Are Banking, Insurance, and Other Financial Clerks in Demand in Canada?

Are Banking, Insurance, and Other Financial Clerks in Demand in Canada?

Manmeet Kaur Manmeet Kaur
[Published 02 Sep, 2023 | 03:07 PM]
About Author - 8 min read
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Canada is seeking skilled immigrants to meet the labor gaps and boost economic growth in banking, insurance, and other financial areas. This has created a high demand in Canada for Banking, Insurance, and Other Financial Clerks and will continue to create more job opportunities in the coming years.

Aspiring immigrants seeking job roles in Canada as Banking, Insurance, and Other Financial Clerks might look for career advancement across employment sectors throughout Canada and enhance their skills by taking up new challenges as they kick-start their careers.

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Are there jobs available for Banking, Insurance, and Other Financial Clerks in Canada?

Yes. Between the years 2022 and 2031, it is estimated that a total of 12,900 new jobs will be created for Banking, Insurance, and Other Financial Clerks. While 12,700 new job seekers will be filling these positions. Immigrants who are planning to apply for permanent residence in Canada with relevant skills and experience might find it easier to secure a job under TEER 14201 (NOC Code).

Job Titles for Banking, Insurance, and Other Financial Clerks

Listed below are the job titles that bankers, insurance workers, and other financial clerks can work under -

  • 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

Employment Requirements for Banking, Insurance, and Other Financial Clerks

In order to get a job offer from a Canadian employer, you must check your eligibility using a CRS score calculator. It evaluates your age, work experience, education, and other relevant factors to determine whether you can or cannot apply for a job in Canada.

Here is what an aspiring immigrant needs to work in Canada as a Banker, Insurance Clerk, and other Financial Clerk

  • The applicant must have completed their secondary school education.
  • They must have successfully completed their business college diploma.
  • The applicant must have on-the-job training and short-term training courses/programs specific to the financial institution.

Job Responsibilities of Banking, Insurance, and Other Financial Clerks in Canada

This group performs some or all of the duties listed below -

Bank Clerks

  • Collect records of money deposits, withdrawals, loan repayments, and mortgage installments, as well as transactions involving checks and purchases, and the trading or transfer of securities.
  • Handle applications for loans and mortgages, manage the processing of payments for these loans and mortgages, oversee the submission of applications for retirement savings plans and term deposits, and handle drafts and money orders.
  • Validate and reconcile transactions conducted through automatic teller machines and entries in the account ledger.
  • Compute service fees and interest payments, and communicate with customers if any discrepancies arise in their accounts or if their bank cards are retained.
  • Respond to inquiries and furnish information about banking services, policies, and products.
  • Possibly engage in the sale of drafts, money orders, travelers' checks, and foreign currency, as well as the rental of safe deposit boxes.
  • Take charge of the opening and closing of various accounts, including savings and checking accounts.
Insurance Clerks

  • Handle enrollments, cancellations, claims processing, alterations to policies, and the submission of premium payments.
  • Review insurance applications and validate insurance coverage, premium payments, and other pertinent insurance particulars.
  • Calculate insurance premiums, pension benefits, and annuity disbursements.
  • Gather and upkeep records, data, and rates related to insurance claims and insurance information.
  • Address inquiries and furnish details regarding insurance services, policies, and products.

Job Responsibilities of Banking, Insurance, and Other Financial Clerks in Canada

Other Financial Clerks

  • Compile and manage listings for rentals, sales, and other real estate offerings.
  • Accumulate and uphold listings for stocks, bonds, and other types of securities.
  • Organize, authenticate, and manage the processing of financial transactions involving real estate, securities, and related matters.
  • Respond to inquiries and provide responses to correspondence.
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Salary of Banking, Insurance, and Other Financial Clerks in Canada

The high demand for skilled foreign workers leads to competitive salaries and excellent benefits for Banking, Insurance, and Other Financial Clerks. On average, they earn from $32,600 to $67,100 per year, depending on their location of work, experience, and specialization.

Community/Area Low ($/hour) Median ($/hour) High ($/hour)
Canada 16.92 22.67 34.83
Alberta 17.33 25.00 35.69
British Columbia 16.75 23.90 31.32
Manitoba 14.15 21.54 30.00
New Brunswick 17.31 23.08 42.00
Newfoundland and Labrador 14.50 24.36 26.78
Northwest Territories N/A N/A N/A
Nova Scotia 14.50 20.51 32.31
Nunavut N/A N/A N/A
Ontario 16.98 21.63 38.46
Prince Edward Island N/A N/A N/A
Quebec 18.00 24.00 32.97
Saskatchewan 16.50 22.67 30.77
Yukon Territory N/A N/A N/A

Ways to Increase Your Chances to Obtain a Job as Banking, Insurance, and Other Financial Clerk in Canada

The National Occupational Classification (NOC) code for Banking, Insurance, and Other Financial Clerks in Canada is 14201. You must follow the given steps to get a job -

  • Work on your skills - Improve your skill set and stay up to date with the latest advancements in this industry. Get enrolled in courses to improve your skills in specialized areas.
  • Create a detailed CV - You must upgrade your resume by highlighting your strong points that can impress the employer.
  • Build a professional network - It is necessary to attend conferences and industry events in order to grow your network on platforms like Linkedin or offline.
  • Research the job market - Conduct thorough research on the Canadian job market and identify the areas with high demand for Banking, Insurance, and Other Financial Clerks.
  • Prepare for interviews - Make a list of common interview questions relevant to your industry and prepare accordingly.
  • Get required work permits - If you get a job offer, you must be prepared to obtain the required work permit or visa for legal employment in Canada.
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How can we help?

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