Banking, Insurance, and Other Financial Clerks

(NOC 1434)

in All Business, Finance, and Administration

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 Outlook

Average

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  • Estimate Decline sharply employment change, 2019-2021
  • Estimate -40 openings due to growth and retirements, 2018-2020
  • Estimate Low rate of unemployment in 2019

Compared to: All Business, Finance, and Administration

  • Estimate -1305 employment change, 2019-2021
  • Estimate 4210 openings due to growth and retirements, 2018-2020
  • Estimate rate of unemployment not available for these occupation.

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 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.

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

$19.49

Median

$23.08

Maximum

Annual Pay

$13,052

Minimum

$38,614

Median

$77,759

Maximum

Compared to: All Business, Finance, and Administration

Hourly Pay

$14.00

Minimum

$27.85

Median

$38.46

Maximum

Annual Pay

$6,754

Minimum

$36,515

Median

$70,271

Maximum

About 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

555

employed in 2016

86.5%

employed full-time

0.0%

self employed

70.3%
Icons/female Created with Sketch.
29.7%
Icons/male Created with Sketch.
38.1

median age

Compared to: All Business, Finance, and Administration

63,775

employed in 2016

78.4%

employed full-time

6.6%

self employed

73.4%
Icons/female Created with Sketch.
26.6%
Icons/male Created with Sketch.
47.9

median age

Where will I likely work?

77.3%

Halifax

8.2%

Annapolis Valley

6.4%

North Shore

4.5%

Southern

3.6%

Cape Breton

Compared to: All NS Occupations

47.0%

Halifax

15.6%

North Shore

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

75.0%

Finance and insurance

7.0%

Public administration

4.0%

Administrative and support, waste management and remediation services

4.0%

Real estate and rental and leasing

3.0%

Professional, scientific and technical services

What is the age of Employment?

32.0%

35-44

26.0%

25-34

16.0%

45-54

11.0%

55-64

10.0%

15-24

5.0%

65+

Compared to: All Business, Finance, and Administration

26.3%

45-54

22.6%

55-64

19.4%

35-44

16.7%

25-34

7.5%

65+

Top levels of education

31.5%

Bachelor

$43,690 median annual income
30.6%

College Diploma

$35,505 median annual income
23.4%

High school

$36,517 median annual income
5.4%

Master

N/A
3.6%

Apprenticeship

N/A

Compared to: All Business, Finance, and Administration

33.8%

College Diploma

$36,304 median annual income
23.8%

High school

$32,903 median annual income
22.8%

Bachelor

$41,755 median annual income
5.8%

Apprenticeship

$34,807 median annual income
4.9%

Less than high school

$23,174 median annual income

Education & training

Adult High School Siploma or Equivalent

High School Program

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

Universite Sainte-Anne

Pointe-de-l'Église, NS

Nova Scotia Community College - Adult Learning

Various, NS

Adult High Schools

Various, NS

Community Learning Organizations

Various, NS

Banking and Financial Support Services

College or University Program

These 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

Dalhousie University

Halifax, NS

Business Administration and Management

College, Trades, or University Program

These 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

Maritime Business College

Lower Sackville, NS

Academy of Learning Career College - Halifax

Halifax, NS

Acadia University

Wolfville, NS

Dalhousie University

Halifax, NS

Mount Saint Vincent University

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Dalhousie University Faculty of Agriculture

Truro, NS

Nova Scotia Community College - Annapolis Valley Campus

Middleton, NS

Nova Scotia Community College - Cumberland Campus

Springhill, NS

Nova Scotia Community College - Burridge Campus

Yarmouth, NS

Nova Scotia Community College - Kingstec Campus

Kentville, NS

Nova Scotia Community College - Lunenburg Campus

Bridgewater, NS

Nova Scotia Community College - Pictou Campus & School of Fisheries

Stellarton, NS

Nova Scotia Community College - Strait Area Campus & Nautical Institute

Port Hawkesbury, NS

Nova Scotia Community College - Marconi Campus

Sydney, NS

Nova Scotia Community College - Truro Campus

Truro, NS

Nova Scotia Community College - Ivany Campus

Dartmouth, NS

Nova Scotia Community College - Online Learning

Various, NS

Business/Commerce

College, Trades, or University Program

These 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

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

Saint Mary's University

Halifax, NS

Employment requirements & contacts

No regulating bodies were found under this occupation profile

Contacts

Association of Administrative Professionals
Halifax, NS

Additional resources

There are no additional resources for this occupation.