If a career in the financial industry is appealing to you, you may consider becoming a Treasurer. In this article, we will explain what a Treasurer does, what it takes to get a job in this field, and average pay rates for Treasurers.
What Does a Treasurer Do?
A Treasurer has general oversight over an organization’s finances, ensuring that financial management is done correctly by delegating tasks to other staff members. A Treasurer’s responsibilities may include financial planning and budgeting, financial reporting, sales and fundraising. A Treasurer typically works in startups, small and large firms, nonprofit groups and in the government sector.
Typical responsibilities of a Treasurer include:
Management tasks, such as supervising staff and delegating projects
Organizational tasks, such as managing the firm’s cash flow and liquidity and setting up bookkeeping systems
Fundraising tasks, such as raising funds for nonprofits or raising money for new business ventures
Treasurer Skills
A Treasurer must have the technical ability to oversee a company’s financial matters, as well as having a vision and skills to create or improve the company’s corporate strategy and promote its growth. A person who would excel in this role needs to be motivated, good at solving problems, communicative and authoritative. Because this individual would be in charge of a firm’s finances, they need to be trustworthy, ethical and to have integrity.
Other key Treasurer skills include:
Being detail oriented
Being a strategic thinker
Being a problem solver
Being open to change
How Do You Become a Treasurer?
Education and Training
While there is no specific degree in treasury, most entry-level positions required a bachelor’s degree in finance, economics, business administration or accounting. Certain colleges and universities participate in the Corporate Treasury Management (CTM) program, which teaches treasury skills to students. Completion of this program allows those enrolled to take the Certified Treasury Professional (CTP) exam, which will make their resume stand out from the competition. Additionally, those that complete the CTM program are invited into the network of the Association of Financial Professionals (AFP).
Aspiring Treasurers whose colleges are not part of the CTM program can still sit for the CTP exam to receive Treasury certification after the completion of a bachelor’s degree and two years of related work experience.
To advance in the field, most Treasurers continue their education to complete a master’s degree program in finance or accounting.
Finding a job
The Bureau of Labor Statistics forecasts a 7 percent growth in demand for Financial Managers, such as Treasurers, with 37,700 new job openings becoming available through 2024. The demand is fueled by economic growth, which requires the services of Financial Managers.
Treasury is a competitive field, and applicants should include their educational experience, such as a bachelor’s and/or master’s degree, as well as certification to increase their chances of securing employment. JobHero’s bank of Treasurer resumes can help you in crafting your resume.
When searching for Treasurer job openings, it may be advantageous to network with other finance professionals, especially if you are a member of the AFP.
Include a cover letter to let prospective employers know why you are interested in a Treasurer position, and what makes you qualified for that role.
Insights from a Treasurer
Here's a more in-depth perspective as to what the Treasurer job really entails. So here are some questions and answers from professionals in the industry to help you.
What is the common career path for a Treasurer?
A treasury position requires a bachelor's degree by default. Generally, you will not find any specific degree in financial management but many of the other degrees related like finance, accounting, economics or business administration can help you have a broader spectrum to understand the ins and outs and to have a better chance at success in a career in treasury.
What should someone consider before becoming a Treasurer?
Being a Treasurer can demand a lot of your time. Consider how this will affect your personal life and family. If the company doesn't feel comfortable with your management and social skills, you may run into a professional dead end. Be wary of that if you intend to continue growing.
What type of person excels in this job?
A good treasurer can think about numbers methodologically, also has an orderly mindset and has an eye for details. It is very important to look at data and double-check it whenever you can to identify inconsistencies and things you can do to resolve them.
What are some of the most important skills for Treasurers have?
Methodical, impartial and honest people are candidates to be great Treasurers. A good treasurer must have good communication skills, must be detail-oriented and must have the ability to handle large sums of money.
What do you find to be the most rewarding aspect of being a Treasurer?
Having a positive impact on the organization you work for, the empowering feeling of working with large sums of money and having success with it feels accomplishing and satisfying.
How Much Do Treasurers Get Paid?
The average yearly salary for Financial Managers, such as Treasurers, is $118,000. The highest paid make $187,200, and the lowest paid earn $63,000.
Top 10 States for a Treasurer’s Salary
Financial Managers, including Treasures, in the following states make the highest median salary in the US.
Treasurer Resources
For more information about becoming or working as a Treasurer, check out these sources.
On the Web
National Association of Corporate Treasurers (NACP)
A resource for Treasurers about upcoming conferences, job listings and networking opportunities.
Association of Financial Professionals (AFP)
A professional society that represents finance executives globally.
On Twitter
@CalTreasurer
Twitter account of California State Treasurer John Chiang.
@USTreasury
Twitter account of the U.S. Treasury Department.
Blogs
ACT Blog
A blog by the Association of Corporate Treasurers.
Treasury Grapevine
Blog for industry professionals to discuss emerging trends and insights impacting the treasury community today.