- Strayer University - Bachelors of Science Degree in Criminal Justice
Like most financial services professionals, bail bondsmen may experience modest or inordinate success depending upon their skill, experience and chosen specialty. It is not uncommon for a bail bondsman to begin their careers with salaries in the $20,000 to $40,000 range, but for the truly talented financial minds in this industry, this can multiply into salaries far exceeding $100,000 per year. With the right location, academic or professional experience and personal ability, the bail bondsman profession can provide a lucrative and exciting career.
Although it differs from state to state, most bail bondsmen are permitted to charge from ten to 20 percent of the bail bond amount. As far as financial services are concerned, this is a considerably higher percentage than is charged on most types of loans – including home mortgages and car loans. In addition to the fees the client pays, most bail bondsmen also receive a payment from the insurance or surety company that underwrites each bond. The most successful bail bondsmen are those that issue many large bail bonds and their annual salaries can top six figures.
Bounty Hunter and Bail Bondsman Salaries By State
- District of Columbia
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
Bail Bondsman Pay According to Location
Each state has its own laws regarding bail, so it is important to choose a geographical location that promises the greatest freedom in conducting business. Some states may limit the fees a bail bondsman may charge to only ten percent of the bond amount, while others allow bondsmen fees as high 20 percent. This can contribute to some variation the annual salary for bail bondsman:
- New York: $38,891-$58,336
- Florida: $35,682-$53,523
- Texas: $30,606-$45,908
- Mississippi: $21,897-$32,845
It is important to note, however, that many bail bondsmen in certain states do not make the majority of their salaries off of bail bond fees. In these locales, bail bondsmen make the majority of their money from the per bond payment they receive from the insurance company that backs the bond. So, bondsmen in some states may choose to lower their bond fees to as low as two or three percent to attract more clients and then recoup those losses through the additional payments from the surety company.
Another consideration is the amount of traffic that courses through the area. Obviously, bail bond companies that are located in urban areas where the crime rate is higher are likely to enjoy more clients than a sparsely populated, rural area. This is evidenced by the difference in annual salaries in California between rural and urban areas:
- San Francisco: $53,129-$79,694
- Oxnard: $28,061-$42,092
Academic and Professional Experience
While the educational barriers to join this profession are considerably lower than in many other professions, it is an often overlooked aspect that prospective bail bondsmen should strongly consider when preparing for a career. A college education in finance, business administration or economics can help provide the expertise necessary to establish a bail company, line up worthwhile bail clients, establish relationships with insurance companies and local law enforcement, and grow into a major regional or national enterprise. While it is less common, some bail bondsmen obtain a Master of Business Administration (MBA) to help them better understand this demanding financial occupation and acquire the business management skills necessary to start and grow a thriving bail company.
While there are the usual incentives for seniority that many bail companies provide for well experienced and qualified bail bondsmen, the largest increases in annual salaries are reserved for bail bondsmen who establish their own companies. These business owners can make up to $25,000 a week depending on the number of clients they bond and the size of their bail amounts. While there are fees and employee commissions that must be paid, in high traffic companies, the bulk of these earnings end up in the pockets of the company owners.
For bail bondsmen who are less averse to financial risk, the profits can be immense. While most bail bondsmen engage in surety bail bonds which commonly pay a ten percent fee, there are some bail bondsmen who offer higher risk bonds to specialty clients. Defendants facing federal charges are the recipients of federal bail bonds which are usually priced higher in the bail industry because most federal courts not only require a court appearance but also require that defendants strictly follow pre-trial conditions like limited travel or weekly drug testing. If defendants fail to meet these requirements they can forfeit their entire bail amount. To offset these added risks, federal bail bonds issuers typically add a five percent surcharge and restrict issuance to only the most reliable clients.
Also in this category of federal bail bonds are immigrant bonds which are reserved for immigrants in facing deportation on immigration violations. This is also a high risk group of defendants who may flee due to less community ties and the heightened risk of removal from the country. Only a few bondsmen are willing to engage in immigrant bonds; these professionals not only charge 15 percent of the bail amount but they also require collateral that can secure the bond.