How to Become a Cash Management ManagerCareer News February 26, 2014
If you are skilled at accounting procedures and enjoy organizing your work activities for the day ahead, you have a natural mind for management. This is what companies look for; workers that are trustworthy, organized and rational, and that can protect cash assets. A cash manager can perform many different types of cash management tasks. He or she will monitor and control the flow of cash receipts and expenses to meet the necessary payments, investments, as well as business necessities of the company.
The manager’s organizational skills will be used to determine the company’s need to borrow, or to invest surplus cash on a short or long-term basis. Liquidity reports are one of the devices cash managers employ to ensure that the financial situation of the organization is stable and efficient. They may travel to meet with executives and other professionals to locations that range from boardroom to the factory floor.
Cash manager positions usually require a bachelor’s degree in business, finance, or other related field. Cash manager hopefuls often complete programs including finance, business administration, and cash management. A master’s degree can be helpful in a cash manager’s career, and a completed internship or part-time job in cash management operations can provide practical experience in the field.
Entry-level positions will pay less, but they give green workers the experience that makes it possible to advance to management positions. Many employers provide some opportunity to get on the job training that enables new cash managers to learn the required policies and procedures. Cash managers must complete continuing education programs and additional training to enhance their skills and keep their knowledge up to date.
What the Future Looks Like
A cash manager candidate can expect promising job prospects but one should also expect strong competition. Cash managers who possess advanced training and significant experience will have the best job opportunities. Oftentimes, job openings arise from the need to replace cash managers that retire, transfer, or leave the field. Some new positions occur because of business expansion or new company development.
In 2012, cash managers earned salaries between $59,630 and 109,740, according to the U.S. Bureau of Labor Statistics. The top annual salaries run more than $187,200. It is a job that requires strict attention to detail and constant enhancing of one’s skills, but the salary would seem to be adequate for that dedication.
A certified cash manager (CCM) certification will be presented to business professionals who successfully complete the certified treasury professional examination administered by the Association for Financial Professionals. The association notes that certified cash managers are prepared in various cash management topics and business topics, such as risk management and corporate governance.
The position of cash manager has high potential for growth and is lucrative. It needs constant re-education and certification, but if you have a strong attention to detail, it may well be worth the effort to you. Let UMD, Penn State University, Stanford, or a college in your state, guide you to a better career!