A career as a bank teller can be both rewarding and lucrative. As a bank teller, you would be responsible for providing customer service to bank customers, accepting deposits, and issuing loans. There are many banks that are always looking for qualified employees, so finding a job should not be difficult. The following guide will provide you with information on the education requirements, skills required, and employment prospects for those interested in pursuing a career as a bank teller.
1. What Is a Bank Teller?
In simple terms, a bank teller is an employee of a bank that carries out a wide range of duties related to receiving and paying out money. They work behind the counter at a bank office and perform services that include accepting cash deposits and issuing withdrawals, cashing checks, processing loan payments, opening savings accounts, and other banking transactions. A bank teller can also provide information to customers about services and products offered by the bank. They are usually the first point of contact for customers entering a bank branch, and they should be friendly, efficient, and knowledgeable about their policies.
2. What Education Do I Need to Become a Bank Teller?
The majority of positions at US banks require you to take courses in accounting or banking to obtain your state certification. Employers usually prefer candidates with strong communication skills and good customer service experience.
While there are some positions available at the federal level, it is more common for people interested in working as bank tellers to find employment at small community banks or credit unions rather than large national institutions. As a result of this, schools offering courses related to banking are usually very small, with classes consisting of 15-25 students at a time. The majority of students that attend these types of schools are usually already employed as bank tellers looking to advance their careers.
In most cases, you will need to take enough courses to be eligible for certification from the state where you would like to work. Before enrolling in a course, make sure that it is approved by your state. Once you have successfully completed your courses and obtained certification, make sure to keep it up-to-date as the information you learn may be different from what is currently taught.
Some colleges or vocational schools may offer degrees in banking or similar subjects that would prepare students for a career as a bank teller, but it is usually more common to take individual courses. Courses for banking and customer service help prepare students to handle the responsibilities that come with working at a bank while providing an understanding of finance, accounting, and interpersonal communication skills.
The Bureau of Labor Statistics reports that most full-time bank tellers in 2009 had completed high school or vocational training. Some employers may require candidates to have college degrees or a certificate in a banking-related field.
3. What Skills Do I Need to Become a Bank Teller?
A career as a bank teller can provide you with an opportunity to enter the financial industry and gain valuable experience. In addition, it is relatively easy to find work as there are over 450,000 available teller positions in the US.
Before applying for a position at the bank of your choice, it is important to have knowledge of basic math skills so that you can accurately perform tasks related to receiving and paying out money. It is also essential to understand how banks work, as well as have previous experience working with people, communication skills, and an ability to learn quickly and accurately.
4. How Much Can I Expect to Earn?
According to the Bureau of Labor Statistics, in 2009, the median hourly income for bank tellers in the US was $11.69 per hour, with most having wages between $8.67 and $14.95 per hour. On average, bank tellers earn about $24,000 per year, but the average ranges from a low of $18,000 to a high of $31,000, depending on the bank and whether the teller is full-time or part-time.
Payscale.com reports that in 2010 full-time bank tellers had median hourly wages ranging from about $10 to around $15 per hour, depending on the state. According to the US Department of Labor, in 2008, full-time bank tellers in New York had median annual incomes of $29,160 while those in Texas made about $23,170 during the same period.
5. Where Can I Find a Job as a Bank Teller?
Jobs for bank tellers are very easy to find as there are over 450,000 available positions at banks throughout the US. According to the Bureau of Labor Statistics, in 2009, bank tellers held about 530,000 jobs, with half of all of those working part-time.
As a result of this, it is more common for people interested in working as bank tellers to find employment at small community banks or credit unions rather than large national institutions. You can find positions by searching online or checking with the local branches of the banks that you would like to work for.
6. How Do I Advance My Career as a Bank Teller?
For many people who become bank tellers, the position is a first step on the way to a career as a financial advisor or other related fields. To advance, you will need to demonstrate leadership skills and have previous experience in finance-related areas such as accounting.
It is also important to continue your education by taking courses from local colleges, universities, or vocational schools that can provide you with the training and knowledge necessary to help you become a bank manager.
7. What Is the Job Outlook for Bank Tellers?
According to the Bureau of Labor Statistics, employment for bank tellers is expected to grow by only 4% from 2008-to 2018, which is slower than average compared to other professions. Part of this has been attributed to the rise in online banking and other automated services, which has greatly reduced the number of tellers needed by banks.
However, many new jobs for bank tellers will be created as a result of mergers and acquisitions shown to increase efficiency levels resulting in reductions in staff at financial institutions. Those who have extensive knowledge about the latest technologies such as cloud computing, database management, software installation, and web design are also likely to have better chances of being selected for these positions.
8. How Long will it Take me to Become a Bank Teller?
Many employers are looking for applicants with previous banking experience or education in fields related to finance. Most entry-level positions can usually be obtained within six months to a year, although it may take longer if you lack the required qualifications.
For those who have no prior experience, it is possible to become a bank teller within six months by obtaining a bank teller certificate from a vocational school which takes approximately three months to complete. This certificate can also be obtained online by using a course provided by the School of Business and Technology, which only requires 10-12 weeks to finish.
9. Is There Any Additional Training that I Need once I Become a Bank Teller?
After gaining your certification, you will need to take part in on-the-job training to learn about the specific policies and procedures of the company. You will also be expected to learn the computerized accounting system your employer uses to help you carry out your duties more efficiently. Depending on the size of the company, this training should take between two weeks and two months.
10. Will I be Able to use my Bank Teller Certificate When Applying for other Finance-Related Jobs?
Many employers prefer to hire applicants who have a variety of skills that will enable them to continue their career development. This is why having a bank teller certification can be beneficial since it gives employers the impression that you are highly motivated and capable of adapting to a variety of situations.
In addition, many employers consider this certification to be equivalent to the diploma earned by students in two-year colleges, which means that you can eventually pursue a four-year degree or other related training programs at a later time in your career.
11. Pros and Cons of Being a Bank Teller
Some of the pros of being a bank teller include:
-> Ability to work in a variety of locations.
-> Having flexible hours which can enable you to pursue other activities such as attending college or training courses.
-> Opportunity for advancement (some banks allow tellers to gain promotions within six months)
The cons of being a bank teller include:
-> Low starting salary.
-> The nature of the job requires you to sit in one location for an extended period which can cause fatigue or discomfort after several hours.
-> Hours can vary depending on the work location.
-> Not all jobs are full-time, which can result in limited benefits and/or paychecks.
12. What Are My Chances of being Promoted to a Bank Manager Position?
After gaining several years of experience as a bank teller, you may qualify for promotion into a managerial or supervisory role. These positions are often more rewarding since they include increased pay, benefits, and better hours.
Entry-level bank teller jobs can be found in most areas of the country, while management positions are only offered to individuals who have completed additional education or training. This means that you will need to invest your time in gaining experience before being considered for advancement.
For those who are serious about pursuing a career in the finance industry, there are plenty of options available to them. By getting your bank teller certification or taking courses that are related to this field, you will have better chances of finding employment which can eventually lead to promotions and even job security.
13. Best Colleges to Study Accounting or Finance
If you’re looking to study accounting or finance, there are a number of excellent colleges that you can consider. Some of the best include:
- 1. The University of Texas at Austin
- 2. The University of Pennsylvania
- 3. The Massachusetts Institute of Technology
- 4. Stanford University
- 5. Cornell University
- 6. Duke University
A career as a bank teller can be both rewarding and challenging. It’s a great way to get started in the banking industry and offers many opportunities for advancement. The most important thing for someone looking to become a bank teller is to have excellent customer service skills and be able to work with people from all walks of life. If you have those qualities, then a career as a bank teller may be right for you.