Bank Teller Career Advancement
Bank tellers complete everyday transactions, from cashing checks to depositing money and counting cash. Tellers who want to move up in the banking world can pursue a few advancement opportunities, all of which require experience and/or a college degree.
|Job Title||Median Annual Salary||Projected Job Growth (2016-2026)*||Required Education|
|Loan Officer||$64,660 (2017)*||11%||Bachelor's degree|
|Financial Advisor||$58,631 (2018)**||10% (for financial specialists)||Bachelor's degree|
|Personal Banker||$36,553 (2018)**||15% ( for personal financial advisors)||High school diploma or equivalent|
Sources: *U.S. Bureau of Labor Statistics, **PayScale
Loan officers evaluate potential customers to determine if they are creditworthy, and if they are, the loan is approved. The person who authorizes it then accepts liability. This process is referred to as underwriting in the banking business. There are a lot of documents that must be reviewed for verification, so acumen is a necessary skill. One's job title may vary by the area of specialization, such as commercial, consumer, or mortgage loans. Experience as a bank teller could eventually get you promoted to loan officer, and a bachelor's degree in a field such as finance can land you the same job with less experience. On-the-job training is provided either way. A number of professional certifications are also available.
Financial advisors work in banks, insurance companies, and other finance enterprises. These professionals work closely with clients--either corporate or consumer--to help them maintain and improve their capital. Shaping a client's budgetary goals and guiding their investments is the duty of a financial advisor. Whereas tellers interact minimally and methodically with customers, financial advisors have a more extensive relationship with their clients. To enter this career, a bank teller would have to achieve at least a bachelor's degree in financing, business, or accounting, and having relevant work experience is preferred. Exams may also be given during application.
Unlike the broader work of financial advisors, personal bankers are there to help individuals with their banking needs. Personal bankers manage accounts, provide customer service, sell financial services, build business relationships (networking), market to potential clients, and perform other banking duties. As you can see, their duties are more inclusive than that of a teller's. A high school diploma is often sufficient to enter this field, though a bachelor's degree may improve employability.