A treasury is a place that holds currency or valuables, such as precious stones or gold, and many may inquire about what is a treasurer. This professional, who is also called a financial officer, is responsible for managing the treasury of a business or organization. He or she works in many different settings, such as government agencies, academic institutions, large corporations, and small businesses. He or she oversees how money is spent and keeps accurate records and supporting documentation for all transactions. In general, these professionals are in charge of the budget, finances, and revenue to ensure smooth operation of the entity.
A treasurer takes on a watchdog position over all financial aspects of an organization. He or she works closely with other professionals to ensure all finances are in check and makes sure the entity has effective monitoring and reporting methods. He or she manages and presents budgets and financial information to upper management professionals and/or executive boards. He or she provides advice on the financial implications of current and future operational plans. He or she communicates with staff regarding financial matters to make sure that the necessary controls are in place and presents revised financial predictions based on actual expenses. These financial officers also manage associated risks and handle mergers and acquisitions of companies. Another duty is providing advice regarding an organization’s fundraising efforts and making sure the use of the acquired funds meets the conditions of the funding organization. The fundraising must also comply with the relevant rules. Making sure of accurate record-keeping and compliance with relevant rules and regulations is also an essential duty.
Education and Experience Requirements
For this position, a majority of employers seek individuals with a minimum of a bachelor’s degree in finance or accounting and extensive experience in the financial field. Some treasurers complete a master’s degree in business management, finance, or another related area to remain competitive in the field and open more job opportunities. Master’s degree applicants should have a solid understanding of a variety of financial terms, including bank account management, international funds, investments, and derivatives. Many professionals obtain voluntary certification, such as the Certified Treasury Professional designation. The essential skills for this position are strong mathematical abilities, good organization, detail orientation, and effective time management.
Salary and Job Outlook
The average annual salary for these professionals will vary greatly on an array of factors, including location, industry, size of the company, education, and experience. Bonuses and benefits will also impact yearly pay. In general, the median pay is around $89,000 per year, with the top 10 percent earning more than $180,000 and the lowest 10 percent earning below $40,000. As the financial field becomes more complex, the demand for strong financial officers will increase. The Bureau of Labor Statistics expects an average growth rate of about nine percent by the year 2022. Keen competition is expected, but those with extensive experience and advanced education will have the best job opportunities.
The financial aspects of all entities and organizations are constantly changing and the need for knowledgeable financial officers is necessary. Pursuing a career as a treasurer is a great choice for experienced financial professionals seeking to play a major role in managing the finances of a variety of organizations.