Bureau of Labor Statistics

Financial Clerks

financial clerks image
Financial clerks provide customer service and maintain financial records.
Quick Facts: Financial Clerks
2020 Median Pay $41,520 per year
$19.96 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, 2019 1,343,400
Job Outlook, 2019-29 0% (Little or no change)
Employment Change, 2019-29 3,500

Summary

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 $41,520 in May 2020.

Job Outlook

Employment of financial clerks is projected to show little or no change from 2019 to 2029.

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

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

Financial clerks
The majority of financial clerks work full time.

Financial clerks held about 1.3 million jobs in 2019. Employment in the detailed occupations that make up financial clerks was distributed as follows:

Billing and posting clerks 484,200
Insurance claims and policy processing clerks 293,900
Loan interviewers and clerks 212,600
Payroll and timekeeping clerks 149,800
Procurement clerks 68,500
Brokerage clerks 48,600
New accounts clerks 44,300
Credit authorizers, checkers, and clerks 26,900
Gambling cage workers 14,600

The largest employers of financial clerks were as follows:

Insurance carriers and related activities 21%
Healthcare and social assistance 18
Credit intermediation and related activities 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.

How to Become a Financial Clerk

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

Financial Clerks

Median annual wages, May 2020

Total, all occupations

$41,950

Financial clerks

$41,520

Office and administrative support occupations

$38,720

 

The median annual wage for financial clerks was $41,520 in May 2020. 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 $28,510, and the highest 10 percent earned more than $62,950.

Median annual wages for financial clerks in May 2020 were as follows:

Brokerage clerks $55,270
Payroll and timekeeping clerks 47,020
Procurement clerks 44,740
Insurance claims and policy processing clerks 42,050
Credit authorizers, checkers, and clerks 41,730
Loan interviewers and clerks 41,370
Billing and posting clerks 39,590
New accounts clerks 37,750
Gambling cage workers 28,650

In May 2020, the median annual wages for financial clerks in the top industries in which they worked were as follows:

Insurance carriers and related activities $42,410
Professional, scientific, and technical services 41,290
Credit intermediation and related activities 40,650
Administrative and support services 40,570
Healthcare and social assistance 39,490

Most financial clerks work full time.

Job Outlook

Financial Clerks

Percent change in employment, projected 2019-29

Total, all occupations

4%

Financial clerks

0%

Office and administrative support occupations

-5%

 

Employment of financial clerks is projected to show little or no change from 2019 to 2029.

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 reduce demand for other clerks, such as payroll and timekeeping clerks and insurance claims and policy processing clerks.

Billing and posting clerks and loan interviewers and 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

Despite limited employment growth, about 126,000 openings for financial clerks are projected each year, on average, over the decade.

Most of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

Employment projections data for financial clerks, 2019-29

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

Occupational Title

Financial clerks

SOC Code
Employment, 20191,343,400
Projected Employment, 20291,346,900
Percent Change, 2019-290
Numeric Change, 2019-293,500
Employment by Industry
Occupational Title

Billing and posting clerks

SOC Code43-3021
Employment, 2019484,200
Projected Employment, 2029493,500
Percent Change, 2019-292
Numeric Change, 2019-299,300
Employment by IndustryGet data
Occupational Title

Gambling cage workers

SOC Code43-3041
Employment, 201914,600
Projected Employment, 202915,400
Percent Change, 2019-296
Numeric Change, 2019-29800
Employment by IndustryGet data
Occupational Title

Payroll and timekeeping clerks

SOC Code43-3051
Employment, 2019149,800
Projected Employment, 2029143,100
Percent Change, 2019-29-4
Numeric Change, 2019-29-6,700
Employment by IndustryGet data
Occupational Title

Procurement clerks

SOC Code43-3061
Employment, 201968,500
Projected Employment, 202963,400
Percent Change, 2019-29-7
Numeric Change, 2019-29-5,100
Employment by IndustryGet data
Occupational Title

Brokerage clerks

SOC Code43-4011
Employment, 201948,600
Projected Employment, 202950,500
Percent Change, 2019-294
Numeric Change, 2019-291,900
Employment by IndustryGet data
Occupational Title

Credit authorizers, checkers, and clerks

SOC Code43-4041
Employment, 201926,900
Projected Employment, 202925,600
Percent Change, 2019-29-5
Numeric Change, 2019-29-1,300
Employment by IndustryGet data
Occupational Title

Loan interviewers and clerks

SOC Code43-4131
Employment, 2019212,600
Projected Employment, 2029230,300
Percent Change, 2019-298
Numeric Change, 2019-2917,700
Employment by IndustryGet data
Occupational Title

New accounts clerks

SOC Code43-4141
Employment, 201944,300
Projected Employment, 202937,800
Percent Change, 2019-29-15
Numeric Change, 2019-29-6,500
Employment by IndustryGet data
Occupational Title

Insurance claims and policy processing clerks

SOC Code43-9041
Employment, 2019293,900
Projected Employment, 2029287,300
Percent Change, 2019-29-2
Numeric Change, 2019-29-6,600
Employment by IndustryGet data

State & Area Data

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.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

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

Occupation Job Duties ENTRY-LEVEL EDUCATION 2020 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 $38,100
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 $42,410
Gaming services occupations

Gaming Services Workers

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

High school diploma or equivalent $27,050
Information clerks

Information Clerks

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

See How to Become One $36,920
Tellers

Tellers

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

High school diploma or equivalent $32,620
Secretaries and administrative assistants

Secretaries and Administrative Assistants

Secretaries and administrative assistants perform routine clerical and administrative duties.

High school diploma or equivalent $40,990
Medical records and health information technicians

Medical Records and Health Information Technicians

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

Postsecondary nondegree award $44,090

Contacts for More Info

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

Last Modified Date: Friday, April 9, 2021

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 June 02, 2021).

Telephone: 1-202-691-5700 www.bls.gov/ooh Contact OOH

View this page on regular www.bls.gov

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