Financial Clerks


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 1.4 million jobs in 2018. Employment in the detailed occupations that make up financial clerks was distributed as follows:

Billing and posting clerks 486,300
Insurance claims and policy processing clerks 308,800
Loan interviewers and clerks 226,300
Payroll and timekeeping clerks 150,400
Procurement clerks 70,800
Brokerage clerks 56,100
New accounts clerks 41,900
Credit authorizers, checkers, and clerks 30,300
Gaming cage workers 16,300

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 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.

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.

The median annual wage for financial clerks was $39,570 in May 2018.

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 $26,920, and the highest 10 percent earned more than $60,120.

Median annual wages for financial clerks in May 2018 were as follows:

Brokerage clerks $51,400
Payroll and timekeeping clerks 45,050
Procurement clerks 42,670
Loan interviewers and clerks 39,890
Insurance claims and policy processing clerks 39,660
Credit authorizers, checkers, and clerks 38,750
Billing and posting clerks 37,800
New accounts clerks 35,800
Gaming cage workers 27,490

In May 2018, the median annual wages for financial clerks in the top industries in which they worked were as follows:

Insurance carriers and related activities $40,010
Professional, scientific, and technical services 39,390
Credit intermediation and related activities 38,920
Administrative and support services 38,350
Healthcare and social assistance 37,880

Most financial clerks work full time.

Financial Clerks

Median annual wages, May 2018

Financial clerks

$39,570

Total, all occupations

$38,640

Office and administrative support occupations

$35,760

 

Employment of financial clerks is projected to grow 5 percent from 2018 to 2028, about as fast as the average for all occupations. Detailed projected growth rates for these occupations are viewable in the table.

The availability of online tools is expected to slow future employment growth and has reduced demand for many of these occupations, including credit authorizers, checkers and clerks, procurement clerks, and new accounts clerks. Similarly, productivity-enhancing technology is slowing demand for other clerks, such as payroll and timekeeping clerks.

Billing and posting clerks, loan interviewers and clerks, and insurance claims and policy processing 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, 2018-28
Occupational Title SOC Code Employment, 2018 Projected Employment, 2028 Change, 2018-28 Employment by Industry
Percent Numeric

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

Financial clerks

1,387,200 1,459,300 5 72,100

Billing and posting clerks

43-3021 486,300 536,300 10 50,000 Get data

Gaming cage workers

43-3041 16,300 16,800 3 500 Get data

Payroll and timekeeping clerks

43-3051 150,400 145,600 -3 -4,800 Get data

Procurement clerks

43-3061 70,800 66,500 -6 -4,300 Get data

Brokerage clerks

43-4011 56,100 58,700 5 2,700 Get data

Credit authorizers, checkers, and clerks

43-4041 30,300 28,900 -5 -1,400 Get data

Loan interviewers and clerks

43-4131 226,300 245,800 9 19,500 Get data

New accounts clerks

43-4141 41,900 38,800 -7 -3,000 Get data

Insurance claims and policy processing clerks

43-9041 308,800 321,800 4 12,900 Get data

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 2018

Bill and Account Collectors

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

High school diploma or equivalent $36,020

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 $40,240

Gaming Services Workers

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

High school diploma or equivalent $22,810

Information Clerks

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

See How to Become One $34,520

Tellers

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

High school diploma or equivalent $29,450

Secretaries and Administrative Assistants

Secretaries and administrative assistants perform routine clerical and administrative duties.

High school diploma or equivalent $38,880

Medical Records and Health Information Technicians

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

Postsecondary nondegree award $40,350

For more information about financial clerks, visit

American Bankers AssociationOpens in a new tab.

Mortgage Bankers AssociationOpens in a new tab.

CareerOneStop

For a career video on brokerage clerks, visit

Brokerage ClerksOpens in a new tab.

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

Credit Authorizers, Checkers, and ClerksOpens in a new tab.

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

Insurance Claims and Policy Processing ClerksOpens in a new tab.

For a career video on payroll and timekeeping clerks, visit

Payroll and Timekeeping ClerksOpens in a new tab.

O*NET

Billing and Posting ClerksOpens in a new tab.

Billing, Cost, and Rate ClerksOpens in a new tab.

Brokerage ClerksOpens in a new tab.

Credit AuthorizersOpens in a new tab.

Credit Authorizers, Checkers, and ClerksOpens in a new tab.

Credit CheckersOpens in a new tab.

Gaming Cage WorkersOpens in a new tab.

Insurance Claims ClerksOpens in a new tab.

Insurance Claims and Policy Processing ClerksOpens in a new tab.

Insurance Policy Processing ClerksOpens in a new tab.

Loan Interviewers and ClerksOpens in a new tab.

New Accounts ClerksOpens in a new tab.

Payroll and Timekeeping ClerksOpens in a new tab.

Procurement ClerksOpens in a new tab.

Statement ClerksOpens in a new tab.


Suggested citation:

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 (visited ).


 

Tracey Lamphere

Tracey Lamphere, M.S. IMC is the editor of Job Affirmations, a publication that provides information and ideas to use mindfulness, positive affirmations, and visualizations to transform your career.

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