Photo: Ank Kumar (CC BY-SA 4.0)
Job description
At this level, the job is about building the internal control policies that govern budgeting, cash management, and accounting across the whole organization, then evaluating when the company needs to raise funds versus invest a surplus. Treasurers and controllers are usually the point of contact with outside banks, insurers, and auditors whenever questions about financial standing come up, and they personally authorize disbursements and monitor cash flow to make sure legal and regulatory requirements are met. Most people reach this role by climbing the finance ladder, starting as a staff accountant or financial analyst, moving up through controller, and eventually landing as treasurer or CFO as their scope expands from one function to the entire organization's finances.
Pros
- Much faster than average projected job growth (14.8% over the next decade)
- Strong pay even at entry level, topping out at $323k
- High level of authority and trust, overseeing an organization's entire financial function
Cons
- Above-average hours, expect more than a standard 40-hour week
- High-stakes precision required since errors can affect legal and regulatory compliance
- Fast pace with constant deadline pressure and regular dealings with frustrated stakeholders
A typical day
The 8am cash report opens the day: balances across a dozen bank accounts, and a decision about sweeping surplus into overnight investments before rates move. Mid-morning is close week for the controller side -- reviewing journal entries, chasing a subsidiary's late numbers, and pressing on a variance that smells like a booking error rather than a business change. The afternoon holds a bank negotiation over credit-line terms and a session with auditors who want documentation for a revenue judgment call. The day ends briefing the CFO on next quarter's cash forecast, where being wrong quietly compounds.
Tasks at the job
- Evaluate needs for procurement of funds and investment of surpluses and make appropriate recommendations.
- Delegate authority for the receipt, disbursement, banking, protection, and custody of funds, securities, and financial instruments.
- Develop and maintain relationships with banking, insurance, and external accounting personnel to facilitate financial activities.
- Monitor financial activities and details, such as cash flow and reserve levels, to ensure that all legal and regulatory requirements are met.
- Receive, record, and authorize requests for disbursements in accordance with company policies and procedures.
- Develop internal control policies, guidelines, and procedures for activities, such as budget administration, cash and credit management, and accounting.
Workplace & working conditions
Work happens indoors in a climate-controlled setting, and most of the day is spent sitting at a desk.
The pace is often fast, with real time pressure to meet deadlines, and you're expected to exercise significant independent judgment day to day. Precision and accuracy are essential to the work, and the work is highly structured, following set procedures. You'll regularly deal with frustrated or upset people as part of the job, and almost all of the work is done as part of a team.
Education necessary or common
Bachelor's degree
Common college majors
Licenses & certifications
- CPA
- CTP (Certified Treasury Professional)
- CMA
Career path
Related fields
Courses to take
- Accounting -- the profession's native language
- AP Economics -- rates, markets, and capital
- AP Statistics -- forecasting and variance analysis
- AP Calculus -- quantitative depth for finance
- English -- board memos must be crisp
Clubs, activities & competitions
- FBLA accounting and finance events
- Club or class treasurer -- real fiduciary reps
- Investment club -- markets firsthand
- DECA finance competitions
First steps you can take now
- Keep real books for a club or small fundraiser and produce a monthly report
- Learn to read a public company's balance sheet and cash flow statement
- Take a free accounting fundamentals course
- Interview an accountant or controller about the CPA path
