How to begin a career in Treasury? A Comprehensive Guide to a Career in Treasury
Let’s talk about the exciting Career in Treasury that’s all about Money- but not in the way you might think. It’s a world filled with opportunities for growth, learning, and making a difference in a company’s success. We know it can sound complicated, but don’t worry; we’re here to break it down.
This article delves into the wisdom the distinguished treasury expert Mike Richards shared. Mike is the treasury recruitment company’s CEO and hosts the amazing podcast “The Treasury Career Corner“. He’s a veteran treasury professional with years of experience guiding many in their careers, helping them navigate.
And here’s the best part, you don’t need a dictionary or a finance degree to understand it. We’ve made sure to keep it simple and easy to follow, just for you. Whether you’re new to the field or already have some experience, this article will help you see the path ahead with much more clarity.
In this article, you will learn:
- The different roles and responsibilities of treasury professionals.
- How to kickstart your career in Treasury and what qualifications to consider.
- Insider tips for advancing from a treasury assistant to a manager.
- The importance of broadening your knowledge and understanding of the business.
- How treasury professionals can make a real impact on company success.
- Valuable insights from industry experts on navigating the treasury world.
- Strategies for continuous learning and professional growth in Treasury.
- And much, much more
So, are you ready to start this journey with us? Let’s dive right into the exciting world of Treasury. Hold on tight; this ride is going to be a great one!
How Does One Enter the World of Corporate Treasury, Particularly as A Fresh Graduate?
Entering the corporate treasury world might seem complex due to its niche aspect, especially for those who have recently graduated from business school. Most business school curricula cover broad financial topics like banking and finance, sometimes even financial consulting, but often skim over the specifics of corporate Treasury. However, there are certain steps one can take to break into this specialized field. Here’s how Mike Richards, CEO of the Treasury Recruitment Company, explains it.
Learn About Treasury
The first step towards entering the corporate treasury world is to learn about it. When Mike began his journey in treasury recruitment over two decades ago, he did it by meeting treasury professionals and asking about their jobs. He would inquire about specific aspects of the Treasury, like cash management or foreign exchange (FX), gradually expanding his knowledge base. However, it’s worth noting that, in the past, many treasury professionals entered the field more by accident than design.
Connect With Treasury Professionals
Mike emphasizes the role of networking in entering the treasury world. He shares the example of Severn Leblevenec, a treasurer who volunteers at a local university and mentors junior treasury professionals. She even lectures occasionally and offers internships, integrating her team with these budding professionals. This approach allows her to identify and recruit promising talent, often bypassing the need for external recruitment. This method also ensures that the new hires understand the treasury function from the start.
Take Advantage of Internships and Placement Programs
Another effective way to break into the corporate treasury world is through internships or placement programs. Universities often collaborate with companies to provide students with a ‘sandwich’ course, a degree program that includes a one-year placement in the industry. FedEx, for example, partners with several UK universities, offering students placements as treasury assistants. These placements equip students with practical knowledge of treasury functions, making them job-ready upon graduation.
Seek Out Rotation Programs
More companies now offer rotation programs, where individuals can work in different departments, including Treasury, for a certain period. This experience gives them a broad understanding of the company’s operations and a deeper insight into the treasury function. Furthermore, those who’ve had the chance to experience treasury work can promote the field when they move to other areas of the company.
Tune into Treasury-centric Content
Mike points out the value of resources such as the Corporate Treasury 101 podcast. Podcasts like this are wonderful resources that delve into the treasury world, offering insights and conversations that can help you better understand this field’s nuances. They often feature experienced professionals who share their journey, the challenges they faced, and the skills they acquired, providing an insider’s perspective that’s incredibly beneficial.
Leverage Educational Programs
Several educational programs specifically target Treasury, helping you grasp the necessary foundational knowledge. Some of these programs might be pricier, but there are also cost-effective options. For example, recognized treasury qualifications exist in countries like the Netherlands and Luxembourg. These programs typically provide comprehensive overviews of treasury functions like cash management, foreign exchange, and global liquidity. It’s advisable to look for such programs and consider enrolling to enhance your understanding and boost your credentials.
Utilize Online Resources
With the increasing digitalization, finding information about Treasury has become easier. If you type in ‘treasury’ on a search engine today, you’ll come across many resources covering topics from liquidity and cash management to foreign exchange. These can give you a good understanding of the industry and its various facets. Mike suggests visiting his website, treasuryrecruitment.com, which offers a wealth of information for aspiring treasury professionals.
In conclusion, If you’re a fresh graduate aiming to enter the corporate treasury field, there are several steps you can take to pave your way. Firstly, immerse yourself in treasury-related content and materials, ensuring you grasp the fundamental knowledge of the field. Secondly, consider enrolling in educational programs or courses that specialize in treasury to further enhance your understanding.
Additionally, make use of online resources that offer valuable insights and guidance. By adopting this proactive approach, you’ll be able to unlock opportunities in this dynamic and fulfilling sector.
Remember, just like any other profession, entering the treasury world requires effort, curiosity, and the willingness to learn and adapt.
What Are the Typical Educational Backgrounds for Individuals Pursuing a Career in Treasury?
If you’re considering a career in Treasury, you might wonder if your educational background matters. Hussam poses a similar question to Mike: “What are the typical degrees for individuals entering the treasury?” Let’s dive deeper into Mike’s response to get a clearer picture.
Predominance of Business-Related Degrees
Mike confirms that most individuals venturing into Treasury come from business-related degrees, such as Business, Economics, and Accountancy. These degrees are popular due to the analytical skills and business understanding they impart, which are highly relevant in the treasury world. However, this doesn’t mean that these are the only routes into Treasury.
A Broader Perspective
Interestingly, Mike also shares that it’s not uncommon to find graduates with non-business degrees in treasury roles. He gives an example of a Philosophy graduate who transitioned into the treasury field after realizing Philosophy wasn’t their calling. This indicates that an affinity for Treasury doesn’t necessarily depend on one’s academic background. So, whether you have a degree in Chemistry, Philosophy, or any other field, what truly matters is your passion for Treasury.
The Role of Recruiters
Mike also points out that while many job advertisements in the treasury field might mention a degree in Business, Finance, or Accountancy as preferred or highly desirable, it’s not a hard and fast rule. He suggests that recruiters and companies need to be more flexible when considering educational qualifications, emphasizing that applicants do not always need to have a degree directly related to Treasury.
While a degree in Business, Finance, or Accountancy may be common among treasury professionals, it’s by no means a strict requirement. Passion for Treasury and the willingness to learn can also pave your way into this exciting field, regardless of your academic background.
What Hard and Soft Skills Are Necessary for A Career in Treasury, Regardless of Degree Background?
Regardless of your academic background, if you’re considering a career in Treasury, you must know which skills are most valuable. In response to Hussam’s question, “What hard and soft skills are required to enter treasury?” Mike Richards provides a comprehensive answer.
Technical Expertise and Qualifications
Mike emphasizes the importance of technical expertise, which includes proficiency in Excel and a basic understanding of financial concepts. This expertise can come from formal education, such as a degree or professional qualifications in Treasury. It’s also valuable to have diverse experience across various areas. This could be something as formal as work experience in different sectors or roles or even experience gained through activities like organizing student events or managing projects at the university.
Soft Skills for Success
In addition to the hard skills, Mike highlights several soft skills integral to a successful career in Treasury. These include:
- Enthusiasm: A genuine interest and excitement for the work you’re doing.
- Drive: The motivation to push forward and achieve goals, even facing challenges.
- Relationship building: The ability to form and maintain good relationships with colleagues, clients, and other stakeholders.
- Communication: Being able to express your thoughts and ideas clearly and concisely.
- Propensity to learn: A keenness to continuously learn and grow, adapting to new information and experiences.
- Strategic thinking: The ability to see the bigger picture and plan for the future.
- Risk tolerance: Being comfortable with uncertainty and able to make decisions even when all the outcomes aren’t known.
- Change resilience: The ability to adapt and thrive in changing circumstances.
Mike mentions top global treasurers highlighted these skills as the most crucial for success in the treasury field.
So, whether you’re a finance graduate or a philosophy student, if you’re thinking of a career in Treasury, focus on developing these hard and soft skills. The blend of technical knowledge and interpersonal aptitude can prepare you well for a dynamic and rewarding career in Treasury.
Exploring Industries for Young Graduates with a Career in Treasury: Opportunities and Beyond
If you’re a young graduate considering a career in Treasury, you may wonder what industry options are available. Guillaume asks Mike Richards this question, looking for insights on the various opportunities and possibilities for graduates in the treasury field.
Corporate Treasury
Mike starts by explaining that one of the most common fields for treasury professionals is corporate Treasury. You can work for almost any company in fast-moving consumer goods (FMCG) or heavy industry. Companies may have different treasury needs, depending on whether they’re cash-rich or laden with debt, but the fundamental treasury management skills are applicable across all. It’s crucial to adapt to the unique financial demands of each corporate environment. This variety can give you a great foundation of diverse experiences in your career.
Banking
The banking industry is another field that you can consider. Many treasury professionals start their careers in banking, where they acquire valuable skills and experience. However, Mike cautions that as you advance in your banking career, you might become more specialized, which could limit your overall exposure to treasury functions. For instance, if you specialize in cash management, you might not get to implement a Treasury Management System (TMS) or work on foreign exchange (FX).
Treasury Consulting
Finally, the conversation steers towards treasury consulting, another potential career path for treasury professionals. As a consultant, Guillaume explains why he finds this line of work appealing. In treasury consulting, you work on transformative projects and tackle complex problems that companies may find challenging to handle independently. Examples of such projects could include implementing a new TMS or restructuring a company’s banking landscape.
Guillaume also touches on project management skills, underscoring the importance of these skills in treasury consulting. As a consultant, you’re not just focused on the day-to-day tasks of the Treasury but also looking at how to improve and transform a company’s treasury operations for the future.
In conclusion, the world of Treasury offers various opportunities across various industries. Whether you choose corporate Treasury, banking, or treasury consulting, it’s important to continuously develop your hard and soft skills and be ready to adapt to your chosen field’s specific needs and challenges.
Career in Treasury: Salary Expectations for New Graduates
In this part of the discussion, Hussam, the host, asks Mike Richards about the salary expectations for new graduates entering the treasury field. Mike explains that these expectations can vary greatly depending on the market, the level of responsibility, the size of the team, and the geographical location.
Wide Range of Salary Expectations in the Treasury Field
When starting your career in Treasury, your salary will depend on several factors. Mike explains that there isn’t a one-size-fits-all answer because the salary scale can differ widely across various markets. What’s more important to remember is that once you join the treasury field, your skills and expertise will be highly valued.
Rapid Career Progression and Salary Increase in Treasury
One exciting aspect of working in the Treasury is the opportunity for quick progression. Mike shares that because of the high demand for treasury roles, employees can prove their worth and rapid progress in their careers. For example, in the UK, a treasury assistant might start with a salary of £22,000 to £24,000 and could potentially reach up to £32,000 within a year or two.
The Treasury Career Path and Role Responsibilities
Mike explains the various roles in the treasury field, from treasury assistant, analyst, and manager, to global treasurer. The responsibilities change with each role, and so does the level of supervision and decision-making autonomy. With each career step, professionals are given more responsibility, more decision-making power, and, of course, a higher salary.
International Differences in Salary Expectations
The discussion then turns to the international differences in salaries. Mike mentions Switzerland and the US as examples, explaining that the cost of living in these places impacts salaries. For instance, a treasury analyst’s salary in New York might be comparable to California but significantly higher than in Ohio or Texas due to cost of living differences.
More Than Just a Salary
Finally, Mike stresses that today’s workforce wants more than a salary. Especially for junior staff, things like career development, recognition, and work-life balance are just as important, if not more so. Employers must nurture and support their junior staff’s development to keep them satisfied and motivated.
This crucial point serves as a reminder for those leading treasury teams. It would be best to take care of your team members, especially the younger ones. Their salary does not solely drive them. They also want career progression, recognition of their achievements, and a healthy work-life balance. The main takeaway is to retain your staff; you must ensure they feel appreciated and see a clear path for career growth.
In conclusion, the salary expectations for a graduate starting a career in Treasury can vary widely, but there are opportunities for rapid advancement and substantial salary increases. However, employers should remember that salary is just one aspect of job satisfaction. Career progression, recognition, and a healthy work-life balance are equally, if not more, important.
What Are the Roles of Treasury Assistants & Analysts, And Do They Contribute To Transformation Projects?
In this section, Hussam asks Mike to elaborate on the roles of treasury assistants and analysts. He’s particularly interested in understanding their daily responsibilities and whether they get to participate in significant transformation projects. Mike’s answer gives insights into how treasury departments structure their teams, delegate tasks, and involve different team members in projects.
Understanding the Role of a Treasury Assistant
Starting with treasury assistants, Mike explains that they mostly handle day-to-day tasks. Why? Because they are relatively new to the field and are still learning the ropes. They haven’t yet built up the experience that would enable them to contribute meaningfully to strategic projects or decisions.
A Treasury Analyst’s Involvement in Projects
The treasury analysts or dealers, the next level up from assistants, are more involved in projects. They often help with projects led by a treasury manager. For example, a treasury analyst or dealer might assist with that project if the team is assessing the need for a new treasury management system. However, their primary responsibility is to handle the daily tasks assigned to them by the treasury manager.
Delegation and Training in Treasury Roles
Mike describes a common process of task delegation within the treasury team. The treasury dealer or analyst might show the treasury assistant how to handle daily tasks and then sign off on their work. This delegation frees the dealer or analyst to participate in more strategic projects.
Importance of On-site Training
Towards the end of the discussion, Mike touches on the importance of practical training. He stresses that being physically present in the office is crucial for treasury assistants and analysts to be coached and trained effectively. This training is especially vital in a post-COVID world where teams might be more distributed and remote. So, for new entrants to the field, being in the office often provides valuable opportunities to learn and grow.
In conclusion, while treasury assistants and analysts have important roles to play in the day-to-day operations of a treasury department, their involvement in larger transformation projects tends to be limited, especially in the early stages of their careers. This limitation isn’t a negative aspect; instead, it allows them to focus on mastering the basics and learning their craft. Over time, as they gain experience and confidence, they can take on more significant responsibilities and get more involved in strategic projects.
What Makes a Treasury Analyst Stand Out Compared to An Average One?
In this conversation, Hussam wants to understand what makes a treasury analyst exceptional. He asks Mike about the qualities that differentiate great treasury analysts from average ones from his experience. Mike’s response focuses on proactivity, enthusiasm, and commitment to improving and helping the team.
The Importance of Proactivity and Enthusiasm
Mike explains that the standout treasury analysts are proactive and enthusiastic. These individuals raise their hands and ask, “What can I do to help?” They demonstrate a commitment to the team and the work by going out of their way to assist. This proactivity doesn’t mean doing 100% more every time but taking small steps towards improvement.
Mike shares an interesting piece of advice: “Do 100 things, 1% better than one thing, 100% better.” Small improvements in many different areas can often be more effective than massive improvements in just one area. This approach is known as the “marginal gains” philosophy, suggesting that multiple small changes can add up to a significant overall improvement over time.
The Rewards of Proactivity
According to Mike, the reward for this proactive approach is more responsibility. He shares an example of two students who did their placement year at a company. One student was proactive and committed, impressing the company so much that they’re keen to bring them back after they finish university. The other student, who was less committed and often made excuses, didn’t make the same impression.
The Role of Commitment
Mike’s story emphasizes the importance of commitment and “leaning in” to your role. Being consistently present, ready to help, and open to taking on more tasks can set you apart from your peers. On the other hand, being often absent or making excuses can hinder your progress.
In conclusion, standing out as a treasury analyst requires more than just executing tasks well. It involves showing enthusiasm, being proactive, continually seeking small improvements, and demonstrating a strong commitment to your role and team. This attitude helps you shine in your current role and sets you up for greater responsibility and advancement in the future.
What Exactly Are the Day-To-Day Tasks Of A Treasury Assistant Analyst?
In this part of the conversation, Guillaume asks Mike to detail the daily tasks that a treasury assistant analyst would undertake, such as cash management, observing bank account positions, and possibly influencing decisions related to these tasks. Mike’s response paints a picture of a role that covers various responsibilities, including risk hedging and currency forecasting.
The Diversity of Day-to-Day Tasks
According to Mike, the day-to-day tasks of a treasury assistant analyst could involve several different elements. These could range from managing a company’s cash to forecasting future currency spreads. As Mike mentions, these tasks aren’t overly complex, but they are vital to the functioning of the Treasury. They require careful attention and a basic understanding of various treasury operations.
The Role of Risk Hedging
One key area where treasury assistant analysts might be involved is risk hedging. Mike shares a story about a gaming company that lost money when selling its product in Germany due to currency fluctuations. They failed to “hedge” their risk, which means they didn’t take measures to protect themselves from potential losses due to changes in currency values.
One way to hedge such risks in the treasury world is by taking a forward contract. In this type of agreement, the company agrees to exchange a certain amount of currency in the future at a set price, which can help protect against possible future changes in the currency’s value. An assistant analyst may help model this process, though they may not directly negotiate the contract with the bank.
Modelling and Forecasting
Another important aspect of an assistant analyst’s role is modeling and forecasting. For example, this could involve predicting what might happen with different currency spreads. While this task might not be overly complex, it does require a basic understanding of how different factors can influence currency values.
The Scope of the Treasury Assistant Analyst Role
In essence, the role of a treasury assistant analyst is diverse and can involve various tasks essential for the functioning of the Treasury. From cash management to risk hedging to forecasting, these professionals help ensure the smooth operation of a company’s financial affairs. They may not be making the big decisions, but they play a crucial part in the team by handling these day-to-day tasks.
What Are the Challenging or Less Appealing Parts of a Treasury Job, And How Can One Overcome These to Grow in This Career?
In this segment, Guillaume asks Mike about the less glamorous aspects of treasury roles, specifically as an analyst or assistant. Mike’s response outlines the reality of these roles, especially for newcomers. He highlights that, sometimes, the work can involve tasks that others don’t want to do. However, it is crucial to approach these tasks willingly, as overcoming these challenges can contribute to long-term career growth.
Overcoming the Challenges in Treasury Roles
You’re typically at the bottom of the organization’s hierarchy as a treasury analyst or assistant. This means you might be tasked with duties others avoid or find tedious. This can be tough, especially when your background might be more aligned with complex tasks.
For example, if you have an accounting degree, you might be asked to verify figures, which can seem routine compared to more advanced tasks. Mike points out that this can seem discouraging, but taking it in stride is part of growing in this profession. If you shy away from these routine tasks, it might be a sign that the treasury world might not be the best fit for you.
Building Resilience and Broadening Knowledge
The more challenging aspects of the job are not just obstacles; they can be growth opportunities. Mike suggests that being resilient and willing to take on these tasks will make you better prepared for higher positions in the future, like becoming a group treasurer.
Furthermore, these roles offer the chance to broaden your knowledge about different aspects of the Treasury. Whether it’s understanding cash flow, foreign exchange, or treasury management systems, each task helps expand your understanding and make you more valuable in your role.
Embracing Continuous Improvement
Mike also mentions many treasury departments’ efforts to streamline their processes and improve their operations. By willingly participating in these sometimes monotonous tasks, you contribute to the growth and advancement of the entire department. This might involve embracing new technologies or systems designed to make the Treasury more efficient and effective.
In conclusion, while the treasury analyst or assistant roles might come with their share of less appealing tasks, tackling these head-ons is an integral part of personal growth and career advancement in the treasury world. Embracing these tasks, broadening your knowledge, and building resilience will all contribute to your success in this field.
What Are the Desired Qualifications and Certifications for A Treasury Analyst or Assistant?
In this part of the podcast, Guillaume questions Mike about the desirable qualifications for individuals entering the treasury profession, and Mike elaborates on the significance of certain certifications and skills.
Qualifications and Certifications for Treasury Roles
Mike talks about several certifications that can boost your profile as a treasury professional. These qualifications may vary based on your location.
- Certificate in Treasury Fundamentals (ACT): This is a UK-based qualification the Association of Treasurers provides. It takes around three to six months to complete and is an excellent stepping stone into the treasury profession.
- Certified Treasury Professional (CTP): The CTP is a US-based qualification run by the Association for Financial Professionals. Although it might not be widely recognized outside of the US, it’s a robust credential within the country.
Mike emphasizes that while these qualifications aren’t mandatory, they offer a benchmark of your skills and expertise. This can be especially important when moving up the ranks in the treasury world, where a solid understanding of financial management is crucial.
Remember, every certification doesn’t have to be universally recognized. The key is effectively presenting the knowledge and skills you’ve gained from these qualifications. If your audience isn’t familiar with the certification, take the time to explain what it involves and how it equips you with valuable treasury skills.
To summarize, while technical qualifications and certifications are essential, don’t overlook the value of additional skills like programming. These can set you apart from others and open up new avenues for growth and efficiency within your role.
Starting Point: Career in Treasury or Alternatives in Finance and Accounting
In this part of the conversation, Hussam poses a critical question to Mike about whether Treasury is the right place to kick off a career in finance. Based on his years of experience as a treasury recruiter, Mike offers a comprehensive overview of the possibilities and paths that can lead to a successful career in Treasury.
The Value of a Varied Background
First, Mike emphasizes that successful treasury professionals can come from various backgrounds. Starting as an accountant, for instance, can lead you to a role as a treasury accountant. In this position, you’d have a chance to understand the middle-office operations of a corporate treasury team, like accounting for various products and managing financial risk. You could transition into other treasury roles once you’ve gained this experience and have a solid financial foundation.
The salary prospect of such a career trajectory can be attractive, especially once you’ve obtained an accounting qualification. In the UK, for example, a treasury accountant could start with a salary of around £40,000 to £45,000, which could increase with experience and qualifications.
Banking as a Springboard to Treasury
Another path to Treasury that Mike brings up is through the banking sector. Many successful treasury professionals begin their banking careers, gaining wide exposure to different financial roles and operations. This experience can be invaluable when moving into Treasury. Some European banks provide such a broad perspective that treasury roles often seem like a natural next step.
The Importance of Career Progression
Mike stresses the importance of considering how each step will lead you to your next career milestone regardless of where you start. It’s not about where you’ll be in 10 years but what your next two to three years could look like.
Mike acknowledges that early career stages can be challenging. You might find yourself pigeonholed into specific roles, similar to what happens in banking. However, Treasury offers broad exposure to the business, making it an exciting and dynamic field to work in.
In conclusion, Treasury can be a great starting point for a career in finance, but it’s by no means the only path. Whether you begin in accounting, banking, or Treasury itself, each role offers unique experiences and skills that can serve you well as you progress in your career. Remember to consider each position’s growth opportunities – your first step isn’t your last in your career journey.
What Tasks Or Projects Should You Deliver To Progress From A Treasury Analyst Dealer To A Manager Position?
In this section, Hussam asks Mike about the typical projects or tasks a treasury analyst dealer needs to undertake and excel in to progress to a higher level, like a manager position. Mike gives an extensive response based on his extensive experience in the treasury field.
Diverse Responsibilities and Projects
The role of a treasury analyst dealer can encompass a broad range of responsibilities. One of these, Mike emphasizes, is cash management. Handling cash flow efficiently and effectively is key in treasury roles.
Additionally, Mike mentions process simplification as a vital skill. This involves streamlining procedures and making them more efficient, which is important in managing international businesses.
Banking Projects: Dealing with Complexity
Another area where you might be involved is in banking projects. These could involve dealing with different banking partners across various countries. Each country, as Mike points out, has its own set of banking rules, complexities, and levels of evolution. This means you’ll be required to adapt and learn to navigate different systems.
For example, Mike mentions a potential task could be assessing Eastern European banks. Such a project could be a valuable addition to your CV or resume, demonstrating your capability to handle complex and international banking tasks.
Utilizing Treasury Management Systems
Another significant task could be incorporating and mastering treasury management systems (TMS). Participating in a project that includes systematizing operations using a TMS can be another impressive achievement to list on your resume.
Tracking your Contributions
Lastly, Mike suggests tracking the value you bring to the company. Whether it’s how much money you’ve saved the company or how much time you’ve made more efficient, quantifying your contributions can help showcase your worth and readiness for the next step in your career.
In summary, progressing from a treasury analyst dealer to a manager involves undertaking and delivering various tasks and projects ranging from cash management and process simplification to managing complex banking projects and implementing TMS. Remember to keep track of the value you’re adding to the company, as this can serve as a key indicator of your success and readiness to move up the ladder.
How Do a Broader Understanding of The Business and An Improvement Mindset Contribute to Transitioning Towards a More Managing Position in Treasury?
In this part of the discussion, Hussam, Guillaume, and Mike discuss the significance of gaining a wide range of experiences, having an improvement mindset, and developing a deeper understanding of the overall business for advancing in a treasury career.
Importance of a Broad Experience
Hussam and Mike highlight the value of encountering and handling a wide array of situations in Treasury. Every role you assume in this field gives you a fresh learning experience, and the more of these experiences you gather, the more equipped you become for higher responsibilities. It’s not just about gaining experience but about gaining various experiences that shape your understanding and problem-solving abilities.
Embracing an Improvement Mindset
Mike points out the need for an “improvement mindset” in Treasury. This mindset drives you to find better ways to perform tasks and achieve goals. By seeking improvement, you become a valuable contributor to the organization, positioning yourself well for advancement.
Understanding the Business
Guillaume brings another critical perspective – transitioning towards a managerial role involves more than just focusing on Treasury. It’s about understanding the business as a whole. To be a more effective manager, you should broaden your perspective to comprehend the entire industry and the company you work within. This broadened understanding enables you to contribute significantly to the business, further pushing your career progression.
From Isolation to Integration
Mike also discusses how the role of the Treasury has evolved over the years. Earlier, Treasury was an isolated function, focused primarily on its tasks. But now, it’s much more integrated with the rest of the business. Treasury professionals interact with other departments like tax, accounts, financial planning and analysis (FP&A), and commodities. They don’t just look after the money – they offer solutions to other parts of the business.
This shift from isolation to integration underscores the importance of having a cooperative mindset. As a treasury professional, your goal isn’t just to do your job well. It’s also to help others do their jobs better. That means being proactive, offering assistance, and being willing to seek answers even when you don’t know them yourself.
So, the path towards a managerial position in Treasury is paved with diverse experiences, an improvement mindset, a broad understanding of the business, and an inclination to assist and collaborate with others. By adopting these qualities, you’ll be better equipped to take on higher roles and responsibilities in Treasury.
What Are Key Considerations for Treasury Professionals, And Why Is Fostering Career Development Important?
The final part of the conversation between Hussam, Guillaume, and Mike provides some insights for both treasury professionals aiming to progress in their careers and those managing these individuals. They also highlight the changing dynamics of work environments and the potential of treasury roles as a springboard for a broader finance career.
Managers’ Role in Career Development
Mike proposes an unexpected viewpoint: if managers have to rely on a treasury recruiter, they may not be doing their job right. Instead, he suggests that managers should take an active interest in the career development of their treasury assistants and analysts.
For managers, it’s crucial to continually engage with their team members, asking about their current job satisfaction and aspirations for the future. By doing so, they can better understand their employees’ ambitions, strengths, and areas for improvement. This will help managers to guide their employees effectively and retain them for a longer period.
Remember that sometimes employees might have to move on because they have outgrown their roles. In such cases, instead of viewing this as a loss, managers should celebrate the growth and progression of their team members.
Finding the Right Boss
For treasury professionals, Mike advises looking for a boss who takes an active interest in their employees’ development. You should find a manager who sees you as more than someone filling a slot. A good boss will care about your growth, not just your productivity.
The Changing Work Environment
Mike also discusses the changing dynamics of work environments, pointing out that only a small percentage of employees want to be in the office full-time. Thus, companies that insist on old-school, in-person work arrangements may find attracting and retaining talent hard. If you’re a treasury professional, consider the work environment and culture when choosing an employer. Remember, you also have a say in where and how you work.
Treasury as a Springboard
Finally, Mike asserts that treasury roles can be an excellent springboard for a broader finance career. Treasury involves dealing with various aspects of finance, including cash management, risk management, and financial planning. The skills and experiences you gain in Treasury can prepare you for many other roles in finance.
So, as a Treasury professional or someone managing treasury roles, it’s essential to actively engage in career development, be flexible with changing work dynamics, and recognize the potential growth opportunities treasury roles provide. By doing so, you’ll be better prepared for a rewarding career in finance.
Conclusion
Continuous learning, proactive engagement, and career progression are integral to success in the dynamic world of Treasury. As we have gleaned from the insightful conversation between Hussam, Guillaume, and Mike, there are numerous aspects that both managers and treasury professionals need to consider.
For managers, taking an active interest in their team members’ career development is important. Regular check-ins about their current satisfaction and aspirations can foster a sense of belonging and motivation, increasing retention and productivity.
For treasury professionals, seeking a manager who genuinely cares about their growth and well-being can make a difference. Don’t be afraid to prioritize your needs in a work environment, whether it’s flexibility, opportunities for growth, or a supportive team.
Additionally, always remember the diverse and expansive nature of treasury roles. The skills you develop and the experiences you gain can serve as a stepping stone to a broader career in finance.
So, as you navigate your career journey, remember these key insights. May you find growth, satisfaction, and success in your treasury career and beyond. Remember, the world of Treasury is not just about numbers and transactions; it’s also about people, growth, and continuous evolution. Keep learning, keep growing, and keep pushing forward.
