Treasury Career Path: From Treasury Analyst to Treasurer
Treasury is one of the less visible corners of finance. Many accountants never work in it. Yet for those who do, it can be a rewarding and well-paid career, with a clear path from analyst to Group Treasurer and strong links to CFO roles.
Treasury teams manage the money that keeps a business running. Cash, funding, banking, foreign exchange, interest rate risk and liquidity. When markets move or cash gets tight, treasury is at the centre of the business.
This article sets out the treasury career path in Australia and New Zealand, what each step involves and how to move into treasury from other finance roles.
What treasury does
Corporate treasury teams typically cover:
Daily cash management and cash forecasting
Bank relationships and account structures
Debt funding, facilities and refinancing
Covenant monitoring and lender reporting
Foreign exchange and interest rate risk management
Investment of surplus cash
Payment systems and controls
Treasury policy and board reporting
In smaller businesses, some of this sits with the Finance Manager or Financial Controller. In larger ones, especially listed companies, resources businesses and multinationals, there is a dedicated treasury function.
The typical path
Treasury Analyst. Daily cash positioning, payments, bank reconciliations, cash forecasting support and dealing support. Often the entry point, sometimes from accounting, banking or graduate programs.
Senior Treasury Analyst or Treasury Accountant. More responsibility for forecasting, hedge accounting, reporting and policy compliance.
Treasury Manager. Owns cash management, funding, risk management and bank relationships, often leading a small team. Reports to the Group Treasurer or CFO.
Head of Treasury or Group Treasurer. Sets treasury strategy, leads funding and refinancing, manages risk policy and reports to the CFO, board and sometimes investors and rating agencies.
From Group Treasurer, some move into CFO roles, especially in capital-intensive businesses.
Skills treasury employers look for
Strong understanding of cash flow and liquidity
Knowledge of debt markets, facilities and covenants
Foreign exchange and interest rate risk management
Hedge accounting knowledge
Strong modelling and forecasting skills
Treasury management systems experience
Relationship skills with banks and lenders
Strong controls mindset, especially around payments
Moving into treasury from accounting
Many treasury professionals start in accounting, audit or FP&A. The move is easier if you can show relevant experience.
Build it where you are. Take on cash forecasting. Get involved in bank reporting and covenants. Support a refinance. Learn about the business’s foreign exchange exposure. If your business has a treasury team, ask to work with them on a project or secondment.
For more on showing cash experience, see cash flow forecasting on your resume.
Moving into treasury from banking
Some treasury professionals come from banking, particularly corporate banking, markets or risk roles. They bring strong knowledge of products and markets.
The gap is usually corporate context. Show that you understand how a business uses treasury, not just how a bank sells to it. Accounting knowledge, especially hedge accounting, also helps.
Qualifications
Many treasury professionals hold CA, CPA or CFA qualifications. Treasury-specific qualifications and training through bodies such as the Finance and Treasury Association in Australia can also help. The right choice depends on your background and where you want to go.
For CFO ambitions, an accounting qualification is often valuable alongside treasury experience.
Where treasury roles are
Dedicated treasury roles are concentrated in larger organisations. ASX and NZX-listed companies, resources and energy businesses, infrastructure, utilities, large private groups, financial services and multinationals with regional treasury centres.
Sydney and Melbourne have the largest concentration, with Perth strong in resources. Auckland has the main New Zealand market.
Treasury and the path to CFO
Treasury gives excellent preparation for CFO roles in some businesses. Funding, capital structure, lender relationships and risk are central CFO concerns. A Group Treasurer who also has accounting depth and commercial exposure can be a strong CFO candidate.
The gap is often controllership and operational finance. Treasury professionals aiming at CFO roles should look for ways to broaden into reporting, planning and business partnering. For more, see moving from FP&A, treasury or tax to CFO.
A day in treasury
A typical day for a Treasury Manager might start with the daily cash position across all bank accounts, followed by funding any shortfalls and investing surplus cash. Then there may be a review of foreign exchange exposures and a hedging decision within policy. Later, a call with a bank about a new facility, a review of payment files before release and work on the monthly treasury report to the CFO.
Treasury work has a rhythm that is quite different from the month end cycle. It is more daily and market-driven, with bursts of intense work around refinancing, acquisitions or market volatility.
Treasury management systems
Larger treasury functions use treasury management systems to manage cash, deals, risk and reporting. Common systems include Kyriba, Reval, Quantum and SAP treasury modules. Many mid-sized businesses still use spreadsheets and banking portals.
Experience with a treasury system is a strong plus. If you have helped implement one, include it on your resume with the results. If you have not, understanding what these systems do helps in interviews.
Hedge accounting
Hedge accounting is one of the more technical areas treasury professionals deal with. It determines how gains and losses on hedging instruments appear in the financial statements. Getting it wrong can create earnings volatility and audit issues.
Accounting-trained treasury professionals who understand hedge accounting are valuable. If you have documented hedge relationships, tested effectiveness or worked with auditors on hedge accounting, show it clearly.
Pay and progression
Treasury roles tend to pay well, reflecting the specialist skills and the importance of the work. Senior treasury roles in large listed or resources businesses can be among the better-paid finance roles below CFO level.
Progression can be slower in some organisations because treasury teams are small and senior roles are few. Many treasury professionals move between organisations to progress, or broaden into wider finance roles.
Is treasury right for you?
Treasury suits people who enjoy markets, numbers, risk and relationships with banks. It rewards precision and calm under pressure. It is less suited to people who want broad operational involvement or direct business partnering with sales and operations.
If you enjoy cash forecasting and bank reporting in your current role, that is often a good sign that treasury would suit you.
Presenting treasury experience
On your resume, show scope clearly. Size of cash balances and debt facilities, number of banks and currencies, value of hedging programs and systems used.
Then show results. “Refinanced $400 million of debt facilities, extending tenor by three years and reducing margin by 30 basis points.” “Introduced a 13-week cash forecast with accuracy within 3 per cent.” “Implemented a foreign exchange hedging policy that reduced earnings volatility from currency by 60 per cent.”
A worked example: Management Accountant to Treasury Analyst
Priya is a Management Accountant at a Brisbane-based building products manufacturer with revenue of around $250 million. She has no treasury title, but over two years she has built real treasury experience.
She took over the weekly cash forecast when the Financial Controller went on leave, then rebuilt it as a 13-week rolling model.
She prepared the quarterly covenant calculations for the bank and flagged an early risk on the net debt to EBITDA ratio.
She worked with the Group Accountant to document the hedge relationships for US dollar steel purchases.
She helped test a new payments approval process after a near miss with a fake supplier bank change request.
When a Treasury Analyst role opens at a listed infrastructure group, Priya does not lead with “Management Accountant”. She leads with the treasury work. Her resume profile names cash forecasting, covenants, foreign exchange and payment controls. Her achievements show scale, such as “$40 million revolving facility” and “US$18 million in annual foreign currency purchases”.
She gets the interview because the hiring manager can see treasury skills, not just an accounting title.
LinkedIn headline examples
Your headline is often the first thing a treasury recruiter reads. Keep it plain and specific.
Before: “Management Accountant at XYZ Manufacturing”
After: “Management Accountant | Cash Forecasting, Covenants and FX | CPA”
Treasury Manager: “Treasury Manager | Funding, Liquidity and FX Risk | $600m Debt Portfolio | CA”
Likely interview questions
Treasury interviews test both technical knowledge and judgement. Prepare short, clear answers to questions like these.
“Walk me through how you build a cash forecast.”
Explain your sources, such as receipts, payroll, supplier runs, tax and debt service. Then explain how you check accuracy and what you do with variances.
“How would you respond if we were close to breaching a covenant?”
Talk about early warning, options such as timing of spend or asset sales, and when you would speak to the lender. Show that you would tell the CFO early, not late.
“Tell me about a control you put in place around payments.”
Give a specific example with the risk, the fix and the result.
“How do you decide how much of an exposure to hedge?”
Refer to policy, forecast certainty and cost. Show that you understand hedging is about reducing risk, not predicting the market.
Common mistakes
Assuming treasury is only for people from banking
Not building cash and funding experience in current roles
Describing treasury work without scale or results
Ignoring hedge accounting and controls
Staying purely technical when aiming for senior roles
Your next step
If treasury interests you, find one treasury-related task you can take on in your current role, such as the cash forecast, bank reporting or foreign exchange payments. Build experience for six months, then reassess.
If you want your resume and LinkedIn to show your treasury and cash experience, my Gold package covers your resume, cover letter, LinkedIn and positioning strategy.
If you are considering a move into treasury, book a complimentary Clarity Session.
