The roles of chief financial officer (CFO) and treasurer are important in an organization’s financial management. The CFO is responsible for the financial strategy, while the treasurer manages the day-to-day financial operations.
Key Responsibilities
The CFO typically manages larger teams and takes a higher-level approach to finance. The treasurer, in contrast, focuses more on specific tasks at a lower level. The primary difference between the two is the scope of responsibility: the CFO has overall responsibility for financial operations and strategy, while the treasurer’s main focus is on managing investments and financial risks.
The CFO also oversees the performance of the treasurer, and as the highest financial officer in the organization, they have a significant influence on its financial success.
Skills and Experience
Both roles require certain skills and experience, such as insight into financials and the ability to impact the organization’s success. The treasurer’s responsibilities include managing financial risk related to credit, currency, interest rates, and operations.
Career Progression
Is treasurer higher than CFO? No, the CFO is typically the higher-ranking position and oversees the treasurer’s performance.
Can a treasurer become CFO? Yes, it’s possible for a treasurer to progress to the role of CFO, as both positions play crucial roles in financial management and impact the organization’s success.