Treasurers are responsible for overseeing fund investments and dealing with mergers and acquisitions. Also known as financial officers, they are key members in managing associated risks, as well as during an impending merger or company acquisition.
Treasurers are responsible for financial planning, investing and budgeting for their company. They are the head individuals for all things financial, as they control the finances for a company or board of directors. They may also plan for the future financially, and develop collections and extending credit procedures for customers. Treasurers are used in almost every field and industry, and at every level of business.
A range of technology is implemented in this field, and treasurers must fully understand how to utilize the software to its full extent. Some accounting software may include Automatic Data Processing software, Intuit QuickBooks and Hyperion Enterprise. Other financial software may involve Oracle, FRx and Oracle PeopleSoft, as well as general understanding of Microsoft Office and other database software.
Some potential promotions include top corporate treasurer, financial controller and chief financial officer (CFO). Professional development may also lie in the nature of a company, as well as its overall needs. Those who are more experienced have a greater array of career options available to them.
To progress in this career, individuals should possess extensive knowledge of cash flow management, banking and investment management. Budget reporting and financial reporting skills may also be valuable.
According to PayScale, the median annual salary for treasurers is $88,975. This is a field that is heavily weighted by experience; the more experience an individual has, the higher their potential pay. Those with a great deal of experience may earn as much as $213,000 per year.
Location of employment also greatly impacts salary. Larger cities such as Los Angeles, New York, Chicago and Houston offer larger paychecks.
A bachelor’s degree is required to apply to entry-level jobs in this field. Many people also choose to earn a master’s degree, which may open more opportunities for career advancement. Students should learn to develop analytical skills as well as financial analysis methods.
Certain companies and businesses often provide the financial means for their employees to return to school to earn their master’s degree. A master’s degree often allows individuals to advance in their career and become a more valuable asset to their company.
Membership in the Association for Financial Professionals (AFP) can provide valuable networking opportunities. Members are able to sit for the Certified Treasury Professional (CTP) exam through the AFP. This certification is valid for three years and requires completion of continuing education credits for renewal.