Back office specialist

Back office specialists perform operation of administrative and organisational nature in service of running a financial company. They process administration, take care of financial transactions, perform supportive tasks and other diverse back office operations in coordination with other parts of the company.

The following job titles also refer to back office specialist:

back office clerk
financial office specialists
back office clerks
financial office specialist
back office administrators
back office administrator
back office officer
back office officers

A high school diploma or equivalent is generally the minimum required to work as a back office specialist.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Back office specialist is a Skill level 2 occupation.

These occupations, although different, require a lot of knowledge and skills similar to back office specialist.

financial markets back office administrator
insurance clerk
investment clerk
foreign exchange cashier
bank teller

These occupations require some skills and knowledge of back office specialist. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of back office specialist with a significant experience and/or extensive training.

bank account manager
financial broker
securities broker
stock broker
securities trader

This knowledge should be acquired through learning to fulfill the role of back office specialist.

• Banking activities: The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.
• Financial management: The field of finance that concerns the practical process analysis and tools for designating financial resources. It encompasses the structure of businesses, the investment sources, and the value increase of corporations due to managerial decision-making.
• Office administration: The paperwork processes related to the administrative areas of an office environment. The activities or processes may include financial planning, record keeping and billing and managing the general logistics of an organisation.
• Business processes: Processes which an organisation applies to improve efficiency, set new objectives and reach goals in a profitable and timely manner.
• Office software: The characteristics and functioning of software programs for office tasks such as word processing, spreadsheets, presentation, email and database.

These skills are necessary for the role of back office specialist.

• Handle paperwork: Handle work-related paperwork ensuring that all relevant requirements are met.
• Comply with legal regulations: Ensure you are properly informed of the legal regulations that govern a specific activity and adhere to its rules, policies and laws.
• Maintain records of financial transactions: Collate all the financial transactions done in the daily operations of a business and record them in their respective accounts.
• Monitor company policy: Monitor the company’s policy and propose improvements to the company.
• Use office systems: Make appropriate and timely use of office systems used in business facilities depending on the aim, whether for the collection of messages, client information storage, or agenda scheduling. It includes administration of systems such as customer relationship management, vendor management, storage, and voicemail systems.
• Manage administrative systems: Ensure administrative systems, processes and databases are efficient and well managed and give the sound basis to work together with the administrative officer/staff/professional.
• Coordinate operational activities: Synchronise activities and responsibilities of the operational staff to ensure that the resources of an organisation are used most efficiently in pursuit of the specified objectives.
• Execute administration: Carry out administrative work and establish public relations.
• Offer financial services: Provide a broad range of financial services to clients such as assistance with financial products, financial planning, insurances, money and investment management.
• Provide financial product information: Give the customer or client information about financial products, the financial market, insurances, loans or other types of financial data.
• Manage financial aspects of a company: Manage the company-related legal and financial issues; calculate and analyse numbers and figures; look how to save costs and how to maximise income and productivity; balance costs against possible benefits before making a decision.

This knowledge is sometimes, but not always, required for the role of back office specialist. However, mastering this knowledge allows you to have more opportunities for career development.

• Financial products: The different types of instruments that apply to the management of cash flow that are available on the market, such as shares, bonds, options or funds.
• Project management: Understand project management and the activities which comprise this area. Know the variables implied in project management such as time, resources, requirements, deadlines, and responding to unexpected events.
• Securities: The financial instruments traded in financial markets representing both the right of property over the owner and at the same time, the obligation of payment over the issuer. The aim of securities which is raising capital and hedging risk in financial markets.
• Statistics: The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
• Principles of insurance: Understand the principles of insurance, including third party liability, stock and facilities.

These skills and competences are sometimes, but not always, required for the role of back office specialist. However, mastering these skills and competences allows you to have more opportunities for career development.

• Trace financial transactions: Observe, track and analyse financial transactions made in companies or in banks. Determine the validity of the transaction and check for suspicious or high-risk transactions in order to avoid mismanagement.
• Apply company policies: Apply the principles and rules that govern the activities and processes of an organisation.
• Manage loan administration: Oversee the loan administration for exhibitions.
• Communicate with banking professionals: Communicate with professionals in the field of banking in order to obtain information on a specific financial case or project for personal or business purposes, or on behalf of a client.
• Provide support in financial calculation: Provide colleagues, clients or other parties with financial support for complex files or calculations.
• Manage personnel: Hire and train employees to increase their value to the organisation. This includes a range of human resources activity, developing and implementing policies and processes to create an employee-supportive work environment.
• Obtain financial information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
• Advise on financial matters: Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
• Manage contracts: Negotiate the terms, conditions, costs and other specifications of a contract while making sure they comply with legal requirements and are legally enforceable. Oversee the execution of the contract, agree on and document any changes.
• Maintain contract administration: Keep contracts up to date and organise them according to a classification system for future consultation.
• Present reports: Display results, statistics and conclusions to an audience in a transparent and straightforward way.
• Handle financial transactions: Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.

4312 – Statistical, finance and insurance clerks

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References

1. Back office specialist – ESCO