Treasurer

Industry:
Public Sector
Last Updated:
September 19, 2023

Job Description Overview

Treasurer job description

Treasurers play an essential role in the public sector industry. They are responsible for managing the financial affairs of government organizations, ensuring that public funds are used effectively and efficiently. Treasurers create and maintain budgets, monitor financial transactions, and manage investments. They also oversee payroll processing, ensure compliance with financial regulations, and maintain accurate financial records. 

Treasurers work closely with other government officials, such as mayors, city managers, and council members, to develop and implement financial policies that benefit their communities. They must have excellent communication and interpersonal skills to work collaboratively with colleagues across departments. Treasurers must also have a strong understanding of financial management principles and accounting practices. A degree in finance, accounting, or a related field is typically required for this role. 

Overall, a treasurer is a critical member of the public sector industry, responsible for ensuring the responsible management of public funds.

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Job Duties and Responsibilities

  • Manage and oversee the organization's financial resources and budget.
  • Develop and implement financial policies and procedures in compliance with regulatory requirements.
  • Ensure accurate and timely financial reporting, including the preparation of financial statements and reports.
  • Monitor cash flow and liquidity to optimize the use of funds and minimize financial risk.
  • Maintain relationships with banks, investment brokers, and other financial institutions.
  • Collaborate with other departments to identify and mitigate financial risks and issues.
  • Supervise the accounting and finance department to ensure compliance and accuracy.
  • Prepare financial forecasts and budget projections to support decision-making.
  • Communicate financial information and updates to relevant stakeholders, including elected officials and the public.

Experience and Education Requirements

To be hired as a Treasurer in the Public Sector, you’ll need to have plenty of experience in finance and accounting, and a good education too. Usually, you’ll need a college degree – that’s four years of study – in accounting, finance, or a related field. You should also have experience working with budgets, investments, and audits. It’s likely you’ll need to have a professional certification in accounting, such as a CPA license. You may also benefit from having worked in the public sector before, so you understand how public finances work. Above all, you need to be trustworthy and able to handle lots of money responsibly.

Salary Range

Are you curious about the salary range for a Treasurer in the Public Sector industry? In the United States, a Treasurer typically earns between $67,000 and $146,000 annually. The median salary for this position is around $99,000. However, the salary range can vary depending on factors such as location, experience, and the size of the organization.

In Canada, the average Treasurer salary is around CAD 114,000 per year. In the United Kingdom, the average salary for a Treasurer is around £53,000 per year. These salaries may differ depending on the size and type of organization.

Being a Treasurer requires a high level of expertise and knowledge in finance and accounting. It involves managing, overseeing, and reporting on an organization's financial operations. If you want to enter this field, it's important to have a strong background in finance and accounting.

Sources:

  • Salary.com
  • PayScale
  • Glassdoor

Career Outlook

If you are considering a career as a Treasurer in the public sector industry, the outlook for the next five years is generally positive. The employment opportunities for this field are expected to grow at a rate of 6% from 2019 to 2029, which is in line with the national average for all occupations. Many governments and agencies face financial challenges, which makes the need for skilled Treasurers essential. 

According to the United States Bureau of Labor Statistics, job opportunities for Treasurers are expected to increase because of the need for financial expertise in the public sector. The job growth will be driven by the growing population and demands for government services. Furthermore, as public sector finance becomes more complex, there will be a greater emphasis on the professionalism and skills of Treasurers. 

Overall, the career outlook for a Treasurer in the Public Sector industry seems to be positive, with good employment prospects over the next five years.

Frequently Asked Questions (FAQ)

Q: What does a Treasurer do in the Public Sector?

A: A Treasurer in the Public Sector manages the financial resources of a government entity, such as a local or state government. They oversee the collection of funds, ensure that money is spent in accordance with laws and regulations, and invest surplus funds.

Q: What qualifications are required to become a Treasurer in the Public Sector?

A: Qualifications vary by state, but many require a Bachelor's degree in finance, accounting, business administration or a related field. Some states also require a specific number of years of experience in financial management or a related field.

Q: What are some of the responsibilities of a Treasurer in the Public Sector?

A: The responsibilities of a Treasurer in the Public Sector include managing cash and debt, investing funds wisely, keeping accurate financial records, advising government officials on financial matters, and overseeing the budgeting process.

Q: What are some of the challenges that Treasurers face in the Public Sector?

A: The Public Sector is often subject to strict regulations, limited financial resources, and high levels of scrutiny from the public and taxpayers. Additionally, unexpected economic and political changes can sometimes create financial turbulence.

Q: How does the work of a Treasurer in the Public Sector impact the community?

A: A Treasurer in the Public Sector plays a crucial role in ensuring the financial health and stability of their government entity. Their work impacts the community in a number of ways, from funding public projects such as schools and infrastructure to ensuring the smooth functioning of government services.


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