Treasurers are the go-to financial people for most organizations. Because they control the finances for all aspects of the company or board of directors, the job is varied and the treasurer’s knowledge of business must be broad. If you are interested in becoming a treasurer, strong interpersonal skills and a professional appearance can work in your favor.
Becoming a treasurer means managing a large and diverse group of people, including high-level company executives. A treasurer can work in almost any industry, becoming an expert in the chosen field. While the perks and salary for a treasurer are high, it takes the right combination of experience and education to succeed.
Because treasurers are considered high-level executives in most organizations, they must possess at least a bachelor’s degree along with several years of experience in their field. Online education or campus courses cover many aspects of business and finance, giving applicants a leg up on their competition. A master’s degree is required for employment in many larger corporations.
Treasurers handle all aspects of the organization’s financial life. They do the financial planning, budgeting and investing for their company or board of directors. They take on many executive financial roles including forecasting the financial future and developing the procedures for collections and extending credit to their customers.
Becoming a treasurer usually requires several years of experience in the business world, so most executives start out with a bachelor’s or master’s degree in finance, accounting or business and get an entry-level job to learn the trade.
As their experience grows, they often supplement their degree with online continuing education in international business or economics. They usually manage a financial department, reporting directly to the CEO.
Treasurers are considered upper management and earn high compensation that is often supplemented with bonuses and incentives. According to Salary.com, they can expect to earn a base salary between $141,087 and $214,750, with the top 10 percent of treasurers earning over $250,960 per year.
Because these are the salaries of those at the executive level, it may take five to 10 years of experience in the financial field at lower compensation before reaching these figures. The more education and experience a treasurer possesses, the higher the salary is likely to be.