A treasurer, or financial manager, holds a very important job for the company. A treasurer job description shows that they are solely responsible for planning and overseeing the company or organization budget. This involves development initiatives and adjusting company assets in the event of a merger or acquisition.
This specific treasurer job description provides a good overview of everything that goes into this career. This involves their basic job description and essential skills, the background needed, a day in the life, and the job outlook for this profession.
What Does a Treasurer Do?
A treasure is part of the upper management of a company. They serve as the guard and overseer of the finances. A very important part of the treasurer’s job is the ability to delegate. It would be impossible to do all of the work by oneself. Therefore, a treasurer needs to establish procedures a company should follow and train staff in completing work according to these procedures. If the company or organization needs to fundraise or engage in development work, the treasurer has a hand in that. They also manage some accounting responsibilities such as bookkeeping and invoices. Finally, a treasurer job description from the DIY Committee shows that they are in control of assets and stocks for the company.
There are two things a treasurer needs, the right education and a lot of experience. Treasurers need, at minimum their bachelor’s degree and ample experience with financial software. It is normal for someone to have at least five years of experience before they are qualified for this job. The median salary is $121,750.
Treasurer Description for Resume – Responsibilities
A treasurer should theoretically be responsible for any activity or process of the organization that has to do with money. The following responsibilities should be taken under the unique consideration of your skillset and background and adapted.
- Perform analytics to forecast future financial performance according to models.
- Prepares presentations on financial reports and explains complicated terms without jargon.
- Delegates tasks effectively with oversight.
- Become intimately involved with the performance of the company on the stock market.
- Fundraise and engage in development activities, particularly for a nonprofit.
- Perform audits and submit required documentation to external auditors.
- Stay aware of changes in tax code and how these changes impact the company’s bottom line.
Treasurer Essential Skills
- Analytical skills. A treasurer needs to be able to take what they have learned in various software programs and run the necessary tests to produce desired results. They should, at minimum, have very good knowledge of Excel.
- Data-driven decision-making skills. Going beyond analytical skills, a good treasurer will use data to inform their decision-making.
- Math skills. Naturally, treasurers need to have excellent math skills. They will regularly use algebra and other math in order to complete financial transactions. Even with computer software, they still need to understand what formulas to run.
- Communication skills. Being the treasurer means that many of the tasks will be delegated to other financial employees. Being able to clearly communicate what needs to happen and how is essential.
How to Become a Treasurer
Treasurers need a bachelor’s degree in a finance field. They are also expected to have at least five years of experience doing similar jobs such as being an accountant or analyst.
Education & Training Requirements
A typical education track for treasurers is to earn a bachelor’s degree in finance, economics, or accounting and then pursue a master’s of business administration or finance. Students need to go to college because a specific set of math and analytical skills is a requirement.
There are no required certificates or training to become a treasurer. However, there are programs that treasurers can pursue in order to show a certain level of competence. The Chartered Financial Analyst or the Association for Finance Professionals offer these trainings.
Lifelong learning is a requirement of working as a treasurer. However, this is less critical than in rapidly changing fields such as technology. The mathematical requirements will not change significantly, although treasurers will have to work with big data and predictive analytics.
There are no entry-level or recent college graduates who start of as treasurers. This position has a lot of responsibility and supervision. A minimum of five years of experience is required. However, some companies will require even more experience than that.
If a financial analyst or accountant demonstrates the potential to transition to the position of treasurer, a company may suggest that they complete a leadership or training program to acquire the necessary skills for the position.
Students interested in eventually becoming a treasurer should absolutely seek out an internship to complete. This will let them know if they want to work in this field and begin to accumulate their experience.
Treasurers might have to work over 40 hours a week on a regular basis. This is particularly true when a large project is due or the company is going through significant financial changes.
A treasurer job description shows that they spend the majority of their time either in meetings or analyzing data. They are responsible for the oversight of many different departments and need to regularly run audit checks. These checks are necessary in order to ensure internal compliance.
Overall, the treasurer job growth is projected to be 7 percent through the year 2024. Their job growth greatly depends on economic growth. However, it is not tied strictly to U.S. job growth due to the global economy. Treasurers are responsible for managing the company’s investments both in the United States and abroad. This work environment also makes money management more complex. Treasurers that can navigate this will be highly sought after.
The median salary for treasurers is $121,750 with a low of $65,000 and an upper end of the salary at $208,000 dollars. They do not have a lot of room for job growth because they are already in an upper management position. However, some treasurers can transition to the role of chief financial officer.
This treasurer job description gave a glimpse into what it is like to be a treasurer. Analytical skills are absolutely essential for the person who wants this job. They enjoy a nice salary but experience a lot of pressure and responsibility in their role. Another position for you to consider that involves the economic health of a business is that of financial analyst.