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How to Become a Cash Management Officer

Career News February 27, 2014

If you like to oversee policies, have a mind for details, and enjoy resolving issues with grateful clients, this role is for you. The cash management officer works in customer service while also offering support for management. This worker ensures that customers, or members of the financial institution, are kept happy and that their requests are fulfilled, if the policy allows. Usually, cash management officers stick to general bank accounts, though they may be called upon to work in other cases on occasion.

A Cash Management Officer’s Duties

If you wish to reach out for this position it will require using your business mind, your analytical mind, as well as your comprehension of numbers. You analyze the bank’s products and services and then sell to clients the services they can benefit from. This requires some basic knowledge of sales, since aggressively selling to clients drive business away.

Targeting is key, and working closely with business relationship officers can be helpful. You will work with a superior officer and manager to meet deposit goals and to file and address all RFP (Request for Proposal) applications.

The customer will usually not know what to do; only what the problem is. Your job is to recommend strategies for efficiently resolving the situation, preferably bank products that can be sold. You understand the concepts of cost benefit and risk analysis, and possess the ability to negotiate with others. This is not merely a customer service job, but a sales role, as you will be helping the institution to generate more revenue from the sales of these products and services.

You are an integral part of the business, and its reputation is partly shaped by your efforts. Showing you as personable, professional, and able to memorize and use policy information in a negotiation is crucial. You may also be expected to show maturity and a manager’s comprehension of operational guidelines—especially if you want to progress in the career path.

Study management guidelines, group policies, and continuing courses on anti-money laundering technology and procedures. This work, when performed well, helps the company reduce cost, improve workflow, and automate programs for everyone’s benefit.

Starting Your Career

Beginning with a strong financial education is a smart move, especially since employers are looking for bachelor’s degree students that specialize in banking or business administration. Work experience is expected and usually required, sometimes up to five years of experience within your field. This will give you the chance to learn standard concepts, practices, and procedures that define the industry.

Although you will answer to a supervisor, showing yourself as a self-starting worker, one who deals with problems creatively and “by the book” (or specifically the company’s guidelines), is the best way to get noticed by management.

Before charting a career course, remember to make sure the school is accredited and recognized, and make sure you learn relevant coursework, including such bank-centric details as local and internal clearing, and perhaps even some IT comprehension, as it is becoming increasingly important to the modern business environment.

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