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Customer Service Representatives - Financial Services

What they do?

Customer service representatives in this unit group perform some or all of the following duties:

A. Process customer cash deposits and withdrawals, cheques, transfers, bills, credit card payments, money orders, certified cheques and other related banking transactions

B. Obtain and process information required for the provision of services, such as opening accounts and savings plans and purchasing bonds

C. Sell travellers' cheques, foreign currency and money orders

D. Balance daily transactions using computer programs, calculators and adding machines

E. Sort and file deposit slips and cheques

F. Prepare customer statements and other correspondence for mailing

G. Answer enquiries and resolve problems or discrepancies concerning customers' accounts.

Where they find work?

1. Finance and insurance - 95.0%

What education do I need?

1. You must have a high school diploma.

2. You may also need a business college diploma as well as on-the-job training.

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

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

High School Subject that will help:

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

What can you expect to make:

The average hourly wages for Customer Service Representatives - Financial Services is $13.85/HR, which is below average for occupations in the business, finance and administration sector and are close to the average for all intermediate occupations. These wages grew at an average rate from 2002 to 2004.

Average Wage

Customer Service Representatives - Financial Services wages

Expected Wage by Age

Customer Service Representatives - Financial Services Wage By Age

Unemployment:

3% of Customer Service Representatives - Financial Services are unemployed. This rate is below the average for intermediate occupations.

Unemployment

Customer Service Representatives - Financial Services Unemployment

Trends in Unemployment

Customer Service Representatives - Financial Services Trends in Unemployment

Current Job Outlook:

The job outlook for Customer Service Representatives - Financial Services is considered Average because:

1. Employment grew at an average rate.

2. Hourly wages ($13.85) are below the average ($18.07), and the rate of wage growth is close to the 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 Customer Service Representatives - Financial Services are found in Ontario and Saskatchewan while the lowest concentrations are in Prince Edward Island 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

Customer Service Representatives - Financial Services Part Time Workers

Part time workers:


35% of Customer Service Representatives - Financial Services are employed only on a part-time basis. There were 93,000 workers employed in these occupations in 2004, an increase of 1% since 1997.

Age Demographics

Customer Service Representatives - Financial Services Age Demographics

Age Demographics:


The relatively high percentage of younger workers suggests more entry-level positions and jobs that may serve as stepping stones in a career. The retirement rate to 2009 will likely be average influenced by a similar-to-average age of workers (39).

Self Employed

Customer Service Representatives - Financial Services Self Employed

Self Employed:


Roughly 0% of Customer Service Representatives - Financial Services are self-employed. This is considered Below average for the industry as a whole.

Men vs Women

Customer Service Representatives - Financial Services Men vs Women

Men vs Women:


85% of the individuals employed as Customer Service Representatives - Financial Services are women. Compared to other industries, this is Above average.