Treasurer Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a treasurer. Feel free to use our treasurer job description template to produce your own. We also provide you with information about the salary you can earn as a treasurer.
Who is a Treasurer?
A treasurer is a financial professional who is responsible for the short and long-term budgetary objectives of an organization or company. The primary responsibility of a treasurer is to ensure that the company or the organization has good fiscal health. This requires them to create complete financial statements as well as make investment decisions in a coordinated manner. Treasurers work in conjunction together with corporate executives to establish and maintain financial benchmarks, as instructed by the chief executive officer.
Companies, clubs as well as non-profit organizations along with local and national governments typically employ treasurers. In the early days, the word “treasurer” was used to describe the person who was entrusted with the responsibility of overseeing the noble’s wealth or treasure. Treasurers prepare financial report for their employers. They review financial records of the past to anticipate future trends and create the appropriate budgets.
The exact function of the treasurer in governments around the world differs. For instance, in the United States, the Treasurer does not have direct control over the activities of the Treasury and is responsible directly to the Secretary of Treasury and has limited financial authority, mainly with the minting and production of currencies.
In a business, the treasurer is usually the person in charge of the financial issues related to the company.
Corporate treasurers handle investment, debt, and expenses and provide advice to the business on financial matters. For instance, they could determine if certain expenditures, loans, or investments will be in the greatest interests of the business. Corporate treasurers make sure that the company has enough cash flow to meet its goals and run efficiently.
Many clubs and non-profit organizations have a treasurer appointed to manage the funds and ensure that they are spent responsibly. The treasurer of an organization also has the responsibility of making money, by securing sponsorship or coordinating events for fundraising. They must also maintain the annual budget, and records of every financial transaction and also keep other officers informed of financial issues.
Treasurer Job Description
Below are the treasurer job description examples you can use to develop your resume or write a treasurer job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a treasurer include the following:
- Taking care of incoming payment
- Receiving funds from deposits
- Writing outgoing cheques
- Documenting all financial transactions of the business
- Controlling formal reports and bank statements
- Supervising and accepting all financial plans and modifications to plans.
- Setting up and monitoring the budget that was predetermined for the year.
- Ensuring that funds are safe from possible misuse by any other member of the committee.
- Monitoring the present and future budgets and financial statements, as well as accounts to the management committee.
- Contacting designated staff members regarding financial issues
- Checking that the proper financial controls and systems are in place
- Checking that records-keeping and accounting conform to the requirements of the funders or other statutory bodies.
- Checking for compliance with applicable legislation.
- Managing the reception of funds, the bank, and the protection of corporate money.
- Assisting senior managers with the risk assessment of corporate loans, investments, and liquidity.
- Monitoring the financial systems and policies that control the treasury functions of the business.
- Monitoring financial transactions of third parties.
- Outsourcing treasury functions.
- Budgeting as well as financial reports.
- Reporting on financial forecasts and forecasts.
- Implementing financial and legislative policies.
Qualifications
The process of becoming a treasurer requires certain qualifications that may vary based on the job you’re applying for. But, there are fundamental requirements that are common in various fields in this career.
Education
Employers generally require treasurers to hold a minimum of a Bachelor’s degree. The most popular degrees earned by treasurers are in economics, accounting, finance, or business administration. Certain employers will hire those with a master’s degree in business administration or accounting with a focus on accounting, particularly for top-level jobs. Relevant coursework includes taxation, financials auditing, economics, and business law.
Although treasurers do not require an advanced degree to get jobs, it could make them more competent in the job market. It could also be a factor that can serve as a determinant for their promotion. Certain states require additional college credits in addition to the requirements of a bachelor’s degree to be an accredited public accountant, which is a designation most employers look for when hiring a treasurer.
Training
Treasurers are often required to complete on-the-job training after they join an organization. During this period, the treasurer will be supervised by an experienced finance or accounting professional who will ensure they can perform their duties promptly. The duration of the on-the-job training may vary, however, treasurers can anticipate this time to span from several months to a full year.
Students can also do internships to gain experience before the time of graduation. A lot of treasurers’ internships are in accounting and finance and students can finish them in a variety of industries. Students usually complete their internships during the summer season or right after graduation.
Certifications
Although treasurers don’t require an official certification to be employed, most earn one to broaden the range of opportunities for them. Certifications not only assist candidates in demonstrating their dedication and professionalism but, they assist professionals in creating an impressive network of professional connections. They are an effective method for professionals to keep current with the most current regulations of the government and accounting technology.
There are many certificates available for treasurers that can aid them in expanding their knowledge and increase their chances of getting employed:
- Certified Public Accountant
The American Institute of Certified Public Accountants provides this certification. It has become a common certification for the financial industry and many employers have it required for treasurer jobs. The certification is based on passing a test in four parts and compliance with state regulations. Nearly all states demand CPA applicants take 150 hours in college courses However, a few states allow several years of experience in public accounting to be substituted for the coursework.
- Certified Treasury Professional
The Association for Financial Professionals offers CTP certification and is considered to be the standard for excellence worldwide in Treasury. To be able to sit for the test, applicants must possess at the minimum, the equivalent of two years of full-time experience in career-oriented corporate cash or treasury management, or any other finance-related job in a company. Candidates with a master’s degree in finance, business, or accounting will only require an additional year’s full-time employment experience.
- Certified Government Financial Manager
The Association of Government Accountants offers the CGFM certification for professionals in treasury working for a government institution. Candidates who are certified with this credential demonstrate competence in government accounting as well as financial reporting, auditing, budgeting, and internal controls at the state, federal as well as local levels. Candidates must hold an undergraduate degree in a relevant field, possess a minimum of two years of professional experience in the field of government finance, and pass three thorough tests to obtain this credential.
Essential Skills
- Analytical abilities
Treasurers examine and analyze financial records to make financial forecasts that are based on historical and forecasted financial reports on activity. The job requires a professional to study past trends before making informed choices about the future.
- Management skills
The position of treasurer may require the professional to fulfill the management duties. If they are overseeing the internal finance department, the professional is expected to oversee the operations and provide praise and constructive feedback to improve. This might require the professional to adjust their approach to management to suit the particular group or company they are working with.
- Communication
Treasurers should develop strong communication skills since they frequently interact with colleagues. In addition to communicating with other members of the finance department Treasurers must also present findings and make their financial decisions to the executive team and the board of directors. The position requires them to develop great communication skills both in written documents as well as oral presentations.
- Mathematical abilities
The job of a treasurer requires a solid understanding of math with accounting and finance. Treasurers study, compare and interpret figures and facts that require a thorough understanding of statistics.
- Attention to details
As treasurers oversee the financial well-being of big companies and organizations, they must be meticulous when it comes to their work and documents to ensure the accuracy of their work. Treasurers must be careful and effectively compile and review documents and financial statements.
- Business expertise
In today’s world, companies and other profit-oriented businesses have a huge demand for employees to have the right amount of business expertise.
This skill is manifested in two distinct forms, which we will examine in the following paragraphs.
One of the most important aspects of this skill is understanding how your business is conducted. This is crucial because companies are constantly changing.
Another factor that will help you get through the transitions is to have the ability to adapt to any position and be able to work in a business-like manner. This is one of the skills that you must possess to be taken into consideration.
Another important aspect is having a clear concept of what business is all about and also understanding the direction in which the business will work.
It will certainly reflect or be reflected in the kind of guidance you provide to your business regarding financial issues.
- Accountability
As a treasurer, you must be able to provide an accurate account of the things you’ve accomplished during your work.
To earn the confidence and trust of your boss, you need to be perceived as someone accountable and responsible. If the boss at your office is not building his trust in you, it could be because you’re not accountable for your job.
The problem doesn’t end with the lack of trust but could result in being fired from your company. This is the simplest way to think of it If you wish to stay in your job over the long term. it is essential to be accountable and ensure you don’t allow your employer the chance to doubt your conduct.
- Teamwork
Your contribution to the company is not solely dependent on your accounting abilities. It’s not just dependent on your job but is dependent on what you do in the company to aid in the development of the company.
This is essential for every employer and one of the tools employers use to evaluate the effectiveness of their staff.
How to Become a Treasurer
- Earn a degree.
You must complete a bachelor’s degree in finance, accounting, business administration, or another related field. It is advisable to take courses in accounting, auditing mathematics business law, and business communications. If you are planning to pursue managerial or other positions at a higher level you should consider obtaining a master’s degree.
- Learn and pass the CPA test.
Most employers require treasurers to obtain a CPA license. If you discover that the positions you’re looking for require this certification, then you’ll have to pass an exam called the Uniform CPA examination. If you pass the exam, then you will be able to apply for a CPA certification, which is a requirement of 150 credit hours of study with a focus on accounting.
- Intern for an organization within the field of your interest.
As you finish your studies at university, you could be a part-time treasurer from an organization in the field you are interested in. This internship allows you to experience what treasurers do every day as you ask questions and receive help.
- Create your resume.
When you’ve completed your studies and have earned your certifications, you’re qualified to apply for treasurer jobs. Before applying, you should create a detailed resume that outlines your training, education qualifications, certificates, and work experience. Be sure to include keywords in your resume that you will find in the job descriptions.
Where to Work as a Treasurer
Most treasurers have an all-day job that could require some additional hours. Treasurers usually work in offices within the manufacturing, banking, or insurance sectors. Although smaller businesses may utilize a handful of financial professionals, larger companies typically have teams of hundreds of finance professionals the treasurer might work with. Treasurers are sometimes required to travel for their job, especially when they are employed by an organization that needs them to gather details regarding mergers and acquisitions.
Treasurer Salary Scale
The average salary that a treasurer earns in the United States is $83,860 per annum.
