Brokerage clerks and statement clerks work behind the scenes to produce records associated with financial transactions.
Brokerage clerks, who work in the operations areas of securities firms, perform many duties to facilitate the sale and purchase of stocks, bonds, commodities, and other kinds of investments. These clerks produce the necessary records of all transactions that occur in their area of the business.
Job titles depend upon the type of work performed. Purchase-and-sale clerks match orders to buy with orders to sell. They balance and verify stock trades by comparing the records of the selling firm to those of the buying firm. Dividend clerks ensure timely payments of stock or cash dividends to clients of a particular brokerage firm. Transfer clerks execute customer requests for changes to security registration and examine stock certificates for adherence to banking regulations. Receive-and-deliver clerks facilitate the receipt and delivery of securities among firms and institutions. Margin clerks post accounts and monitor activity in customers' accounts. Their job is to ensure that customers make their payments and stay within legal boundaries concerning stock purchases.
A significant and growing number of brokerage clerks use custom designed software programs to process transactions, allowing transactions to be processed quicker than if they were done manually. Currently, only a few customized accounts are handled manually.
Statement clerks assemble, verify, and send individual and commercial bank statements every month. In most banks, statement clerks, sometimes called statement operators, run sophisticated, high-speed machines. These machines fold the computer-printed statement, collate it if it is more than one page, insert the statement and canceled checks into an envelope, seal it and weigh it for posting. Statement clerks load the machine with the statements, canceled checks, and envelopes. They then monitor the equipment and correct minor problems. For serious problems, they call repair personnel.
In banks that do not have such machines, statement clerks perform all operations manually. They may also be responsible for verifying signatures and checking for missing information on checks, placing canceled checks into trays, and retrieving them to send with the statements.
In a growing number of banks, only the statement is printed and sent to the account holder. The canceled checks are not returned; this is known as check truncation.
Statement clerks are employed primarily by large banks. In smaller banks, their function is usually handled by a teller or a bookkeeping clerk who performs other duties during the rest of the month. Some small banks send their statement information to larger banks for processing, printing, and mailing.
Working Conditions
Brokerage and statement clerks typically work in an office environment. Most work alongside the organization's other clerical workers, but some work in centralized units away from the organization's front office. Clerks who review detailed data may have to sit for extended periods.
Most brokerage clerks and statement clerks use computers as part of their daily routine. Workers who spend a lot of time at computers may experience eye and muscle strain, backaches, headaches, and repetitive motion injuries.
Most of these workers work regular business hours. Brokerage clerks may have to work overtime if there is a high volume of activity in the stock or bond markets.
Employment
Brokerage clerks held about 73,000 jobs in 1994, and statement clerks held about 25,000 jobs. Brokerage clerks worked in firms involved in the sales of securities and commodities. Almost all statement clerks were employed by banking institutions.
Training, Other Qualifications, and Advancement
Most employers require applicants for brokerage clerk and statement clerk jobs to have at least a high school diploma or its equivalent. A higher level of education will usually be favored over a high school diploma, but it is not generally required. However, in some cases, more extensive education is mandatory. Regardless of the type of work being done, most employers prefer those who are computer literate. Knowledge of word processing and spreadsheet software is especially valuable, as is experience working in an office and good interpersonal skills.
High schools, business schools, and community colleges teach office skills. Business education programs typically include courses in typing (keyboarding), word processing, shorthand, business communications, records management, and office systems and procedures.
Some entrants are college graduates with degrees in business, finance, or the liberal arts. Although a degree is rarely required, many graduates take entry-level clerical positions to get into a company or into the finance and accounting field, with the hope of being promoted to professional or managerial jobs. Some brokerage firms have a set plan of advancement that tracks college graduates from entry-level clerk jobs into management positions. These workers may start at higher salaries and advance more rapidly than those without a degree.
Once hired, brokerage and statement clerks generally receive on-the-job training. Under the guidance of a supervisor or senior worker, new employees learn company procedures. Some formal classroom training may be necessary, such as training in operating specific computer software.
Brokerage clerks and statement clerks must be careful, orderly, and detail-oriented in order to avoid making errors and to be able to recognize errors made by others. These workers must also be honest, discreet, and trustworthy because they frequently come in contact with confidential material. Because statement clerks have access to individuals' financial information, they must be bonded.
Workers usually advance by taking on more duties in the same occupation with higher pay. Others advance to closely related occupations. With appropriate experience and education, some brokerage clerks may become brokers.
Job Outlook
No change is expected in the employment of brokerage clerks immediately. Employment of statement clerks is projected to decline. Nevertheless, some jobs will become available each year to replace brokerage and statement clerks who transfer to other occupations or leave the labor force.
Similar to other record clerks, employment will be adversely affected by automation and changes in business practices. For example, computers now calculate the dividends due on stocks, something done for decades by brokerage clerks with adding machines and calculators. However, brokerage clerks are still needed to enter data into the computer and to process information. In the past, the record of security ownership was a piece of paper-a stock certificate. Today, most securities are stored in computer form and traded using electronic data interchange. Although less paper changes hands, clerks continue to enter and verify all transactions. Automated statement processing will grow as the increased volume of transactions justifies the cost of the necessary equipment, and this will dampen demand for statement clerks. In addition, the further spread of check truncation is expected to hold down employment of statement clerks. The use of ATM card systems and other electronic money transfers should increase as well, resulting in significantly fewer checks being written and processed.
Earnings
Salaries of brokerage clerks and statement clerks vary by region of the country, size of city, and type and size of establishment. The level of industry or technical expertise required and the complexity and uniqueness of a clerk's responsibilities may also affect earnings.
In addition to salary, brokerage clerks and statement clerks receive the same package of benefits as other employees in the organization. Sick and annual leave, life and health insurance, and retirement plans are common.
Related Occupations
Most brokerage clerks and statement clerks enter data into a computer system and perform basic analysis of the data. Other clerical workers who enter and manipulate data are bank tellers, statistical clerks, receiving clerks, medical record clerks, hotel and motel clerks, credit clerks, and reservation and transportation ticket agents.
Related D.OJ. Jobs
These job titles are related to or more specific than the more general description above. They will help you identify job options you may not otherwise discover. These descriptions are in the current edition of the Dictionary of Occupational Titles and classified by numerical order.
214.362-046 STATEMENT CLERK; 216.362-046 TRANSFER CLERK; 216.382-046 MARGIN CLERK II; 216.482-034 DIVIDEND CLERK; 219.362-018 BROKERAGE CLERK II; 219.362-054 SECURITIES CLERK; 219.482-010 BROKERAGE CLERK I
Sources of Additional Information
State employment service offices can provide information about job openings for brokerage clerks and statement clerks.
Information on careers in records and information management can be obtained from:
- Association of Record Managers and Administrators (ARMA)
