Job Outlook for:
Financial Clerks

SOC: 43-3041        OOH: U358

Financial Clerks Quick Stats
Total Jobs in 2016	1,440,400
Expected Growth	9%    (As fast as average)
New Jobs To Be Added from 2016 to 2026	128,200
Median Pay	$35,000 to $54,999

 

• Job Outlook for Financial Clerks
• Pay for Financial Clerks
• What do Financial Clerks do all day
• The work environment
• How to become one

 

 

 

Employment 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

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.

 

 

---

 

Typical Pay for Financial Clerks

The median annual wage for financial clerks was $38,080 in May 2016. 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 $25,740, and the highest 10 percent earned more than $58,320.

Median annual wages for financial clerks in May 2016 were as follows:

Brokerage clerks	$49,200
Payroll and timekeeping clerks	42,390
Procurement clerks	41,410
Loan interviewers and clerks	38,630
Insurance claims and policy processing clerks	38,430
Credit authorizers, checkers, and clerks	36,930
Billing and posting clerks	36,150
New accounts clerks	34,990
Gaming cage workers	25,990

In May 2016, the median annual wages for financial clerks in the top industries in which they worked were as follows:

Insurance carriers and related activities	$38,690
Professional, scientific, and technical services	37,870
Credit intermediation and related activities	37,790
Administrative and support services	36,680
Healthcare and social assistance	36,290

Most financial clerks worked full time in 2016.

---

---

 

What Financial Clerks Do All Day

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

Duties

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.

Work Schedules

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.

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, who 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 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.

Important Qualities

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.

 

 

---