How to Become a Cash Management Service ManagerCareer News February 27, 2014
Cash management is a growing business, and a staple of the economy, so suggests the U.S. Bureau of Labor Statistics, who predicts the market to grow 9% over the next decade. A cash management service manager has the role of overseeing cash management programs for the bank’s members.
It’s a manager’s job, but also a developer’s role. You serve as a go-between with clients and other parties within your business. This could involve account management, sales, tech support, and other areas. You will be valued for your expertise and will make recommendations on various aspects of cash management, including technical areas.
This is a position of responsibility, one that puts a lot of trust in your performance, which explains the high $76,000 salary quoted by the Association for Financial Professionals Survey.
Education is a Must
Managerial duties are almost always given to workers who come from above average educational backgrounds. A bachelor’s degree in a related field is a minimum standard that employers look for. Besides a degree, years of managerial experience is preferred, or at least experience in some area of banking or dealing with cash beyond cashiering.
As a manager, you know the practices and concepts that are synonymous with the profession. It is your job to plan and accomplish goals and motivate others to follow through on their assignments. Leadership is just one part of your job description, and as always, dealing with other people on a regular basis requires creative thinking and people skills. As a cash management service manager, you will report to the head of the department or branch.
Skills worth Learning
There is a world of business skills to choose from, but the most important skill sets for this career are accounting experience and written/oral presentation. Accounting knowledge is part of your required skill set, but so is understanding economy and identifying financial trends. Since you deal with cash flow on a regular basis, you read and evaluate reports, and reduce the number of assets in a collectable status. You also maintain authority over the disbursement float, which keeps your cash flow high.
As a manager, familiarity is vital, among invoicing, collections, and disbursements. Learn to keep accurate records and keep your files organized—including your e-files.
Working well with others is necessary since you oversee the work of others and may even delegate some assignments. Cooperation is part of the job description, but so is adjusting business procedures or developing new strategies from scratch, all for the sake of the business maximizing profit. Most importantly, the ability to work with others, considering you will adapt this system you devise or improve to the other department managers. You may have to explain these systems and “sell” them in some cases.
This is a job that rewards energy and ambition. If you want to reach out and take a manager’s position then it’s time to seek out the financial education that all managers possess. UMCP, University of Michigan, Ohio State University, or one of the schools listed below can help you in this respect.