What skills does a back office specialist need?

A back office specialist needs 15 essential skills including banking activities, financial management, office administration, business processes, office software. Core competencies include .

Will AI replace back office specialist jobs?

The AI disruption score for back office specialist is 64/100 (high risk). Some tasks may be automated but the role will evolve rather than disappear entirely.

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back office specialist

Back office specialists perform operations of administrative and organisational nature in a financial company, in support of the front office. They process administration, take care of financial transactions, manage data and company documents and perform supportive tasks and other diverse back office operations in coordination with other parts of the company.

European Skills Framework

Skills and knowledge areas required for this occupation based on European classification.

Essential (15)

banking activitiesbanking activitiesThe 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, fo...financial managementfinancial managementThe 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 incre...office administrationoffice administrationThe 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 lo...business processesbusiness processesProcesses which an organisation applies to improve efficiency, set new objectives and reach goals in a profitable and timely manner.office softwareoffice softwareThe characteristics and functioning of software programs for office tasks such as word processing, spreadsheets, presentation, email and database.comply with legal regulationscomply with legal regulationsEnsure 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 transactionsmaintain records of financial transactionsCollate all the financial transactions done in the daily operations of a business and record them in their respective accounts.monitor company policymonitor company policyMonitor the company's policy and propose improvements to the company.use office systemsuse office systemsMake 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 include...manage administrative systemsmanage administrative systemsEnsure administrative systems, processes and databases are efficient and well managed and give the sound basis to work together with the administrative officer/staff/professional.perform clerical dutiesperform clerical dutiesPerform administrative tasks such as filing, typing up reports and maintaining mail correspondence.coordinate operational activitiescoordinate operational activitiesSynchronise 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.process paymentsprocess paymentsAccept payments such as cash, credit cards and debit cards. Handle reimbursement in case of returns or administer vouchers and marketing instruments such as bonus cards or membership cards. Pay attent...offer financial servicesoffer financial servicesProvide a broad range of financial services to clients such as assistance with financial products, financial planning, insurances, money and investment management.provide financial product informationprovide financial product informationGive the customer or client information about financial products, the financial market, insurances, loans or other types of financial data.

Optional (17)

financial productsfinancial productsThe 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 managementproject managementThe discipline of project management, the activities which comprise this area and the variables implied in it, such as time, resources, requirements, deadlines, and responding to unexpected events.securitiessecuritiesThe 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 whic...statisticsstatisticsThe 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 ...principles of insuranceprinciples of insuranceThe understanding of the principles of insurance, including third party liability, stock and facilities.trace financial transactionstrace financial transactionsObserve, 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 mismanag...apply company policiesapply company policiesApply the principles and rules that govern the activities and processes of an organisation.use spreadsheets softwareuse spreadsheets softwareUse software tools to create and edit tabular data to carry out mathematical calculations, organise data and information, create diagrams based on data and to retrieve them.manage staffmanage staffManage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the wor...manage loan administrationmanage loan administrationOversee the loan administration for exhibitions.provide support in financial calculationprovide support in financial calculationProvide colleagues, clients or other parties with financial support for complex files or calculations.obtain financial informationobtain financial informationGather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.advise on financial mattersadvise on financial mattersConsult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.manage contractsmanage contractsNegotiate 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, ...maintain contract administrationmaintain contract administrationKeep contracts up to date and organise them according to a classification system for future consultation.present reportspresent reportsDisplay results, statistics and conclusions to an audience in a transparent and straightforward way.handle financial transactionshandle financial transactionsAdminister 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.