Financial Clerk

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Salary Range: $40,000 to $59,999

Average Hourly: $ 19.96

Education: High school diploma or equivalent

Number of Jobs: 1273700

Jobs Added to 2029: -20000

Growth: Decline



Go here to see salary and job data specific to the United Kingdom.

What Financial Clerks Do

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 send 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.

Gambling cage workers work in casinos and other gambling establishments. The “cage” in which they work is the central depository for money and gambling chips. Gambling 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

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


Work Environment Details

Financial clerks held about 1.3 million jobs in 2020. Employment in the detailed occupations that make up financial clerks was distributed as follows:
Billing and posting clerks 458,500
Insurance claims and policy processing clerks 277,900
Loan interviewers and clerks 208,800
Payroll and timekeeping clerks 137,300
Procurement clerks 63,000
New accounts clerks 46,100
Brokerage clerks 45,500
Credit authorizers, checkers, and clerks 25,300
Gambling cage workers 11,300

The largest employers of financial clerks were as follows:

Insurance carriers and related activities 21%
Credit intermediation and related activities 19
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.


Job Outlook

Overall employment of financial clerks is projected to decline 2 percent from 2020 to 2030.

Despite declining employment, about 120,900 openings for financial clerks are projected each year, on average, over the decade. All of those openings are expected to result from the need to replace workers who transfer to other occupations or exit the labor force, such as to retire.


How to Become a Financial Clerk

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, gambling cage workers may need training in specific gambling 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.


United Kingdom Job Data

Source:

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 ).