The Chartered Property Casualty Underwriter designation is not just for underwriters. Insurance professionals in a multitude of industries earn the CPCU designation to enhance their credentials and knowledge of the insurance industry. Specifically, executives, business managers, risk managers and insurance litigators, just to name a few, earn the designation. They have concluded that the designation enhances their opportunities and, therefore, has monetary value.
To obtain a CPCU designation, you have to provide documentation to prove that you have engaged in insurance activities over a two-year period and that you worked at least part time in the industry. In addition, the CPCU must pass the Ethics and the CPCU Code of Professional Conduct On-line Module or pass an essay exam pertaining to the same. Finally, aspiring CPCUs must pay a fee and complete a matriculation form.
The median salary for an underwriter is $65,220, according to the Bureau of Labor Statistics. Salaries are contingent on a number of factors, perhaps the most notable being experience. While those new to the industry can expect to earn between $36,000 and $46,000 a year, on average, a more seasoned professional can earn more than $100,000.
Insurance carriers offer the best opportunities for employment. Compared to the national average, the insurance agencies, as well as brokerage firms, have higher than average employment opportunities. In addition, underwriters' salaries in the insurance industry are comparable to the national industry average. For instance, insurance carriers pay underwriters $66,310.
Best Paying Industries
The highest paid salaries are in fields such as investment, labor and credit. Specifically, underwriters working for investment companies can earn a median salary of $78,870. Those working for business, professional or labor organizations can earn as much as $74,320. Credit intermediaries, consulting services and government agencies pay underwriters $70,890, $69,170 and $66,670, respectively.
New York state offers the best employment opportunities, followed by California and Florida, respectively. While employment opportunities in New York and Florida are above the national average, employment opportunities in California, though below the national average, are better than other states. Amongst the three states, New York not only offers the best chance for employment, but it also offers the highest salary, which is $78,110. You also should consider Illinois and Ohio, which offer strong employment opportunities as well.
- XiXinXing/iStock/Getty Images