If you have given the Certified Treasury Professional (CTP) exam, remember that you have renew it after three years. Also, you need to keep yourself updated and earn more credits to keep up with the ever-changing trends in the educational and corporate world.
A treasurer is an important member of the board of directors of any company. In most of the countries, the requirement of a treasurer is decreed by the laws governing the operation of companies. Unfortunately, many do not tend to realize the contribution of this person's expertise to the overall financial running of the company. A brief description of the treasurer's basic duties is enlisted below.
- The function of the treasurer is a lot more specified than the function of the other members of the board.
- He or she specifically deals with the financial health of the company. And, being appointed on the board in an advisory capacity, he does just that, guiding on the financial function in the company.
- He generally has a lot of experience in financial planning and financial management, preferably having managed the finances of companies belonging to various sector. Thus, he brings something valuable to the company, which other employees may or may not experience.
- He oversees the various aspects of finances of the company.
- He takes care of the accounting, the cash flows, asset management, the receivables management, etc. So, while the actual drawing up of the financial statements, like balance sheets, is done by the salaried employees appointed by the company, the final changes and recommendations (if any) are given out by the treasurer.
- The job description also prescribes that he looks into the budgeting of costs and cost management done by the company.
- He may also be empowered to have the final say on the business financing policies of the company. More often than not, it is he who brings in all the financial policies into place and has a ruling on the investment decisions based on return on investment which the company makes.
- He ought to be well versed with the laws governing financial reporting and corporate governance affairs.
- Having been employed by the shareholders of the company to manage the funds, it is one of his duties to ensure that the funds entrusted to him and to the company by the shareholder are responsibly used, and to the end, the best returns can be given to the shareholders of the company without having to dabble with the dark arts of financial malpractices.
- He is responsible for investments, hedge funds, pension funds, liquid assets, credits, etc.
- He arranges for the equity and debts when necessary, and ensures that the company has sufficient capital for its current as well as future operations.
- He predicts the future cash inflow and outflow based on certain factors, and takes a decision regarding the lending and borrowing of finance.
- He maintains cordial relationships with banks and other financial institutions.
- A bachelor's degree in finance, accounts, or business management will be a sound start to this career.
- Of course, you will not be appointed directly as a treasurer. You will need a lot of experience in managing the financial affairs of the company, after which you may be considered suitable for this post.
- Having a postgraduate degree in business management or finance will add a feather to your cap. Besides, you may also give the Voluntary Certified Treasury Professional (CTP) certification.
- You will need exceptional math and accounting skills, patience, and brilliant decision-making skills to become a good treasurer.
Treasurer Salary Range
- The treasurer is usually given a pretty hefty salary package for the specialized work he performs for the company. Also, the salary can vary a lot based on the company he works for.
- Ideally, they are paid between USD 40,000 to USD 210,000.
- The median salary can be amounted to around USD 90,000.
- Salaries vary as per location as well.
- Industrialized, metropolitan states pay more than USD 110,000, while states, like Hawaii and Idaho pay between USD 40,000 to USD 65,000.
The salary widely depends on the reputation of the treasurer as well as his body of work over the years. If companies choose a person who has brilliant financial knowledge, they will have to pay the latter amount to procure his services. Appointing just any treasurer although with sound knowledge of financial systems will cost the company the former. But then, it is the company's call, whether they are ready to cough up such a stupendous amount for a man who's really worth his weight in gold. And yes, you will require a lot of experience before you are paid very high salaries.