A treasurer, also known as a licensed or certified treasury specialist in specific work environments, is a finance expert who manages the long- and short-term financial goals of a company or an organization. The treasurer oversees all facets of financial management, collaborating closely with other management committee members to ensure that the organization's finances are protected.
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Job Duties of a Treasurer
A treasurer typically works in government agencies and nonprofit organizations. Their main duties are to manage the company’s money, to record financial transactions, manage payroll, make financial projections, and other tasks.
A treasurer’s typical work duties vary from role to role, but may include the following:
Supervise and present spending plans, accounts and budget summaries to the administration board of trustees.
Ensure that fundraising and sales are compliant with applicable laws and are governed by sound financial processes and controls.
Inform on monetary ramifications concerning vital and operational plans.
Check the financial status of the company regularly.
Make sure that anyone who handles money maintains accurate records and documentation.
Present records at monthly, quarterly and annual meetings.
Establish proper monitoring and reporting processes.
Treasurer Median Salaries
According to PayScale, a treasurer’s average salary is $80,275 as of September 2021. However, a treasurer’s salary can range between $51,495 (including tips, bonuses and overtime pay) for entry-level roles and get closer to $100k after about 15-20 years of experience.
Top Skills for Treasurers
Treasurers supervise a company’s or organization’s cash management and procurement objectives. As such, they must demonstrate strong analytical and project management skills to oversee accounts payable, receivable, payroll, billing and records. Treasurers work close to executive management because they safeguard corporate assets. Let’s take a look at the top skills you need to become a treasurer:
- Expertise in accounting: A good treasurer has training in accounting to do their job efficiently and well. Accounting is a number-heavy field, so treasurers must have a firm grasp of mathematics and strong proficiency in arithmetic such as addition, subtraction, multiplication, division, percentages and fractions.
- Attention to detail: Treasury mistakes can cause dire straits for the organization. Staying focused and double-checking their work is of the utmost importance for a treasurer to avoid potential errors that could impact the financial well-being of their company.
- Accountability: This is an essential skill of a treasurer. A treasurer should account for their results and how their actions have directly impacted the organization’s finances. So, to gain the trust and confidence of your employer, you must not only be seen as someone responsible and accountable but also be innovative in your approach.
- Analytical skills: Finance-related issues will always require that you are analytical. Lacking strong analytical skills can lead to avoidable mistakes. It’s essential to avoid errors because financial well-being is the lifeblood of businesses and organizations.
- Proficiency in relevant software: Treasurers must maintain a record of all financial information within a company. Since they must develop and implement daily, monthly and quarterly cash forecasting models, they must have excellent accounting and spreadsheet management systems proficiency. This way, all critical information is organized and easy to access.
- Project management: As the cash manager of an entire organization, strong project management skills are essential. Understanding the methods and software that can aid you in successfully planning, initiating, delegating, and completing a project on time is a must to manage your company’s finances successfully
Educational Requirements for Treasurers
The most common degree for treasurers is a bachelor's degree (68%), with associate degrees coming in second place (9%). Treasurers usually study business, accounting or finance.
DegreesGeorge Mason University’s School of Business, which ranked in the top 10% of the nation’s undergraduate business schools, offers a Bachelor of Science in Business, several options for a business minor and an undergraduate certificate program in accounting.
New York University Stern has 13 business areas to major in while at the same time allowing students to explore classes, other fields and minors across NYU.
Associate degrees to become a treasurer are available in colleges like Olney Central College and Copiah Lincoln Community College. The benefit of associate degrees is that they can be completed in less than two years, while bachelor’s degrees take at least four years.
CertificationsCertifications aren’t mandatory for every treasurer job, but having one or more of the following ones can give you a competitive edge and help you land your dream job.
The Certified Management Accountant (CMA) is the advanced professional certification specifically designed to measure the skills that drive business performance: accounting and financial management. The Certified Treasury Professional (CTP) also prepares you to lead your organization to pursue excellence by demonstrating comprehensive knowledge of corporate treasury management.
Alternatively, the Accreditation Council for Accountancy and Taxation offers the International Accredited Business Accountant (IABA) credential. This credential ensures that all accredited individuals possess both the theoretical and practical knowledge to be successful practitioners. For that reason, candidates for accreditation must meet the requirements of three years of related work experience, two of which may be satisfied through college credits. Related work experience includes verifiable expertise in accounting, financial services or other fields requiring practical and theoretical knowledge of the subject matter covered on the ACAT Comprehensive Examination for the International Accredited Business Accountant. Other options are to become a Certified Public Accountant (CPA) or get the Accredited ACH Professional (AAP) credential offered by Nacha for roles that deal directly with payments.
Treasurer Resume-writing Tips
- Include a cover letter. Without directly requesting a cover letter in the job application, candidates usually don’t bother including one. And, when they do include one, they opt for a generic template that doesn’t add any information to their application. Thus, adding a compelling cover letter to your resume can differentiate you from the competition. The letter’s objective is to add information that explains how you are the best candidate for the role. Don’t repeat what you’ve said in the resume, though; instead, add details that might not fit or belong in the resume. To give the recruiter or hiring manager a glimpse of who you are as a professional and how you’re the perfect fit for the job, address the following:
- What interests you about the company or the role?
- How does the role fit into your career goals and experience?
- What achievements have you had that match the duties of the new role?
- How can you help the company accomplish its goals by performing specific duties of the role?
- Tailor your resume. A one-size-fits-all approach to writing your resume rarely gets you to the interview phase. If you’ve been applying to jobs you want with the same resume and haven’t heard back from them, that’s probably the issue you’re facing. An effective resume must be tailored to the specific job to which you’re applying. Why? Well, no two roles are truly the same. For example, a treasury job in the government won’t be the same as a treasury job in a university. Read the job listing closely to identify the keywords they used to describe their ideal candidate. Usually, the keywords are in the description of the candidate’s skills, education and responsibilities of the role. Select the ones that match your professional profile, and make sure to include them in your resume and cover letter so the recruiter can see that you are the right fit for the job.
- Quantify your achievements and responsibilities. Whether we’re aware of them or not, we’ve all had successes at school or work. You must take the time to recall what exceptional task(s) you’ve accomplished in each previous role you’ve had to add value to your candidacy. Not only is including your achievements necessary, but also quantifying them can impress the recruiter. This extends to your regular job responsibilities. For example, instead of mentioning that you “Prepared financial performance statements,” say “Prepared 5 monthly financial performance statements for each sector of the company.”
What is it like to serve as a treasurer?
In most cases, treasurers work in an office environment. Companies with at least one treasurer include nonprofit organizations and government agencies but extend to private companies and universities. The actual duties of the role vary from employer to employer, but you can expect to be constantly working with technology to analyze financial risk, data and cash flow. As a treasurer, your main objective is to manage the businesses' cash flow, economic growth and well-being.
What is the core difference between treasury and accounting?
While roles in accounting and treasury appear to be very similar at first glance, they have different responsibilities and goals. Accounting is in charge of keeping track of financial assets, advising on taxes and preparing audited financial statements. They keep meticulous records to allow everyone to be aware of available resources at all times. On the other hand, treasury is in charge of the cash flow and financial well-being of a company or organization by assessing risk and devising a strategy to protect the organization’s financial health. However, a CPA (Certified Public Accountant) can become a treasurer down the line.