A Guide To Underwriter Salary In Canada For The Year 2024

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Underwriter Salary In Canada

An underwriter is a financial organisation member who works for investment companies, mortgage, loan or insurance fees. They basically work for the evaluation and assumption of risk and investments of other parties. The financial sector is an ever-growing sector. Canada has a fast-paced financial industry that welcomes skilled and experienced individuals. If you want to pursue your career in underwriting that too in Canada, it is going to be the right choice. Before accepting an offer from any firm, let’s see a complete breakdown of the Underwriter’s salary in Canada and decide if the pay you are being offered is good.


Average Underwriter Salary In Canada

The average salary is an example of how good can a person expect to earn in a field. Looking into the average salary of the Underwriter it can be concluded that the pay is quite rewarding and worthy. However the salary can vary from the average as education, experience and many other factors come into play. On average an underwriter earns 60,400 CAD per year. If the average is to be seen from the higher and lower factors then the higher salary is 88,500 CAD and the lowest average salary of an Underwriter salary 32,200 CAD a year. 

The following are the monthly average salary factors:

  • The average monthly pay of an Underwriter is 5,033 CAD
  • The average highest monthly pay Underwriter is 7,383 CAD
  • The average lowest monthly pay Underwriter is 2,683 CAD

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Underwriter Salary In Canada Based On Experience Level

The country requires a lot of professionals with experience in the field of finance in all the profiles. Experienced employees have higher knowledge and practical skills that help build a very strong foundation for the company hired. It is not as if the inexperienced individuals have no scope in the country. There are openings for every level of the employee but the opportunities for experienced employees are high. An individual with just 2 to five years of extra experience in the field can earn a 26% higher salary comparatively. 

Underwriter Salary In Canada

Underwriter Salary In Canada Based On Education Level

Highly educated employees are not only prioritized for the positions but also paid better salaries. The level of knowledge and skills of individuals improves with the level of education. Qualification gives you the authority to gain a better salary package and demand higher pay. In the role of Underwriter in Canada, the average pay for a bachelor-qualified employee is 37% higher compared to an employee with a certification. 

Educational Qualification Average Salary
High school 45,900 CAD
Diploma 62,300 CAD
Bachelor’s degree83,700 CAD

Underwriter Salary In Canada In Different Sectors

The need for the job in the finance industry for all roles has risen in both the sectors of the country i.e. the government and the private sector. But there is always a slight difference seen in the pay of both the sectors. The average salary paid in the government sector is higher compared to the salary paid in the public sector to the employees. The difference that is observed of 6%.

Sector Average Salary
Private sector 115,600 CAD
Government sector 123,000 CAD 

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Underwriter Salary In Canada In Different Cities

There are several different cities in Canada. A lot of those cities have differences in average pay for the same profession. The same goes for the job of an underwriter. Some pay a higher average salary and some pay a lower average salary. To know which city pays better, refer to the following image with different cities and the average salaries paid in them.

Underwriter Salary In Canada

Underwriter Salary In Canada Compared To Other Professions

It would be even better if a comparison were made in different professions. A very clear picture would be polished out about the salary of an underwriter. The table below contains a list of many other different professions that lie in the same industry and the average salary is considered for comparison to the average salary of a underwriter. Refer to the table for the comparison:

Profession Average Pay
Accountant 80,400 CAD
Accounting analyst 107,300 CAD
Billing supervisor 130,500 CAD
Auditing clerk68,100 CAD
Budget analyst 140,200 CAD
Cost accountant 82,200 CAD
Equity analyst 142,300 CAD
Finance Analyst 157,600 CAD
Financial Coordinator 75,100 CAD
Investment Analyst 172,100 CAD
Investor 111,700 CAD

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Is it worth being an underwriter in Canada?

The country Canada has a lot of open opportunities for finance professionals as the country is seeing good development in the financial industry. The main goal of the company has become to build a strong foundation and hence this raises the need for skilled and educated underwriters. The opportunities not only open the door to the experience but give you an insight into the widespread steam of the industry and let you explore and thrive in the industry.

Who earns a higher salary as an underwriter, male or female?

The salary of females as underwriters is lower compared to the males in the industry. Despite the work being the same and the other reward being the same, this factor of salary still suffers a backward stigma. The difference is only 4% but efforts are being made to make this difference 0 as soon as possible. 

What is the average pay raise that can be expected in the job of an underwriter? 

You can expect to earn a 9% increment every 12 months as an underwriter. However, the pay raise is completely dependent on the individual’s efforts in the growth and hard work that has been put in towards the company.

These were the thorough details about Underwriter in Canada. To read more such blogs, follow Jobs Abroad and to learn about studying abroad, follow Leverage Edu. you can provide your views or doubts in the comment section below. 

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