Banking, insurance and other financial clerks

Banking, insurance and other financial clerks

NOC
1434

Compile, process and maintain banking, insurance and other financial information.

Quick facts

3 Year Outlook

Fair
Fair

3 Year Job Openings

48
 

Median Hourly Wage

$22.95
$16.40
Low
$33.33
High

Median Salary

$39,412
 

Typically Required

High school or specific training

Employed

600
 

% Working Full Time

91%
 

% Working Full Year

76%
 
Job details

Full NOC Description

Banking, insurance and other financial clerks compile, process and maintain banking, insurance and other financial information. They are employed by banks, credit companies, private and public insurance establishments, investment firms and other financial establishments throughout the private and public sectors.

Main Duties

Bank clerks perform some or all of the following duties:

  • 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 enquiries 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 perform some or all of the following duties:

  • 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 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:

  • 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 enquiries and reply to correspondence.

Also Known As

  • actuarial clerk
  • bank clerk
  • credit clerk
  • dental claims clerk
  • dividend calculation clerk
  • insurance clerk - financial sector
  • insurance rater
  • ledger control clerk
  • loan clerk - financial sector
  • mortgage clerk
  • premium rater - insurance
  • real estate clerk
  • securities clerk - financial sector
Requirements

Employment Requirements

  • Completion of secondary 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 establishment are usually required.

Provincial Regulation

Not Provincially Regulated

Employment by Sex

The following graph shows the percentage of men and women working in this occupation in New Brunswick.

Data legend

75.4%
Female
24.6%
Male
Employment by age

The following graph shows the breakdown of all persons working in this occupation in New Brunswick by age group.

Data legend

7.9%
15-24
28.1%
25-34
30.7%
35-44
19.3%
45-54
12.3%
55-64
1.8%
65+
Employment by highest level of education

The following graph shows the breakdown of all persons working in this occupation in New Brunswick by highest level of education achieved.

Data legend

0.0%
No Certificate, Diploma or Degree
25.6%
High School, Diploma or Equivalent
1.7%
Apprenticeship or Trades Certificate or Diploma
42.7%
College or University Below Bachelor Level
29.9%
University - Bachelor Level or Above
Employment by Industry

The following graph shows the industry groups in which the largest shares of persons working in this occupation in New Brunswick are employed. Small percentages for all top three industry groups may suggest employment for this occupation is widely distributed amongst many industry groups.

Data legend

58.5%
Finance and insurance
17.1%
Public administration
9.8%
Transportation and warehousing
14.6%
All Other Industries
Employment by Economic Regions

The following graph shows the breakdown of all persons employed in this occupation in New Brunswick by which economic region they reside in.

Data legend

19.70%
Northeast
41.00%
Southeast
17.10%
Southwest
19.70%
Central
2.60%
Northwest
Province of New Brunswick Economic Regions

Economic Regions

The following map displays New Brunswick’s five economic regions. An economic region (ER) is a grouping of counties, created as a standard unit for analysis of regional economic activity across Canada.

Annual Median Salary by Economic Regions

The following graph shows the median salary of all persons employed in this occupation in each of New Brunswick’s five economic regions.

Data legend

$45,907
Northeast
$40,399
Southeast
$44,399
Southwest
$36,915
Central
N/A
Northwest
Province of New Brunswick Economic Regions

Economic Regions

The following map displays New Brunswick’s five economic regions. An economic region (ER) is a grouping of counties, created as a standard unit for analysis of regional economic activity across Canada.

Hourly Median Wages by Economic Regions

The following represents the median hourly wage of all persons employed in this occupation in each of New Brunswick’s five economic regions.

Northeast

$22.95
$16.40
Low
$33.33
High

Southeast

$21.00
$17.93
Low
$30.00
High

Southwest

$22.95
$16.40
Low
$33.33
High
No Data Available
No Data Available
Salary

This following represents the median salary of all persons employed in this occupation compared to the median salary of workers employed in this occupation that work full-time year-round.

All Workers Employed in this Occupation

$39,412

Workers Employed Full-time, Full-year

$44,361

This following represents the median salary of persons employed in this occupation across each of the Atlantic Provinces and nationally.

New Brunswick

$39,412

Newfoundland

$40,564

Prince Edward Island

$30,031

Nova Scotia

$38,476

Canada

$42,213
Employment Outlook

The following represents the number of job openings that are expected to occur in this occupation over the next three and ten years respectively, broken down by openings expected to result from growth (“new jobs”) and openings expected to result from attrition (death and retirements).

Three Year Outlook

Total Openings: 3 Year

48
 

New Jobs: 3 Year

4
 

Retirements/Deaths: 3 Year

45
 

Ten Year Outlook

Total Openings: 10 Year

159
 

New Jobs: 10 Year

11
 

Retirements/Deaths: 10 Year

151