How to Become a Cash Management DirectorCareer News February 26, 2014
A cash management director creates the policies and procedures to manage the business transactions for the company. Since a director can work as a free agent, he or she may do the same for a client. These professionals are used in a wide variety of industries and handle any number of duties. The cash management director makes sure bills are paid on time, deducts and remits taxes and may authorize loans. He or she will also oversee collections and hire, train, or lead a staff.
Cash management directors keep a close eye on the company’s profit and loss to ensure the company’s profitability. If you are interested in this career field, you should learn how to review potential risks and losses over the long-term and short-term future. You may be asked to make recommendations to upper management or clients on how their money would best be invested or spent. You monitor employee expenses and add up receipts, and even come up with new strategies for firm’s financial planning. You work with banks, legal firms, medical offices, as well as government agencies.
Skills and Training Needed
Most companies require a candidate to have a bachelor’s or master’s degree for the position of cash manager. Those aspiring to be cash managers usually focus on business, math, finance, economics, administration, and accounting courses. Understand that college is only the first step. Beyond obtaining a college education, you will find it advantageous to become certified, and qualifications vary with each certification. Exhibiting a knowledge of handling financial transactions is also important, whether that’s experience spent as an accountant, auditor or tax specialist.
Job openings for cash managers are expected to rise about eight percent in the next decade, according to the U.S. Bureau of Labor Statistics (BLS), which is about the average for all occupation. According to the BLS, more than half a million people were employed as cash managers in 2008. As always, candidates with a master’s degree or certification will have the most mobility within the profession, depending on work experience.
Responsibilities of a Cash Management Director
The first thing to do is get a Bachelor’s Degree in Accounting or another related field business course. Working as an intern at some point can only help your prospects. Upon graduation, and finding your first job, use that time to acquire whatever certifications are needed for the area you wish to work in.
There are several areas that range from a small company to corporate giant to government, all of them have different compensations and requirements. You will not necessarily be stuck in one aspect of this career, but it is still wise to put thought and planning into whatever options that you do have.
It is not difficult to get the training and experience, and without that direction, you could miss the path towards a stable career. It is a job that can give you a salary in excess of $40,000 and with room to move beyond that into higher corporate levels. Now is the time to focus on your education.