Financial Clerks

Financial Clerks

Financial clerks keep and update financial records.

Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out financial transactions.

Duties

Financial clerks typically do the following:

·         Keep and update financial records

·         Compute bills and charges

·         Offer customer assistance

·         Carry out financial transactions

Financial clerks give administrative and clerical support in financial settings. Their specific job duties vary by specialty and by setting.

Billing and posting clerks calculate charges, develop bills, and prepare them to be mailed to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to compute fees or charges due. They also contact customers to get or give account information.

Gaming cage workers work in casinos and other gaming establishments. The “cage” in which they work is the central depository for money and gaming chips. Gaming cage workers sell gambling chips, tokens, or tickets to patrons. They count funds and reconcile daily summaries of transactions to balance books.

Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance; hours worked, and pay adjustments. They ensure that employees are paid on time and that their paychecks are accurate.

Procurement clerks compile requests for materials, prepare purchase orders, keep track of purchases and supplies, and handle questions about orders. They respond to questions from customers and suppliers about the status of orders. They handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the purchaser's specifications.

Brokerage clerks help with tasks about securities such as stocks, bonds, commodities, and other kinds of investments. Their duties include writing orders for stock purchases and sales, computing transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and keeping records of daily transactions and holdings.

Credit authorizers, checkers, and clerks review the credit history and get the information needed to determine the creditworthiness of individuals or businesses applying for credit. Credit authorizers evaluate customers' computerized credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers call or write credit departments of business and service establishments to get information about applicants' credit standing.

Loan interviewers, also called loan processors or loan clerks, interview applicants and others to get and verify personal and financial information needed to complete loan applications. They also prepare the documents that go to the appraiser and are issued at the closing of a loan.

New accounts clerks interview people who want to open accounts in financial institutions. They explain the account services available to prospective customers and help them fill out applications. They also investigate and correct errors in accounts.

Insurance claims and policy processing clerks process applications for insurance policies. They also handle customers' requests to change or cancel their existing policies. Their duties include interviewing clients and reviewing insurance applications to ensure that all questions have been answered. They also notify insurance agents and accounting departments of policy cancellations or changes.

Work Environment

The vast majority of financial clerks work full time.

Financial clerks work in a variety of office settings, including bank branches, medical offices, and government agencies. The industries that employed the most financial clerks include:-

·         Credit intermediation and related activities

·         Insurance carriers and related activities

·         Health care

·         Professional, scientific, and technical services

·         Work Schedules

How to Become a Financial Clerk About this section

A high school diploma is sufficient for most financial clerk positions. These workers usually learn their duties through on-the-job training.

Some institutions though prefer one to have achieved Kenya Accounting and Technical Certificate (KATC) for some jobs as a financial clerk.  

Education

Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics, and in some cases require a 2- or 4-year college degree.

Training

Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gaming cage workers may need training in specific gaming regulations and procedures.

Advancement

Financial clerks can advance to related occupations in finance. For example, a loan interviewer or clerk can become a loan officer, while a brokerage clerk can become a securities, commodities, or financial services sales agent, after obtaining the required education.

Important Qualities

Communication skills. Financial clerks should have good communication skills so that they can explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks, including calculating charges and checking credit scores, require basic math skills.

Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.

Similar Occupations

Bill and Account Collectors:        Bill and account collectors, sometimes called collectors, try to recover payment on overdue bills. They negotiate repayment plans with debtors and help them find solutions to make paying their overdue bills easier.

Bookkeeping, Accounting, and Auditing Clerks:                Bookkeeping, accounting, and auditing clerks produce financial records for organizations. They record financial transactions, update statements, and check financial records for accuracy.   

Gaming Services Occupations:  Gaming services workers serve customers in gambling establishments, such as casinos or racetracks. Some workers tend slot machines deal cards, or oversee other gaming activities such as keno or bingo. Others take bets or pay out winnings. Still others supervise or manage gaming workers and operations.

Information Clerks:                        Information clerks perform routine clerical duties such as maintaining records, collecting data, and providing information to customers.

Medical Records and Health Information Technicians:  Medical records and health information technicians, commonly referred to as health information technicians, organize and manage health information data. They ensure its quality, accuracy, accessibility, and security in both paper and electronic systems. They use various classification systems to code and categorize patient information for insurance reimbursement purposes, for databases and registries, and to maintain patients’ medical and treatment histories.                       

Secretaries and Administrative Assistants:          Secretaries and administrative assistants perform routine clerical and administrative duties. They organize files, draft messages, schedule appointments, and support other staff.       

Tellers:                                                 Tellers are responsible for accurately processing routine transactions at a bank. These transactions include cashing checks, depositing money, and collecting loan payments.