Financial clerks govern many different financial transactions in businesses by keeping track of a company’s money and interacting with customers. These individuals primarily perform administrative work for banking, insurance, and other companies. They keep records, help customers, and carry out financial transactions.
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A vast number of industries exist within the financial clerk field. Financial clerks at a bank might help a customer to deposit a large sum of money or to figure out which type of account would best suit a particular customer. At an insurance company, financial clerks could keep files of payments that have come in and of payments that are still due.
Billing and posting clerks figure out how much customers owe and send bills out to the customer, whereas procurement clerks keep track of the supplies and purchases while also dealing with questions about orders. Gaming cage clerks play a role in managing money at casinos, and new accounts clerks discuss and interview individuals who are interested in opening new accounts at a bank or other type of financial institution. Other roles in this field include payroll and timekeeping clerks, credit authorizers, checkers and clerks, loan interviewers and insurance claims, and policy processing clerks.
The work environment varies depending on the specific job. A busy bank is going to require a person who is ready to work at all times, while a small insurance company with a few clients might have some part-time openings. The handbook notes that many financial clerk jobs are standard office jobs; however, gaming clerks could have hours at any time since casinos are generally open 24 hours per day.
In 2010, most of the jobs in this field were full-time; however, 16 percent of jobs in the billing and posting clerk industry were part-time. In the same year, there were approximately 1.4 million employed financial clerks. Additionally, 18 percent worked in credit mediation services, 18 percent were insurance carriers or in similar occupations, 11 percent were ambulatory health care services, and 7 percent were in the professional, scientific, and technical services field. Together, these fields account for more than half of the entire industry.
As for the future of this industry, Student Scholarships reports that jobs will continue to grow at an average rate. Reasons cited for this level of growth include the fact that there will be an average amount of retirement providing jobs for new workers, and the number of people looking for jobs will probably match the number of open jobs. Furthermore, there is a high turnover rate in this field as noted by the University of Missouri-St. Louis.