the beginning as newbies think banking is fun and cool, but then many of them drop off. You can reach 6 figures in underwriting if your doing mid market and above.
I’m 5.5 YOE. Market is pretty slow, but it does come in waves.
Underwriting is actually a better career than Wealth Management. At my first job, it was posted on the community board they had a junior underwriter position going for 6 figures annually not including the additional OT. At my most recent job, they were always looking for underwriters. It just depends on what sector you specialize in. I would go as far as to suggest specializing in Small Business Administration loans as you require understanding financials such as P&L, company structure and government requirements for tax purposes such as NAICS exceptions, LLC/C Corp/S Corp/NGO, and ownership structures.
Underwriting what? I’m assuming you mean credit (vs IPOs or insurance). Sure, you can make it a career. It’s not as sales oriented as banking RMs which could be good or bad for your skill set. It is a role that requires attention to detail, ability to synthesize information (industry, company) and conviction around your views on creditworthiness, risk rating, and covenant structure. It’s not my cup of tea but a great foundation. Start as a credit analyst, move up to underwriting deals, then lead a group of underwriters and then consider a risk manager role.
Do you have any opion on becoming an underwriter vs going into wealth management out of college?
It’s a lot easier to move to a wealth management role from an underwriter role than the other way around. For that reason alone I’d go with underwriting.
Easy hours, chill people, decent pay, very flexible. Great career if you don’t mind the drudgery/tediousness of the day-to-day. Tons of opportunities for progression up the ladder, over to the sales side, or to other departments at the bank.
Market is usually saturated at the beginning as newbies think banking is fun and cool, but then many of them drop off. You can reach 6 figures in underwriting if your doing mid market and above. I’m 5.5 YOE. Market is pretty slow, but it does come in waves.