The ACT was formed in 1979 and over the last 40+ years the profession has seen a change in the role of the treasurer. Research conducted by the ACT, such as the annual Business of Treasury study, shows the increasingly strategic importance of the treasurer’s role, which has never been more prominent than in times of crisis, such as the current COVID-19 pandemic.
As the awareness of the treasury profession develops many graduates are now actively seeking treasury roles and choosing treasury as a career path. This ‘new generation’ of treasurers recognises the importance not only of technical skills, but also of business and behavioural skills such as communication, leadership and people skills. They are eager and keen to learn and a constant characteristic is that they are curious and not afraid to ask questions and challenge the status quo.
The ACT Future Leaders in Treasury group provides encouragement, support and resources relevant for those in the earlier stages of their career. We ask two of the working group to describe here why they chose a career in treasury and what they think the unique challenges are for millennials.
Roshun Tulkens, Group Treasurer, Mantrac Group
Why choose treasury as a career?
In my view I’ve found the perfect career and a profession that is highly rewarding. A career in treasury requires a vast skillset, it covers many areas, - cash/liquidity management, debt/funding, FX, treasury operations, payments, risk management and relationship management, to name a few. To add to this, how these tasks and risks are managed can vary depending on what country you are dealing with, which adds a further dimension. Due to this broad remit, you’ll find that no day is the same and there is always a new challenge to face. On the other hand, if there is a specific area a treasury professional wants to focus on, this is also possible with more specific roles. For me personally I like to be involved in all areas and particularly like the strategic forward-looking perspective of treasury. As we are so connected to external challenges (financial markets, FX, regulatory aspects) it can be fast-paced, requiring quick decision-making and a level head. Ultimately we are at the heart of the business and drive to help protect and shape the company’s future.
What differentiates treasury from accountancy?
Treasury is extremely forward-looking and involves a great deal of strategy to ensure risks are mitigated and the future of the company is protected. Whereas accounting focuses more historically, reconciling what has happened in the past.
What is your perspective on the future role of treasury?
Treasury will continue to be a key cog in the business and as black swan events become more common, the emphasis on risk mitigation, future scenario planning and cash management becomes vital. The treasury role may well expand even more; the treasurer is now expected to also be digitally savvy and bring in automation and technology into the department. Recently we have seen treasurers taking on the responsibility for insurance and owning the new working capital cycle, which means more oversight on procurement and sales activities.
How important do you think technology will be in the future?
Our day-to-day lives are full of technology, from ordering food, paying bills, to booking tickets for the train or the theatre. In the work place, things have moved slightly slower, but change is still happening. Early in my career multiple eBanking systems were common, data entry in excel was required to track – now things are more automated with TMS and consolidated systems. FX trading was largely by phone, but now we have systems to get multiple quotes. Technology going forward will be even more important; especially with flexible or remote working, access to data anywhere/anytime will be vital.
How should you structure your early career to ensure you take advantage of the opportunities available?
Definitely getting the ACT’s qualifications helps, not only to get the basic knowledge of treasury, but also to help in interviews and being able to convey some treasury knowledge. Also use the networking to your advantage, understand the hot topics, and how other companies approach things - as often in treasury there are many ways to tackle the same risk or issue.
When should you move roles/companies and how do you develop relationships with recruitment consultants to enable this?
When you feel you are getting too comfortable in a role or finding that there are no longer new challenges or new skills being developed it could be time to move on. Always have a CV ready and ensure you can talk through your role clearly in a way a non-treasury person would understand. Have a clear reason why you have moved previously and what you gained from each role. Always maintain a relationship with a few specialist treasury recruiters, as often the best roles come up when you are not actively looking.
Courtney Huggins, Group Treasurer, Logicor
Why choose treasury as a career?
Treasury can be a very rewarding career choice for many reasons. Over a decade after starting in the industry, I am still learning on a day-to-day basis. Whether it be new treasury technology, best practices or new regulations, things are always changing for the better and it takes an agile and industrious treasurer to continue to keep abreast of all relevant topics. For me, treasury sits at the apex of the commercial and financial sides of the business, meaning great exposure to areas of the business other finance teams may not have the opportunity to be a part of. Obviously we all work to support our lives, and treasury roles tend to be relatively well paid due to the specialist nature of this area of finance.
What differentiates treasury from accountancy and banking?
I find treasury extremely dynamic and although we do have normal reporting cycles (similar to accounting) and schedules for interest payments etc, I find treasury extremely varied. Treasury also must keep a finger on the pulse on the business to ensure the function can respond to any new business requirements. If the business wants to acquire, treasury will need to provide the funding. If the business wants to expand into a new region, treasury needs to set up the fundamental cash management structures to ensure the expansion can operationally function.
What is your perspective on the future role of treasury?
Looking forward, I believe treasury will continue to be an essential function within organisations. 2020 and the COVID-19 crisis has further established the importance of treasury professionals and their key responsibilities, such as liquidity planning, maintaining strong banking relationships, and financial controls – the people element can’t be underestimated. The specialist financial knowledge and technical skills that have always been a base for treasurers will, in my view, continue to be fundamental. That being said, technology is progressing, and we need to embrace these tools to enhance the value we can add to our organisations.
As a millennial you will understand the importance of using technology to develop the profession. How important do you think technology will be in the future?
No one can deny that increasing technology is allowing smoother and more streamlined processes in addition to real-time access to data, allowing businesses to understand their financial position at all times. Years ago, treasury management systems did not exist and we didn’t have access to real time market data or bank balances, making the treasurer’s job much harder. Now, I use technology in almost all of my job. We must continue to adapt to every changing and advancing technology as it is here to help us add value to our organisations, but at all times keep in mind that much of the role treasury plays is interpersonal - as a relationship manager for internal and external stakeholders.
How should you structure your early career to ensure you take advantage of the opportunities available?
Don’t wait for someone to help develop you – it’s not their responsibility. You need to take the initiative and take control of your career goals. Sit your ACT exams to get the fundamental knowledge you need to do your job day-to-day and the base skills all treasury employers look for. Be a sponge at work and soak up learnings from your team members, in and outside of treasury. Try not to get ‘pigeon-holed’ – fight to get the broad spectrum of skills under your belt across front, middle and back office, to understand what you enjoy the most.
Don’t forget that the commercial side of the business pays the bills and an understanding of what your organisation does on a granular level will make you a better treasurer. Network and get involved with groups that can help to connect you to prospective future mentors or employers – the ACT’s Future Leaders in Treasury is a great choice to start with. Finally, be brave enough to have candid conversations with your manager – tell them where you want to be in 1 year, 3 years, 5 years. Work together to set out tangible steps as to how you can upskill and develop to reach these future career goals.
When should you move roles/companies and how do you develop relationships with recruitment consultants to enable this?
You should always be looking for new challenges and roles as the perfect opportunity could come at any time. However, I wouldn’t jump to a new role more than every 1.5 years (minimum of how long you should stay at one job), and you’ll probably want more longevity in more senior positions. Recruitment is time-consuming and expensive, plus it takes time to train new staff, so prospective employers will want someone who will stay for a few years. Recruitment consultants are a great resource for new positions. After almost a decade, I am still quite close friends with the consultant who placed me at my second treasury role! If you can build strong relationships, consultants will get to know you, your personality, strengths and weaknesses, - which will help them to place you in roles that suit your attributes. As you move up in the treasury world, having strong relationships with recruitment consultants can help on the hiring side, as they can place candidates who will align to your style.
