The treasurer finds himself at the center of the game [L'AGEFI]

Published on November 14, 2023 – Hélène Truffaut ( L'AGEFI )

Traditionally discreet, treasurers are now thrust into the spotlight. The succession of crises – financial, health, geopolitical – that have shaken and continue to affect businesses since 2008 has reinforced their prestige. “ They deal with a scarce and once again expensive commodity: money. And this is once again becoming a topic of discussion for senior management,” observes Emmanuel Rapin, Vice President in charge of training at the French Association of Corporate Treasurers (AFTE).

Indeed, their mission hasn't given them a moment's rest in recent years! A leading liquidity specialist, " the treasurer is the guarantor of the smooth 'blood circulation' of their company," summarizes Jean-Claude Climeau, Director of Treasury, Financing, and Financial Engineering at Thales, and also Vice-President of AFTE. " They must ensure the availability of cash and mitigate market risks. " A sign of the strategic importance of the role, treasury management is no longer the sole domain of large corporations; mid-sized companies and large SMEs have adopted the function, which is now performed by more versatile professionals.

Cash management, external financing, and risk management (foreign exchange, interest rate) are in fact the three main pillars of the treasury function, which, depending on the size of the organization, is structured into separate teams and may include international trade finance. " The treasurer may also oversee credit management, insurance management, and, more recently, financial communication and investor relations," adds Emmanuel Rapin.

The profession has evolved

While it rests on an unchanged foundation of technical expertise, the profession has simultaneously evolved in line with the automation of services, as well as the transformation of customer relationships, with the emergence of new payment methods. "Digital technology is essential, and today, treasurers are expected to have an aptitude for technological challenges and solutions," emphasizes Jean-Claude Climeau. Recent years have also seen the emergence of project manager or treasury management system manager positions, filled by IT experts. This is the case at Thales, whose treasury function—comprising some 90 people, including subsidiaries—has an integrated IT team to deploy and maintain its own tools.

Treasurers are also unable to escape the issues of corporate social responsibility (CSR), which have more recently reached finance departments. " They are in contact with extra-financial rating agencies and are themselves increasingly using 'green' or socially responsible financial products," explains Emmanuel Rapin, for whom this movement, which started in large groups, is now spreading to mid-sized companies.

Communication skills are becoming increasingly important for moving projects forward. " Treasurers need to be able to interact with more departments than before, to explain their role clearly, and to act as business partners to CO2 reduction targets , payment terms, or inventory levels in an inflationary environment," explains the treasury director of Thales.

Furthermore, directors and department heads are expected to adopt " a more flexible and participative management style conducive to the integration of junior staff – something new for profiles sometimes coming from very rigorous environments," explains Harold Valat , partner at the firm Vauban Executive Search . Meanwhile, " young candidates must above all demonstrate openness, curiosity, and adopt a continuous learning mindset, because the profession is constantly evolving," observes Jean-Claude Climeau.

A dynamic job market

Recruitment needs are commensurate with the combined challenges of transformation and current turbulence, as well as the need to rejuvenate the age pyramid of the profession. According to a survey conducted by Mazars and the Sorbonne Treasury Master's Association (AMTSA) among all alumni, with results released at the end of September (15 graduating classes, 190 responses), half of the respondents reported difficulties in hiring. And, among the solutions they are considering, 20% mentioned salary increases…

“ The job market is doing very well,” confirms Elisabeth Chevillard, founder of EC-RH, a firm specializing in corporate finance recruitment and particularly in treasury and financing functions. “ Treasurers are generally passionate about their work and primarily work within their field. It’s a niche, but it offers numerous opportunities for internal mobility (financial management or expanding the scope of the finance and treasury director to include financial communication issues, credit management, etc.) and external mobility, allowing these professionals to broaden their horizons.”

Assigned to positions in treasury and finance management or as chief financial officer (CFO) with responsibility for treasury, Vauban Executive Search also recognizes the good performance of this job market, " reasonably tight, but on which we must act very quickly in view of the opportunities available to candidates," notes Harold Valat , partner of the firm.

More generally – and unsurprisingly – front-office (executing transactions related to banks and markets) are the best paid (see table). “ Back-office roles, which record transactions and liaise with accounting and management control, are less lucrative and rely on both junior staff and highly experienced professionals to mentor them,” explains Emmanuel Rapin. Young graduates are also present in the middle office (analysis and control).”

A median annual salary of 41,200 euros

Similar to what a graduate with a Master's degree from a business and management school can expect, the salary of a young entry-level treasury professional is around 40,000 euros per year, with variations between Paris and the provinces and depending on the size of the company.

(…)

Read more on the L'AGEFI website, The treasurer finds himself at the center of the game ( Hélène Truffaut , 14/11/23).