Financial Clerks

by Kate Williams

What Financial Clerks Do

Financial clerks do administrative work, keep records, help customers, and carry out financial transactions.

https://www.youtube.com/watch?v=O7vln6ZTeDY

Work Environment

Financial clerks usually work in offices, including bank branches, medical practices, and government agencies. Most work full time.

How to Become a Financial Clerk

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

Pay

The median annual wage for financial clerks was $40,540 in May 2019.

Job Outlook

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

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.

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.

This table shows a list of occupations with job duties that are similar to those of financial clerks.

Occupation Job Duties Entry-Level Education Median Annual Pay, May 2019

Bill and account collectors

Bill and Account Collectors

Bill and account collectors try to recover payment on overdue bills.

High school diploma or equivalent $37,000

Bookkeeping, Accounting, and Auditing Clerks

Bookkeeping, accounting, and auditing clerks produce financial records for organizations and check financial records for accuracy.

Some college, no degree $41,230

Gaming Services Workers

Gaming services workers serve customers in gambling establishments, such as casinos or racetracks.

High school diploma or equivalent $23,520

Information Clerks

Information clerks perform routine clerical duties, maintain records, collect data, and provide information to customers.

See How to Become One $35,390

Tellers

Tellers

Tellers are responsible for accurately processing routine transactions at a bank.

High school diploma or equivalent $31,230

Secretaries and administrative assistants

Secretaries and Administrative Assistants

Secretaries and administrative assistants perform routine clerical and administrative duties.

High school diploma or equivalent $39,850

Medical Records and Health Information Technicians

Medical records and health information technicians organize and manage health information data.

Postsecondary nondegree award $42,630

For more information about financial clerks, visit

American Bankers Association

Mortgage Bankers Association

CareerOneStop

For a career video on brokerage clerks, visit

Brokerage Clerks

For a career video on credit authorizers, checkers and clerks, visit

Credit Authorizers, Checkers, and Clerks

For a career video on insurance claims and policy processing clerks, visit

Insurance Claims and Policy Processing Clerks

For a career video on payroll and timekeeping clerks, visit

Payroll and Timekeeping Clerks

O*NET

Billing and Posting Clerks

Billing, Cost, and Rate Clerks

Brokerage Clerks

Credit Authorizers

Credit Authorizers, Checkers, and Clerks

Credit Checkers

Gaming Cage Workers

Insurance Claims Clerks

Insurance Claims and Policy Processing Clerks

Insurance Policy Processing Clerks

Loan Interviewers and Clerks

New Accounts Clerks

Payroll and Timekeeping Clerks

Procurement Clerks

Statement Clerks


Suggested citation:

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Financial Clerks,
at https://www.bls.gov/ooh/office-and-administrative-support/financial-clerks.htm (visited ).


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