After college graduation Wells spent the next two years (1924–26) working as an assistant bank cashier at the First National Bank of Lebanon, Indiana, where his father worked as a cashier, and living at home with his parents, before continuing his education at IU Bloomington. Wells earned Master of Arts degree in economics from IU in 1927. His master's thesis, "Service Charges for Small or So-Called Country Banks," was published in "The Hoosier Banker" in 1927. Wells began doctoral studies in economics at the University of Wisconsin–Madison, but his schooling ended in 1928,