Banking, Insurance, and Other Financial Clerks
(NOC 1434)
in All Business, Finance, and AdministrationBanking, insurance and other financial clerks compile, process, and maintain banking, insurance and other financial information. They are employed by banks, credit companies, private and public insurance establishments, investment firms and other financial establishments throughout the private and public sectors.
Job Outlook
Average
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Compared to: All Business, Finance, and Administration
The employment outlook over the next few years for this occupational group is “average”, which indicates the chances of a qualified individual finding work is comparable to the average for all occupations in Nova Scotia. This is a moderate sized occupation in Nova Scotia so some job opportunities may occur through turnover. The number employed in this occupation is expected to decline moderately over the next few years, which will likely limit the number of new opportunities available. With a large percent of workers being 55 years of age and older, retirements are expected to be a key contributor to employment opportunities over the coming years. Banking, Insurance, and Other Financial Clerks most commonly work full-time hours. Furthermore, the jobs are typically permanent positions.
The median employment income for 61% of Banking, Insurance, and Other Financial Clerks who worked full-time, year-round in 2015 was $43,194. Across all occupations in Nova Scotia, 59% of those who worked full-time year round had a median employment income of $43,600.
(Source: 2016 Census)
Hourly Pay
$14.00
Minimum$20.79
Median$27.47
MaximumAnnual Pay
$13,052
Minimum$38,614
Median$77,759
MaximumCompared to: All Business, Finance, and Administration
Hourly Pay
$13.00
Minimum$21.03
Median$35.90
MaximumAnnual Pay
$6,754
Minimum$36,515
Median$70,271
MaximumAbout the job
Nature of work
Banking, insurance and other financial clerks compile, process, and maintain banking, insurance and other financial information. They are employed by banks, credit companies, private and public insurance establishments, investment firms and other financial establishments throughout the private and public sectors.
Job duties
Bank clerks perform some or all of the following duties:
- Compile records of deposits, withdrawals, loan and mortgage payments, cheques and purchase, sale and exchange of securities.
- Process loan and mortgage applications, loan and mortgage payments, retirement savings plan applications, term deposits, drafts and money orders.
- Verify and balance automatic teller machine transactions and ledger entries, calculate service charges and interest payments and notify customers regarding account discrepancies and captured bank cards.
- Answer enquiries and provide information on banking products, policies and services.
- May sell drafts, money orders, travellers' cheques and foreign currency, rent safety deposit boxes and open and close savings, chequing and other accounts.
Insurance clerks perform some or all of the following duties:
- Process enrolments, cancellations, claims transactions, policy changes and premium payments.
- Review insurance applications and verify 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 enquiries and provide information on insurance products, policies and services.
Other financial clerks perform some or all of the following duties:
- Compile and maintain rental, sale and other real estate listings.
- Compile and maintain stock, bond and other securities listings.
- Sort, verify and process real estate, securities and other financial transactions.
- Answer enquiries and reply to correspondence.
Sample job titles
- accounts representative - financial sector
- bank clerk
- claims clerk - insurance
- insurance clerk
- loan clerk
- mortgage clerk
- pension administrator - insurance company
- property clerk
- real estate clerk
- securities clerk
Skills
Good communication and interpersonal skills are important, along with a willingness to learn and adapt to continually changing equipment and software. Basic mathematical skills are required, and you should be comfortable handling basic financial transactions. Your work must be accurate and you should enjoy repetitive tasks. Familiarity with computer software and other office equipment is needed. You should also be cooperative and able to work as part of a team.
Job requirements
- Completion of high school is required.
- A business college diploma may be required.
- On-the-job training and short-term training courses or programs specific to the financial establishment are usually required.
Other considerations
Progression to supervisory positions is possible with experience.
By the numbers
Quick look
employed in 2016
employed full-time
self employed
median age
Compared to: All Business, Finance, and Administration
employed in 2016
employed full-time
self employed
median age
Where will I likely work?
Halifax
Annapolis Valley
Northern
Southern
Cape Breton
Compared to: All NS Occupations
Halifax
Northern
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Finance, Insurance, Real Estate & Leasing
Public Administration
Management, Admin & Other Support
Food and Beverage Product Manufacturing
Motor Vehicle, Body, Trailer & Parts Manufacturing
What is the age of Employment?
55-64
35-44
25-34
45-54
15-24
65+
Compared to: All Business, Finance, and Administration
45-54
55-64
35-44
65+
25-34
Top levels of education
College certificate or diploma
$42,523 median annual incomeBachelor's degree
$47,462 median annual incomeHigh school
$39,864 median annual incomeTrades certificate
$43,643 median annual incomeDoctorate
N/ACompared to: All Business, Finance, and Administration
College certificate or diploma
$33,837 median annual incomeHigh school
$30,074 median annual incomeBachelor's degree
$39,473 median annual incomeTrades certificate
$32,871 median annual incomeLess than high school
$23,775 median annual incomeEducation & training
Adult high school/secondary diploma programs
This program is typically offered at the high school level.The Nova Scotia School for Adult Learning (NSSAL) administers, coordinates, and supports the development and delivery of adult education programs through learning partners in Nova Scotia. Our learning partners include the Nova Scotia Community College, Adult High Schools, Université Sainte-Anne, and community-based learning organizations that offer tuition-free programming across the province. NSSAL offers clear, accessible pathways from adult basic education to a high school credential or GED, empowering Nova Scotians to achieve their learning and employment goals.
Institutions providing this program
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
PO Box 220
Halifax, NS B3J 2M4
(866) 679-6722
Various, NS
Various, NS
Business administration and management - General
This program may be offered at the college, trades, or university level.This instructional program class includes any program that generally prepares individuals to plan, organize, direct, and control the functions and processes of a firm or organization. These programs include courses in management theory, human resources management and behaviour, accounting and other quantitative methods, purchasing and logistics, organization and production, marketing, and business decision-making.
Institutions providing this program
45 Ochterloney Street, Suite 100
Dartmouth, NS B2Y 2N6
(902) 463-6700
6960 Mumford Road, Suite 155-1st Floor Mumford Professional Centre
Halifax, NS B3L 4P1
(902) 455-3395
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
166 Bedford Highway
Halifax, NS B3M 2J6
(902) 457-6117
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
PO Box 5000
Antigonish, NS B2G 2W5
(902) 867-2219
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
PO Box 550, 1 Main Street
Springhill, NS B0M 1X0
(902) 597-3737
372 Pleasant Street
Yarmouth, NS B5A 2L2
(902) 742-3501
236 Belcher Street
Kentville, NS B4N 0A6
(902) 678-7341
75 High Street
Bridgewater, NS B4V 1V8
(902) 543-4608
PO Box 820, 39 Acadia Avenue
Stellarton, NS B0K 1S0
(902) 752-2002
226 Reeves Street
Port Hawkesbury, NS B9A 2A2
(902) 625-2380
PO Box 1042, 1240 Grand Lake Road
Sydney, NS B1P 6J7
(902) 563-2450
36 Arthur Street
Truro, NS B2N 1X5
(902) 893-5385
80 Mawiomi Place
Dartmouth, NS B2Y 0A5
(902) 491-1100
Unit 37, 115 Chain Lake Drive
Halifax, NS B3S 1B3
(877) 491-6774
Business/commerce - General
This program may be offered at the college, trades, or university level.This instructional program class includes any program that focuses on the general study of business, including the processes of interchanging goods and services (buying, selling and producing), business organization, and accounting as used in profit-making and non-profit public and private institutions and agencies. The program prepares individuals to apply business principles and techniques in various occupational settings.
Institutions providing this program
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
General office occupations and clerical services
This program may be offered at the college, trades, or university level.This instructional program class includes any program that prepares individuals to provide basic administrative support under the supervision of office managers, administrative assistants, secretaries, and other office personnel. These programs include courses in typing, keyboarding, filing, general business correspondence, office equipment operation, and communications skills.
Institutions providing this program
6960 Mumford Road, Suite 155-1st Floor Mumford Professional Centre
Halifax, NS B3L 4P1
(902) 455-3395
222 George Street, Suite C
Sydney, NS B1P 1J3
(866) 446-5898
Employment requirements & contacts
No regulating bodies were found under this occupation profile
Contacts
Additional resources
There are no additional resources for this occupation.