Clearing

  • Description
  • Tasks
  • Skills
  • Useful Knowledge
  • Entry Qualifications
  • Professional Qualifications
  • Trends
  • Resources

When transactions or investment trades are made it’s the responsibility of the clearance office to complete and process them, using automated clearing services. They work closely with settlements professionals. Processing the information accurately and within the required timescales is essential within this job.

Salary

Entry level positions, such as a trainee clearance officer, start at approximately £16,000 per annum. With the right experience, qualifications and skills you could progress to management roles and earn in excess of £50,000 per annum.  This does not include potential bonuses and additional benefits.  Salaries will vary considerably based on location and employer.

  • Receiving instructions for execution of a transaction, liaising with relevant departments to ensure that the trade and position are received
  • Collecting all appropriate information and documents required to process clearance
  • Clarifying any additional information which is unclear
  • Completing and processing the transaction within the required timescales
  • Reporting problems that are outside of your authority to the appropriate person
  • Keeping accurate up-to-date records of all clearance actions and transactions taken
  • Maintaining the security and confidentiality of client information and transactions
  • Compliance with legal requirements, industry regulations, organisational policies and professional codes
  • Efficient and ethical
  • Diligence, accuracy and strong attention to detail
  • Problem solving skills and initiative
  • Business communication skills
  • Hard working
  • Team work
  • Enthusiastic with good ownership skills 
  • Enjoy working in a target driven environment 
  • Customer service focus 
  • Good IT skills

A new entrant will not always be required to have this knowledge. Employers usually provide training to acquire skills for:

  • The legal and regulatory requirements for clearing securities transactions
  • Sound basic knowledge of financial services and the financial market
  • Organisational procedures for the clearing of securities transactions

Working in clearing requires people to be good team workers, hard working, enthusiastic with excellent communication skills. Due to the numerical and reporting aspects of this job, English and maths qualifications are desirable. There are various levels of entry into the role. Any previous qualifications or experience in investment administration or any customer-relationship or customer service role, such as billing, accounts receivable and payable or credit management, could be helpful.

In order to gain an entry level position, employers will look for people who have:

  • A Levels, Scottish Highers or equivalent qualifications such as  Business, Administration and Finance (BAF) Diploma, BTEC National Diploma, Welsh Baccalaureate (BAC), SVQ Level 3 or Higher National Certificate (SCQF Level 7)


Apprenticeships can be a useful way to gain entry and to progress on in the profession:

  • Level 2 Apprenticeship in Providing Financial Services, Investment Operations pathway (England, Wales, Scotland and Northern Ireland)
  • Level 3 Apprenticeship in Providing Financial Services, Investment Operations pathway (England, Wales, Scotland and Northern Ireland)

Many employers recommend and support people in gaining a professional qualification. The most recognised within the industry is:

  • Chartered Institute for Securities & Investment (CISI) Level 3 Investment Operations Certificate (IOC)


With experience and if working in a managerial capacity, you may progress towards more advanced professional qualifications, such as:

  • CISI Advanced Certificate Programme in Global Securities Operations or Operational Risk
  • CISI specialist Diploma in Investment Operations

Typical employers include investment management companies, private banks and banks with an investment function. London, Manchester and other large financial centres, including Edinburgh, Glasgow and Cardiff are where most jobs are concentrated. Scotland continues to grow as an operational centre for investment support and administration. Clearing is a vital part of the investment transactional process. The increased reliance on automated clearance systems may, however, change the way this job is carried out.