Financial clerks work in a wide range of industries, including healthcare, insurance, government, recreation and banking. Generally, they perform clerical and administrative functions such as customer service and recordkeeping, in addition to conducting financial transactions.
A financial clerk’s specific job duties depend upon the work environment. For example, posting and billing clerks may produce bills, compute fees, assess sales and purchase orders, and apprise customers and vendors of account updates.
Brokerage clerks, meanwhile, write orders for the sale and purchase of stocks and shares, calculate applicable taxes and fees, issue dividends and record transactions. Payroll clerks record and verify employee hours and pay, and loan clerks verify financial and other information for loan applications.
In wholesale and manufacturing settings, procurement clerks track inventory and customer orders, and help ensure the timely delivery of purchased goods.
Job Outlook and Salary Range for Financial Clerks
According to the U.S. Bureau of Labor Statistics (BLS), there were over 1.4 million financial clerks employed nationwide as of May 2014, with billing and posting clerks accounting for more than one-third of those workers, followed by insurance claim and policy processing clerks, then loan interviewers and clerks.
Those three positions make up 68% of the 1.4 million financial clerks.
Job growth overall is projected to be 6% for financial clerks through 2024, according to the BLS, but segments will grow at different rates.
For example, employment of posting and billing clerks should increase by 13%, with a strong healthcare industry pushing demand for medical billing services, the BLS reports.
Jobs for insurance claim and processing clerks are expected to grow 6% and will depend on growth in the insurance industry, the BLS said.
The median pay for financial clerks overall in May 2016 was $38,080 with the top 10% earning $58,320 a year, the BLS said.
Like employment prospects, salary potential typically varies based on a candidate’s work history and level of education. Local market conditions also are a factor.
Education and Training for Financial Clerks
A successful financial clerk should have strong math, communication and organizational skills, since duties entail calculating charges, handling multiple accounts and explaining procedures to clients and co-workers.
Employers, particularly those in the brokerage industry, may require financial clerk applicants to have a bachelor’s degree in a business- or accounting-related field. For other positions, an associate’s degree may be a minimum educational requirement.
On-the-job training is common for most financial clerks, the BLS reports.