A treasury is a location where currency or valuable items are kept or a department that deals with the management of financial activities. Treasurers are financial professionals that are responsible for the management of treasuries and financial elements of an organizationâ€™s operations.
What does a treasurer do?
Treasurers are typically responsible for managing all financial matters of an organization. They manage the budgets of their organization to ensure financial goals are met. They supervise the maintenance and investment of funds, oversee cash management tasks, analyze and control associated risks, employ capital-raising strategies, and handle mergers and acquisitions. They also focus on generating revenue and preparing financial reports. They often analyze past financial records to predict future trends and develop the financial policies and budgets of the organization. Treasurers work for a variety of organizations such as major corporations, government agencies, nonprofit organizations, and clubs. Those that work for nonprofit organizations and clubs are responsible for handling funds and ensuring they are spent in an appropriate manner. They are also responsible for generating income through sponsors or fundraising efforts.
What kind of training does a treasurer need?
Treasurers typically need at least a bachelor degree in accounting, finance, or other related field. Many have a master degree in accounting, business administration or related field. Some are Certified Public Accountants. Many employers prefer applicants with extensive experience. Prospective treasurers often complete courses in finance, accounting, economics, risk analysis and management, financial reporting, and cash flow models. Many aspiring treasurers complete internships while pursuing their education to gain practical experience in the field. Many treasures gain national certification such as the Certified Treasury Professional designation from the Association of Financial Professionals. Treasurers must complete continuing education on a regular basis to maintain their certifications, keep their skills up to date and stay abreast with advancements and changes in the field.
What are the prospects for a career as a treasurer?
Employment of treasurers is expected to grow as fast as average for all professions, increasing 8% through 2018 (1). The expansion of financial activities in a variety of organizations will drive job growth.
Job prospects should be good with keen competition. Treasurers with advanced training and extensive experience will have the best job opportunities.
How much do treasurers make?
As of 2011, the middle 50% of treasurers earn annual salaries between $150,382 and $232,735. The top 10% earn annual salaries of more than $273,438 (2).
For anyone considering whether and how to become a treasurer, this is an excellent career choice for individuals with a strong interest in managing the financial activities of an organization. Treasurers must have a solid understanding of the financial policies and procedures of their organization. Detail orientation, good organizational skills, analytical thinking, and good problem solving skills are essential characteristics. Treasurers must have excellent communication and interpersonal skills. They must also have good time management skills and be able to work under stress and pressure to meet specific deadlines.
Becoming a Treasurer Requires Skills & Training Start Today
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