Cash Manager: Salary & Job Description

May 31, 2020

Career Definition of Cash Manager

A cash manager specializes in overseeing cash management activities, such as posting procedures for payments and refunds or bank account administration. Cash managers are needed in a variety of organizations, such as healthcare agencies or financial services firms. They usually work full-time in an office environment.

Specific job responsibilities for cash managers will vary depending on the industry. General job duties may include overseeing junior personnel and providing job training; ensuring compliance with local, state, and federal laws,; and assisting with an organizational treasury structure. Cash managers may evaluate business performance and recommend methods to streamline operations. They may also assist with annual audits, the closing process for interest accruals and payments, and the development of a yearly budget. Cash managers can handle the process for daily wire payments for payroll and expenses as well as assist accounts payable personnel to ensure expenses are paid in a timely manner and resolve issues related to payment posting or refunds. They may also facilitate a collaborative work environment and ensure personnel are informed of organizational initiatives.

Educational Requirements Bachelor's degree; master's sometime preferred
Job Skills Excellent analytical abilities, strong communication skills, project management abilities, and strong technical skills
Median Salary (2020)* $69,323
Job Outlook (2018-2028)** 6% (Financial Analysts)

Sources:*, **U.S. Bureau of Labor Statistics

Required Education

Individuals will need a bachelor's degree to work as a cash manager, with some employers preferring a master's degree in finance or a MBA. Some employers may also look for candidates with relevant certifications, such as a Chartered Financial Analyst. Individuals will need to pass a series of three, six-hour exams in order to become a Chartered Financial Analyst. Interested individuals can pursue membership in a professional organization like the Cash Management Association of the Americas. The group promotes networking between cash management organizations in North and South America.

Required Skills

Excellent analytical abilities are an essential asset for cash managers, as they are responsible for evaluating information and developing forecasts. Cash managers should have strong communication skills in order to interface with internal and external stakeholders, including vendors. They should also have strong project management abilities to effectively execute process changes, oversee personnel, or manage various financial portfolios, such as band or public dent. Cash managers will need strong technical skills, such as Microsoft Excel and Word, in order to effectively perform their job duties.

Career Outlook and Salary

The U.S. Bureau of Labor Statistics (BLS) does not collect information specifically on cash managers; however, they reported a 6% increase in employment of financial analysts during 2018-2028, which is as fast as the average for all occupations. In May 2020, reported an annual median salary of $69,323 for cash managers.

Related Careers

Individuals considering a career as a cash manager might also be interested in one of the related careers profiled below. They offer candidates the opportunity to utilize their skills in other financial management positions.

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