Elevate Your Career Potential as a Treasury Manager: Key Responsibilities, Skills, and Certifications

Transcript

WEBVTT

00:00:05.187 --> 00:00:12.023
This week, I want to discuss the Treasury Manager role and how this role makes a positive impact within the organization.

00:00:12.023 --> 00:00:17.928
Also, how it can provide an incredible opportunity for you to grow your leadership and influence.

00:00:17.928 --> 00:00:30.989
The Treasury Manager works on key tasks and responsibilities for the business, from cash flow and liquidity to banking relationships and many more.

00:00:30.989 --> 00:00:36.371
Understanding liquidity and financing options provides choices for senior leaders.

00:00:36.371 --> 00:00:46.728
The Treasury Manager is often the key advisor and leader for the CFO and CEO to rely on when it comes to cash, credit and liquidity options.

00:00:46.728 --> 00:00:52.170
Don't overlook this opportunity as a way to grow your skills and your experience.

00:00:52.170 --> 00:00:53.904
Please enjoy the episode.

00:00:54.640 --> 00:00:58.469
Welcome to the Finance Leader Podcast, where leadership is bigger than the numbers.

00:00:58.469 --> 00:01:00.665
I am your host, Stephen McLain.

00:01:00.665 --> 00:01:05.129
This is the podcast for developing leaders in finance and accounting.

00:01:05.129 --> 00:01:10.751
Please consider following me on Twitter, facebook, instagram and LinkedIn.

00:01:10.751 --> 00:01:15.069
My user names and the links are in this episode's show notes.

00:01:15.069 --> 00:01:28.049
This is episode number 109 and I'll be talking about the Treasury Management role, and I will highlight the following topics Number one key responsibilities and tasks of the Treasury function.

00:01:28.049 --> 00:01:31.647
Number two what this role means for the organization.

00:01:31.647 --> 00:01:35.808
And three, how this role can be an opportunity for you.

00:01:35.808 --> 00:01:41.691
I really like this quote from hockey coach Herb Brooks risk something or forever.

00:01:41.691 --> 00:01:42.862
Sit with your dreams.

00:01:42.862 --> 00:01:46.750
Now welcome back to another season of the Finance Leader Podcast.

00:01:46.750 --> 00:01:49.447
I want to welcome the new listeners to the podcast.

00:01:50.040 --> 00:01:59.271
The goal for this podcast is to help finance and accounting professionals to develop their leadership skills, instead of only our technical skills and our knowledge.

00:01:59.271 --> 00:02:14.891
I believe that we all need to learn to develop our leadership to have a more positive impact on the organization, and it will be through our leadership that we will set ourselves apart from our competition so we get more advanced and senior role opportunities.

00:02:14.891 --> 00:02:18.628
I believe that anyone can learn and apply leadership.

00:02:18.628 --> 00:02:22.169
It does not matter what your role is or what your background is.

00:02:22.169 --> 00:02:29.204
You can make a difference through your influence and ability to lead from one set of circumstances to a better one.

00:02:29.204 --> 00:02:32.709
We can lead with the analysis and the numbers that we have.

00:02:32.709 --> 00:02:45.746
We lead when we sit with a senior leader and we show how their metrics are performing and how they can improve the performance of their team, showing the numbers in a way that makes more sense to them.

00:02:45.746 --> 00:02:49.348
That is leadership and that is positive influence.

00:02:49.348 --> 00:03:01.387
I am going to continually emphasize and show how you can become a better leader in the role you are working in, no matter what it is, and you don't need to have manager or director in your title to make a difference.

00:03:01.387 --> 00:03:04.126
We are in the second half of the year.

00:03:04.126 --> 00:03:11.486
How are you doing on your goal accomplishment for 2023 and how are you completing your required CPEs for this year?

00:03:11.486 --> 00:03:15.668
I always say don't wait until December to work on your CPEs.

00:03:15.668 --> 00:03:16.911
Work on them now.

00:03:16.911 --> 00:03:23.981
There are many training and development courses available to help accomplish and complete those CPEs Now.

00:03:23.981 --> 00:03:35.786
I covered a few interesting topics in the bonus episodes over this summer, which I want to expand in future episodes, so I will be working on that so we can all further learn and apply to our career.

00:03:36.680 --> 00:03:38.546
This week, it's all about the Treasury function.

00:03:38.546 --> 00:03:48.512
I believe we don't talk about this role enough that our finance and accounting professionals sometimes don't realize this role is available and what this role can do for them.

00:03:48.512 --> 00:03:53.614
You must have the mindset to do something different, to challenge yourself, to be different.

00:03:53.614 --> 00:04:01.740
The Treasury Management role is about cash flow, liquidity and finance options to accomplish the organization's strategic objectives.

00:04:01.740 --> 00:04:05.328
Cash flow represents what can happen in the business.

00:04:05.328 --> 00:04:11.008
Strategy is always about choices making the right choice with the resources you have.

00:04:11.008 --> 00:04:16.226
Committing resources to support the right strategy is what CEOs get paid to do.

00:04:16.226 --> 00:04:25.925
This is senior leadership, and this is why CEOs need the right team around them, so they get the correct advice to move forward with strategic decision making.

00:04:26.435 --> 00:04:41.887
The Treasury Manager is a key advisor on cash flow, credit arrangements, banking relationships, so the organization knows best what financial resources are available to make the right investment commitments and to finance current operations appropriately.

00:04:41.887 --> 00:04:46.425
If you are a CFO or CEO, this is how you can maximize this role.

00:04:46.425 --> 00:04:50.735
You want to have options and to know what is possible with the resources you have.

00:04:50.735 --> 00:05:00.887
Ask questions on what is possible, know your cash burn rate, know what credit rates are available and know what investment opportunities are also available.

00:05:00.887 --> 00:05:02.559
Is your company liquid?

00:05:02.559 --> 00:05:09.567
Can you survive an economic downside and can your company take on a smart investment if one pops up suddenly?

00:05:09.567 --> 00:05:19.595
And to better know the risks surrounding your cash position and investments, your Treasury team can help you understand the risk when weighing strategy decisions.

00:05:19.595 --> 00:05:23.375
Overall, I want you to be a more well-rounded finance leader.

00:05:23.375 --> 00:05:26.595
I want you to make the Treasury Manager role yours.

00:05:26.595 --> 00:05:33.915
You can do this by learning all about banking and banking relationships, credit management, cash flow and cash management.

00:05:33.915 --> 00:05:38.175
Grow your network, grow your knowledge and expand your skills.

00:05:38.175 --> 00:05:41.406
It will help you get further along in your career.

00:05:42.630 --> 00:05:43.615
Let's also talk about certifications.

00:05:43.615 --> 00:05:47.774
I love it when finance and accounting professionals earn a certification.

00:05:47.774 --> 00:05:51.935
It's a sign and commitment of professionalism and excellence.

00:05:51.935 --> 00:05:56.814
I want to highlight a few Treasury certifications you can earn and a few resources.

00:05:56.814 --> 00:05:59.214
I will put the links in the show notes.

00:05:59.214 --> 00:06:05.935
The first one is the Certified Treasury Professional, the CTP, from the Association of Financial Professionals.

00:06:05.935 --> 00:06:15.214
Also, there are a few Treasury certificates from the Association of Corporate Treasurers that would be very beneficial to your professional credentials.

00:06:15.214 --> 00:06:16.160
So check those out.

00:06:16.160 --> 00:06:18.353
I'm going to put the links in the show notes.

00:06:18.353 --> 00:06:23.774
Always try to be expanding your professional credentials by earning a professional certification.

00:06:23.774 --> 00:06:31.060
To help you in your finance leadership development journey, I have a written guide for you called Become a Finance Leader.

00:06:31.060 --> 00:06:37.615
You can download it for free at the link in the show notes or go to financeleaderacademycom and download it there.

00:06:37.615 --> 00:06:45.826
This guide will help you with your mindset and your finance leadership related topics, so you can help leaders throughout the organization.

00:06:46.995 --> 00:06:51.726
I often talk about the organizational tools we have available to make our days more productive.

00:06:51.726 --> 00:06:55.526
I love lists and calendars and establishing priorities.

00:06:55.526 --> 00:06:59.826
I am leaning more and more into scheduling the tasks on my to-do list.

00:06:59.826 --> 00:07:01.995
Many people are already doing this.

00:07:01.995 --> 00:07:09.425
My daily routine was always to update my to-do list, prioritize that list and then go to work getting that list done.

00:07:09.425 --> 00:07:14.906
But we all know that our day often does not go as planned and things and issues emerge.

00:07:14.906 --> 00:07:20.668
This is why scheduling tasks on your calendar are more important than just having a to-do list.

00:07:20.668 --> 00:07:23.502
This is about guarding your time and effort.

00:07:23.502 --> 00:07:28.704
To maximize productivity, try scheduling your tasks and blocking that time on your calendar.

00:07:28.704 --> 00:07:32.564
Some people will gobble up your calendar if you don't block the time.

00:07:32.564 --> 00:07:34.721
Let me know how this works better for you.

00:07:34.721 --> 00:07:35.903
I am very curious.

00:07:36.536 --> 00:07:45.766
Opportunities for growth, development and advancement are everywhere If you look, if you apply yourself and if you take some risk to move out of your comfort zone.

00:07:45.766 --> 00:07:51.927
I advocate for being different and for pushing yourself to be better and to improve continuously.

00:07:51.927 --> 00:07:59.062
Stop sending information and start being a leader who actively partners with senior leaders to deliver the strategy.

00:07:59.062 --> 00:08:01.343
Believe that you can make a difference.

00:08:01.343 --> 00:08:04.343
Believe in your abilities and your leadership potential.

00:08:04.343 --> 00:08:10.767
Never stop growing and never slide into a comfort zone where you do the same tasks every day.

00:08:10.767 --> 00:08:13.584
Grow yourself and your mindset daily.

00:08:13.584 --> 00:08:18.666
Be looking for opportunities to show growth and to show your skills.

00:08:19.254 --> 00:08:22.083
Now let's talk about the treasury roll for just a few minutes.

00:08:22.083 --> 00:08:26.295
Number one key responsibilities and tasks of the Treasury function.

00:08:26.295 --> 00:08:34.133
The Treasury function has a critical role in the organization as the one overlooking and managing cash and banking relationships.

00:08:34.133 --> 00:08:38.514
Now I want to quickly mention just a few key responsibilities in this role.

00:08:38.514 --> 00:08:42.494
That's managing the key resource for the organization, which is cash.

00:08:42.494 --> 00:08:49.910
It's about banking relationships, credit options, overall liquidity and regulatory and organizational policies.

00:08:49.910 --> 00:08:57.351
This is knowledge and experience that you can take with you into many roles, especially as CFO and CEO.

00:08:57.965 --> 00:09:00.673
Now, number two what this role means for the organization.

00:09:00.673 --> 00:09:02.789
Is your company liquid?

00:09:02.789 --> 00:09:06.854
Can your company survive a negative change in the economic conditions?

00:09:06.854 --> 00:09:10.754
Leaders need to know the cash position of the business at all times.

00:09:10.754 --> 00:09:14.495
Cash, along with credit, provides opportunities for growth.

00:09:14.495 --> 00:09:20.437
It also means the business can pay its obligations on time and make investments for the future.

00:09:20.437 --> 00:09:29.894
A healthy cash flow gives leaders more flexibility to grow the business, to take advantage of discounts and special deals and to take on key projects.

00:09:29.894 --> 00:09:39.195
You have to know the finance options that are available for investments and to fund ongoing operations, to provide the best advice to senior leaders.

00:09:39.195 --> 00:09:43.955
Number three how this role can be an opportunity for you.

00:09:45.145 --> 00:09:50.690
I believe the Treasury management role offers many unique opportunities and for critical skills development.

00:09:50.690 --> 00:09:57.091
You will be involved in strategic finance problem solving, while often working with a company's most senior leaders.

00:09:57.091 --> 00:10:01.856
You will have exposure to advising the same leaders and building your network.

00:10:01.856 --> 00:10:09.592
Now I'll say this again the Treasury management role offers a unique opportunity to develop rare skills, knowledge and experience.

00:10:09.592 --> 00:10:17.412
This can be a way to bridge a gap to better understanding of strategic finance how to finance projects in the long term that will grow the company.

00:10:17.412 --> 00:10:25.836
Understanding cash liquidity, banking and financing options will strengthen your overall skillset and career marketability.

00:10:25.836 --> 00:10:30.695
Now, if you want a real challenge, work for an organization with a cash flow issue.

00:10:30.695 --> 00:10:35.615
This can grow your problem solving and influencing skills exponentially.

00:10:35.615 --> 00:10:44.514
Overall, this role can help you grow your analytical skills related to budgeting, spending available credit and achieving strategic objectives.

00:10:45.205 --> 00:10:47.091
You should never overlook an opportunity.

00:10:47.091 --> 00:10:53.028
The purpose of this episode was to show you something different that may be a great opportunity for you to excel.

00:10:53.028 --> 00:11:00.172
The Treasury manager role is one that can provide a chance to work closely on the strategic objectives and goals of the organization.

00:11:00.172 --> 00:11:05.135
You can have input on key banking relationships and strategic finance projects.

00:11:05.135 --> 00:11:10.557
Do not overlook what this role can be to your future skillset and career options.

00:11:10.557 --> 00:11:19.335
A CFO with a Treasury background is an asset to any company For action today, I have two things for you to consider after this episode.

00:11:19.965 --> 00:11:23.835
The first is to review the Treasury manager role as a potential career move for you.

00:11:23.835 --> 00:11:27.333
Add this to your plan and look for opportunities to apply.

00:11:27.333 --> 00:11:35.111
I believe this is a great opportunity to round out your skills a lot more and to see how business operates from a different perspective.

00:11:35.111 --> 00:11:41.190
The next issue is to review and update your individual development plan, especially with your CPE completion.

00:11:41.190 --> 00:11:47.448
This is the time to schedule and complete the last of your credits before we all get into the fourth quarter.

00:11:48.325 --> 00:11:56.413
Today I talked about the Treasury function and role and I highlighted the following points Number one, key responsibilities and tasks of the Treasury function.

00:11:56.413 --> 00:11:59.533
Number two, what this role means for the organization.

00:11:59.533 --> 00:12:03.293
And three, how this role can be an opportunity for you.

00:12:03.293 --> 00:12:12.995
The Treasury role can provide a robust opportunity for you because you can work on strategic finance problem solving and develop your experience and your network.

00:12:12.995 --> 00:12:22.196
If you have not considered this role previously, don't overlook it, because the role may bring you to working on key projects and advising at the highest levels.

00:12:22.686 --> 00:12:24.432
Now here is something else for you to consider.

00:12:24.432 --> 00:12:29.556
For me, I always perform better when I was assigned to a poor performing organization.

00:12:29.556 --> 00:12:41.118
Sometimes the Treasury management role can be extremely challenging if the organization is cash poor, has trouble collecting cash, managing cash or has problems with raising capital.

00:12:41.118 --> 00:12:48.371
So taking a role with this type of organization can be an opportunity and look like an expert leader solving tough problems.

00:12:48.371 --> 00:12:53.596
Yes, it can be more stressful as you tackle tough challenges, but this is where the reward comes in.

00:12:53.596 --> 00:13:04.136
You get to make a difference, to help turn around a problem organization, and your skills grow increasingly, which makes you even more marketable for a more senior role later.

00:13:04.136 --> 00:13:07.615
Now have a great rest of your day and a great rest of your week.

00:13:08.304 --> 00:13:10.352
I hope you enjoyed the Finance Leader podcast.

00:13:10.352 --> 00:13:17.410
I am dedicated to helping you grow your leadership skills, to change your mindset and to clarify your goals so you advance your career.

00:13:17.410 --> 00:13:20.673
You can find this episode wherever you listen to podcasts.

00:13:20.673 --> 00:13:26.758
If this episode helped you today, please share and leave a quick review so that others can find the podcast.

00:13:26.758 --> 00:13:35.894
Until next time, you can check out more resources at financeleeracademycom and sign up for my weekly updates so you don't miss an episode of the podcast.

00:13:35.894 --> 00:13:39.134
And now go leave your team and I'll see you next time.

00:13:39.134 --> 00:13:39.865
Thank you.

Elevate Your Career Potential as a Treasury Manager: Key Responsibilities, Skills, and Certifications

Listen On

Recent Episodes