Having the right skillset is key when it comes to building a career in treasury. And in recent years, the skills needed by modern treasury professionals have developed significantly. As well as technical knowledge and ability, today’s treasurers need excellent soft skills – and they also need to be tuned in to the strategic objectives of their organisations.

Drivers of change

Treasurers have certainly learned much from their experiences during the 2020 pandemic and the subsequent challenges. “For most of us, COVID-19 was an ugly phase, but it left several lessons and skill sets added to our portfolios,” reflects Amit Baraskar, Vice President & Head – Treasury at Thomas Cook India Group.

Fast forward to today, and interim treasurer and treasury project specialist Thomas Stahr says the increasing complexity of underlying transactions in working capital management, supply chain management and capital market transactions “requires a rapid improvement in expertise and resources in treasury, where all these processes are managed and processed centrally.”

Meanwhile, advances in technology are also prompting treasurers to develop additional skills. Marianna Polykrati, Group Treasurer at Greek aquaculture company AVRAMAR, notes that treasurers increasingly need to enhance their skill sets to include a deeper understanding of digital tools and strategic planning. “By doing so, they can ensure that treasury operations are aligned with the overall goals of the organisation,” she adds.

Likewise, she says treasurers have become facilitators of new trends by harnessing technologies such as data analytics, cash flow forecasting tools, APIs and blockchain, as well as driving the green transition through products such as green finance, green deposits and green investments.

Developing a ‘tech knack’

So which skills do today’s treasurers need to succeed? In the current climate, Baraskar says the most topical skill sets for treasury professionals include “having and constantly developing what I call a ‘tech knack’, and having some tech background which helps being open to changing technology.”

For Polykrati, treasury teams increasingly need people with varied skills that include handling systems and data analysis, as well as expertise in cash, debt and risk management. “Setting up API integrations with banks, or setting up RPAs to complete tasks that were previously done manually, requires people in your team who can understand what is needed, how it can be done, and provide guidelines both to the company’s banks and to the IT department,” she reflects.

As such, Polykrati says companies are seeing a need for an IT department that incorporates not just software expertise, but also financial knowledge. “Aligned with the treasurer, they are working to provide better and faster solutions internally,” she says. “We are currently working at my company as a ‘test pilot’ for RPAs.”

Building soft skills

At the same time, soft skills are becoming more important than ever for treasury professionals. The ACT’s Business of Treasury 2024 survey found ‘leadership and strategic skills’ were seen as a barrier to career progression by 45% of respondents, with 39% citing an understanding of wider business operations and strategy.

As such, Baraskar highlights the importance of soft skills relevant to the rise of globalisation, such as networking skills that are learnt on the job, rather than in management classrooms. “Also, treasurers need team skills which go beyond just being a good manager, such as the ability and hunger to encourage teammates to perform, and mentoring teammates in their self-discovery and growth,” he notes.

Last but not least, Baraskar says modern treasury professionals need the capacity to absorb high pressures, perform across multiple time zones, and work effectively with management in order to operate “like a close-knit single unit, instead of an isolated treasury function.”