Deputy Treasurer: Job Description, Duties and Requirements
Deputy treasurers assist treasurers in their daily duties, including supervising over investments, verifying financial risks, and presenting financial reports. Often times a deputy treasurer will go to events and board meetings to complete the necessary duties in place of the actual treasurer.
Deputy Treasurer Job Description
Deputy treasurers report to and work under an elected or appointed treasurer. Having to represent and take over the duties of the treasurer, as needed, deputy treasurers must understand the financial goals of their organization. Deputy treasurers can work for government agencies as well as private-sector corporations, nonprofit organizations, and academic institutions.
According to the U.S. Bureau of Labor Statistics, (BLS), deputy treasurers are grouped under the larger category of financial managers (www.bls.gov). The BLS notes that treasurers specifically deal with financial planning to create procedures that help the company grow through sound investments as well as through mergers with similar organizations and the acquisitioning of smaller companies.
Deputy treasurers work in business offices, but the BLS also states that these individuals may travel frequently for the job. Most deputy treasurers work longer hours than the standard workweek, which can include working 50-60 hours a week.
Deputy Treasurer Job Duties
O*NET Online states that treasurers fill out and file large amounts of paperwork covering an organization's financial information and taxes (www.online.onetcenter.org). Deputy treasurers assist with the paperwork by consulting with other administrators and obtaining financial records from all departments.
According to O*NET, deputy treasurers often supervise the allocation of funds for particular departments, as well as perform company wide audits to verify the proper disbursement of funds. Depending on the organization, deputy treasurers may have the assistance of a small staff to deal with the record-keeping side of disbursing funds and performing audits.
After conducting other financial reports as needed, deputy treasurers also present their findings to senior executives and other committees. Sometimes deputy treasurers assist the treasurer in these presentations, but other times the deputy treasurer must travel to meetings and present the necessary information in the treasurer's place.
Deputy Treasurer Requirements
Education requirements for deputy treasurers vary based on industry, but the BLS shows that most job positions under the financial manager category require at least a bachelor's degree in fields such as accounting, business management, or finance. According to the BLS, more employers prefer that deputy treasurers possess a graduate degree in fields such as economics, finance or business administration.
Licensing and certification requirements vary per state. For example, some states require deputy treasurers to be certified as public accountants (CPAs) prior to employment. Other trade certifications are available, such as a certified treasury professional credential. Most certifications and credential programs require that candidates attend training classes and pass a test.
Work experience plays a large factor for those who wish to become deputy treasurers and can require 5-10 years of experience in financial management. Applicants do not need direct experience working as deputy treasurers, and instead can supplement the required experience qualifications through working as a bank manager, financial department supervisor, or as a senior level accountant.
Salary Info and Job Outlook
According to the BLS, the employment of financial managers as a whole will grow by approximately nine percent from 2010 to 2020, slower than is the average for all occupations. Financial managers earned a median annual salary of $109,740 in May 2012, per the BLS.
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