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| How did you go about getting your current job? |
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I joined a few different Recruitment Consultants which specialised in Finance, Accounting and Banking. I found the Recruitment Consultants very helpful as they offered to meet before the interview to go through any questions I might have, and continued to give me support throughout the process.
I had an initial interview with 3 people, (an HR consultant, and 2 of the managers). The next stage was psychometric testing - aptitude and personality tests, which are quite standard for these type of roles.
Then there was a second interview, again with 3 people (2 whom I had seen previously, and the Manager of Group Treasury). The whole process took a few weeks, and I was told I was the successful candidate by my Recruitment Consultant.
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| Describe a typical day? |
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My typical working day is from about 8.15am - 5.30pm, although sometimes the hours are longer, as required. Part of my daily role is performing the Cash Management and funding function for the ESB Group.
ESB Business Units will deposit or borrow funds from ESB Group Treasury as required. Depending on the ESB Group overall daily balance, Group Treasury then liaises with our relationship banks to arrange short term financing (or funding), or to place money on deposit overnight.
There are also various FX requirements for the ESB Group, mainly to pay for and hedge invoices, or to cover requirements for our off-shore Business Units. Therefore, FX deals are also regularly placed with our relationship banks. So in this role there is a lot of exposure to executing a variety of deals with relationship banks.
The Cash Management function has to be performed to tight deadlines. Doing the Cash Management and Funding is a great way to learn and enhance your understanding of the role of Group Treasury in a company.
This role also has traditional Accounting aspects. I prepare Month End Reports for the Finance Department and the ESB Board, detailing Borrowings and Cash positions. I'm also involved in Half Year and Year End Reporting, and other reporting requirements such as Interest Forecasts, and variance from budgeted forecasts.
I am currently being trained on how to report on Derivatives and other financial instruments, IAS39, which is interesting and quite a challenge. In the longer term, I will learn more about managing FX and Interest rate risk, and also be involved in Long Term Financing for the ESB Group.
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| What are the main tasks and responsibilities? |
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The main tasks and responsibilities are:
- Efficient management of the Cash, so the Group Treasury accounts are not overdrawn, and getting unnecessary interest charges, or sitting on excess funds that could have been earning interest
- Providing Treasury advice to all ESB Business Units
- The management of Interest Rate and FX risk
- Funding for the ESB group, raising funds through short term and long term loans as required/appropriate
- Timely and accurate reporting of Treasury positions to Group Accounting and the ESB Board, on a monthly basis
- IAS39 reporting
- Other reporting, such as Half Year and Year End.
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| What are the main challenges? |
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I have only been in the ESB for a few months, so I am still being constantly challenged by my job. The Cash Management and Funding can be different every day and there are still things which come up which are new.
I had Accounting experience in my previous job, but I hadn't prepared Month End Reports, so the Accounting piece is all quite new to me, so I am continuously learning when preparing the Reports required by the Finance Department.
The IAS39 reporting requirements are an interesting challenge, as it is still a relatively new accounting standard, which covers quite a complex financial area.
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| What's cool? |
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Working in this role in the ESB is a great opportunity to learn about all aspects of Treasury, and also Finance. Working in a company such as ESB, means you get a good view and understanding of the 'big picture' of your job and how it fits into the company, as opposed to sometimes working for bigger organisations, where the work can be so specialised.
There is good exposure to FX and Money Markets, and dealing with banks, with opportunities to constantly learn more in this area. ESB is a great company to work for, there is a big focus on communication, so you feel you understand what is going on and feel part of it.
There is also a very good work life balance at ESB, and there are many opportunities to progress through the company and into different areas. It has been a very good time to join the ESB, as recently the ESB Board approved the Strategic Framework to 2020, that will see major company investment in renewable energy.
This will require funding of €22 billion by 2020. Group Treasury will be actively involved in raising the funding for this, which means lots of exciting times ahead!
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| What's not so cool? |
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On busy days the Cash Management can be quite time consuming, and there are deadlines to meet, so it can be quite time pressured. But I work in a good team and there is always someone to lend a hand or help as needed.
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| What particular skills do you bring to your workplace? |
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- Previous banking experience was an advantage, specially for the Cash Management aspects of the role.
- CIMA qualified.
- Willing to learn.
- Able to work as a good team player, but also work on my own initiative.
- Able to prioritise and work to deadlines.
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