TREASURY - a specialized area in Corporate Finance. (PART I)

本文发表在 rolia.net 枫下论坛TREASURY - a specialized area in Corporate Finance.可能接触和了解这个Area的人不是很多,在这里给大家介绍一下TREASURY的主要Job Responsibilities 和 Career Path

Treasury 部门的responsibilities - 主要分为七大块:

有些大企业的treasury部门还会包括pension administration的职责,但以下讲的


1) Banking / manage banking relationship: involves day-to-day banking, monitor

concentrated cash position, investment of cash surplus, prime loan borrowing,

buy/sell FX, open/close bank accounts, corporate visa/ merchant card program

management, fraud detection services management (includes positive pay

and payee match), etc. 这一块是treasury里最烦琐的职责,通常由treasury analyst


Skills required: good communication and interpersonal skills and excellent

organizational skills.

2) Cash management: involves preparation of short-term and long-term cash

flow forecast,normally co-operation & involvement of divisional accounting

personnel is required to ensure accuracy in cash flow forecasting. 大的公

司会用专门的软件来做cash flow forecast, 如果是中小型企业,一般用Excel. 这

一块通常也由treasury analyst 负责

Skills required: good working knowledge of Excel, able to build forecast

models using Excel.

3) Financing: debt or equity financing? involves negotiation with various

banks / financing companies on financing alternatives, includes credit facility,

operating line of credits, debentures, letter of credits. Ensures lender

covenants are adhered to and reporting to lenders on covenants. 这一块相

对1) & 2) 来说比较senior level,所以会由assistant treasurer / director of

treasury / treasury manager负责。

Skills required: good negotiation and presentation skills, exposure to banking

agreement, debt structure, credit facilities, bank covenants. Comfortable

with reviewing and interpretation of legal contracts.

4) Capital budgeting and controls: involves development of capital reporting

system to facilitate project management and capital forecasting. Use of

project / business valuation models including PV (present value) calculation,

IRR (internal rate of return) discounted cash flow, risk adjusted rate

of return. (example: evaluation of own vs lease vs sales & lease back option

on fixed assets/ premises / facilities). 这一块可以由treasury analyst 或

者 assistant treasurer / director of treasury / treasury manager负责。

Skills required: strong analytical skills, experience and knowledge in use

of business valuation models.

5) Risk Management: involves the management of interest rate and foreign

exchange exposures. Arrange and negotiate various hedging facilities, such

as interest rate swap, forward contracts, etc. Accounting for financial

instruments and hedges.这一块的negotiation & management 部分会由assistant

treasurer / director of treasury / treasury manager 负责,但recording and

accounting for FX transactions 可以由treasury analyst 负责。

Skills required: good knowledge of financial instruments and hedging facilities.

6) Financial Reporting: includes disclosures on debt, interest expense,

hedge accounting in external reporting. Preparation of annual and quarterly

Management's Discussion and Analysis (MD&A) included in external filings.

这一块基本上属于assistant treasurer / director of treasury / treasury manager


Skills required: familiar with Canadian and US GAAP, strong accounting &

reporting knowledge, understands how complex treasury transactions are reported.

7) Special Projects: includes due dilligence / valuations on potential merge

& acquisitions, benchmarking (against competitors), etc. M&A属于higher level

responsibilies, 通常由treasurer / assistant treasurer / director of treasury

/ treasury manager 负责。

我会在PARTII 介绍一下treasury 方向的 career path.

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