I started off as an accountant soon after graduating with a BA in accountancy from the University of Zimbabwe back in 2003. I then completed my MBA and CIMA while working as a management accountant. I really enjoyed this role as I feel I made a real difference in the decision-making processes of my organisation. With my ACMA, CGMA after my name, I said to myself “What’s Next?”, and this is how I came to find out about the ACT. I haven’t looked back since.
I started taking the ACT qualifications while I was working as an assistant Finance Manager at the African Export Import Bank. There was no separate treasury department in the organisation, and the finance team handled both treasury and accounting. Studying treasury as a separate discipline was so eye opening and revealing. I applied everything that I read in the ACT study material to my work environment and I made a difference in the organisation. I made a commitment to myself that I was going to complete the full ACT qualifications to gain as much understanding and knowledge as possible and wouldn’t stop until I became a Fellow. Completing the advanced diploma was very satisfying and increased both my confidence and my mastery of treasury.
My first project in treasury was to automate the treasury function. This meant moving from a manual excel and hard copy based system to a SunGard/FIS treasury management system. This had the benefit of increasing visibility on risks, controls, liquidity and debt portfolio management. I successfully managed the implementation of a Treasury Management System (Ambit Quantum) within 6 months, and treasury was never the same from that day. The new system ensured that treasury became a cut above the rest in my organisation.
Treasury is increasingly standing out as a specialised area of finance. People are realising that treasury is not accounting and is not basic finance, but a specialist area that requires dedicated skill. Companies are now seeking treasury qualified personnel to run their treasury function. Companies are listing ACT qualifications as the pre-requisites for treasury staff. There is more awareness that specific treasury skills give organisations a competitive edge.
The key issues affecting those in treasury in Africa include managing foreign currency risk. FX is an issue in African countries who import and export. Identifying, assessing and evaluating and resolving FX risk requires more understanding of the sources of FX risk and systems to manage the processes. Setting and adjusting the FX risk appetite is key and “to hedge or not to hedge” is the question that treasury ponders on every day.
Liquidity is another key issue. Companies are working hard to make sure they have adequate liquidity in a complex environment plagued with pandemic and uncertainty (from commodity price volatility to trade wars).
Additionally, interest rate risk has become a key issue following the different interest rate risk policies around the world from negative interest rates on the Euro and JPY among other currencies, to an unexpected shift from a rising interest rate policy by the Fed, to a declining interest rate policy on the USD over the past 5 years or so. Disruption is a daily topic in treasury with the need to embrace disruption across wider areas from policy change (LIBOR, RFRs and the implications on loans etc.) to the need to embrace ESG goals into treasury and funding.
My ACT tutor Kerry Attwell Thomas is my unsung hero. He has a deep understanding of treasury across all the levels and is a great advocate of the Advanced Diploma.
Do not confuse activity for achievement!
The knowledge on the ACT website for members is invaluable and I use this to ensure I keep up to date. I also use my credentials to motivate a lot of aspiring treasurers who end up enrolling for ACT qualifications.
My iPhone, it represents total innovation and liberation. I have everything in one place, and the functionality simplifies my professional, social and academic world. I love FaceTime, Airdrop, Apple touch… to name just a few.
I’m currently studying towards my Doctor of Business Administration (DBA) with Walden university and I read a lot of journals about innovation, contemporary challenges in business, leadership and business. The one I am currently reading is Strategic management: Concepts and cases by J Dyer et al. This book is full of strategic case studies that show how many big companies made it, the strategies they used and the key business issues they overcame.