Explore Careers - Job Market Report
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.
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- 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.
- 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.
- 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.
Education & Job Requirements for Banking, Insurance and Other Financial Clerks in London Region
Education and job requirements can vary by region. Workers in regulated occupations require a licence to work legally. Workers in non-regulated occupations do not require a licence, but employers may have other certification requirements.
Employment requirements are prerequisites generally needed to enter an occupation.
- 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.
Regulation by Province/Territory
Some provinces and territories regulate certain professions and trades while others do not. If you have a licence to work in one province, your licence may not be accepted in other provinces or territories. Consult the table below to determine in which province or territory your occupation/trade is regulated.
|Province and Territory||Regulation|
|Newfoundland and Labrador||
|Prince Edward Island||
Programs in the order in which they are most likely to supply graduates to this occupation (Banking, Insurance and Other Financial Clerks):
- Business Administration, Management and Operations
- Business Operations Support and Assistant Services
- Finance and Financial Management Services
- Accounting and Related Services
- Business/Commerce, General
The essential skills profiles can:
- Help determine, based on skill sets, which career may best suit a particular individual.
- Assist job seekers to write a résumé or prepare for a job interview.
- Help employers to create a job posting.
Employers place a strong emphasis on essential skills in the workplace. Essential skills are used in nearly every occupation, and are seen as “building blocks” because people build on them to learn all other skills.
Each profile contains a list of example tasks that illustrate how each of the 9 essential skill is generally performed by the majority of workers in an occupation. The estimated complexity levels for each task, between 1 (basic) and 5 (advanced), may vary based on the requirements of the workplace.
Banking, Insurance and Other Financial Clerks
Banking, insurance and other financial clerks compile, process and maintain banking, insurance and other financial information.
- Read short notes from co-workers, e.g. read notes from co-workers to learn about upcoming meetings. (1)
- Read short text entries on forms, e.g. read short comments on invoices accompanying letters to learn about payments. (1)
- Read email messages, memos and bulletins, e.g. read memos and bulletins to learn about policy changes and recent criminal activities related to bank fraud. (2)
- Read sequenced procedures and instructions, e.g. read procedure manuals to learn about security measures when handling money and sequenced instructions to learn how to respond to attempted robberies. (3)
- Read a variety of policy and procedure manuals, e.g. read manuals to learn about privacy protection, banking policies and insurance plans. (3)
- Read computer instruction manuals, e.g. read software manuals and help files to learn how to operate new accounting software. (3)
- May read applications for financial services, e.g. read Registered Retirement Savings Plans to learn about their terms and conditions and how to complete applications. (3)
- May read e-bulletins, newsletters and compliance instructions from government organizations, such as Revenue Canada, to stay up-to-date on rules and regulations. (3)
- Locate data, such as names, dates and codes, on file tabs. (1)
- Enter data into a variety of forms, e.g. enter data, such as names, dates, times, dollar values and account numbers, into forms used for deposits, withdrawals, Registered Retirement Savings Plans and insurance applications. (2)
- Locate data in a variety of lists and tables, e.g. locate dates, rates and values on foreign exchange rate tables. (2)
- May review pie or bar charts to understand the performance of investments over time. (2)
- May complete complex forms, e.g. fill out detailed forms to complete insurance applications. (3)
- May scan complex tables and schedules, e.g. locate dates, values and rates on promotional material for investments. (3)
- Write reminders and short notes to co-workers, e.g. write notes to co-workers to inform them about upcoming appointments with customers. (1)
- Write comments in the remarks sections of forms, e.g. bank clerks write short comments on loan applications to outline special considerations. (1)
- May write short email messages, e.g. insurance clerks write email messages to brokers requesting information on insurance charges and premiums. (2)
- May write notes to document customer requests and required changes to insurance policies. (2)
- May write short reports, e.g. may write short reports to explain the corrections made to loan documents after examination by inspectors. (2)
- May write letters, e.g. write letters to credit bureaus to correct credit history errors and to brokers requesting information on insurance charges and premiums. (2)
- May write longer letters, e.g. insurance clerks write detailed letters to customers to provide quotations and explain the terms of insurance coverage. (3)
- Receive payments in the form of cheques, transfers and money orders. (1)
- May record amounts payable and receivable against various accounts in general ledgers. (1)
- May compare withdrawal amounts to the money available in bank accounts. (1)
- Estimate the value of investments at specified times prior to maturity to illustrate the advantages of compound interest to customers. (1)
- Estimate the amount of time it will take to enter data into the computer. (1)
- May calculate interest on loans and investments, using applicable rates. (2)
- Compare transactions to financial postings to identify errors and reconcile accounts. (2)
- May prepare financial summaries, such as summaries showing mortgage tax arrears. (2)
- Calculate the area of houses or rooms to prepare home insurance quotations. (2)
- May prepare statistics comparing the number of clients who renewed their policies for another year to the number who did not renew, in order to develop marketing plans. (2)
- May estimate the size and value of a property and its contents. (2)
- Prepare quotations for customers including calculation of applicable fees, discounts, currency exchange rates and taxes. (3)
- May compare fee structures and investment options to determine the investments that best meet a customer's needs. (3)
- Leave and listen to messages, e.g. leave voicemail messages with customers to request information, such as mailing addresses, and set-up appointments. (1)
- Exchange information with co-workers, e.g. speak with supervisors to obtain approvals and discuss customer accounts. (2)
- Talk to customers to provide services relating to matters, such as banking and insurance products, ensuring they communicate legal and technical terms in clear language. (2)
- Participate during staff meetings, e.g. discuss products, objectives and service improvement strategies during staff meetings. (2)
- Talk to benefit administrators and representatives of insurance companies, car repair shops and notaries to process claims. (2)
- Provide detailed information to customers under demanding circumstances, e.g. speak with recently widowed spouses about the terms and conditions of insurance policies. (3)
- Speak with difficult and demanding customers, e.g. be polite, tactful and firm when dealing with customers who become frustrated or angry. (3)
- May provide detailed descriptions, e.g. provide highly detailed descriptions to police and other security personnel about the events that took place during a robbery. (3)
- Decide order of tasks and their priorities, e.g. decide the order in which to process customer inquires. (1)
- Encounter clients who have missed the deadline for a loan payment. They forward a certified letter to the client requesting payment and, if the client does not take corrective action, may call in the loan. (2)
- Find that financial records are inaccurate, incomplete or missing. They trace all related paperwork to identify the cause of the problem and make the appropriate adjustments as needed. (2)
- Encounter angry and dissatisfied customers. They weigh the need for customer satisfaction with the account history to arrive at a solution that is acceptable to both parties. (2)
- May choose or recommend methods and procedures for handling delinquent accounts, e.g. determine whether loans should be called or insurance policies cancelled. They need to consider several factors to make appropriate choices. (2)
- Evaluate the completeness of documentation. They compare documentation provided by customers to the requirements stipulated by insurers and financial institutions to determine the documentation's readiness for submission. (2)
- Assess the accuracy and reasonableness of financial reports generated using accounting software. They compare data to previous reports and use their experience to identify potential errors. (2)
- Evaluate the reasonableness of loan and insurance requests. The compare requests to industry standards to isolate potentially erroneous or fraudulent loans and insurance requests. (2)
- May evaluate the suitability of administrative procedures. They consider a number of factors including speed of service and common bottlenecks. (2)
- Establish their priorities and decide how and when to complete their tasks. Their work plans are frequently disrupted by customers who require service in person or by phone. (2)
- Locate information about customers by speaking with them and reading client files. (2)
- Find information on loan policies and the performance of investment products by speaking with co-workers and reading brochures, manuals and annual reports. (2)
- Obtain information on public programs, such as the Canada Pension Plan, by reading pamphlets, information circulars and speaking with officials in various government departments. (2)
- May decide whether to give loans or insurance policies to customers, e.g. bank clerks consider credit ratings, loan amounts and lending policies to determine if applicants are eligible for a loan. (3)
- Find the best insurance coverage for customers by speaking with them and insurance company representatives and reading manuals and brochures published by insurers. (3)
- Use databases to retrieve up-to-date rates for investments and loans. (1)
- Use bookkeeping, billing and accounting software to record financial transactions. (1)
- Use calculators and personal digital assistant (PDA) devices to complete numeracy-related tasks, such as summing figures and calculating interest charges. (1)
- Use office equipment, such as printers, scanners, fax machines, copiers, binding machines and postage meters, to perform clerical tasks. (1)
- May use basic features of word processing programs to write letters and document the outcome of conversations with customers. (2)
- Use databases to enter and retrieve customer information, such as listings of accounts, loans and insurance policies. (2)
- May use spreadsheets to track expenditures, such as costs for office supplies. (2)
- May use bookkeeping, billing and accounting software to generate financial statements. (2)
- May use intranets and email applications to exchange information and documents with co-workers, customers and brokers. (2)
- May use browsers to access the Canada Revenue Agency website in order to source a variety of forms, schedules and guides. (2)
- May use browsers and search engines to locate product information from suppliers, such as the cost of insurance. (2)
- May use the Internet to access training courses and seminars offered by suppliers, employers and trainers. (2)
- May use specialized software programs to input and track changes to customers' insurance policies and investments. (2)
- May use video-conferencing hardware and software to meet with customers and co-workers online. (2)
- May use advanced word processing features to create proposals that outline insurance coverage and pricing options. (3)
Banking, insurance and other financial clerks work as part of a team to service customers, exchange information with co-workers and co-ordinate work as required. They participate in staff meetings to discuss products, work processes, customer service and goals. Within this team context, they work independently to serve customers and perform clerical tasks.Continuous Learning
Banking, insurance and other financial clerks have an ongoing need to learn to stay current on industry policies and procedures, which are subject to frequent change, and to acquire computer skills. They learn through on-the-job training, which may involve coaching from supervisors and co-workers and independent reading. They may also participate in short-term training courses or programs. Some workers are required to complete set amounts of continuing education each year in order to maintain their licenses.
All essential skills are affected by the introduction of technology in the workplace. Banking, insurance and other financial clerks' ability to adapt to new technologies is strongly related to their skill levels across the essential skills, including reading, writing, thinking and communication skills. Technologies are transforming the ways in which workers obtain, process and communicate information, and the types of skills needed to perform in their jobs. For example, the use of electronic databases and bookkeeping, billing and accounting software is prevalent in banking and insurance industries. Workers require advanced computer skills to operate this software. They also need a broad range of other computer skills to access information from the Internet and communicate with customers, co-workers and brokers.
Technology in the workplace further affects the complexity of tasks related to the essential skills required for this occupation. Workers need the skills to use increasingly complex technology, such as multi-function accounting applications and specialized software programs to input and track changes to customers' insurance policies and investments. At the same time, software and hardware developers are improving ease of use for workers through touch-screen technology, built-in self-help tutorials and more user-friendly software applications. For instance, with calculators and accounting software, workers seldom manually calculate costs, invoice amounts, interest charges or currency conversions. In addition, the use of electronic databases and keyword search functions makes it easier to locate data, such as customer information.
Information for Newcomers
Provincial credential assessment services assess academic credentials for a fee. Contact a regulatory body or other organization to determine if you need an assessment before spending money on one that is not required or recognized.
The assessment will tell you how your education compares with educational standards in the province or territory where you are planning to settle can help you in your job search.
- British Columbia - International Credential Evaluation Service (ICES)
- Alberta - International Qualifications Assessment Service (IQAS)
- Saskatchewan - International Qualifications Assessment Service The Government of Saskatchewan provides this service through an interprovincial agreement with the Government of Alberta.
- Manitoba - Academic Credentials Assessment Service – Manitoba (ACAS)
- Québec - Service des évaluations comparatives d’études (SECE)
- Northwest Territories - International Qualifications Assessment Service (IQAS). The Government of the Northwest Territories provides this service through an interprovincial agreement with the Government of Alberta.
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