Treasury jobs and advice
A career in Treasury is an opportunity to work at the heart of an organisation, providing valuable support to all its key functions. The role of the Treasury professional is extremely varied, incorporating a range of professional disciplines including money management, accounting, corporate finance, risk management and corporate governance.
While the skills demonstrated by a Treasurer have been long accepted as vital to business success, the parameters of the Treasury profession are still developing. The Treasurer is often free from the rigid perceptions associated with more established corporate roles, such as lawyers and accountants, and has the scope to develop his or her own brief according to the strategic aims of a business.
What does 'Treasury' mean?
'Treasury' is a broad term relating to managing the financial health of an organisation. Its primary aim has traditionally been to preserve existing cash funds and financial assets by:
- ensuring liquidity to meet all current and future liabilities
- ensuring that business activities are funded in the most appropriate and cost effective manner
- identifying and mitigating against financial risks which could erode financial strength
- encouraging a culture of good husbandry and sound financial practice
In an increasingly challenging global business environment, the Treasurer is now taking on a still more proactive role, as excellence in financial and risk management becomes a core competence which can lead to sustainable competitive advantage.
"Corporate" Treasury refers to Treasury activities which are carried on in companies which use financial products to support their main business, usually a trading business. This is in contrast to Treasury activities which take place in banks and financial institutions (generally providers of financial products) and in the public sector, and to work carried out by Treasury professionals acting as advisers and consultants.
How does it differ from other types of Treasury?
The skills and qualities required in a Treasurer are similar, regardless of the sector or industry in which he or she is employed. However, the particular areas of technical expertise which a Treasurer needs to provide high quality Treasury services may vary depending on the type of business which he or she supports. For example, a corporate Treasurer may understand the differing fee structures offered by several leading banks for international payments, while a Treasury analyst working in a financial services organisation may have specialist knowledge in the field of bank regulation.
Why go into Treasury instead of accountancy or other financial areas?
It is important to remember that Treasury does not "compete" with other financial professions such as accountancy, tax consultancy and chartered secretaries. Treasury is complementary to these professions and encapsulates many of the core financial skills required across the discipline.
A key attraction of Treasury is the breadth of topics which are relevant to the Treasurer's work. This allows a treasury professional to receive a grounding in a range of disciplines from which a particular specialism can be derived.
At junior level, Treasury opportunities can offer a chance to get to grips with "hands on" financial activities such as analysis on live data, dealing and contact with relationship banks at an earlier than usual stage. In addition, the treasury department is usually small (except in very large corporates), allowing junior staff to work closely with a treasurer who is senior in the company. These factors often result in a steep learning curve for the enthusiastic new recruit.
Treasury also offers very flexible training options. The ACT Cash Management Certificate is available as a six month "e-learning programme" and develops treasury skills applicable both in the UK and overseas. Whilst work experience is an integral part of achieving membership of the ACT by becoming either AMCT or MCT, there is no formal training contract such as exists for qualifications in accountancy and law. This allows students to study in a manner and at a pace more exactly suited to their needs.
What kinds of companies can I expect to work in?
It is large (e.g. FTSE 250) and medium sized companies which tend to have dedicated Treasury functions. A large corporation might have anything from 3 to 50 Treasury staff. A medium sized company would usually have 1 to 5 employees in Treasury. The number of staff will depend on the complexity of transactions and the level of international activities in the company.
Many companies will be multinationals with group activities in the EU and beyond. This offers opportunities for travel to Treasury staff.
Treasury opportunities also exist outside the corporate sector, either in financial institutions (which tend to have large treasury departments with many specialist employees) or in the public sector in organisations such as housing associations, hospital trusts, educational establishments and government departments.
Start up companies and small businesses are unlikely to have a dedicated Treasury function or vacancies for entry level Treasury analysts. However, cash management is paramount in this type of enterprise and it is likely that a qualified Treasurer (who would have knowledge of accounting, tax and administration) would be suitable for appointment as the senior financial officer of such a firm.
How can I train further?
The ACT presently offers a suite of widely recognised Treasury qualifications at all levels:
- The Certificate in International Cash Management (Cert CM) is a six month course with a highly practical content, centred on creating a thorough understanding of corporate Treasury structure, international cash management and the role of banks. It has already proved extremely popular both in the UK and internationally and the 'e-learning programme' to be launched in Spring 2002 will make "virtual" Treasury education a reality.
- For those seeking a broad understanding of Treasury and financial risk issues, the Associate Membership (AMCT) study programme will provide just that, plus a highly respected, transferable qualification.
- Those requiring knowledge of risk management and corporate finance at an advanced standard, together with the skills to apply it at senior level within an organisation, may progress to Membership level (MCT). This qualification is regarded as MBA level and invaluable to anybody managing a complex Treasury function.
- The ACT also offers a programme of Continuing Professional Development ("CPD") to members. This is available on the internet and provides resources and self-test study modules on core Treasury areas.
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