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 work for banks, credit companies, private and public insurance organizations, investment firms and other financial organizations 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 significantly over the next few years, which will limit the number of new opportunities available. With a moderate percent of workers being 55 years of age and older, retirements are expected to contribute somewhat 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 59% 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
$14.25
Minimum$18.52
Median$31.28
MaximumAnnual Pay
$13,052
Minimum$38,614
Median$77,759
MaximumCompared to: All Business, Finance, and Administration
Hourly Pay
$14.00
Minimum$27.85
Median$38.46
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 work for banks, credit companies, private and public insurance organizations, investment firms and other financial organizations throughout the private and public sectors.
Job duties
Bank clerks:
- 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 questions 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:
- 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 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.
- Sort, verify and process real estate, securities and other financial transactions.
- Answer questions 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
- 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 institution are usually required.
Other considerations
- Movement 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
$39,166 median annual incomeAnnapolis Valley
$36,894 median annual incomeNorth Shore
$23,095 median annual incomeSouthern
N/ACape Breton
N/ACompared to: All NS Occupations
Halifax
North Shore
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Finance and insurance
Public administration
Real estate and rental and leasing
Administrative and support, waste management and remediation services
Professional, scientific and technical services
What is the age of Employment?
35-44
25-34
45-54
55-64
15-24
65+
Compared to: All Business, Finance, and Administration
45-54
55-64
35-44
25-34
65+
Top levels of education
Bachelor
$43,690 median annual incomeCollege Diploma
$35,505 median annual incomeHigh school
$36,517 median annual incomeMaster
N/ATrade Certification
N/ACompared to: All Business, Finance, and Administration
College Diploma
$36,304 median annual incomeHigh school
$32,903 median annual incomeBachelor
$41,755 median annual incomeTrade Certification
$34,807 median annual incomeLess than high school
$23,174 median annual incomeEducation & training
Banking and Financial Support Services
College or University ProgramThese programs prepare students to work in a wide variety of customer services in banks, insurance agencies, savings and loan companies, and related enterprises. They include courses in communications and public relations skills, business equipment operation, and technical skills applicable to the methods and operations of specific financial or insurance services.
Institutions providing this program
Business Administration and Management
College, Trades, or University ProgramThese programs prepare students to plan, organize, direct, and control the functions and processes of a firm or organization. They 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
Lower Sackville, NS
Halifax, NS
Wolfville, NS
Sydney, NS
Truro, NS
Various, NS
Business/Commerce
College, Trades, or University ProgramThese programs focus 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. They prepare students to apply business principles and techniques in various occupational settings.
Institutions providing this program
High School Diploma or Equivalent
High School ProgramAdults without a high school diploma can contact the Nova Scotia School for Adult Learning (NSSAL) for tuition-free programming across the province. NSSAL oversees adult education programs in Nova Scotia. NSSAL partners with the Nova Scotia Community College, Adult High Schools, Université Sainte-Anne, and community-based learning organizations to deliver programs. NSSAL offers clear, accessible pathways from adult basic education to a high school credential or GED.
Institutions providing this program
Various, NS
Various, NS
Various, NS
Employment requirements & contacts
No regulating bodies were found under this occupation profile
Contacts
Additional resources
There are no additional resources for this occupation.