Summary

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Quick Facts: Financial Clerks
2016 Median Pay $38,080 per year
$18.31 per hour
Typical Entry-Level Education High school diploma or equivalent
Work Experience in a Related Occupation None
On-the-job Training See How to Become One
Number of Jobs, 2016 1,440,400
Job Outlook, 2016-26 9% (As fast as average)
Employment Change, 2016-26 128,200

What Financial Clerks Do

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

Work Environment

Financial clerks work in a variety of office settings, including bank branches, medical offices, 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 usually learn their job duties through on-the-job training.

Pay

The median annual wage for financial clerks was $38,080 in May 2016.

Job Outlook

Employment of financial clerks is projected to grow 9 percent from 2016 to 2026, about as fast as the average for all occupations. Employment growth will vary by specialization.

State & Area Data

Explore resources for employment and wages by state and area for financial clerks.

Similar Occupations

Compare the job duties, education, job growth, and pay of financial clerks with similar occupations.

More Information, Including Links to O*NET

Learn more about financial clerks by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.

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 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 About this section

Financial clerks
The majority of financial clerks work full time.

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 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 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.

Pay About this section

Financial Clerks

Median annual wages, May 2016

Financial clerks

$38,080

Total, all occupations

$37,040

Office and administrative support occupations

$34,050

 

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.

Job Outlook About this section

Financial Clerks

Percent change in employment, projected 2016-26

Financial clerks

9%

Total, all occupations

7%

Office and administrative support occupations

1%

 

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.

Employment projections data for financial clerks, 2016-26
Occupational Title SOC Code Employment, 2016 Projected Employment, 2026 Change, 2016-26 Employment by Industry
Percent Numeric

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

Financial clerks

1,440,400 1,568,600 9 128,200

Billing and posting clerks

43-3021 501,000 571,900 14 70,900 employment projections excel document xlsx

Gaming cage workers

43-3041 19,000 19,300 1 300 employment projections excel document xlsx

Payroll and timekeeping clerks

43-3051 166,300 164,700 -1 -1,600 employment projections excel document xlsx

Procurement clerks

43-3061 74,900 71,800 -4 -3,200 employment projections excel document xlsx

Brokerage clerks

43-4011 60,400 63,400 5 3,000 employment projections excel document xlsx

Credit authorizers, checkers, and clerks

43-4041 38,500 37,400 -3 -1,100 employment projections excel document xlsx

Loan interviewers and clerks

43-4131 229,800 258,200 12 28,400 employment projections excel document xlsx

New accounts clerks

43-4141 42,000 39,400 -6 -2,600 employment projections excel document xlsx

Insurance claims and policy processing clerks

43-9041 308,500 342,600 11 34,100 employment projections excel document xlsx

State & Area Data About this section

Occupational Employment Statistics (OES)

The Occupational Employment Statistics (OES) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OES data maps for employment and wages by state and area.

Projections Central

Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved.

CareerOneStop

CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.

Similar Occupations About this section

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

Occupation Job Duties ENTRY-LEVEL EDUCATION Help 2016 MEDIAN PAY Help
Bill and account collectors

Bill and Account Collectors

Bill and account collectors try to recover payment on overdue bills. They negotiate repayment plans with debtors and help them find solutions to make paying their overdue bills easier.

High school diploma or equivalent $35,350
Bookkeeping, accounting, and auditing clerks

Bookkeeping, Accounting, and Auditing Clerks

Bookkeeping, accounting, and auditing clerks produce financial records for organizations. They record financial transactions, update statements, and check financial records for accuracy.

Some college, no degree $38,390
Gaming services occupations

Gaming Services Workers

Gaming services workers serve customers in gambling establishments, such as casinos or racetracks. Some workers tend slot machines, deal cards, or oversee other gaming activities such as keno or bingo. Others take bets or pay out winnings. Still others supervise or manage gaming workers and operations.

High school diploma or equivalent $20,810
Information clerks

Information Clerks

Information clerks perform routine clerical duties such as maintaining records, collecting data, and providing information to customers.

See How to Become One $32,920
Tellers

Tellers

Tellers are responsible for accurately processing routine transactions at a bank. These transactions include cashing checks, depositing money, and collecting loan payments.

High school diploma or equivalent $27,260
Secretaries and administrative assistants

Secretaries and Administrative Assistants

Secretaries and administrative assistants perform routine clerical and administrative duties. They organize files, prepare documents, schedule appointments, and support other staff.

High school diploma or equivalent $37,230
Medical records and health information technicians

Medical Records and Health Information Technicians

Medical records and health information technicians, commonly referred to as health information technicians, organize and manage health information data. They ensure that the information maintains its quality, accuracy, accessibility, and security in both paper files and electronic systems. They use various classification systems to code and categorize patient information for insurance reimbursement purposes, for databases and registries, and to maintain patients’ medical and treatment histories.

Postsecondary nondegree award $38,040

Contacts for More Information About this section

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,
on the Internet at https://www.bls.gov/ooh/office-and-administrative-support/financial-clerks.htm (visited November 15, 2017).

Last Modified Date: Tuesday, October 24, 2017

What They Do

The What They Do tab describes the typical duties and responsibilities of workers in the occupation, including what tools and equipment they use and how closely they are supervised. This tab also covers different types of occupational specialties.

Work Environment

The Work Environment tab includes the number of jobs held in the occupation and describes the workplace, the level of physical activity expected, and typical hours worked. It may also discuss the major industries that employed the occupation. This tab may also describe opportunities for part-time work, the amount and type of travel required, any safety equipment that is used, and the risk of injury that workers may face.

How to Become One

The How to Become One tab describes how to prepare for a job in the occupation. This tab can include information on education, training, work experience, licensing and certification, and important qualities that are required or helpful for entering or working in the occupation.

Pay

The Pay tab describes typical earnings and how workers in the occupation are compensated—annual salaries, hourly wages, commissions, tips, or bonuses. Within every occupation, earnings vary by experience, responsibility, performance, tenure, and geographic area. For most profiles, this tab has a table with wages in the major industries employing the occupation. It does not include pay for self-employed workers, agriculture workers, or workers in private households because these data are not collected by the Occupational Employment Statistics (OES) survey, the source of BLS wage data in the OOH.

State & Area Data

The State and Area Data tab provides links to state and area occupational data from the Occupational Employment Statistics (OES) program, state projections data from Projections Central, and occupational information from the Department of Labor's CareerOneStop.

Job Outlook

The Job Outlook tab describes the factors that affect employment growth or decline in the occupation, and in some instances, describes the relationship between the number of job seekers and the number of job openings.

Similar Occupations

The Similar Occupations tab describes occupations that share similar duties, skills, interests, education, or training with the occupation covered in the profile.

Contacts for More Information

The More Information tab provides the Internet addresses of associations, government agencies, unions, and other organizations that can provide additional information on the occupation. This tab also includes links to relevant occupational information from the Occupational Information Network (O*NET).

2016 Median Pay

The wage at which half of the workers in the occupation earned more than that amount and half earned less. Median wage data are from the BLS Occupational Employment Statistics survey. In May 2016, the median annual wage for all workers was $37,040.

On-the-job Training

Additional training needed (postemployment) to attain competency in the skills needed in this occupation.

Entry-level Education

Typical level of education that most workers need to enter this occupation.

Work experience in a related occupation

Work experience that is commonly considered necessary by employers, or is a commonly accepted substitute for more formal types of training or education.

Number of Jobs, 2016

The employment, or size, of this occupation in 2016, which is the base year of the 2016-26 employment projections.

Job Outlook, 2016-26

The projected percent change in employment from 2016 to 2026. The average growth rate for all occupations is 7 percent.

Employment Change, 2016-26

The projected numeric change in employment from 2016 to 2026.

Entry-level Education

Typical level of education that most workers need to enter this occupation.

On-the-job Training

Additional training needed (postemployment) to attain competency in the skills needed in this occupation.

Employment Change, projected 2016-26

The projected numeric change in employment from 2016 to 2026.

Growth Rate (Projected)

The percent change of employment for each occupation from 2016 to 2026.

Projected Number of New Jobs

The projected numeric change in employment from 2016 to 2026.

Projected Growth Rate

The projected percent change in employment from 2016 to 2026.

2016 Median Pay

The wage at which half of the workers in the occupation earned more than that amount and half earned less. Median wage data are from the BLS Occupational Employment Statistics survey. In May 2016, the median annual wage for all workers was $37,040.