Often, we lump accountants together. We think that everyone working in the accounting department handles similar things. Well, that could not be farther from the truth. Accountants often manage a specific aspect of accounting, such as payables, receivables, cash flow tracking, among others. Experienced accountants in activities related to cash management are eventually given the role of Cash Manager.
Cash managers are in charge of all the aspects of the cash management function. They manage processes related to cash management, often creating efficient ways to manage revenue collection. They also ensure that reports related to the cash management function are submitted on time. In line with this, they also ensure that all governing rules and regulations are followed at all times.
Being a cash manager is a big responsibility. You should be able to build trust with both the management team and your colleagues. You should also work with integrity at all times. This will ensure your success in the role.
There is more than meets the eye when it comes to being a cash manager. For example, did you know that they make an average of $37.0 an hour? That's $76,952 a year!
Between 2018 and 2028, the career is expected to grow 16% and produce 104,700 job opportunities across the U.S.
There are certain skills that many cash managers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed organizational skills, analytical skills and communication skills.
When it comes to the most important skills required to be a cash manager, we found that a lot of resumes listed 35.2% of cash managers included procedures, while 28.2% of resumes included customer service, and 4.8% of resumes included financial statements. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the cash manager job title. But what industry to start with? Most cash managers actually find jobs in the retail and finance industries.
If you're interested in becoming a cash manager, one of the first things to consider is how much education you need. We've determined that 44.0% of cash managers have a bachelor's degree. In terms of higher education levels, we found that 19.0% of cash managers have master's degrees. Even though most cash managers have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a cash manager. When we researched the most common majors for a cash manager, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on cash manager resumes include high school diploma degrees or associate degree degrees.
You may find that experience in other jobs will help you become a cash manager. In fact, many cash manager jobs require experience in a role such as cashier. Meanwhile, many cash managers also have previous career experience in roles such as staff accountant or accountant.