Do you have excellent financial management skills? Are you known to be detail-oriented and have a methodical way of thinking? Treasurers will excel with these skills and knowledge.
A treasurer oversees the long and short-term budgetary goals of a business or organization. They guarantee the policies, financial transactions, and procedures align with the company’s goals/requirements. Overseeing credit and investment functions and corporate banking also would be the responsibility of the treasurer.
Many companies have treasurers, especially in non-profit or club organizations. Sometimes, treasurers will have to run a campaign and be voted into their position. Other times, they are hired by the upper-level executives. Most treasurers are qualified accountants because they need knowledge of managing money correctly, especially at the end of the year when it’s time to file taxes.
Sample job description
The treasurer will manage or oversee the management of the financial affairs of our organization, often including basic tasks such as selecting a bank, reconciling bank statements, and managing cash flow. [Your Company Name] is looking to hire an experienced treasurer that is willing to work hard in our fast-growing business. The treasurer may also be responsible for investing funds consistent with applicable laws, be responsible for corporate liquidity, investments, and risk management related to the company’s financial activities. Directing the organization’s budget, overseeing the investment of funds, managing and limiting risks, supervising cash management activities, raising capital to support the firm’s expansion, and handling mergers and acquisitions are also roles that a treasurer can expect to fulfill. As an ideal candidate, you have proven experience in the finance field as well as experience planning financial strategies and budgeting.
Typical duties and responsibilities
- Responsible for incoming and outgoing financial transitions of the company
- Submit financial reports detailing the current financial position as well as forecasting finances
- Supervise all finance personnel
- Prepare monthly and yearly budgets
- Control and evaluate the organization’s fundraising plans and capital structure
- Meet with finance and accounting departments to develop financial strategies
- Ensure compliance with the law and company’s policies
- Drive the company’s financial planning
- Make informed decisions for the company involving stocks and investments
Education and experience
- Bachelor’s degree in business, accounting, or related field
- 2+ years of experience in accounting/investing
Required skills and qualifications
- Ability to make sound decisions and judgments
- Detailed knowledge of financial practices
- Intermediate skills in the use of personal computers and related software applications
- Knowledge of monetary markets and business investment management
- Excellent interpersonal and communication skills
- Strong leadership qualities
- Detail-oriented
- Advanced knowledge of finance, accounting, and budgeting
- Accuracy when computing and managing numbers
Preferred qualifications
- Experience in a fast-paced company
- Master’s degree in business administration or similar field
Average salary and compensation
The average salary for a treasurer is $205,000 per year in the United States. Salary may vary greatly due to level of experience, education, and geographical location.
| Location | Salary Low | Salary High |
|---|---|---|
| Phoenix, Arizona | $227,850 | $251,800 |
| Los Angeles, California | $243,500 | $284,150 |
| Denver, Colorado | $202,950 | $236,700 |
| Washington, DC | $247,200 | $288,400 |
| Miami, Florida | $202,000 | $235,600 |
| Orlando, Florida | $186,300 | $217,400 |
| Tampa, Florida | $188,150 | $219,550 |
| Atlanta, Georgia | $197,400 | $230,300 |
| Chicago, Illinois | $226,900 | $264,750 |
| Boston, Massachusetts | $245,350 | $286,250 |
| Minneapolis-St. Paul, Minnesota | $195,550 | $228,150 |
| New York City, New York | $258,300 | $301,350 |
| Philadelphia, Pennsylvania | $210,300 | $245,350 |
| Dallas, Texas | $204,750 | $238,900 |
| Houston, Texas | $203,850 | $237,850 |
| Seattle, Washington | $236,150 | $275,500 |
| Overall | $184,750 | $225,500 |
Typical work environment
Treasurers work in a wide variety of industries, including banking, insurance, manufacturing, and more.
Treasurers work in an office environment. Those that work with small companies may have only a few key financial professionals, including the treasurer. Treasurers that work in large companies or corporations may have hundreds of financial professionals that they will work with.
Treasurers that work for large corporations may be required to travel to gather information on mergers, acquisitions, and more.
Typical hours
Treasurers typically work a standard 40-hour workweek. These hours will be from 9 AM to 5 PM. They might work overtime or attend events or board meetings outside of standard hours.
Available certifications
There are a few different certifications for treasurers that want to increase their value. These certifications include:
- Certified Management Accountant (CMA). This certification is designed to measure the accounting and financial management skills that drive business performance. An exam is required and certification must be renewed annually.
- International Accredited Business Accountant (IABA). IABA certification is obtained through a combination of practical and theoretical knowledge. Three years of related work experience (up to 2 years of college credits can be substituted) is needed for this certification. An exam must be passed for full accreditation.
Career path
To become a treasurer, you typically need to earn at least a bachelor’s degree in business administration, accounting, finance, economics, or a related field. Some employers are looking for candidates with a master’s degree (MBA or related). Treasurer positions usually require two or more years of experience in a finance and budget-heavy role. Treasurers need a combination of technical expertise and management skills to be successful.
US, Bureau of Labor Statistics’ job outlook
SOC Code: 11-3031
| 2020 Employment | 681,700 |
| Projected Employment in 2030 | 799,900 |
| Projected 2020-2030 Percentage Shift | 17% increase |
| Projected 2020-2030 Numeric Shift | 118,200 increase |
Position trends
The future of treasurers is changing rapidly. Treasurers must become more efficient. This can be done through broader automation and smoother integrations. Remote access to information is necessary in real-time. Times have changed, especially due to the pandemic, and treasurers must be willing and able to navigate post-pandemic strategies to ensure success.
Sample interview questions
- What qualities do you have that make you well suited for this job?
- Why did you choose a career as a treasurer?
- What are your long term career goals in finance?
- How would you prioritize your work to meet budget deadlines?
- How do you ensure to avoid costly accounting errors?
- What important points do you look into when preparing a budget?
- What software are you familiar with?
- What’s your experience with fund investments?
- What kind of technology tools/software are you familiar with?
- Please outline your experience with risk management.
- Do you have experience with forecasting?
- Tell me about a policy you designed or implemented. What was the result?
- What are the keys to being a successful treasurer?
- Describe a time you or your team failed to meet a deadline/goal. What did you learn?
