A practical career guide
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What are Bank Teller Jobs?
A bank teller is a customer service representative on the frontline who deals directly with customers. They often act as a cashier and develop experience in handling cash and assisting clients with banking transactions. Elements of their work include depositing cash, withdrawing cash, transferring money between accounts, depositing cheques, issuing bank drafts, changing currencies, and handling general customer service inquiries. This guide breaks down what bank teller jobs are and whether or not it’s possible to easily transfer out of them into other areas of finance.
Bank Teller Jobs Description
Here is a description of the main responsibilities and requirements for the position of bank teller:
- Serve customers by handling:
- Bank deposits
- Loan payments
- Withdrawals
- Cashing checks
- Issuing cashier’s checks
- Answering individual’s questions related to their accounts
- Selling additional bank products:
- Marketing new services
- Announcing product promotions
- Evaluating the customers’ personal needs and making recommendations
- Making referrals to other branch members
- Special services:
- Foreign currency exchange
- Safe-deposit boxes
- Providing special statements
- Reconciling cash drawer
- Counting paper currency and coins
Is it Possible to Move Into Corporate Finance From Bank Teller Jobs?
We get this question a lot from our students. They want to know, “Is it a good idea to use bank teller jobs as an entry point into the industry, and then move up into corporate finance?”
It’s a logical approach for anyone who doesn’t land a corporate finance role right out of school, but it may be a harder transition to execute than many people might think.
Why is it Hard to Transfer Into Corporate Finance?
While it may not seem fair, there is a tendency to categorize people based on their career path, and retail banking or teller jobs just don’t usually transition to corporate finance. The main reason for this situation is that there are far more highly qualified applicants for corporate finance roles than there are opportunities. For this reason, those doing the hiring tend to draw certain lines in the sand just to make the decision-making process easier – such as what school you went to and what your early career path was.
What Are Common Career Steps After Bank Teller Jobs?
Private banking and commercial banking are more common paths for people who begin their career as a bank teller. As an ambitious customer service rep or teller, it’s possible to impress your manager and move into private banking, wealth management, or commercial banking. From there, you may want to read our advice on how to move up from commercial banking jobs.
How Best to Move up From Bank Teller Jobs?
The best ways to move up from bank teller jobs include enrolling in and studying for the FMVA or MBA, taking the series 7 exam (or equivalent in your country), going back to school full time for a master’s degree(see article: is an MBA worth it?), taking online financial modeling courses from CFI or one of our competitors, and perhaps most important of all, networking.
More Resources for Moving Up
Thank you for reading the CFI guide to Bank Teller Jobs. We are pleased to offer a variety of free resources to help you advance your career and move up the ladder. Some of our most popular resources include the following:
FAQs
The teller position in a bank is generally an entry-level position open to high school graduates. Most successful job applicants have records of high performance in other jobs that include substantial customer service components.
How to pass a bank teller interview? ›
During the interview, be prepared to provide specific examples from your previous experience that demonstrate your skills and suitability for the role. Show enthusiasm, professionalism, and a strong work ethic. And also, don't neglect your appearance because you never get a second chance to make a first impression.
What do banks look for when hiring a teller? ›
Generally, the most important qualities that banks and credit unions look for when hiring tellers are basic math and verbal skills, interpersonal skills, and attention to detail. Pre-employment testing can help ensure that tellers have the right skills and personality traits.
Will a bank hire someone with bad credit? ›
You may not be able to get a teller job due to a bad credit report. However, you can still take steps to prepare you for a future banking career. Work on repairing your credit. Take another job that allows you to use your skills, develop new ones and establish a solid work history.
Is bank teller a risky job? ›
Security Concerns. Working with large sums of money and sensitive information places bank tellers in a position of high responsibility and potential risk. The stress associated with security and vigilance can linger after hours, impacting relaxation and peace of mind during personal time.
Are bank tellers underpaid? ›
National Employment Law Project (NELP) found that “Of the nearly 1.7 million people working within retail banking, almost one in three—more than half a million—are in occupations with median hourly wages below $15.” Near the bottom are about 470,000 bank tellers, the largest occupational group, about three quarters of ...
What is a weakness in a bank interview? ›
How can I discuss my weakness in a banking job interview effectively? Start by identifying areas where you need to improve, such as public speaking, maintaining work-life balance, or delegation. Discuss these weaknesses in the context of steps you are taking or planning to take to improve.
How to crack a bank interview? ›
Social etiquette
- Be on time. Punctuality is a highly regarded trait. Make sure that you are at the venue at least half an hour before the start of the interview. ...
- Carry a copy of your resume and all the documents that bank may have asked you to carry.
- Relax and just be yourself.
I have a lot of experience with customer service. I can easily uncover the needs of other people, and sell them what they need, want, or desire. I believe it makes me a great candidate for a teller position.
Is the bank teller test hard? ›
The bank teller exam is challenging because it requires candidates to showcase a wide range of skills and competencies some aptitude exams also come with a strict time limit which will require you to think quickly as well as answer correctly.
Pre-Employment Test
About the Bank Teller Math Test: This short, untimed aptitude test has basic addition problems, basic percentage questions, and word problems that incorporate addition and percentage operations. High scorers are likely to catch on quickly to various math functions in teller and loan officer jobs.
Which bank pays their tellers the most? ›
Top companies for Tellers in United States
- Citi. 3.9 $22.43per hour. 19,932 reviews120 salaries reported.
- Flushing Bank. 3.5 $22.09per hour. 73 reviews54 salaries reported.
- Bank of the West. 3.4 $20.36per hour. 1,598 reviews7 salaries reported.
- M&T Bank. 3.4 $19.93per hour. ...
- Wells Fargo. 3.7 $18.75per hour. ...
- Show more companies.
The general rule in California is that an employer may not consider acquire or consider a person's credit report in making job decisions except for applicants for or employees in: managerial positions. positions with the state Department of Justice. law enforcement positions, including peace officers.
What is the hardest bank to get a job from? ›
Ex-Goldman Sachs helping train students/recent grads to secure jobs in banking - 90% placement rate to banks like GS, UBS and JP. These are the 10 hardest investment banks to get a job at in the world🌍👇 1. JP Morgan 2. Goldman Sachs 3.
What is the minimum credit score to work at a bank? ›
Employers don't get a credit score during this process, and thus there is no minimum credit score for employment.
Are bank tellers in high demand? ›
Job Outlook
Employment of tellers is projected to decline 15 percent from 2022 to 2032. Despite declining employment, about 29,000 openings for tellers are projected each year, on average, over the decade.
Are bank teller jobs worth it? ›
According to industry insights, Bank Tellers can enjoy benefits such as job stability, opportunities for advancement into supervisory or specialist roles, and the potential to move into other areas of banking, such as personal banking, loan processing, or branch management.
Is it hard to get a job at the bank? ›
The bank had an acceptance rate of 0.33% for all applicants last year. Luckily, the internship was slightly easier to get into – 1.27%. Every little helps, we suppose. If you want to get into banking, you need to work very hard, exhaust every opportunity you have, and really, genuinely, be a little bit lucky.
Is there a shortage of bank tellers? ›
The ongoing shortage of bank tellers is a major challenge that financial institutions will continue to face in 2023. The COVID-19 pandemic has exacerbated the problem, making it difficult for banks to find qualified candidates to fill open teller positions.
