Treasurer Salary and Job Description
Every company benefits from having short-term and long-term financial goals, which can dictate policies regarding budgeting, saving, spending, and investing. Often, a treasurer is responsible for managing and supervising progress toward these goals.
Treasurers are employed by a wide variety of organizations spanning many different industries, and the position provides an opportunity for financial professionals to make a direct, bottom-line impact on an organization.
Economic growth is expected to spur significant demand for treasurers in the coming years, with data from the U.S. Bureau of Labor Statistics (BLS) revealing a competitive treasurer salary and promising job growth.
To assume this financial role, individuals need to gain advanced training and education, such as in an Online Master of Business Administration (MBA) program.
What Does a Treasurer Do?
For those interested in pursuing a career as a treasurer, it may be helpful to start at square one: What does a treasurer do day-to-day?
A treasurer is a financial professional tasked with helping an organization achieve its financial goals, both in the short term and over the long run. They ensure that the organization is in good financial standing at all times—something that requires making coordinated investment decisions as well as generating detailed financial reports.
Treasurers may work with other financial decision-makers within the organization to make certain that all budgetary benchmarks are met.
Treasurer Job Description
A treasurer’s job description may vary from one position to the next, depending on the type and size of the organization as well as the industry they work in. Some of the most common roles and responsibilities for a treasurer include:
- Overseeing and supervising an organization’s in-house financial staff
- Preparing financial forecasts and activity reports
- Presenting financial reports to the chief executive officer and other executives
- Seeking and implementing strategies to reduce expenses and boost organizational efficiency, ultimately helping the organization save money
- Ensuring compliance with all necessary regulations, including tax compliance
Treasurer Work Settings
Treasurers typically work in conventional office settings, in close proximity to other executives and members of the financial team. Industries that employ treasurers range from insurance to manufacturing.
Treasurer Salary and Job Outlook
Because of the important role they play in managing organizations’ financial health, treasurers are typically well compensated and in high demand. The U.S. Bureau of Labor Statistics (BLS) provides some helpful data points to consider.
The BLS provides salary information for financial managers, a broader category into which treasurers are classified. Financial managers had a median annual salary of $131,710 in 2021. A number of factors can affect an individual treasurer’s salary, including their years of experience, level of education, and geographic location.
The BLS projects that employment of financial managers will grow 17% between 2021 and 2031, adding more than 120,000 new jobs. This is much faster than the average growth projected for all professions (5%), indicating that this is a field with a lot of opportunities, particularly for MBA degree holders.
Career Path of Treasurers
While there isn’t a uniform process for becoming a treasurer, a few common elements can be found in the career trajectories of many treasurers.
Earn an Undergraduate Degree
A bachelor’s degree is typically the minimum education required to qualify for a treasurer role. This degree may be in finance, business administration, or a related field. An undergraduate program can build the foundational financial skills needed to thrive in a treasurer position.
Pursue a Master of Business Administration (MBA) Degree
While a bachelor’s degree represents the minimum educational requirement for treasurers, going on to earn an advanced degree can lead to more prestigious positions, greater levels of responsibility, and more competitive salary ranges. Earning an MBA can help aspiring treasurers develop the advanced skills and financial expertise needed for the role.
Relevant topics covered in the Washington State University MBA curriculum include:
- Data Analysis
- Foundations in Finance
- Foundations of Business Law
- Financial Management
Develop Necessary Skills
Both through advanced education and through lower-level finance and accounting roles, aspiring treasurers can hone a number of essential skills. Some of the skills most foundational to the treasurer position are:
- Analytical and critical thinking skills
- Communication skills, both written and verbal
- Team leadership and personnel management capabilities
- Mathematical proficiency
- Advanced knowledge of finance and compliance
Honing these competencies is critical for long-term success as a treasurer.
Become an Invaluable Member of the Finance Team
Treasurers play an essential role in helping businesses and organizations maintain their financial standing while pursuing their long- and short-term goals. The best way to prepare for this profession and cultivate the right set of skills is to pursue an advanced degree.
With multiple concentration options—including a concentration in finance—and comprehensive coursework, Washington State University’s Online MBA program can serve as the springboard for a rewarding career in finance.
Learn more about the WSU MBA curriculum today.