Financial Clerk

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 held about 1.3 million jobs in 2021. Employment in the detailed occupations that make up financial clerks was distributed as follows:

Billing and posting clerks 445,300
Insurance claims and policy processing clerks          247,800
Loan interviewers and clerks 247,000
Payroll and timekeeping clerks 157,700
Procurement clerks 63,900
New accounts clerks 41,700
Brokerage clerks 41,000
Credit authorizers, checkers, and clerks 17,300
Gambling cage workers 11,600

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 17
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.

Education and Training

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.

Personality and Interests

Financial clerks typically have an interest in the Persuading and Organizing interest areas, according to the Holland Code framework. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.

If you are not sure whether you have a Persuading or Organizing interest which might fit with a career as a financial clerk, you can take a career test to measure your interests.

Financial clerks should also possess the following specific 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, including calculating charges and checking credit scores, require basic math skills.

Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.

Pay

The median annual wage for financial clerks was $44,760 in May 2021. 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 $29,830, and the highest 10 percent earned more than $61,150.

Median annual wages for financial clerks in May 2021 were as follows:

Brokerage clerks $54,000
Payroll and timekeeping clerks 47,610
Loan interviewers and clerks 45,940
Insurance claims and policy processing clerks       45,520
Procurement clerks 45,150
Credit authorizers, checkers, and clerks 44,710
Billing and posting clerks 38,330
New accounts clerks 37,840
Gambling cage workers 29,360

In May 2021, the median annual wages for financial clerks in the top industries in which they worked were as follows:

Insurance carriers and related activities $46,520
Credit intermediation and related activities 45,260
Professional, scientific, and technical services        42,160
Healthcare and social assistance 38,260
Administrative and support services 38,100

Most financial clerks work full time.

Job Outlook

Overall employment of financial clerks is projected to decline 3 percent from 2021 to 2031.

Despite declining employment, about 130,500 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.

For More Information

For more information about financial clerks, visit

American Bankers Association

Mortgage Bankers Association

 

FAQ

Where does this information come from?

The career information above is taken from the Bureau of Labor Statistics Occupational Outlook Handbook. This excellent resource for occupational data is published by the U.S. Department of Labor every two years. Truity periodically updates our site with information from the BLS database.

I would like to cite this page for a report. Who is the author?

There is no published author for this page. Please use citation guidelines for webpages without an author available. 

I think I have found an error or inaccurate information on this page. Who should I contact?

This information is taken directly from the Occupational Outlook Handbook published by the US Bureau of Labor Statistics. Truity does not editorialize the information, including changing information that our readers believe is inaccurate, because we consider the BLS to be the authority on occupational information. However, if you would like to correct a typo or other technical error, you can reach us at help@truity.com.

I am not sure if this career is right for me. How can I decide?

There are many excellent tools available that will allow you to measure your interests, profile your personality, and match these traits with appropriate careers. On this site, you can take the Career Personality Profiler assessment, the Holland Code assessment, or the Photo Career Quiz.

Get Our Newsletter