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What Financial Clerks Do About this section

Financial clerks
Financial clerks keep and update financial records.

Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out transactions that involve money.

Duties

Financial clerks typically do the following:

  • Keep and update financial records
  • Calculate bills and charges
  • Offer customer assistance
  • Carry out financial transactions

Financial clerks’ job duties vary by specialty and by setting.

The following are examples of types of financial clerks:

Billing and posting clerks calculate charges and generate bills, which they then prepare to mail to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to calculate fees or charges due. They also contact customers to get or give account information.

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, calculating transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and recording 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 check customers’ credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers contact credit departments of business and service establishments for information about applicants’ credit standing.

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 to balance books.

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 make sure that all questions have been answered. They also inform insurance agents and accounting departments of policy cancellations or changes.

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.

Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance, hours worked, and pay adjustments. They make sure that employees are paid on time and that their paychecks are correct.

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 buyer’s specifications.

Work Environment About this section

Financial clerks
The majority of financial clerks work full time.

Financial clerks held about 1.3 million jobs in 2019. Employment in the detailed occupations that make up financial clerks was distributed as follows:

Billing and posting clerks 484,200
Insurance claims and policy processing clerks 293,900
Loan interviewers and clerks 212,600
Payroll and timekeeping clerks 149,800
Procurement clerks 68,500
Brokerage clerks 48,600
New accounts clerks 44,300
Credit authorizers, checkers, and clerks 26,900
Gambling cage workers 14,600

The largest employers of financial clerks were as follows:

Insurance carriers and related activities 21%
Healthcare and social assistance 18
Credit intermediation and related activities 18
Professional, scientific, and technical services 7
Administrative and support services 5

Financial clerks work in a variety of industries, usually in offices.

Work Schedules

Most financial clerks work full time.

How to Become a Financial Clerk About this section

Financial clerks
A high school diploma is sufficient for most financial clerk positions.

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers typically learn their duties through on-the-job training.

Education

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, have a 2- or 4-year college degree.

Training

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.

Advancement

Financial clerks may advance to related occupations in finance. For example, a loan interviewer or clerk may become a loan officer, and a brokerage clerk may become a securities, commodities, and financial services sales agent, after obtaining the required education and license.

Important Qualities

Communication skills. Financial clerks should be able to 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. Financial clerks must be able to arrange files so they can find them quickly and efficiently.

Pay About this section

Financial Clerks

Median annual wages, May 2019

Financial clerks

$40,540

Total, all occupations

$39,810

Office and administrative support occupations

$37,580

 

The median annual wage for financial clerks was $40,540 in May 2019. 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 $27,730, and the highest 10 percent earned more than $61,160.

Median annual wages for financial clerks in May 2019 were as follows:

Brokerage clerks $52,750
Payroll and timekeeping clerks 46,180
Procurement clerks 43,310
Insurance claims and policy processing clerks 40,750
Loan interviewers and clerks 40,640
Credit authorizers, checkers, and clerks 40,100
Billing and posting clerks 38,740
New accounts clerks 36,550
Gambling cage workers 28,040

In May 2019, the median annual wages for financial clerks in the top industries in which they worked were as follows:

Insurance carriers and related activities $41,100
Professional, scientific, and technical services 40,680
Credit intermediation and related activities 39,760
Administrative and support services 39,640
Healthcare and social assistance 38,640

Most financial clerks work full time.

Job Outlook About this section

Financial Clerks

Percent change in employment, projected 2019-29

Total, all occupations

4%

Financial clerks

0%

Office and administrative support occupations

-5%

 

Employment of financial clerks is projected to show little or no change from 2019 to 2029.

The availability of online tools, which allow financial customers to perform many tasks themselves, is expected to reduce demand for occupations such as new accounts clerks, procurement clerks, and credit authorizers, checkers, and clerks. Similarly, productivity-enhancing technology is expected to reduce demand for other clerks, such as payroll and timekeeping clerks and insurance claims and policy processing clerks.

Billing and posting clerks and loan interviewers and clerks do tasks that are less susceptible to automation, namely contacting and interviewing applicants and customers to gather information. Therefore, these clerks are expected to see employment growth in line with the healthcare, banking, and insurance industries, respectively.

Job Prospects

Job prospects for financial clerks are likely to be good, because employers will need to hire new workers to replace those who leave the occupation.

Employment projections data for financial clerks, 2019-29
Occupational Title SOC Code Employment, 2019 Projected Employment, 2029 Change, 2019-29 Employment by Industry
Percent Numeric

SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program

Financial clerks

1,343,400 1,346,900 0 3,500

Billing and posting clerks

43-3021 484,200 493,500 2 9,300 Get data

Gambling cage workers

43-3041 14,600 15,400 6 800 Get data

Payroll and timekeeping clerks

43-3051 149,800 143,100 -4 -6,700 Get data

Procurement clerks

43-3061 68,500 63,400 -7 -5,100 Get data

Brokerage clerks

43-4011 48,600 50,500 4 1,900 Get data

Credit authorizers, checkers, and clerks

43-4041 26,900 25,600 -5 -1,300 Get data

Loan interviewers and clerks

43-4131 212,600 230,300 8 17,700 Get data

New accounts clerks

43-4141 44,300 37,800 -15 -6,500 Get data

Insurance claims and policy processing clerks

43-9041 293,900 287,300 -2 -6,600 Get data

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