Financial Counselor Salary
For Financial Counselors, hourly average wages total $16.98 per hour. Geography is the biggest factor affecting pay for this group, followed by experience level. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a majority. The majority of workers are highly satisfied with their job. Female Financial Counselors far outnumber their male contemporaries among survey respondents. Respondents to the PayScale salary survey provided the data for this report.
|Salary||$31,530 - $60,510|
|Bonus||$0.00 - $5,000|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$28,779 - $50,546|
|Hourly Rate||$13.30 - $21.75|
|Overtime||$19.57 - $31.64|
|Bonus||$0.00 - $5,000|
|Total Pay (||$28,779 - $50,546|
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. (Copyright 2017 PayScale.com)
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.
Financial Counselor Job Listings
Popular Skills for Financial Counselor
Survey takers working as Financial Counselors report using a large range of professional skills. Most notably, facility with Financial Advisor, Financial Analysis, and Epic Hospital Billing are correlated to pay that is significantly above average, leading to increases of 38 percent, 30 percent, and 17 percent, respectively. Skills that pay less than market rate include Collections, Medical Terminology, and bill collections. Most people who know Customer Service also know Collections.
Pay by Experience Level for Financial Counselor
Pay by Experience for a Financial Counselor has a positive trend. An entry-level Financial Counselor with less than 5 years of experience can expect to earn an average total compensation of $35,000 based on 327 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Financial Counselor with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $38,000 based on 183 salaries. An experienced Financial Counselor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $40,000 based on 177 salaries. A Financial Counselor with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $41,000 based on 49 salaries.
Pay Difference by Location
For Financial Counselors, New York provides a pay rate that is 33 percent greater than the national average. Financial Counselors can also look forward to large paychecks in cities like Honolulu (+26 percent), Philadelphia (+25 percent), Boston (+20 percent), and Chicago (+16 percent). Location significantly influences compensation, with Orlando Financial Counselors earning much less — 22 percent less — than the national average. Employers also pay below the national average in Pittsburgh (12 percent lower) and Tampa (11 percent lower).
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Key Stats for Financial Counselor
Rated 5 out of 5
based on 141 votes.