Financial Clerks Job Outlook

Overall, employment of financial clerks is expected to grow by 11 percent from 2010 to 2010, about as fast as the average for all occupations. Projected employment change will vary by specialty as follows:

• Employment of billing and posting clerks is projected to grow 20 percent. Job growth will be particularly strong for those in medical billing because increased demand for healthcare services will require more of these workers. 
• Employment of payroll and timekeeping clerks is projected to grow 15 percent. Although payroll and timekeeping functions continue to be important for companies, the automation of this work and the use of computer software that allows employees to update and record their own payroll and timekeeping information will limit the growth of this occupation.
• Employment of insurance claims- and policy-processing clerks is projected to grow 9 percent. These workers are heavily concentrated in the insurance industry; therefore, their job growth will be determined mainly by the performance of the insurance industry as a whole.
• Employment of procurement clerks is projected to grow 6 percent. The need for procurement clerks will be limited as a result of the increasing use of computers to place orders over the Internet.
• Employment of brokerage clerks is projected to grow 6 percent. The automation of securities transactions will lead to slower growth for these workers.
• Employment of credit authorizers, checkers, and clerks is projected to grow 5 percent. The availability of online credit reports will reduce the need for these workers, leading to slower growth.
• Employment of new accounts clerks is projected to grow 2 percent. Although some of these workers’ duties have been automated, the workers will still be needed to perform customer service. 
• Employment of loan interviewers and clerks is projected to decline 3 percent. The use of online loan applications will reduce the need for these workers to conduct in-person interviews.
• Employment of gaming cage workers is projected to decline 13 percent. Fewer of these workers will be needed in casinos and other gaming establishments because transactions are becoming increasingly self-service.

Job Prospects

Job prospects for financial clerks should be favorable, because many workers are expected to leave this occupation. Employers will need to hire new workers to replace those leaving the occupation.

Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2012-13 Edition