Teens can work in the banking field and often begin in the industry as a teller. From this position, they can easily advance into jobs that require sales, math, and communicative skills. Many young people go on to accept positions in the loan administration departments of banks. This job choice is ideal for any older teen meaning anyone who is 17, 18, or 19 years old, who is a high school graduate or looking to work part-time. This blog post will cover the following:
- What it takes to work as a teller
- Types of banking services
- Where banks make their money
- Banking technology
- Banking positions for teens
- Where teens can get started
What It Takes to Work as A Teller
Bank tellers and similar clerks in the banking field only need to possess a high school diploma in order to obtain work. So, older teenagers can find a spot in a banking institution, provided they have good communication and math skills. If you want to work as a teller, you also need to enjoy speaking with the public, and feel comfortable about handling large amounts of cash.
Through on-the-job training, tellers learn the processes and guidelines that govern their roles. Banks always encourage upward mobility as they provide access to college training for their staff. In fact, one of the best jobs for a younger person is that of a teller in a bank.
Advancement in the Field
Some banks feature teller training programs that lead to certification. Therefore, tellers who take certification courses must take and pass several exams. Tellers can eventually advance into such roles as head teller, customer service representative, or new accounts clerk. A teller who possesses college training is often promoted to a managerial role. You can also move into a lending role by beginning as a teller at a bank.
Roles in Business or Banking Management
As noted, anyone who works in business, management, or finance, generally needs to obtain a college degree. For instance, a bachelor’s degree in business administration, or a degree in liberal arts that includes business coursework, form the preparation needed to work and advance in the banking field. Completing a bachelor’s degree often leads to the attainment of an MBA or Master of Business Administration degree.
Types of Banking Services
Now, that you have a basic understanding of the roles in a bank, you can learn more about the various types of institutions in the banking industry. Banks are designed to protect valuables and money, and also offer loans, credit, and payment services to customers. These services regularly include checking and savings accounts, money orders, and cashier’s checks. Institutions may also provide insurance and investment products.
Commercial banks, which are predominant in the banking field, offer a full repertoire of services for companies, governments, and individuals. The banks come in a wide range of sizes, from community and area banks to large global institutions. Global banks are involved in foreign currency trading and lending as well a general banking services.
Regional banks provide numerous branches and ATM locations throughout a multi-state region. The branches feature banking services to the public.
Community Banking Facilities
Community banks, as the name suggests, are locally based and are thought to provide more personalized attention, which small businesses and individuals generally prefer.
Where Banks Make their Money
The interest made on bank loans is the main source of revenue for most banks, thereby making lending critical to their success. Therefore, if you begin working in a bank as a teller or customer service representative, you will find that doing well in this position can lead you to opportunities in the lending field. If you develop your communication and math skills in school, then applying to a bank as a teen is a great opportunity.
For example, the commercial lending department in banks loans money to companies and businesses that want to expand or begin a business, or wish to buy capital equipment and inventory. Consumer lending departments, on the other hand, manage credit cards, student loans, personal loans and home improvement financing. They also handle auto purchases and debt consolidation transactions.
Mortgage loan departments lend money to people and companies to buy real estate. This area of the lending industry is highly specialized, and therefore offers many opportunities to applicants who wish to hone their skillset in the real estate field as well.
Today, technology is impacting the banking field in a major way. Advancements in IT have also led to improvements in the processing of bank data and information. The use of check imaging, which permits banks to store photographed checks on a database, is just one example of some of these innovations.
Other kinds of technology have greatly affected the lending field. For instance, the access and use of credit scoring software permits loans to be approved in a matter of minutes rather than in days. As a result, loan departments are now more efficient.
Other basic changes in the banking field have permitted banks to diversity their offering of services to become more competitive. Banks also offer customers asset management and financial planning services as well as insurance and brokerage assistance.
Investment banking is another service featured by many banks. Investment services permit companies and governmental entities to raise money through the issuance of stocks and bonds, generally by way of a subsidiary.
Banking Positions for Teens
Office and support positions account for about seven out of every ten jobs at a bank. Therefore, the following positions are suitable for teens who wish to work in the banking industry:
- Teller jobs – These positions are represented by the largest number of teen workers, and offer the greatest opportunity for promotion. Tellers offer routine financial services to customers and handle deposits and withdrawals. Tellers also change money, accept payments for utilities and loans, and sell traveler’s checks and money orders. Tellers, today, are also increasingly responsible for selling banking services to customers.
- Customer service representatives and new accounts clerks – In these jobs, bank employees answer customer questions and assist customers in opening and closing accounts. They also help them fill out forms for specific banking services. CSRs and new accounts clerks are knowledgeable about a large array of banking products, and therefore must be able to sell the services to potential customers.
Some bank CSRs work in call center environments, receiving calls and answering customer e-mails. In addition to replying to inquiries, workers also assist customers over the telephone with routine transactions, and handle or resolve customer issues or complaints.
- Loan and credit clerks – Workers in these banking positions, assemble and prepare documents, process applications, and complete the paperwork after a line of credit or loan is approved. They also confirm applications for their completeness.
- Other office positions – Account and bill collectors attempt to collect the payments for loans that are overdue. General office clerks as well a bookkeeping and auditing clerks are also hired to keep financial records, process bank deposits and checks, and enter data. In addition, banks hire secretaries, data entry workers, and receptionists in their offices, all which form the core of their office support staff.
Where teens can get started
If you are seeking an upwardly mobile position in a bank, and you are a young adult, begin with the loan administration department. This part of the bank actively recruits young people to serve in jobs related to general office support, office coordination, and counseling.
Loan Officer Positions
Loan officer jobs usually require a bachelor’s education in economics, finance, or a related field. Most banks prefer applicants who are acquainted with computers and how they are used in the banking industry.
For commercial or mortgage loan officer positions, a background in sales is highly valuable. Loan officers who do not possess college coursework normally advance to their positions from other jobs in the banking trade, such as customer service representative or teller.
Training Programs for Loan Officer Positions
The training and licensing requirements for loan officers and counselors who work in mortgage banking differ by locale. Various private schools and banking-type organizations offer programs and coursework for students who are interested in lending.
You can also just click on our jobs for teens page and find out more information there.
How teens can apply to a bank
If you are a teen with a high school diploma, then a job as a customer service representative or teller is a good starting point. You can even work part-time in a bank during a summer break as an intern in one of a bank’s departments.
Check with your local bank and express your interest for obtaining employment. Show what courses you have taken in high school that will complement their needs. These courses may include business math, accounting, vocational office education, or computer coursework.
If you are interested in math and communications and enjoy serving the public, then obtaining employment in a bank can be realized. You just need to obtain the education and knowledge, and express your desire to work in this ever-growing field.
Working in a bank offers endless possibilities to teens who enjoy both math and public contact. If you are outgoing and detailed, then this type of job is an ideal fit.
Do you feel you are a good fit for this type of work? What are your main concerns? Tell us in the comments below.