How to Further Your Career in Treasury
James Crichton, Hays - 28 Oct 2008
This article argues that taking a proactive approach to career development is vital. Where do you start and how can you ensure you keep moving forward?
The volatile marketplace is putting increased pressure on treasurers and their teams. Never has the role of the corporate treasurer held such an important profile at both the operational and strategic levels. The good news is that there is scope for ambitious and talented individuals to shine and get involved in a variety of projects.Whether you're a graduate taking that first tentative career step or a director with many years' sector experience, actively managing your career is the trick if you want to maximise the opportunities that come your way as a treasury professional.
All too often we can let the daily pressures of our jobs consume us and forget to take stock of our current predicament and where we see ourselves further down the track. Career development is a continuous process and needs to be addressed on a regular basis.
The first thing to consider is your long-term goals. Where do I want to be and how am I going to get there? Answer the first part of the question and you can then begin to formulate your strategy that will take you to your career zenith. Remember that nothing is set in stone and your targets are likely to change over time as new opportunities arise or personal circumstances change.
Be Proactive
Much of a corporate treasury recruitment consultant's time is spent talking to candidates and clients about career development. One interesting aspect of these conversations is that each person has a very different interpretation of what career development means and what it involves. It can be quite enlightening listening to the different interpretations and ideas that each person has about this and also their unique approach to career management.
The most startling revelation is that some commercially astute, savvy treasury professionals, rather than taking a proactive and considered approach to enhancing their careers, actually leave their development in the hands of their employer. And remember, we're talking about people that have invested time and effort through university, professional qualifications and beyond.
Many people, when considering career development, look to explore external opportunities as they automatically perceive that this is the best way to gain more experience or to change the focus of their role. If this is their main reason for wanting to move jobs, then the soundest advice is to ascertain if this development is achievable with their current employer first.
Having the wherewithal to initiate discussions about furthering your development, for example assuming different responsibilities or the desire to gain new qualifications, can pay handsome dividends. By instigating career talks, you are highlighting to an employer that you are keen to progress and this sends a positive and unequivocal message to an employer.
Talent Management
Of course, one of the major benefits of working in treasury is that you are likely to be working in a multinational, blue chip environment. Such organisations will typically have formal talent management programmes that are geared towards the continued professional development of their staff.
Appraisals also provide a great opportunity to further your cause. Part of the process is to review your own performance and to discuss areas that you and your employer feel you might want or need to focus on. It's a great opportunity to explore areas that you enjoy and those that you find less fulfilling, as well as putting in place a plan to help you achieve these needs, whether they are related to training, management or attending industry seminars.
Perhaps the most important element of appraisals is to make sure that what you are looking to achieve is aligned with what the organisation is expecting from you and that both parties are working to common goals. If this is not the case, then you need to consider whether your expectations are unreasonable, for example if you have not properly communicated what you want to achieve or if there is a reason that you are being overlooked for opportunities that you feel are relevant to your personal objectives.
There will come a time when you will want to look at external opportunities. You may feel that your development is limited by the size of the organisation or you may just need a new challenge and a change of environment or industry. When considering external opportunities, it is important to establish your short, medium and long-term plans.
Keep an Open Mind
The nature of the treasury market, particularly outside of London, is such that there tends to be a limited number of relevant job openings at any one time for a particular individual. In practice, those that enter the job market with a very specific list of requirements to be gained from their next employer or job are going to find that the search can become overly restrictive.
Those that enter the job market with the express intention of working for a FTSE 100 company in Berkshire will quickly find that that they are only able to consider a very small selection of the good career opportunities potentially available to them.
However, if they have a good idea of the general direction that they want to take their career in, keep an open mind as to the type of organisation and consider each opportunity on its own merits, they will normally encounter a variety of interesting opportunities. This has particular relevance to the early stages of your career, as those that try to define their path too strongly can miss out on opportunities that they may not even be aware existed.
The main thing to consider is what the organisation is looking for in the person and the role in both the immediate and longer term. You will need to assess if these fit in with what you have identified as important to your career. Why has the vacancy arisen? Did the last person move internally to a different role within the department? What is the company's policy on study support? Is there anyone else in the team studying? What are the potential development paths from this position and how long would someone be anticipated to stay in situ?
There is no hard and fast rule as to what one should do to develop, but if we take a snapshot of jobs that are currently being advertised on the Association of Corporate Treasurers (ACT) website, we can dissect the things that are currently important to employers. The positions range from treasury analyst to senior treasurer and highlight areas of experience or qualification expressly requested in the advert.
The actual requirements of the ultimately successful candidate will be more defined than appear on the advert - for example, half of the job adverts have not specified that the candidates require operational experience, however they will still be looking for evidence of this on prospective candidates' CVs. Nevertheless, these are all areas that have been specifically identified and are therefore significant.
| Candidate Requirement Highlighted | Essential | Advantageous |
|---|---|---|
| Operational experience | 50% | - |
| Qualified accountant | 43% | 14% |
| Influencing skills | 36% | - |
| Graduate or post grad degree | 21% | - |
| Specific systems exposure | 21% | - |
| Change management | 21% | - |
| Qualified treasurer | 7% | 43% |
Operational experience is the most requested area of expertise. Treasury is a complex and technical field that allows for specialisation across a number of areas during your career. There is much to be gained from being involved in projects and working outside of your direct remit; the opportunity to work on other assignments or in cross-departmental working groups will add breadth to your knowledge. It can also raise your profile within the company and provide you with an opportunity to network with people outside of your normal scope of influence.
Almost half of the adverts stipulated the need for an accounting qualification and this is increasingly becoming an essential requirement. Having an ACT qualification is seen as an advantage but in most cases not a prerequisite for these treasury jobs. The ACT has developed a fast-track route for qualified accountants who wish to gain the AMCT diploma in treasury. This accelerated course of study significantly reduces the time needed to complete the qualification and offers the opportunity for qualified accountants to gain a practical qualification in treasury, risk and corporate finance to complement their accountancy skills base.
All-round Skills
So, you have the experience and the qualification(s). Job done. Not quite. Employers increasingly focus on your 'softer' skills and for roles at all levels they will home in on your ability to influence and manage both people and situations. Do you have project, change and relationship management experience? In today's competitive marketplace, you will need to stand out and it is these skills that are likely to convert your interview into a concrete job offer.
The message for you to take away is take responsibility for your career. Be proactive and fashion your approach to maximise opportunities, which will put you in control of your professional destiny. Balancing the 'here and now' of your current role with your longer term aims should mean that you continue to be fulfilled and motivated. Make a point of conducting a personal career review to keep track of your progression and the goals that you set yourself.
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