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Banking, Insurance and Other Financial Clerks

What they do?

Bank clerks perform some or all of the following duties:

A. Calculate insurance premiums, pension benefits and annuity payments

B. Compile and maintain claims data, rates and insurance data and records

C. Answer enquiries and provide information on insurance products, policies and services.

Other financial clerks in this unit group perform some or all of the following duties:

A. Compile and maintain rental, sale and other real estate listings

B. Compile and maintain stock, bond and other securities listings

C. Sort, verify and process real estate, securities and other financial transactions

D. Answer enquiries and reply to correspondence.

E. Compile records of deposits, withdrawals, loan and mortgage payments, cheques and purchase, sale and exchange of securities

F. Process loan and mortgage applications, loan and mortgage payments, retirement savings plan applications, term deposits, drafts and money orders

G. 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

H. Answer enquiries and provide information on banking products, policies and services

I. 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:

A. Process enrolments, cancellations, claims transactions, policy changes and premium payments

B. Review insurance applications and verify insurance coverage, premiums paid and other insurance information

Where they find work?

1. Finance and insurance - 91.0%
2. Public administration - 2.0%

What education do I need?

1. In general, you need a high school diploma and may need a business college diploma.

2. You usually receive on-the-job training and short-term training courses specific to the financial establishment.

3. With experience, you may move up the ranks to become a supervisor.

4. Most recent entrants have an undergraduate universty degree, and almost 2 in 5 have a community college diploma.

High School Subject that will help:

1. Math
2. Computer Basics - Word and Excel
3. English
4. Business

What can you expect to make:

The average hourly wages for Banking, Insurance and Other Financial Clerks is $15.72/HR, which is close to the average for occupations in the business, finance and administration sector and are close to the average for all intermediate occupations. These wages grew at a below-average rate from 2002 to 2004.

Average Wage

Banking, Insurance and Other Financial Clerks wages

Expected Wage by Age

Banking, Insurance and Other Financial Clerks Wage By Age

Unemployment:

3% of Banking, Insurance and Other Financial Clerks are unemployed. This rate is below the average for intermediate occupations.

Unemployment

Banking, Insurance and Other Financial Clerks Unemployment

Trends in Unemployment

Banking, Insurance and Other Financial Clerks Trends in Unemployment

Current Job Outlook:

The job outlook for Banking, Insurance and Other Financial Clerks is considered Average because:

1. Employment grew at an above-average rate.

2. Hourly wages ($15.72) are close to the average ($18.07), and the rate of wage growth is below average.

3. The unemployment rate (3%) is close to the 2004 average (7%).

Future Job Prospects:

Your job outlook will continue to be Average because:

1. The employment growth rate will likely be average because job gains from more financial transactions should be partially balanced by job losses related to improvements in technology that allow employers to do more with fewer workers.

2. Although the retirement rate will likely be average, the number of retiring workers should contribute to job openings.

3. The number of job seekers will likely match the number of job openings.

Highest Concetration:

The highest concentrations (per 10,000 people) of Banking, Insurance and Other Financial Clerks are found in Ontario and Quebec while the lowest concentrations are in Nova Scotia and Newfoundland.

Unionization Rate:

The unionization rate (14%) is below the average (32%) for all occupations.

Useful Experience:

1. Communication skills

2. Customer service

3. Computer literacy

Part Time Workers

Banking, Insurance and Other Financial Clerks Part Time Workers

Part time workers:


12% of Banking, Insurance and Other Financial Clerks are employed only on a part-time basis. There were 50,800 workers employed in these occupations in 2004, an increase of 24% since 1997.

Age Demographics

Banking, Insurance and Other Financial Clerks Age Demographics

Age Demographics:


The retirement rate to 2009 will likely be average influenced by a similar-to-average age of workers (39).

Self Employed

Banking, Insurance and Other Financial Clerks Self Employed

Self Employed:


Roughly 0% of Banking, Insurance and Other Financial Clerks are self-employed. This is considered Below average for the industry as a whole.

Men vs Women

Banking, Insurance and Other Financial Clerks Men vs Women

Men vs Women:


91% of the individuals employed as Banking, Insurance and Other Financial Clerks are women. Compared to other industries, this is Above average.