Financial Clerks

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What Financial Clerks Do[About this section] [To Top]

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

Duties of Financial Clerks

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 specialty and by setting.

Billing and posting clerks calculate charges, develop 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. They 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 for Financial Clerks[About this section] [To Top]

Financial clerks hold about 1.4 million jobs. The industries that employ the most financial clerks are as follows:

Insurance carriers and related activities 20%
Credit intermediation and related activities 18
Healthcare and social assistance 17
Professional, scientific, and technical services 7

Financial clerks work in a variety of office settings, including bank branches, medical offices, and government agencies.

Financial Clerk Work Schedules

Most financial clerks work full time.

How to Become a Financial Clerk[About this section] [To Top]

Get the education you need: Find schools for Financial Clerks near you!

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.

Financial Clerk 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, require a 2- or 4-year college degree.

Financial Clerk 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 for Financial Clerks

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 for Financial Clerks

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.

Financial Clerk Salaries[About this section] [More salary/earnings info] [To Top]

The median annual wage for financial clerks is $37,040. 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 $25,200, and the highest 10 percent earned more than $56,360.

Median annual wages for financial clerks are as follows:

Brokerage clerks $48,180
Payroll and timekeeping clerks 41,000
Procurement clerks 40,600
Loan interviewers and clerks 37,710
Insurance claims and policy processing clerks 37,530
Credit authorizers, checkers, and clerks 35,280
Billing and posting clerks 35,050
New accounts clerks 34,880
Gaming cage workers 25,860

The median annual wages for financial clerks in the top industries in which they work are as follows:

Insurance carriers and related activities $37,710
Professional, scientific, and technical services 36,860
Credit intermediation and related activities 36,740
Healthcare and social assistance 35,190

Most financial clerks work full time.

Job Outlook for Financial Clerks[About this section] [To Top]

Employment of financial clerks is projected to grow 6 percent through 2024, about as fast as the average for all occupations. Projected employment change will vary by specialty as follows:

  • Employment of billing and posting clerks is projected to grow 13 percent. Job growth is anticipated to be particularly strong for those in medical billing because increased demand for healthcare services will require more of these workers.
  • Employment of loan interviewers and clerks is projected to grow 9 percent. Tighter lending standards and regulations will create demand for workers whose job is to verify the accuracy of loan applications. However, the use of online loan applications will somewhat reduce the need for these workers to conduct in-person interviews.
  • Employment of brokerage clerks is projected to grow 9 percent. The automation of securities transactions will lead to slower growth for these workers.
  • Employment of insurance claims and policy processing clerks is projected to grow 6 percent. These workers are heavily concentrated in the insurance industry; therefore, their job growth will be determined mainly by the performance of the insurance industry as a whole.
  • Employment of gaming cage workers is projected to grow 5 percent. Employment may grow as more state-owned casinos open and the private gaming industry expands.
  • Employment of payroll and timekeeping clerks is projected to decline 3 percent. The automation of this work and the use of computer software that allows employees to update and record their own payroll and timekeeping information will reduce demand for these workers.
  • Employment of credit authorizers, checkers, and clerks is projected to decline 6 percent. The availability of online credit reports will reduce the need for these workers.
  • Employment of procurement clerks is projected to decline 8 percent. The need for procurement clerks may be limited because of the increasing use of the Internet to place orders, a situation which means that fewer procurement clerks will be required to handle the same number of orders.
  • Employment of new accounts clerks is projected to decline 8 percent. There is less of a need for these workers because many customers can now open accounts online.

Financial Clerks Job Prospects

Job prospects for financial clerks are likely to be favorable, because many workers are expected to leave this occupation. Employers will need to hire new workers to replace those leaving the occupation.

Employment projections data for Financial Clerks, 2014-24
Occupational Title Employment, 2014 Projected Employment, 2024 Change, 2014-24
Percent Numeric
Financial clerks 1,426,500 1,515,900 6 89,300
  Billing and posting clerks 514,600 581,100 13 66,500
  Gaming cage workers 11,300 11,900 5 600
  Payroll and timekeeping clerks 172,800 166,900 -3 -5,900
  Procurement clerks 72,300 66,300 -8 -6,000
  Brokerage clerks 57,200 62,400 9 5,200
  Credit authorizers, checkers, and clerks 46,100 43,300 -6 -2,800
  Loan interviewers and clerks 213,800 232,300 9 18,500
  New accounts clerks 52,900 48,600 -8 -4,300
  Insurance claims and policy processing clerks 285,400 303,100 6 17,700


*Some content used by permission of the Bureau of Labor Statistics, U.S. Department of Labor.

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