With so many people turning to digital mediums to process all of their financial transactions, many people who currently hold bank teller jobs are concerned with their future. However, these tellers will always be necessary to help customers process their transactions on a face-to-face basis.
The Bureau of Labor Statistics (BLS) Occupational Outlook Handbook reports that from 2012 to 2022, there will only be about 5,600 bank teller jobs added nationwide. This is the equivalent of a 1% growth within the industry. Because banks are no longer building bricks-and-mortar branches at breakneck speed, the availability of new jobs will slow down. It should still be considered that since a bank teller holds an entry level position, there are many people who inevitably move up within the bank and this will help to ensure that jobs are always available.
Bank tellers are not required to have any special education outside of high school, but some choose to take college courses having to do with accounting in order to become more proficient in their careers. As such, once these individuals have gained plenty of experience working with the public, other opportunities may become available to them. Most commonly, the first promotion is to a head teller position in which individuals will oversee the other tellers working in the bank. They may also go on to become loan officers, credit counselors or insurance agents for the bank.
Anticipated Salary Changes
Again, according to the BLS, the average wage for bank tellers across the United States was $24,940 in May of 2010. The lowest 10% earned only $19,630 annually, and this wage is often earned by individuals who are new to the industry, who have just graduated from high school, or who work in lesser-known credit unions and bank branches. The highest 10% earned $34,320 or more, and these wages were paid to individuals who have years of experience as tellers or who work for high-profile banks in large cities. Since bank tellers rarely earn more than minimum wage at the entry level, salary growth is expected to be on target with increases to this wage.
Growth by Location
The future of bank teller jobs is also dependent somewhat on the state in which an individual lives. For instance, in an area where the population grows steadily, more tellers will be necessary to handle these demands. California is expected to add the most jobs over the next 20 years with Texas and Florida coming in a close second and third, respectively. Similarly, California and Florida are two of the highest-paying states with tellers there currently earning more than $27,000 per year, on average. Finally, growth will be mostly contained to metropolitan areas rather than rural or sparsely populated locations.
While the growth in this industry is expected to be minimal, there will still be plenty of opportunities for high school graduates to get bank teller jobs. Those who are proficient with the public, accountable for their actions and good with numbers will always be the best candidates, both now and in the future.