Cash managers are fortune tellers and financial analysts all rolled into one. They organize financial information in order to project whether a company should invest surplus cash or borrow money to cover a cash shortfall.
Good people skills are essential for a successful cash manager, as they have to build a relationship with banks and financial institutions as well as manage the people in their department. Cash managers work in almost every industry from entertainment and fashion to finance and local retail.
A strong background in business is essential for any cash manager. Most positions require at least a bachelor’s degree in accounting or a related field, with better pay and opportunities for those holding a master’s degree. Cash managers working with large firms must keep their knowledge of the global economy fresh, and often continue their education by taking online courses.
A cash manager might work in a small, local retail store or in the glass-walled office of a Fortune 500 company. They control the flow of cash receipts and bill payments to meet the needs of their company. Cash managers prepare liquidity reports to keep other managers aware of the company’s financial situation, often on a daily basis. They may spend a portion of their time traveling to meet with company executives in other locations.
All cash managers must earn at least a bachelor’s degree in business, accounting or finance to gain a foothold in the industry. Experience in business or finance is often necessary to get a cash management job in a larger company. Candidates who have earned a master’s degree or higher have the edge over those with lesser degrees, although managers with education in international business and those taking specialized investment courses are attractive to employers working in today’s global economy.
Cash managers are well compensated for their expertise, with those working for larger companies earning larger salaries. According to Salary.com, the median salary for a cash manager is $79,936, with those in the top 5 percent earning over $92,955 per year.
Cash manager positions are expected to grow about as fast as those in the rest of the employment sector — approximately 13 percent between now and 2016.