Financial Counselor Salary
Financial Counselors in the United States take home an average $16.66 per hour. With some bonuses approaching $10K and certain profit sharing proceeds approaching $4K, overall incomes of Financial Counselors spread between $28K and $51K depending on individual performance. Geography and years of experience each impact pay for this group, with the former having the largest influence. There are far more female Financial Counselors who answered the questionnaire than men, making up 83 percent. Most workers in this position report high levels of job satisfaction. A large number receive medical and dental insurance and the larger part get vision plans. Participants in PayScale's salary questionnaire provided the particulars of this report.
Job Description for Financial Counselor
Financial counselors are responsible for providing key financial information to clients, offering financial assistance and arrangements as needed. They are in charge of establishing relationships to ensure satisfactory financial resolution for their organization. They provide one-on-one financial counseling to educate clients on their options, handle insurance information, and review documentation and financial information to approve reimbursements. Financial counselors also verify clients' eligibility for programs based on program requirements, as well as help secure payment agreements between their organization and external parties.Read More...
Financial counselors identify authorization processes, conduct credit report checks, and keep accurate records of client interactions. They update billing information and complete application for liability claims as well. Additionally, financial counselors discuss financial assistance initiatives with potential candidates and complete administrative tasks such as answering telephone and email inquiries. In all tasks, financial counselors must follow confidentiality policies and privacy laws. They generally report their progress to the financial manager in their department.
A high school diploma or equivalent is generally the minimum educational requirement for this position. Previous experience in financial counseling is generally required or preferred. Financial counselors must have a strong understanding of collection practices and methodologies. In addition, they must be organized individuals with strong communication skills and who pay strong attention to detail. They should be proficient with word processing and spreadsheet software to perform calculations, as well as prepare reports and proposals.
Financial Counselor Tasks
- Counsel individuals and families regarding various financial decisions, including budgeting, debt management and paying for medical treatment.
- Meet with clients to discuss finances, cost of services, interest and payment options.
- Investigate insurance coverage, financial assistant options, and calculate out of pocket expenses.
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Popular Skills for Financial Counselor
Survey results imply that Financial Counselors deploy a substantial tool kit of skills at work. Most notably, facility with Financial Advisor, Epic Hospital Billing, and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 40 percent, 35 percent, and 31 percent, respectively. Skills that pay less than market rate include Collections, Medical Terminology, and bill collections. The majority of those who know Customer Service also know Collections.
Pay by Experience Level for Financial Counselor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
More years of relevant experience do not necessarily translate to higher paychecks. Although individuals who have less than five years' experience earn $35K on average, people with five to 10 years benefit from a notably larger average of $38K. Financial Counselors with one to two decades of relevant experience report an average salary of approximately $40K. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $41K.
Pay Difference by Location
Financial Counselors will find that Boston offers an impressive pay rate, one which exceeds the national average by 35 percent. Financial Counselors will also find cushy salaries in New York (+28 percent), Houston (+28 percent), Honolulu (+27 percent), and Chicago (+16 percent). The lowest-paying market is Orlando, which sits 20 percent below the national average. On the whole, employers pay 10 percent below the median salary for those in this field in Pittsburgh and Tampa.