A treasurer is a financial manager who directs the organization’s or business’s budget so it will meet its financial needs. This includes long-term goals of the establishment. The treasurer prepares the financial reports, directs where investments go and decides how to disperse money and contributions coming into the business. The treasurer is knowledgeable at handling financial situations of this magnitude.
The treasurer directs all financial planning and investment funds for the particular business or organization. This includes delegating duties to the staff to produce receipts, disbursements and banking functions. The treasurer must ensure finances are managed and expended proficiently so finances fall into policies and standard accounting procedures. He produces the financial reports for the organization and oversees and implements the plans for resources. This includes submitting monthly reports for the general public and staff to review. It is essential for the treasurer to make sure all financial records are adequate and documented correctly. If necessary, a financial manager makes recommendations for financial investments if there is an excess of funds. It may also be the responsibility of the treasurer to make sure the organization or business is covered for liability and casualty losses. Yearly tax documents, forms and regulations must be prepared, reviewed and submitted by the treasurer.
Treasurers hold, at the least, a bachelor's degree. Some have a master's degree or professional certification. Bachelor's degrees could include a concentration in finance, accounting or economics. It is also useful for a person in treasurer's position to hold a degree in business administration. Financial associations offer these certification course programs. The chartered financial analyst, or CFA, offers these programs to people with a bachelor's degree. The certified management accountant, or CMA, and the the certified treasury professional, or CTP, are other post-degree certification programs.
The treasurer must be an analytical and critical thinker. Solving problems efficiently and effectively should be a solid skill of the treasurer. Creative thinking also plays a part in crunching the numbers. She must adhere to a routine schedule when complying to procedures and protocol. Possessing interpersonal skills is very essential because she must work with a diverse background of people--possibly managing a team and solving problems.
According to the U.S. Bureau of Labor and Statistics, or BLS, treasurers and financial managers earned annual salaries ranging from $53,860 to $135,070, as of May 2008, with a median salary of $99,330. Salaries range by industry, credentials and the location and size of company or organization.
Between 2008 and 2018, the job outlook is expected to grow at an average rate, the BLS says. This however, is a competitive job field, because candidates with a master’s degree and professional certification get first consideration over hopefuls lacking these credentials.
2016 Salary Information for Financial Managers
Financial managers earned a median annual salary of $121,750 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, financial managers earned a 25th percentile salary of $87,530, meaning 75 percent earned more than this amount. The 75th percentile salary is $168,790, meaning 25 percent earn more. In 2016, 580,400 people were employed in the U.S. as financial managers.