Customer Service Representatives - Financial Services (NOC 1433)

What They Do Customer service representatives in this unit group perform some or all of the following duties: Process customer cash deposits and withdrawals, cheques, transfers, bills, credit card payments, money orders, certified cheques and other related banking transactions Obtain and process information required for the provision of services, such as opening accounts and savings plans and purchasing bonds Sell travellers' cheques, foreign currency and money orders Balance daily transactions using computer programs, calculators and adding machines Sort and file deposit slips and cheques Prepare customer statements and other correspondence for mailing Answer enquiries and resolve problems or discrepancies concerning customers' accounts.

Where They Find Work —    Top Occupational Areas Finance and insurance 95% People in this group work in banks, trust companies, credit unions, and other financial institutions. The unionization rate (14%) is below the average (32%) for all occupations. The highest concentrations (per 10,000 people) of Customer Service Representatives - Financial Services are found in Ontario and Saskatchewan while the lowest concentrations are in Prince Edward Island and Newfoundland.

Related Occupation(s) Library, Correspondence and Related Information Clerks (NOC 145) Customer Service, Information and Related Clerks (NOC 1453) Banking, Insurance and Other Financial Clerks (NOC 1434)

Something to Think About To enhance your professional knowledge and broaden your opportunities, consider: Assessing new office equipment/ software programs Maintaining office machinery Learning how to build and maintain customer relations

Use the "Where They Find Work" graph to target your worksearch. It may be easier to get into industries with the most people in this field. Want to work in an industry that hires fewer workers in this field? To be more marketable, check out whether you have the most up-to-date knowledge and technology skills for that industry. Check the provincial/territorial or local information (http://www.labourmarketinformation.ca) for opportunities in your area.

What You Need You must have a high school diploma. You may also need a business college diploma as well as on-the-job training. With experience, you may move up the ranks to become a supervisor. Most recent entrants have a community college diploma, and almost 2 in 5 have a undergraduate unversity degree.

Required/Related    Educational Programs* This will let you explore the program(s) of study that lead to this (these) occupation(s). Financial Management - Other (C111) Business Administration (C121) Marketing (C140) Commerce - Business Administration (U120) Economics (U820) *  These educational programs are listed in the order in which they are most likely to supply graduates to this occupation.

Useful Experience/Skills Communication skills Customer service Computer literacy		Useful High School Subjects Math English Computer Basics English
Depending on your background, this Education, Training, and Experience info will help you to: Choose your high school courses Plan your post-secondary program Choose relevant volunteer work Decide what new skills to learn Read job ads, professional journals, and newspapers for what the industry needs and employers want. Talk to employers and employees to find out the exceptional skills and knowledge that will help you land a job.

Current Conditions Your work prospects are rated FAIR because: Employment grew at an average rate. Hourly wages ($13.85) are below the average ($18.07), and the rate of wage growth is close to the average. The unemployment rate (3%) is close to the 2004 average (7%).

Work Prospects Current   Fair   2009   Fair

Outlook to 2009 Your work prospects will continue to be FAIR because: The employment growth rate will likely be average because job gains from more financial transactions should be partially balanced by job losses related to improvements in technology that allow employers to do more with fewer workers. Although the retirement rate will likely be average, the number of retiring workers should contribute to job openings. The number of job seekers will likely match the number of job openings.

Preparing for the Competition You're more likely to be hired if you have good communication skills and know how to provide customer service. You'll need to continue your training in financial services offered to the public.

If you are beginning your career investigation, national outlooks will give you a good overview of trends. Ready to explore an occupation in more detail? Check provincial/territorial or local outlooks (http://www.labourmarketinformation.ca).

What you can expect to make (Average Hourly Earnings ($/hour))
Age Group This Occupation All Occupations 20-24 $11.90 $11.74 25-54 $14.41 $19.76 55+ $15.08 $19.59 Overall Average for Ages (20+) This Occupation All Occupations $13.85 $18.07		Hourly wages ($13.85) are below the national average ($18.07). These earnings are below average for occupations in the business, finance and administration sector and are close to the average for all intermediate occupations. These wages grew at an average rate from 2002 to 2004.
Your salary can be affected by your background, the company's size and benefits, and the region and setting (urban or rural). Check out salaries in your own region by seeking info from: Employees/unions/associations Employers/human resource people Training institutions and placement services Company websites Professional/trade journals

Close to the average
The unemployment rate (3%) is close to the 2004 average (7%). This rate is below the average for intermediate occupations. A low unemployment rate often means less competition for the jobs available. But you still need to have the required training and experience. A high unemployment rate doesn't necessarily mean you'll have great difficulty getting hired. But it can mean a fluctuating demand for workers, and you may experience bouts of unemployment.		Year This Occupation All Occupations 1991 3% 10% 1992 4% 11% 1993 4% 11% 1994 4% 10% 1995 4% 10% 1996 4% 10% 1997 2% 9% 1998 2% 8% 1999 3% 8% 2000 3% 7% 2001 2% 7% 2002 2% 8% 2003 2% 8% 2004 3% 7%

% of Part-time work is above average
This Occupation All Occupations Full-time 65% 81% Part-time 35% 19%		There were 93,000 workers employed in these occupations in 2004, an increase of 1% since 1997. The percentage of part-time workers (35%) is above the 2004 average (19%) and has stayed about the same since 1997.
When full-time work is difficult to find, look at alternatives such as contract work, consulting, shared positions, and telework.

Below average
The percentage of self-employed workers (0%) is below the 2004 average (15%)		This Occupation All Occupations Self-Employed 0% 15%
Does this occupation have an above-average rate of self-employment? Consider being your own boss if you can't find work with an employer.

Age Group This Occupation All Occupations 20-24 19% 10% 25-54 71% 72% 55+ 8% 12%		The relatively high percentage of younger workers suggests more entry-level positions and jobs that may serve as stepping stones in a career. The retirement rate to 2009 will likely be average influenced by a similar-to-average age of workers (39).
Look at the youngest group. A low percentage means fewer openings for brand-new workers. A high percentage means more openings for brand-new workers. Look at the oldest age group. A high percentage means positions could open up from retirements. This could be significant for both mid-career changers and brand-new workers.

Above average
The percentage of women (85%) is above the 2004 average of 48% and has dropped since 1997.		This Occupation All Occupations Percent Women 85% 48%

This page last modified on: 2007-03-31