Cash Management Specialist Salary
Job Description for Cash Management Specialist
Cash management specialists are generally in charge of tasks related to managing money, such as maintaining records of cash applications and account reconciliation. They may also be responsible for establishing customer profiles for bank applications so they can access online systems. Cash management specialists need to understand product features so they can perform customer requests, which can range from remote deposit to automated clearinghouse (ACH) transfers. Additionally, these specialists have to maintain customer records, evaluate overdrafts and monthly statements, and monitor all balances. This job typically takes place in an office setting and is full time, although hours vary depending on the needs of the employer. There is no travel required in most cases. Typical employers of cash management specialists are banking institutions.Read More...
Cash management specialists need to have at least a high school diploma or equivalent, and most employers require at least two to four years of prior customer service experience. A strong aptitude in math is required, as is a thorough knowledge of treasury products and services. Strong verbal and written communication skills are required so the specialist effectively communicates with customers and employees at all levels. Cash management specialists must be self-starters and work independently with minimal supervision. Additionally, these specialists must have strong analytical skills to troubleshoot and resolve customer issues.
Cash Management Specialist Tasks
- Meet with customers to determine their financial needs.
- Provide administrative and technical support for the cash management department.
- Promote bank services, set up customer accounts, and keep records of sales.
- Develop presentations for new customers detailing how the bank can serve them.
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Pay by Experience Level for Cash Management Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Cash Management Specialists, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. The average beginner in this position makes around $40K, but folks who have been around for five to 10 years see a markedly higher median salary of $45K. Cash Management Specialists bring in $46K after working for 10 to 20 years. As Cash Management Specialists reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $49K.
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