What Are the Job Duties of a Vice President & Treasurer in a Corporation?
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Cash is the lifeblood of any business, and the main duty of the company treasurer is to manage liquidity -- money on hand for spending or investment -- and ensure the availability of capital from outside sources. This involves oversight of the company's financial operations -- directing the budget, for example -- and maintaining relationships with bankers and investment groups. As part of a company's leadership team, the treasurer who is also a vice president will normally be involved in important company discussions.
Once a corporation's budget is approved, the treasurer oversees its implementation, as ordered by the board of directors. For example, he will allocate funds to various business units within the company and monitor the performance of those units versus established goals. The treasurer also oversees the investment of company funds.
The major part of a treasurer's duties involves contact with outside entities that provide capital. For example, if the board of directors decides that it would be prudent to have a revolving credit facility to augment working capital, the treasurer would initiate negotiations with commercial banks. If the company's plans for growth include merging with or acquiring other entities, the treasurer would be directly involved in those plans and negotiations.
How to Qualify
The minimum educational requirement for a treasurer is a bachelor's degree in finance, accounting, economics or business administration. A preferred candidate would hold an MBA or master's in finance or economics. Some employers have expressed preferences for candidates with professional certifications, such as the Chartered Financial Analyst designation. Some firms require treasurers to be CPAs or have master's degrees. For a large company, candidates should have 10 years of corporate treasury experience, with at least five years' experience managing units within treasury operations.
Job Outlook and Salary
According to the U.S. Bureau of Labor Statistics, financial managers -- including corporate treasurers -- can expect employment growth of 17 percent during the period 2020 to 2030. Those seeking treasurer's positions are likely to face competition, especially at the level of vice president. The top 10 percent of financial managers earned more than $208,000 in 2020.
Financial Managers salary
- Top 10% Annual Salary: More than $208,000 ($100/hour)
- Median Annual Salary: $134,180 ($64.51/hour)
- Bottom 10% Annual Salary: Less than $70,830 ($34.05/hour)
Charles Crawford, a former commercial banker, has been a business writer in New York since 1990. He has produced marketing materials for an executive outplacement firm, written the quarterly newsletter of a medical nonprofit organization and created financing proposals/business plans. Crawford holds a Bachelor of Arts in English and a Master of Science in international affairs from Florida State University.
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