Financial Counselor Salary
The average Financial Counselor in the United States earns approximately $16.61 per hour. Geography is the biggest factor affecting pay for this group, followed by years of experience. Job satisfaction is reported as high by the vast majority of workers. Women account for the majority of Financial Counselors who took the survey — 84 percent to be exact. Medical benefits are awarded to most, and a strong majority earn dental coverage. This snapshot results from replies to PayScale's salary survey.
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.
Financial Counselor Job Listings
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Popular Skills for Financial Counselor
Survey results imply that Financial Counselors deploy a deep pool of skills on the job. Lucky workers who know Financial Advisor can expect a significant pay bump, scoring salaries 40 percent above average. Financial Analysis and Counseling are also correlated to pay that is above average, with increases between 32 percent and 40 percent. Skills that pay less than market rate include Collections, Medical Terminology, and bill collections. For most people, competency in Customer Service indicates knowledge of Collections.
Pay by Experience Level for Financial Counselor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Financial Counselors do not generally earn higher incomes from more experience in the field. Those in the early stages of their career can expect to make around $35K; however, individuals with five to 10 years of experience bring in $38K on average — a distinctly larger sum. After working for 10 to 20 years, Financial Counselors make a median salary of $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
For Financial Counselors, New York provides a pay rate that is 35 percent greater than the national average. Financial Counselors can also look forward to large paychecks in cities like Boston (+28 percent), Honolulu (+28 percent), Houston (+22 percent), and Philadelphia (+21 percent). In Orlando, salaries are 20 percent below the national average and represent the lowest-paying market. Pittsburgh and Tampa are a couple other places where companies are known to pay below the median — salaries tend to be 10 percent less than the median.
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Key Stats for Financial Counselor
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