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Summary

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Video transcript available at https://www.youtube.com/watch?v=O7vln6ZTeDY.
Quick Facts: Financial Clerks
2022 Median Pay $45,570 per year
$21.91 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, 2022 1,312,000
Job Outlook, 2022-32 -4% (Decline)
Employment Change, 2022-32 -54,900

What Financial Clerks Do

Financial clerks do administrative work, help customers, and carry out transactions that involve money.

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 $45,570 in May 2022.

Job Outlook

Overall employment of financial clerks is projected to decline 4 percent from 2022 to 2032.

Despite declining employment, about 116,600 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.

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 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 About this section

Financial clerks
The majority of financial clerks work full time.

Financial clerks held about 1.3 million jobs in 2022. Employment in the detailed occupations that make up financial clerks was distributed as follows:

Billing and posting clerks 456,300
Insurance claims and policy processing clerks 259,000
Loan interviewers and clerks 247,100
Payroll and timekeeping clerks 165,400
Procurement clerks 65,300
New accounts clerks 46,600
Brokerage clerks 43,700
Credit authorizers, checkers, and clerks 16,400
Gambling cage workers 12,200

The largest employers of financial clerks were as follows:

Credit intermediation and related activities 21%
Insurance carriers and related activities 19
Healthcare and social assistance 18
Professional, scientific, and technical services 8
Administrative and support services 6

Financial clerks work in a variety of industries, usually in offices.

Work Schedules

Most financial clerks work full time.

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 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.

Pay About this section

Financial Clerks

Median annual wages, May 2022

Total, all occupations

$46,310

Financial clerks

$45,570

Office and administrative support occupations

$40,910

 

The median annual wage for financial clerks was $45,570 in May 2022. 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 $31,940, and the highest 10 percent earned more than $63,550.

Median annual wages for financial clerks in May 2022 were as follows:

Brokerage clerks $54,680
Payroll and timekeeping clerks 49,630
Loan interviewers and clerks 46,490
Insurance claims and policy processing clerks 46,080
Procurement clerks 45,240
Credit authorizers, checkers, and clerks 44,830
Billing and posting clerks 42,810
New accounts clerks 40,820
Gambling cage workers 31,720

In May 2022, the median annual wages for financial clerks in the top industries in which they worked were as follows:

Insurance carriers and related activities $46,550
Credit intermediation and related activities 45,900
Professional, scientific, and technical services 45,060
Administrative and support services 43,420
Healthcare and social assistance 42,640

Most financial clerks work full time.

Job Outlook About this section

Financial Clerks

Percent change in employment, projected 2022-32

Total, all occupations

3%

Financial clerks

-4%

Office and administrative support occupations

-6%

 

Overall employment of financial clerks is projected to decline 4 percent from 2022 to 2032.

Despite declining employment, about 116,600 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.

Employment

Projected employment of financial clerks varies by occupation (see table). The availability of online tools, which allow financial customers to perform many tasks themselves, is expected to reduce demand for occupations such as new accounts clerks; procurement clerks; and credit authorizers, checkers, and clerks. Similarly, productivity-enhancing technology is expected to limit demand for other clerks, such as payroll and timekeeping clerks, loan interviewers and clerks, brokerage clerks, and insurance claims and policy processing clerks.

Employment of gambling cage workers will be impacted by the adoption of technology in payout processing and online gambling, which limits the need for cage workers.  

Employment of billing and posting clerks is expected to rise in fast-growing healthcare industries; however, automated invoice processing software will increase the productivity of these workers and reduce overall employment growth.

Employment projections data for financial clerks, 2022-32
Occupational Title SOC Code Employment, 2022 Projected Employment, 2032 Change, 2022-32 Employment by Industry
Percent Numeric

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

Financial clerks

1,312,000 1,257,100 -4 -54,900

Billing and posting clerks

43-3021 456,300 456,400 0 100 Get data

Gambling cage workers

43-3041 12,200 11,500 -5 -700 Get data

Payroll and timekeeping clerks

43-3051 165,400 138,300 -16 -27,200 Get data

Procurement clerks

43-3061 65,300 60,400 -8 -4,900 Get data

Brokerage clerks

43-4011 43,700 39,800 -9 -3,900 Get data

Credit authorizers, checkers, and clerks

43-4041 16,400 15,500 -6 -1,000 Get data

Loan interviewers and clerks

43-4131 247,100 244,600 -1 -2,500 Get data

New accounts clerks

43-4141 46,600 39,800 -14 -6,700 Get data

Insurance claims and policy processing clerks

43-9041 259,000 250,800 -3 -8,200 Get data

State & Area Data About this section

Occupational Employment and Wage Statistics (OEWS)

The Occupational Employment and Wage Statistics (OEWS) 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 OEWS 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.org. 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 on Entry-Level Education 2022 MEDIAN PAY Help on Median Pay
Bill and account collectors Bill and Account Collectors

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

High school diploma or equivalent $39,470
Bookkeeping, accounting, and auditing clerks 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 $45,860
Gaming services occupations Gambling Services Workers

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

High school diploma or equivalent $31,290
Information clerks Information Clerks

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

See How to Become One $38,710
Tellers Tellers

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

High school diploma or equivalent $36,380
Secretaries and administrative assistants Secretaries and Administrative Assistants

Secretaries and administrative assistants do routine clerical and organizational tasks.

High school diploma or equivalent $44,080
Medical records and health information technicians Medical Records Specialists

Medical records specialists compile, process, and maintain patient files.

Postsecondary nondegree award $47,180

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

Brokerage Clerks

Credit Authorizers, Checkers, and Clerks

Gambling Cage Workers

Insurance Claims and Policy Processing Clerks

Loan Interviewers and Clerks

New Accounts Clerks

Payroll and Timekeeping Clerks

Procurement 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 March 07, 2024).

Last Modified Date: Wednesday, September 6, 2023

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 and Wage Statistics (OEWS) 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 and Wage Statistics (OEWS) 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).

2022 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 and Wage Statistics survey. In May 2022, the median annual wage for all workers was $46,310.

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, 2022

The employment, or size, of this occupation in 2022, which is the base year of the 2022-32 employment projections.

Job Outlook, 2022-32

The projected percent change in employment from 2022 to 2032. The average growth rate for all occupations is 3 percent.

Employment Change, 2022-32

The projected numeric change in employment from 2022 to 2032.

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 2022-32

The projected numeric change in employment from 2022 to 2032.

Growth Rate (Projected)

The percent change of employment for each occupation from 2022 to 2032.

Projected Number of New Jobs

The projected numeric change in employment from 2022 to 2032.

Projected Growth Rate

The projected percent change in employment from 2022 to 2032.

2022 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 and Wage Statistics survey. In May 2022, the median annual wage for all workers was $46,310.