What does a cash manager do?
Cash managers perform many different types of cash management tasks. They monitor and control the flow of cash receipts and expenses to meet the necessary investment and business needs of their organization. They organize the financial information to help determine if their organization should borrow money to cover expenses or invest surplus cash. Cash managers often prepare liquidity reports to ensure other managers are aware of the financial situation of the organization. They often travel to meet with executives and other professionals in a variety of locations.
What kind of training does a cash manager need?
Cash managers typically need at least a bachelor degree in business, finance, or other related field. Prospective cash managers often complete courses in accounting, business administration, finance, and cash management. Some cash managers have master degrees. Many cash managers complete internships or obtain part-time jobs in cash management department to gain practical experience in the field. Some begin their careers in entry-level positions and advance to management positions as the gain the essential skills and experience. Most employers provide some on the job training to enable new cash managers to learn the require policies and procedures. Cash managers must complete regular continuing education and additional training to keep their skills and knowledge up to date and stay abreast with advancements in the field.
What are the prospects for a career as a cash manager?
Employment of cash managers is expected to grow about as fast as average for all professions, increasing 8% from 2008 to 2018 (1). The expansion of the financial industry will drive job growth.
Job prospects are expected to be good with strong competition. Cash managers with advanced training and extensive experience will have the best job opportunities. Some job openings will arise from the need to replace cash managers that retire, transfer, or leave the field for other reasons.
How much do cash managers make?
As of February 2010, the middle 50% of cash managers earn annual salaries between $71,048 and $95,628. The top 10% earn annual salaries of more than $107,640 (2).
A career as a cash manager is an excellent choice for individuals with a strong interest in performing a variety of cash management procedures. Cash managers must have a solid understanding of the principles of cash management for their employer.
Detail orientation, critical thinking, and good problem solving skills are essential characteristics. Cash managers must have excellent communication and interpersonal skills and the ability to work as part of a team. They must be able to effectively explain data to other employees. They must also be able to effectively motivate and lead others and establish good relationships with a variety of financial institutions.