Top Firms Seeking Experienced Corporate Treasury Professionals
In the midst of volatility within the credit markets, corporate treasurers are looking to minimize risk, according to a survey by JPMorgan Asset Management and the Association of Corporate Treasurers. The survey finds that this year, a much greater proportion of corporate treasurers are using asset management, trade finance, consultancy and advisory, risk management and pension services. In fact, in each area, utilization of these services jumped by at least 10%.
Amid the trend, firms are seeking to expand their Global Treasury Advisory Services teams. Executive recruiting firm, A.E. Feldman, reports a significant increase in opportunities for experience corporate treasury professionals.
Treasury advisory teams provide a number of treasury services, including risk assessments, treasury management assessments, cash & liquidity management, and bank relationship management. According to A.E. Feldman, firms are expanding these teams and corporate treasury jobs are opening up. Experienced candidates must have strong knowledge of foreign exchange risk management as well as domestic and international cash management, cash flow forecasting, treasury organizational models and risk technology. The recruiting firm also notes that expertise in FAS 133 and FAS 157 are key requirements.
FAS 133 establishes accounting and reporting standards for derivative instruments and for hedging activities, according to the FASB. The Statement requires that an entity recognize all derivatives as either assets or liabilities and measure those instruments at fair value. Furthermore, FAS 157 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Essentially, fair value is no longer based on what you pay for something; it is based on its “exit price” or sale price.
In addition to a focus on risk, Robert Deutsch, Head of Global Liquidity at JPMorgan Asset Management, says there will also be a “need for greater transparency” within the corporate treasurers sector. ”As the survey showed, this should continue to drive: the need for better systems, an increased focus on risk management, and should also continue to favor conservative investment vehicles,” Deutsch says.
