Banking, insurance and other financial clerks (NOC 1434)

About this job

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
Common job titles
  • adjuster, foreign currency accounts
  • administrator, pension
  • attendant, vault
  • clerk, financial
  • clerk, financial accounts
  • clerk, insurance
  • adjuster, foreign currency accounts
  • administrator, pension
  • attendant, vault
  • clerk, actuarial
  • clerk, ATM (automatic teller machine)
  • clerk, credit application

Earnings

Annual provincial median salary

$40,106

Source: 2016 Job Bank Wage data

Note:Estimated median employment income based on 2016 Job Bank median hourly wage rate (median annual salary = hourly wage rate x 40 (hours per week) x 52.14 (weeks per year))

Provincial hourly rate

  • High
  • Median
  • Low

Source: 2016 Job Bank Wage Report

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

Work environment

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.

Job requirements

Education, training & qualifications

  • 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

Skills

  • Clerical Ability
  • Numerical Ability
  • Detail-Oriented
  • Finger Dexterity
View skills definitions

Education programs in B.C.

The following program areas are related to this occupation:
  • Business Administration/Management/Commerce

For more information about programs offered specifically for this career, visit EducationPlannerBC.

Select a region to view regional outlook
Vancouver Island / Coast Mainland / Southwest Thompson-Okanagan Kootenay Cariboo Northeast North Coast & Nechako
Cariboo
Employment in 2016:
80
Average annual employment growth:
N/A
Expected number of job openings:
N/A
Kootenay
Employment in 2016:
0
Average annual employment growth:
N/A
Expected number of job openings:
N/A
Mainland / Southwest
Employment in 2016:
2,530
Average annual employment growth:
1.0%
Expected number of job openings:
920
North Coast & Nechako
Employment in 2016:
0
Average annual employment growth:
N/A
Expected number of job openings:
N/A
Northeast
Employment in 2016:
0
Average annual employment growth:
N/A
Expected number of job openings:
N/A
Thompson-Okanagan
Employment in 2016:
210
Average annual employment growth:
0.9%
Expected number of job openings:
70
Vancouver Island / Coast
Employment in 2016:
470
Average annual employment growth:
1.4%
Expected number of job openings:
170

N/A - Data not available

Source: B.C. Labour Market Outlook

Career paths and resources

Career paths

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

Additional resources

Additional resources are not currently available for this career.