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Who is a Treasurer?
Prosperity cannot be restored by raids upon the public Treasury ~ Herbert Hoover
A Treasurer is a financial expert who is responsible for managing the company's financial assets and overseeing all aspects of financial management. An individual in this career is required to have adequate knowledge in the areas of financial management and at the same time understand financial governance. The treasurer's primary goal is to keep the company's finances healthy.
The Treasurer makes sure the company has enough cash reserves and assets available during the changing economic conditions. He or she monitors the cash inflows and outflows, forecasts the cash requirements, evaluates the investment risks and improves the investment strategies. Additionally, the Treasurer is responsible for ensuring the company complies with the tax regulations.
Quick Facts for Treasurer
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Industry
Finance
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Suitable for
Male, Female
The career as a treasurer is not gender-specific, men, women, and any other gender can choose a career as a treasurer. An individual can become a treasurer if he or she has the required qualifications. As part of the business sector, this is among the most searched jobs, where the gender of an employee is irrelevant.
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Any special needs
No
Everyone, including those with physical disabilities, is appropriate for a career as treasurers. The treasurers work on desks in office settings and are suited to everyone, even those with special needs. But being fit and healthy is good for an effective working style.
Table of Contents for Treasurer
What is the role of Treasurer?
In a Treasurer's career, an individual is required to manage a company or organisation's long-term and short-term financial targets. He or she is required to work diligently in the preparation of the final financial statements, which are used to make recommendations to executives or board members. A treasurer oversees the in-house financial department of a business or organisation.
The Treasurer roles and responsibilities include finding innovative ways to reduce costs and increase productivity in the business or company. In a career as treasurer, an individual is required to supervise the everyday tasks of financial staff and provide financial insights and recommendations to the executive teams to develop long-term financial strategies and decisions for the business.
Strategic planning
Strategic planning is one of the most important job functions of a treasurer. Strategic planning is the method of defining an organisation's targets, and then implementing that perspective through defined objectives. Treasurers working in strategic planning should achieve targets, determine what measures employees need to implement and inspire the company to achieve that target.
Reporting
Treasurer reports every day during the financial year which helps companies assess the services of a specific industry. Reporting helps companies, businesses or the government to make the best possible decisions. This is also an institutional communication method within the company and the employees.
Types of a Treasurer
In this section, we have provided the types of Treasurer or career options related to them with their job description.
Treasury Analyst: The treasury analyst is responsible for monitoring and evaluating the financial practices of the employer such as cash flow management, revenue control, debt obligations and assets management. He or she is hired to manage financial budgets for businesses, nonprofit organisations and government agencies.
Financial Analyst: A financial analyst job description includes overseeing the financial performance of an organisation, evaluating operating results and market trends to make predictions, and assisting senior management in making operational and strategic decisions by presenting daily reports. He or she pore over data to find possibilities or analyse outcomes for management decisions or investment recommendations.
Cash Manager: A cash manager closely monitors the profitability of a company or a client and also measures the financial losses. The Cash manager's duties and responsibilities include controlling client accounts and supervising the distribution of cash reserves, deposits, tax payments and investments. He or she controls budget flows and investigates and corrects any deficiencies or overstocks.
Also Read: Career as Financial Planner
What is the workplace/work environment of Treasurer like?
A Treasurer works primarily with brokerages for security and commodities, banks and credit institutions, and insurance companies either in private or public organisations. The Treasurer is required to spend most of his or her time in the office environment. It is a full-time job and is required to work at a desk in an office.
Does Treasurer require travelling?
Likely
The government-employed treasurer is required to travel often depending on the project he or she has been appointed to. However, the government offers full travel costs to the treasurers travelling to various workplaces. Corporate treasury jobs require travels both internationally and domestically, to provide guidance and supervision for board members or other partner entities.
Time Pressure
Likely
In a career as treasurer, an individual performs certain duties for a corporation within a given period. This work is considered to be one of the prestigious job profiles, and that means a lot of time and mental energy is demanded. A treasurer is required to assess the financial data within a limited period.
A career treasurer needs to work for nine hours a day, often independently. Many projects will require more effort, in these situations, a treasurer may need to stretch the duration of the shift to complete it on time mostly during the closing of the financial year.
How to become a Treasurer?
Steps to become a Treasurer
A Treasurer is a professional who manages the finances or financial assets of the company. If you are someone who loves maths and accounts and business acumen and wants to build your career in the related field, then this career is best for you. Below we have provided step-by-step guidance on how to become a Treasurer in India.
What are the skills and qualities required to become a/an Treasurer?
In this section, we have mentioned some of the treasurer skills that are required to excel in this career.
Research Skills: As a treasurer, one needs to know how to do research work on economic principles and provide appropriate solutions. A career as a treasurer is required to learn research skills that are important for analysing financial data.
Problem-Solving Ability: A career as a treasurer is required to know how to assess obstacles and plan strategies. He or she should be able to provide guidance and alternatives to team members and clients to help them create low-risk, high-benefit financial decisions, with a deep knowledge of finance.
A treasurer's problem-solving abilities, often focus on the ability to handle difficult or unpredictable organisational situations, and complicated financial problems as well. Organisations rely on people who can evaluate all sorts of mistakes and come up with solutions in a rational way.
Business Acumen: Business acumen also refers to business insight and the ability to deal with different business circumstances. A career as a treasurer needs to make it quite clear that knowledge of the business is not a single skill, but broad complex skills, experience and understanding of various business aspects.
Business acumen can be better described as knowledge and understanding of the techniques, procedures and methods that enable a business to make more profit.
Communication Skills: Communication in the workplace is vital to the organisation, as it enables companies to stay competitive and to function efficiently. A career as a treasurer needs to communicate regularly with the clients. Therefore, he or she has to understand the client's needs and respond to their concerns, for which they need good communication skills.
Which certifications and internships can be helpful in becoming Treasurer?
We have mentioned below the certifications that individuals may opt for who want to establish a career as treasurer.
Executive Education Program Analytics for Finance & Accounting Professionals
Professional Certificate in Accounting and Financial Analysis
Professional Certificate Program in Applied Financial Risk Management
Internship Availability
As a treasury intern, you will be supporting everyday tasks such as report preparation, deck preparation, develop business-related reporting packages for the Product and Finance users. Not only that you will be also exploring participating in project and process improvement or automation tasks. You will also learn about the flow of cash and other investment strategies.
A financial internship provides an excellent opportunity to obtain industry experience in the finance sector. Internships offer the opportunity to use the abstract principles that he or she has learned during his or her college days and bring them into practical use. Therefore pursuing an internship is beneficial to build and begin your career with.
What is the job outlook for Treasurer?
A Treasurer prepares a company's official financial statements and evaluates investment opportunities when starting new ventures or expanding established companies. Furthermore, emerging economy around the globe offers new investment opportunities that require expertise in geographical areas where all those markets are located. Government agencies, non-profit organisations, insurance providers, and private companies provide the best employment opportunities in this industry.
Frequently Asked Questions for Treasurer
Que. What is the most important treasurer job?
Ans.Corporate treasury jobs are to be a great caretaker of the money. There is however a secondary role of treasurer and that is almost as critical as the first one, the second duty is to make financial decisions.
Que. Is CFO the same as treasurer?
Ans.The chief financial officer is similar to a treasurer or controller as he or she is responsible for overseeing the finance and accounting divisions and ensuring the consistency and timely completion of the financial reports of the business.
Que. What is the difference between Treasury and Finance?
Ans.The biggest difference between financial management and treasury management is the level of participation. Financial management specialises in long-term and strategic investments, but treasury management emphasises short-term and day-to-day investment monitoring.
Que. What is the role of a treasurer in a student council?
Ans.The treasurer is responsible for keeping the budget of the student council. Fundraising activities are handled by the treasurer, who should guarantee that all funds are being used appropriately and according to votes and legislation from the student council.
Que. What is the chief executive officer job description?
Ans.A chief executive officer is a company's highest-ranking executive, whose primary roles include making significant strategic decisions, overseeing a company's overall activities and resources, and serving as the key point of contact with the board of directors.
Que. Is it hard to be a treasurer?
Ans.To become a treasurer, you are required to have relevant skills, knowledge and qualifications. If you work hard and focus and have the right approach it will be easier for you to achieve your dream career.
Que. Who can be a treasurer?
Ans.If you have relevant skills, knowledge and qualifications and a few years of working experience in the finance or accounting department you can become a treasurer.
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Did you know?
Fact 1
Between 1954 and 1978, India had 5,000 and 10,000 notes in circulation
Fact 2
The average lifespan of the Indian currency note is twelve months
Fact 3
Printing a Rs. 20 note would cost the RBI more than a Rs. fifty note
Fact 4
Just 8 per cent of the world 's money floats in cash with the emergence of digital banking
