### Bureau of Labor Statistics U.S. Bureau of Labor Statistics

Financial Clerks Summary
                        
            
                                                        
                                                                
                        
            
            
            
                            
                                                
                                                
                                                
                                                
            									
							
				                                                
                                            




            			financial clerks imageFinancial clerks provide customer service and maintain financial records.							
						Quick Facts:     Financial Clerks2023     Median Pay
            						$47,070     per year
										$22.63     per hourTypical Entry-Level Education
                                    High school diploma or equivalentWork Experience in a Related Occupation
                                    NoneOn-the-job Training
                                    See How to Become OneNumber of Jobs, 2022
                                    1,312,000Job Outlook, 2022-32
                                    -4% (Decline)Employment Change, 2022-32
                                    -54,900What 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 $47,070 in May 2023.									                                					
						
            
                        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 
            

			Financial clerksFinancial 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 transactionsFinancial 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 clerksThe 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
                456,300Insurance claims and policy processing clerks
                259,000Loan interviewers and clerks
                247,100Payroll and timekeeping clerks
                165,400Procurement clerks
                65,300New accounts clerks
                46,600Brokerage clerks
                43,700Credit authorizers, checkers, and clerks
                16,400Gambling cage workers
                12,200The largest employers of financial clerks were as follows:
        Credit intermediation and related activities
                21%Insurance carriers and related activities
                19Healthcare and social assistance
                18Professional, scientific, and technical services
                8Administrative and support services
                6Financial 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 clerksA 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 ClerksMedian annual wages, May 2023Total, all occupations$48,060  Financial clerks$47,070  Office and administrative support occupations$44,480Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics
 

	
	



		
	
	
	
The median annual wage for financial clerks was $47,070 in May 2023. 


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 $34,870, and the highest 10 percent earned more than $66,450.

			
                    	Median annual wages for financial clerks in May 2023 were as follows:
        Brokerage clerks
		$60,150Payroll and timekeeping clerks
		52,240Credit authorizers, checkers, and clerks
		48,000Loan interviewers and clerks
		47,380Insurance claims and policy processing clerks
		46,900Procurement clerks
		46,670Billing and posting clerks
		45,590New accounts clerks
		44,630Gambling cage workers
		36,110In May 2023, the median annual wages for financial clerks in the top industries in which they worked were as follows:	
        Insurance carriers and related activities
                $47,540Credit intermediation and related activities
                47,140Professional, scientific, and technical services
                46,540Administrative and support services
                45,460Healthcare and social assistance
                45,290Most financial clerks work full time.
 Job Outlook

   
        
    
          
        
    
                Financial ClerksPercent change in employment, projected 2022-32Total, all occupations3%  Financial clerks-4%  Office and administrative support occupations-6%Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Employment Projections program
            
            
			 
	
	
	

			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 IndustryPercent
                        NumericSOURCE: 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 **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 OES data maps for employment and wages by state and area. 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 **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
                2023     MEDIAN PAY**Bill and Account Collectors**
            Bill and account collectors try to recover payment on overdue bills.
            High school diploma or equivalent
            $44,250**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
            $47,440**Gambling Services Workers**
            Gambling services workers serve customers in gambling establishments, such as casinos or racetracks.
            High school diploma or equivalent
            $34,380**Information Clerks**
            Information clerks perform routine clerical duties, maintain records, collect data, and provide information to customers.
            See How to Become One
            $40,540**Tellers**
            Tellers are responsible for accurately processing routine transactions at a bank.
            High school diploma or equivalent
            $37,640**Secretaries and Administrative Assistants**
            Secretaries and administrative assistants do routine clerical and organizational tasks.
            High school diploma or equivalent
            $46,010**Medical Records Specialists**
            Medical records specialists compile, process, and maintain patient files.
            Postsecondary nondegree award
            $48,780
 Contacts for More Information
								
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 ClerksBrokerage ClerksCredit Authorizers, Checkers, and ClerksGambling Cage WorkersInsurance Claims and Policy Processing ClerksLoan Interviewers and ClerksNew Accounts ClerksPayroll and Timekeeping ClerksProcurement 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 *May 21, 2024*).
 **Last Modified Date:**
                        Wednesday, April 17, 2024


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