Explore Careers - Job Market Report

in
Printing Options
Banking, Insurance and Other Financial Clerks  (NOC 1434)
Muskoka-Kawarthas Region
Description |  Titles |  Duties |   Related Occupations

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.

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.

View all

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.
Included Cities in Region | Service Canada Offices

Peterborough, Bracebridge, Brighton, Cobourg, Gravenhurst, Huntsville, Lindsay, Port Hope, Trent Hills, Bobcaygeon, Bridgenorth, Chemong Heights, Chemong Park, Fenelon Falls, Fife's Bay, Lakefield, Omemee, Stewart Heights

View all

View a list of Service Canada offices in this area.

Outlook & Prospects for Banking, Insurance and Other Financial Clerks in Muskoka-Kawarthas Region

The future forecast and current conditions for an occupation can vary based on location or due to changes in the economy, technology, or demand for a product or service.

National Outlook – 10-Year Projection (2011-2020)

This section provides labour demand and labour supply projections for this occupation over the 2011-2020 period.

Note: The tables, graphs and middle paragraph shown under this section display updated 2011-2020 projection results. The remaining narrative text (2009-2018 projections) will be updated shortly. We apologize for the inconvenience.

The data in the following table are derived from HRSDC’s Canadian Occupational Projection System (COPS). COPS uses a variety of models to produce a detailed 10-year labour market projection per broad skill level and per occupation at the national level, which focuses on the trends of labour supply and labour demand over the next ten years.

This occupation (Banking, Insurance and Other Financial Clerks) is part of a larger occupational group called Finance and Insurance Clerks (NOC 143).

Table on the demographic profile for your chosen occupation at the national level.
Occupations in this group Accounting and Related Clerks (1431) 
Payroll Clerks (1432) 
Customer Service Representatives – Financial Services (1433) 
Banking, Insurance and Other Financial Clerks (1434) 
Collectors (1435) 
Employment (non-student) in 2010 384,966
Median Age of workers in 2010 41
Average Retirement Age in 2010 65

Occupation Projection for Canada

Over the 2008-2010 period, employment increased more quickly than for all occupations, and the unemployment rate also increased, but at the same pace as the average unemployment rate in the economy. The average hourly wage increased at the same rate as the average for other occupations. Key labour market indicators show that the number of job seekers was sufficient to fill all job openings

Over the 2011-2020 period, an occupation will be in excess demand (a shortage of workers) if the projected number of job openings is significantly greater than the projected number of job seekers. An occupation will be in excess supply (a surplus of workers) if the projected number of job openings is smaller than the projected number of job seekers. For Finance And Insurance Clerks, over the 2011-2020 period, job openings (arising from expansion demand and replacement demand) are expected to total 138,984 and 145,971 job seekers (arising from school leavers, immigration and mobility) are expected to be available to fill the job openings.

Based on projections and considering that labour demand and supply for this occupation were balanced over the 2008-2010 period, it is expected that there will continue to be sufficient job seekers to fill the job openings over the 2011-2020 period. Retirements will be the main source of job openings (65%) in this occupation. The retirement rate for this occupation will be on par with the average for all occupations. The number of new jobs created as a result of economic activity (expansion demand) will be relatively small over the projection period compared with the number of new jobs created in the previous ten years. The relative weakness in employment growth over the projection period is primarily due to weaker economic activity, which inevitably leads to weaker demand for administrative personnel. With regard to labour supply, school leavers will make up the majority of job seekers over the 2011-2020 period. Immigration will also make a contribution to the labour supply, although to a lesser degree.

This Chart contains data for Projection of Job Openings vs. Job Seekers for Canada. Information is available in the following tables.

This Chart contains data for Projection of Job Openings vs. Job Seekers for Canada. Information is available in the following tables.
Table of job opening projections for the occupational group containing your chosen occupation.
Category Openings %
Expansion Demand 29,899 22%
Retirements 90,348 65%
Other Replacement Demand 10,298 7%
Emigration 8,439 6%
Projected Job Openings 138,984 100%
Table of job seeker projections for the occupational group containing your chosen occupation.
Category Seekers %
School Leavers 114,483 78%
Immigration 23,449 16%
Other 8,039 6%
Projected Job Seekers 145,971 100%
[ Source: Canadian Occupational Projection System (COPS) ]

In which industry or sector do people in this occupation find jobs in Canada?

This table shows the industry and sectors employing the highest number of people in this occupation.

This table shows the industry sectors employing the highest number of people in this occupation.
Industry / Sector %
Finance and insurance 87.50
Real estate and rental and leasing 4.30
[ Source: 2006 Census - Statistics Canada | Legal note ]

What percentage of people in this occupation are self-employed?

The graph displays the percentage of people in this occupation who are “self-employed”, according to the 2006 Census, in comparison to the Canadian average across all occupations.

As shown in the graph, according to the 2006 Census, 2% of people in this occupation were self-employed, while the average for all occupations was 12%.

The Labour Force Survey also gives us some information about self-employment. This occupation (Banking, Insurance and Other Financial Clerks) is part of a larger group called Finance and Insurance Clerks (NOC 143). According to the Labour Force Survey (2009), 2% of workers in this group were self-employed, while the average for all occupations was 16%.

[ Source: Labour Force Survey - Statistics Canada | Legal note ]

What proportion of people in this occupation work full-time and part-time?

The graph displays the proportion of people in this occupation who worked full-time and part-time in comparison to the Canadian average across all occupations.

According to the Labour Force Survey (2009), 89% of workers in this occupation worked full-time, compared to the average of 81% for all occupations.

[ Source: Labour Force Survey - Statistics Canada | Legal note ]

What proportion of men and women work in this occupation?

The graph displays the proportion of men and women in this occupation in comparison to the Canadian average across all occupations.

According to the Labour Force Survey (2009), women represented 79% of workers in this occupation, compared to the average of 48% for all occupations.

[ Source: 2006 Census - Statistics Canada / Labour Force Survey - Statistics Canada | Legal note ]

What percentage of people in this occupation are members of a union?

This occupation (Banking, Insurance and Other Financial Clerks) is part of a larger group called Finance and Insurance Clerks (NOC 143). According to the Labour Force Survey (2009), the unionization rate for this group was 19%, while the unionization rate for all occupations was 31%.

[ Source: Labour Force Survey - Statistics Canada | Legal note ]
Please consult the Muskoka-Kawarthas Region and Ontario tabs for more useful information related to outlook.