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.
- 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 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.
- He may be empowered to have the final say on business financing policies of the company. Often, he 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 must be well versed with the laws governing financial reporting and corporate governance affairs.
- Having been employed by the shareholders of 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, best returns can be given to the shareholders of the company without having to dabble with the dark arts of financial malpractices.
- 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 29,500 and USD 219,800.
- The median salary can be amounted to around USD 85,500.
- Salaries vary as per location as well.
- Industrialized, metropolitan states pay around USD 141,890, while average salary in states like New York is around USD 171,700.
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.