A bank treasurer oversees the operations of a financial institution and sets goals to increase capital. While a bachelor's degree is usually sufficient to become a bank treasurer, an increasing number of employers seek candidates with master's degrees and professional certifications. Previous experience in finance or management also is important. Bank treasurers can also earn professional certifications through experience and examinations.
|Required Education||Bachelor's degree in accounting, finance or related subject, although master's degrees are becoming more commonly required|
|Certifications||Some employers require professional certification|
|Projected Job Growth (2012-2022)*||9% for all financial managers|
|Median Salary (2013)*||$112,700 for all financial managers|
Source: *U.S. Bureau of Labor Statistics
Bank Treasurer Job Description
Bank treasurers, sometimes known as financial managers, manage operations, employees and budgets to meet a bank's financial objectives. Duties might include establishing financial goals, implementing strategies to increase capital and expand the firm, overseeing investments and executing other money management activities. While bank treasurers tend to work with financial institutions, private companies, insurance firms and government institutions also hire treasurers or financial managers.
According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for financial managers was $112,700 in 2013 (www.bls.gov). The highest paying financial management positions were in the field of securities and commodities exchanges, which offered a mean wage of $177,460 per year, while the field of depository credit intermediation employed the greatest number of financial managers, offering a mean wage of $105,470. The field of financial management as a whole is expected to experience 9% job growth during the 2012-2022 decade.
Bank Treasurer Education Requirements
Typically, the minimum educational requirement for bank treasurers is a bachelor's degree in accounting, finance or business administration. Coursework in these undergraduate programs typically covers cost accounting, tax planning, statistical analysis, management principles and business law.
Prospective bank treasurers, as well as those already working in the field, might go on to pursue a master's degree to increase their advancement options. A Master of Business Administration (MBA) with a concentration in finance and a Master of Finance (M.Fin.) are two of the programs available in this field. An MBA in Finance focuses on topics like international finance, economics and human resources. Coursework in an M.Fin. program can include acquisitions, statistics and investments.
Experience also is important in becoming a bank treasurer. Many treasurers start out in entry-level positions, such as bank teller, and are promoted to managerial-level positions after demonstrating their communication, analytic and customer service skills.
Potential treasurers also can complete a professional certification program to demonstrate their qualifications. The CFA Institute offers a Chartered Financial Analyst designation to financial professionals who have work experience and a bachelor's degree and can pass three skills assessment exams (www.cfainstitute.org).