1431-NOC

Banking, insurance and other financial clerks

(NOC 1434)
Annual Earnings
$49,846
Typical Education Background
Degree
Job Openings
(2022-2032)
950

Career Overview

Banking, insurance and other financial clerks:

  • Compile, process and maintain banking, insurance and other financial information
  • Work for banks, credit companies, private and public insurance establishments, investment firms and other financial establishments throughout the private and public sectors

Duties

Bank clerks:

  • Compile records of deposits, withdrawals, loan and mortgage payments, cheques and purchases
  • Process loan and mortgage applications and payments; retirement savings plan applications; term deposits; and draft and money orders
  • Check and balance automatic teller machine transactions, calculate interest payments, and notify customers regarding account discrepancies and stolen bank cards
  • Answer questions and provide information on banking products, policies and services
  • Sell drafts; money orders; traveller's cheques and foreign currency; rent safety deposit boxes; and open and close savings, chequing and other types of accounts

Insurance clerks:

  • Process enrolments, cancellations, claims transactions, policy changes and premium payments
  • Review insurance applications and check insurance coverage, premiums paid and other insurance information
  • Calculate insurance premiums, pension benefits and annuity payments
  • Compile and maintain claims data, rates and insurance data and records
  • Answer questions and provide information on insurance products, policies and services

Other financial clerks:

  • Compile and maintain rental, sale and other real estate listings
  • Compile and maintain stock, bond and other securities listings
  • Answer questions and reply to correspondence
  • Sort, check and process real estate, securities and other financial transactions

Earnings

Earnings is income that workers receive in exchange for their labour. Depending on the type of employment, earnings can be in the form of wages (hourly), salaries (fixed monthly or annual) or self-employed earnings.

Annual Earnings

$49,846

Provincial Hourly Rate

High$31.32/hr
Median$23.90/hr
Low$16.75/hr
Source: B.C. Labour Market Information Office, derived from 2022 Job Bank Wage data

Work Environment

# Workers Employed

2,700

% Employed Full Time

62%
Source: 2016 Census

Banking, insurance and other financial clerks typically work in banks and offices. While these individuals generally work regular daytime hours, some banks and insurance offices are open in the evenings.

Work involves long periods either sitting or standing in a small space, answering customer questions and using a computer. Extended time using a computer may cause muscle strain, eye strain and occasional headaches

Workers in this occupation conduct their work in a fast paced, ever-changing environment in which tasks need to be completed quickly and accurately either in-person or over the telephone. They process a high volume of customer requests and must provide excellent customer service, with great attention to detail.

Career Pathways

With experience, promotion to supervisory positions is possible and may be easier for those willing to relocate.

Occupational Interests

It’s important to understand what kinds of occupations align with your interests.

For more about occupational interests visit Skills for the Future Workforce > Characteristics.

Here are the top occupational interest(s) for this career profile:

Conventional
Conventional

Job Titles

Adjuster, foreign currency accounts
Administrator, pension
Attendant, vault
Clerk, actuarial
Clerk, ATM (automatic teller machine)
Clerk, credit application
Clerk, employee insurance
Clerk, financial
Clerk, financial accounts
Clerk, insurance
Officer, ledger control
Representative, accounts
Reviewer, insurance application

Education, Training and Skills

  • Workers must have a high school diploma or equivalent
  • Experience (1-5 years) working in financial services (fast-paced customer service oriented environments) is often expected
  • On-the-job training and short-term training courses or programs specific to the financial establishment are provided by the company
  • While not always required, a business college diploma or university degree (in finance or something similar) may be preferred
  • Strong computer skills, including the ability to type, as well as retail and cash handling experience are expected
  • While workers are not regulated in B.C., insurance clerks who hold the appropriate insurance license may have an advantage
  • Workers must be bondable, have basic security clearance, a confidential security clearance, as well as a criminal record check and high credit score

Education programs in B.C.

The following program areas are related to this occupation:

  • Business Administration/Management/Commerce
EducationPlannerBC Logo
Find out more information about programs offered specifically for this career.

Skills

Every job calls for a certain set of skills. Knowing those skills is the first step in finding a good career fit.

Here, you will find the 10 most relevant workplace skills. Some are more important to achieving success in a certain career than others. These skills may come naturally to you or you may need to gain them through education, training and experience.

See the list of work-related skills below, ranked in order of importance for this career. Check out the list and see if this career matches your skills—take that first step!

Active Listening

Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

74%
Speaking

Talking to others to share information effectively.

72%
Reading Comprehension

Understanding written sentences and paragraphs in work-related documents.

67%
Critical Thinking

Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

62%
Writing

Communicating effectively in writing as appropriate for the needs of the audience.

58%
Social Perceptiveness

Being aware of others’ reactions and understanding why they react as they do.

55%
Judgment and Decision-Making

Considering the relative costs and benefits of potential actions to choose the most appropriate one.

54%
Time Management

Managing one’s own time and the time of others.

54%
Service Orientation

Actively looking for ways to help people.

51%
Active Learning

Understanding how new information could be used to solve current and future problems in making decisions.

51%

Labour Market Statistics

Discover data, facts and information that have been gathered and analyzed. Learn about the characteristics of the economy and labour market in B.C.

Employment

Find out about employment types and trends by region and industry.

Employment

2,700
Source: 2016 Census

Employment by Region

Map of BC Map of Cariboo region Map of Kootenay region Map of Mainland/Southwest region Map of North Coast and Nechako region Map of Northeast region Map of Thompson-Okanagan region Map of Vancouver Island/Coast region
Cariboo
Kootenay
Mainland/Southwest
North Coast and Nechako
Northeast
Thompson-Okanagan
Vancouver Island/Coast
Map label line
Map label line
Map label line
Map label line
Map label line
Map label line
Map label line
Region Employment (2022) % Employment of this Occupation
Cariboo 50 1.7%
Kootenay 40 0.9%
Mainland/Southwest 2,440 78.0%
North Coast and Nechako N/A 0.4%
Northeast N/A 0.7%
Thompson-Okanagan 300 7.8%
Vancouver Island/Coast 300 10.6%
Source: 2016 Census and B.C. Labour Market Outlook

Labour Market Outlook

The B.C. Labour Market Outlook is a 10-year forecast of the expected supply and demand for labour in the province. It’s usually updated every year. The purpose is to provide British Columbians with the knowledge to make informed decisions on careers, skills training, education and hiring.

Forecasted Job Openings (2022-2032)

950
Source: B.C. Labour Market Outlook

Forecasted Job Openings

Forecasted Employment Growth Rate

Composition of Job Openings

Source: B.C. Labour Market Outlook

Job Openings by Region (2022-2032)

Map of BC Map of Cariboo region Map of Kootenay region Map of Mainland/Southwest region Map of North Coast and Nechako region Map of Northeast region Map of Thompson-Okanagan region Map of Vancouver Island/Coast region
Cariboo
Kootenay
Mainland/Southwest
North Coast and Nechako
Northeast
Thompson-Okanagan
Vancouver Island/Coast
Map label line
Map label line
Map label line
Map label line
Map label line
Map label line
Map label line
Region Job Openings Avg. Annual Employment Growth
Cariboo 0 1.8%
Kootenay 0 0.0%
Mainland/Southwest 780 0.8%
North Coast and Nechako N/A N/A
Northeast N/A N/A
Thompson-Okanagan 50 0.6%
Vancouver Island/Coast 100 1.0%
N/A: Data is not available for this region.
Source: B.C. Labour Market Outlook

Industry Highlights

Learn about the opportunities in B.C.'s major industries, including employment trends, earning potential, locations of work and more.

Forecasted Job Openings by Industry

IndustryJob Openings (2022-2032)
Finance, insurance and real estate50,900
Public Administration49,200
Manufacturing49,200
Wholesale Trade33,100
Retail Trade115,500
For additional industry information, visit the Industry Profiles page.
Source: 2016 Census and B.C. Labour Market Outlook

Resources

Resource information is currently not available.