Career Development

Treasurer Job Description: Salary, Duties, & More

A treasurer is responsible for the financial health of an organization. They are often the chief financial officer (CFO) or chief financial manager (CFM) of a company, though their title may vary. They’re tasked with helping to ensure that the company has enough money to cover all its expenses and bills, and they frequently work to balance the company’s budget and monitor its cash flow.

A treasurer is responsible for the financial health of an organization. They are often the chief financial officer (CFO) or chief financial manager (CFM) of a company, though their title may vary. They’re tasked with helping to ensure that the company has enough money to cover all its expenses and bills, and they frequently work to balance the company’s budget and monitor its cash flow.

Treasurers tend to spend most of their time managing and monitoring money and finances, but they may also be involved in other aspects of their company’s operations as well. For example, they may provide oversight for other departments such as accounting, purchasing, or human resources to ensure that these teams are functioning correctly as well.

Read on to learn more about what it’s like to be a treasurer and what it takes to become one yourself.

Treasurer Job Duties

Treasury managers are responsible for a wide range of duties, including:

  • Monitoring the liquidity levels of the organization’s cash reserves and bank accounts
  • Estimating upcoming cash inflows and outflows, setting appropriate accounting standards, and taking action to ensure that all financial obligations are met
  • Maintaining daily accounting records of revenue inflows, outflows, and balances in order to generate reports of financial activity
  • Reporting regularly on funds available, potential sources of funding based on current trends, historical patterns, available assets, and anticipated liabilities
  • Preparing budgets for the organization and monitoring spending to ensure compliance
  • Preparing tax forms for all entities within the organization or company to ensure compliance with federal, state, and local laws
  • Participating in strategic planning meetings or committees

Treasurer Salary & Outlook

The median annual wage for treasurers is $90,555. The top earners make over $152,000 per year. Those earning higher wages tend to work in the banking and investment industry.

Demand for treasurers is expected to grow much faster than average over the next decade. As the economy grows, the demand for financial advice will increase and organizations will look to their treasury management as a way to increase competitiveness. Treasurers will be relied on to manage cash flow effectively and ensure that organizations have enough money on hand when needed.

Treasurer Job Requirements

The requirements for a treasurer are as follows:

Education: Most organizations require Treasurers to have a bachelor’s degree in business administration, accounting, or finance. Some employers may recognize previous experience working in accounting in place of a degree. Some treasurers have a master’s degree in finance, business administration or a related field.

Training: A treasurer’s training typically takes place on the job. They often begin in a role as a junior accountant and work their way up into managerial positions at the company. They learn through experience company-specific systems and procedures that will help them succeed within their organization. Treasurers may also receive additional training on how to plan budgets, prepare balance sheets and review financial statements.

Certifications & Licenses: Certifications are not required for this job, but many organizations prefer candidates who have earned one. Two of the most popular certifications include Certified Public Accountant (CPA) and Certified Treasury Professional (CTP).

Treasurer Skills

The following skills are required for this job:

Finance knowledge: The treasurer must have a thorough understanding of finance, accounting, and investment concepts.

Communication skills: The treasurer must possess excellent communication skills to effectively present information to senior management. He or she also must be able to explain complex issues in terms that non-financial managers can understand.

Problem-solving skills: The treasurer is responsible for solving any problems related to finances. These might include employee theft of funds or financial reporting irregularities. 

Ability to handle stress: The treasurer will be under constant pressure to meet deadlines and maintain accuracy. The job can be stressful at times.

Management skills: Treasurers have direct responsibility for managing a staff of bookkeepers, accountants, and auditors.

Computer literacy: The treasurer must be familiar with basic computer programs such as Microsoft Word and Excel, as well as specialized financial software such as QuickBooks.

Treasurer Work Environment

A treasurer’s work environment is often in an office or other comfortable setting, with little physical demands. They may travel for meetings or conferences on occasion. Treasurers must constantly monitor current economic trends in their industry. Typically, it is a fast-paced environment with multiple deadlines to meet. The job can be stressful since it involves a high level of responsibility for handling money. The days are often long, and they may have to work evenings or weekends. 

Treasurer Career Path

Getting Started

The first few years in this profession are demanding. Treasurers must learn the business, prepare for any emergency, and serve on more than one financial committee, sometimes at the same time. Most treasurers are generalists who provide oversight of all financial activities.

Five Years Out

Treasurers with five years’ experience are often considered for CFO positions or higher-level executive positions in internal audit or corporate tax departments. So many new companies are starting up that there is a strong demand for experienced treasurers to fill these positions. This is an excellent time to find a new position in another company; however, turnover among treasurers is high because of the long hours involved. Satisfaction is average; the hours are long.

Ten Years Out

Ten-year veterans have gained significant expertise in financial management and have become involved in strategic planning and implementation of new policy. They manage large budgets and often supervise staff. Satisfaction is high because executives value their expertise.

Treasurer Trends

Here are three trends influencing how Treasurers work. Treasurers will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Importance of Business Analytics

While the role of a treasurer is relatively stable, there are emerging trends that could have a significant impact on this field in the coming years. For example, the importance of data analytics will likely grow as businesses begin to look for new ways to save money and cut costs.

This will likely mean more emphasis on tracking performance through analytical software such as business intelligence platforms and business analytics tools. Both options can give an organization greater insight into how it’s performing and what steps need to be taken next. 

Increased Importance of Non-Financial Skills

The role of treasurer is expanding in many organizations, largely due to the increasing importance of non-financial skills for this position.

In today’s economy, organizations are increasingly looking for financial professionals who have strong non-financial skills such as leadership and strategic thinking, which has led to a sharp increase in the number of training programs designed to teach non-financial skills.

Increased Importance of Collaboration

As budgets become more complex, collaboration will become increasingly important for treasurers. As a result, it becomes harder to be an expert in every area of finance. It is essential for treasurers to rely on their colleagues to learn about areas they don’t understand.

For example, a treasurer might work with the head of accounting to determine the best strategy for tracking inventory or with a colleague from another department to develop a plan for investing money in new technology. 

How to Become a Treasurer

1. Planning Your Career

If you’re thinking about a career as a treasurer, it’s important to be aware of the many responsibilities that come with this role. For example, a treasurer is responsible for handling a business’s finances and reporting to both upper management and shareholders; this means that you will likely need to attend many meetings and interact with people in different departments. If you don’t like interacting with others or attending meetings, consider looking into other positions within the finance department (such as an analyst).

To best prepare yourself for the job, it is recommended that you gain as much experience as possible through other finance-related positions that will allow you to explore several different aspects of the field.

2. Writing a Resume

The best resumes for treasurer positions describe a candidate’s ability to use their business acumen and financial skills to manage a company’s finances. It’s important to highlight your accomplishments in these areas. Your work history should include any past experience that is relevant, even if it was not directly related to the position you’re applying for.

If you have been in your current position for some time, be sure to include how your role has evolved over time and the additional responsibilities that you’ve taken on. If possible, quantify your achievements by providing specific examples of times when you were able to make a positive impact on a company or organization. You can also include an awards or accolades section with any honors or recognition you have received from the community or your employer.

3. Applying for Jobs

The first step in finding a job as a Treasurer is to identify some companies that might need your services. Look for organizations that have a large number of assets, as well as those who deal with large amounts of money on a regular basis. Research those companies and determine what sort of treasury needs they have. Are they hiring a person with a specific background? Are they looking for someone with a lot of experience?

Once you’ve figured out which companies you’re interested in, apply to the ones that fit your qualifications and use an enthusiastic tone in your cover letter and resume. Make sure to make contact with someone who works at the company you’re applying to. It’s ideal if it’s the hiring manager, but if not, try to reach out to someone with a higher position than yours or who works directly with the hiring manager. 

4. Ace the Interview

Whenever you’re interviewing for a treasurer job, you should be prepared to discuss your background and experience. You will also need to be ready to talk about your professional objectives and how they align with those of the company.

While you can present yourself as being good with numbers, if you are interviewing for a treasurer role, it is important to show that you are also good with people. You may be asked questions about your leadership skills, interpersonal relationships, and whether you are comfortable selling ideas to multiple stakeholders.

Prepare ahead of time for this kind of interview by reviewing the company’s vision statement and mission statement. This will help you incorporate these parts of the company’s identity into your answers while demonstrating your knowledge of its corporate culture.

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