Articles
October 9, 2024
Building Blocks of Treasury: Core Skills and Practical Learning
# People and Talent
# Forecasting
A NeuGroup survey reveals younger professionals want core treasury skills and most learn from on-the-job experience.
As treasury professionals look to enhance their impact, core skills that drive strategic value are in high demand. While formal training programs are limited, many team members are finding success through hands-on experience, mentorship and cross-functional projects.
- In a new survey, members of NeuGroup for High Potentials—which brings together early career and developing finance leaders—say the top skills they’re aiming to sharpen are cash flow forecasting, FX risk management and financial risk management (see chart below).
- “Many early career treasury professionals are trying to build a strong foundation of technical skills and develop an expertise that allows them to impact important metrics for the company and ultimately position themselves to progress to strategic roles in the organization,” said NeuGroup’s Kyle Bockus, who leads the group.
Back to basics. While technical skills dominate the top tier of top-of-mind skills, mastering communication with leaders and other soft skills are increasingly vital for fostering collaboration and improving team members’ understanding of other functions.
- These are viewed as foundational for treasury teams looking to expand their footprint and become closer partners with the business—as well as being critical for early-career professionals looking to forge a successful path within the company.
On the ground. Only 19% of members who took the survey said their companies’ training programs are effective—but this is likely due to a lack of formal training programs. “We have limited to no resources available for finance/treasury specific training,” one member said.
- As a result, 63% of members rely on hands-on experience to acquire necessary skills, with formal programs playing a much smaller role (see chart below).
- One member in a recent session of NeuGroup for Mega-Cap Treasurers said on-the-job experience is a great starting point, but true treasury success requires a marriage of formal training and hands-on experience.
Career progression. In the meantime, mentorship and cross-functional projects are helping to bridge some of these gaps, with 74% of respondents saying they receive enough support from their managers to have a successful career.
- Members of the group enjoy when their managers provide clear guidance on how to advance in their careers, with defined steps toward achieving their next role—even if it involves exploring opportunities outside of treasury and beyond the organization.
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