|Quick Facts: Financial Clerks|
|2017 Median Pay||$38,680 per year
$18.60 per hour
|Typical Entry-Level Education||High school diploma or equivalent|
|Work Experience in a Related Occupation||None|
|Number of Jobs, 2016||1,440,400|
|Job Outlook, 2016-26||9% (As fast as average)|
|Employment Change, 2016-26||127,900|
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Financial Clerk’s Career, Salary, and Education Information
What Financial Clerks Do
Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out financial transactions.
Duties of financial clerks
Financial clerks typically do the following:
Keep and update financial records
Compute bills and charges
Offer customer assistance
Carry out financial transactions
Financial clerks give administrative and clerical support in financial settings. Their specific job duties vary by specialization and by setting.
The following are examples of types of financial clerks:
Billing and posting clerks calculate charges, generate bills, and prepare them to be mailed to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to compute fees or charges due. They also contact customers to get or give account information.
Gaming cage workers work in casinos and other gaming establishments. The “cage” in which they work is the central depository for money and gaming chips. Gaming cage workers sell gambling chips, tokens, or tickets to patrons. They count funds and reconcile daily summaries of transactions in order to balance books.
Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance, hours worked, and pay adjustments. They ensure that employees are paid on time and that their paychecks are accurate.
Procurement clerks compile requests for materials, prepare purchase orders, keep track of purchases and supplies, and handle questions about orders. They respond to questions from customers and suppliers about the status of orders. Procurement clerks handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the purchaser’s specifications.
Brokerage clerks help with tasks associated with securities such as stocks, bonds, commodities, and other kinds of investments. Their duties include writing orders for stock purchases and sales, computing transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and keeping records of daily transactions and holdings.
Credit authorizers, checkers, and clerks review the credit history, and get the information needed to determine the creditworthiness, of individuals or businesses applying for credit. Credit authorizers evaluate customers’ computerized credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers call or write credit departments of business and service establishments to get information about applicants’ credit standing.
Loan interviewers, also called loan processors or loan clerks, interview applicants and others to get and verify personal and financial information needed to complete loan applications. They also prepare the documents that go to the appraiser and are issued at the closing of a loan.
New accounts clerks interview people who want to open accounts in financial institutions. They explain the account services available to prospective customers and help them fill out applications. They also investigate and correct errors in accounts.
Insurance claims and policy processing clerks process applications for insurance policies. They also handle customers’ requests to change or cancel their existing policies. Their duties include interviewing clients and reviewing insurance applications to ensure that all questions have been answered. They also notify insurance agents and accounting departments of policy cancellations or changes.
Work Environment for Financial Clerks
Financial clerks held about 1.4 million jobs in 2016. Employment in the detailed occupations that make up financial clerks was distributed as follows:
Billing and posting clerks: 501,000
Insurance claims and policy processing clerks: 308,500
Loan interviewers and clerks: 229,800
Payroll and timekeeping clerks: 166,300
Procurement clerks: 74,900
Brokerage clerks: 60,400
New accounts clerks: 42,000
Credit authorizers, checkers, and clerks: 38,500
Gaming cage workers: 19,000
The largest employers of financial clerks were as follows:
Insurance carriers and related activities: 21%
Credit intermediation and related activities: 18%
Healthcare and social assistance: 17%
Professional, scientific, and technical services: 7%
Administrative and support services: 6%
Financial clerks work in a variety of industries, and they usually work in an office setting.
Most financial clerks worked full time in 2016.
How to Become a Financial Clerk
A high school diploma or equivalent is typically required for most financial clerk jobs. These workers usually learn their duties through on-the-job training.
Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics and, in some cases, who have a 2- or 4-year college degree.
Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gaming cage workers may need training in specific gaming regulations and procedures.
Financial clerks can advance to related occupations in finance. For example, a loan interviewer or clerk can become a loan officer, and a brokerage clerk can become a securities, commodities, or financial services sales agent, after obtaining the required education and license.
Communication skills. Financial clerks should have good communication skills so that they can explain policies and procedures to colleagues and customers.
Math skills. The job duties of financial clerks includes calculating charges and updating financial records.
Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.
salaries for Financial Clerks
The median annual wage for financial clerks was $38,680 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $26,220, and the highest 10 percent earned more than $59,070.
Median annual wages for financial clerks in May 2017 were as follows:
Brokerage clerks: $49,800
Payroll and timekeeping clerks: $43,890
Procurement clerks: $41,910
Loan interviewers and clerks: $39,060
Insurance claims and policy processing clerks: $38,790
Credit authorizers, checkers, and clerks: $37,290
Billing and posting clerks: $36,860
New accounts clerks: $35,260
Gaming cage workers: $26,320
In May 2017, the median annual wages for financial clerks in the top industries in which they worked were as follows:
Insurance carriers and related activities: $39,120
Professional, scientific, and technical services: $38,680
Credit intermediation and related activities: $38,200
Administrative and support services: $37,190
Healthcare and social assistance: $36,930
Most financial clerks worked full time in 2016.
Job Outlook for Financial Clerks
Employment of financial clerks is projected to grow 9 percent from 2016 to 2026, about as fast as the average for all occupations. Detailed projected growth rates for these occupations are viewable in the table below.
For many of these occupations, including credit authorizers, checkers and clerks, procurement clerks, and new accounts clerks, the availability of online tools has reduced demand for these workers and is expected to slow their future employment growth. Similarly, for payroll and timekeeping clerks and brokerage clerks, productivity-enhancing technology is slowing demand for these workers.
Billing and posting clerks, loan interviewers and clerks, and insurance claims and policy processing clerks perform tasks that are less susceptible to automation, namely the contacting and interviewing of applicants and customers to gather information. Therefore, they are expected to see employment growth in line with the medical, banking, and insurance industries.
Job prospects for financial clerks are likely to be favorable, because employers will need to hire new workers to replace those who leave the occupation.
Employment projections data for Financial Clerks, 2016-26
Employment, 2016: 1,440,400
Projected Employment, 2026: 1,568,300
Change, 2016-2026: +9%, +127,900
Careers Related to Financial Clerks
Bill and account collectors try to recover payment on overdue bills. They negotiate repayment plans with debtors and help them find solutions to make paying their overdue bills easier.
Bookkeeping, accounting, and auditing clerks produce financial records for organizations. They record financial transactions, update statements, and check financial records for accuracy.
Gaming services workers serve customers in gambling establishments, such as casinos or racetracks. Some workers tend slot machines, deal cards, or oversee other gaming activities such as keno or bingo. Others take bets or pay out winnings. Still others supervise or manage gaming workers and operations.
Information clerks perform routine clerical duties such as maintaining records, collecting data, and providing information to customers.
Medical records and health information technicians, commonly referred to as health information technicians, organize and manage health information data. They ensure that the information maintains its quality, accuracy, accessibility, and security in both paper files and electronic systems. They use various classification systems to code and categorize patient information for insurance reimbursement purposes, for databases and registries, and to maintain patients’ medical and treatment histories.
Secretaries and administrative assistants perform routine clerical and administrative duties. They organize files, prepare documents, schedule appointments, and support other staff.
Tellers are responsible for accurately processing routine transactions at a bank. These transactions include cashing checks, depositing money, and collecting loan payments.
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Financial Clerks,
on the Internet at https://www.bls.gov/ooh/office-and-administrative-support/financial-clerks.htm