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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:
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
Foreign currency exchange
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:
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