My Life in Treasury

Ever thought about taking a year out from treasury but are unsure how you will get back into the profession? Or perhaps you’ve considered opening your own treasury consultancy but don’t know where to start? Read on to discover how Michelle Dovey has accomplished these feats – and much more.

How did you come into treasury and what attracted you to the profession?

I moved into treasury from a secretarial role at TI Group plc (now Smiths Group plc). I was looking for a more challenging role that involved numbers - accountancy lost... and treasury won. When I moved into treasury I’m not sure that I exactly picked the profession. I think that it was more the people that I would be working with. My manager in treasury, Carol Power, was inspirational. She worked her way from a secretary to a senior treasury manager in very male-dominated and old-fashioned environments (women couldn’t wear trousers at TI Group!). I had a lot of respect for her and she was passionate about treasury, I guess I wanted to follow that.

Over the next 20 years in treasury, I loved the variety in my day along with the ability to really make a difference to the company’s performance. The variety helps with my low boredom threshold and making a difference has meant that I look back with pride over all my positions. I guess this is why, when I decided to start my own business, it had to be with treasury in mind. 

How has your career progressed through to the role that you hold today – including taking time out?

I’ve enjoyed a varied and encompassing career to date. I began my treasury career at an engineering company where I concentrated on foreign exchange hedging and cash management. I worked in five different roles in six years which gave me a great grounding in treasury. We implemented a new treasury management system, changed our interest rate hedging strategy and more over my six years there.

I moved to a small, recently privatised, science company where I worked across hedging, cash management, guarantees and financing, together with managing a banking group during a time of corporate uncertainty. This grew my relationship skills, having to convince banks to deal with us rather than having them banging down the door. 

Next for me was a tobacco company where, initially, I was responsible for treasury operations but soon moved onto acquisition financing, integration, debt capital markets with regular global bond issuances, and attached interest and currency hedging strategies. Highlights of my seven years there were the largest eurobond issuance, the integration of a similar size company with a wide geographical spread and the implementation of a new cash management structure with significant savings.

At this point I possessed treasury technical knowledge across most areas but I needed to develop the way that I interacted across the business.

I moved into my first group treasurer role at a global transport company. I was lucky enough to have a supportive and talented CFO, plus a fabulous team. I transformed personally in this role, undertaking a coaching series that really taught me a lot about myself and how I came across to others. I also developed significantly as a manager, leader and business partner. The ability to collaborate with the rest of the business gave me the opportunity to understand the impact I had. Furthermore, I enjoyed working with the business on new bids and other interesting areas that I hadn’t previously encountered, e.g., commodities, Middle Eastern activities, private placements etc.

I continued my career at a global publishing and events company, transforming the treasury function and working with the executive board to support the drive for business growth through acquisition. The closure of the treasury office was a difficult decision to make and implement, but the incredibly talented team that I was able to recruit made it all worthwhile. The executive board were really engaged on discussions around the group’s capital structure and I had the opportunity to advise them and challenge the investment bankers around the table with a full remit.

As I look back at all these years in treasury, I realise how fortunate my career path has been. I have been lucky with the people that I’ve worked for and the opportunities they have offered me. That said, I have also purposely changed industries to ensure that I continue to experience new environments and undertake different treasury activities, from cash management to bond issuances, from exposure hedging to acquisition debt structuring. This has meant that I have stayed engaged in each of my roles.

Personal circumstances in 2016 led to a decision to take a mid-career break. My husband and I took off around the world. It was a fabulous 15 months, experiencing different cultures, seeing the best that mother nature offers, overcoming fears and learning new skills. We met some incredible and inspirational people that challenged our thinking and became lifelong friends.  

It also gave me the time to read, broaden my thinking and decide how I wanted to re-enter the business world. I thought about the amount of companies that don’t have a treasury department, but do have financial risks and debt, and decided to start MJD Treasury Solutions (treasurers aren’t known for their imagination, I guess!). 

I have been pleasantly surprised by the amount of interest in the consultancy offering that I have. One of my clients called me a ‘timeshare treasurer’, I kind of like that. It’s also a pretty accurate description as I get to work across a number of different businesses, with different requirements, cultures and risks. The great thing is that I feel I’m making a difference to each of these companies and I get something out of it too. My working life is now much more fluid and flexible, enabling me to add to my skillset, whilst continuing travels and exploration of other things.

I have also started my first non-executive role. The transition from executive to non-executive is really interesting and it is rewarding to help a socially responsible company. I am hoping to add another non-executive role and a charity trustee role over the coming months. So, I’ve changed my path a little since travelling, and perhaps I will go back into the traditional treasurer market, but time will tell. 

How have the demands and needs of treasury changed over the course of your career, and what particular skills does the role require today?

Treasury departments, along with others, have moved from operating in an ivory tower to needing to be a true business partner. Most CFOs come via the accounting route and generally have limited treasury experience, so I believe that treasurers can have a real impact on the performance of their company by being a trusted adviser to the CFO and the board. 

Elsewhere, relationship skills with financial institutions have changed with the breadth of the funding market expanding all the time. This means that treasurers need to have an adaptable relationship style, whether dealing with private placement investors, government agencies or traditional bankers. 

Internally, treasurers now need to think more about their leadership style than they used to. Talented treasury personnel will no longer be left to develop on their own - they expect someone to lead, encourage and motivate them to succeed, and if they don’t they will move on to another manager who inspires them more. This is often overlooked by people when judging technical capability, but I believe is equally as important.

What specific, or perhaps surprising, qualities do you look for when recruiting treasury personnel?

For me, it is about recruiting a team rather than a person. I look for diversity in skillsets and personalities that can complement each other. If everyone is recruited in the image of the treasurer (and I have seen teams like this), you miss the opportunity to make up for your weaknesses by recruiting people with those skills. 

It’s important to me to recruit people that I like, who I want to go for a glass of wine with. And it’s important that the rest of the team feel the same way too. A person that is keen to learn and energises those around them is a joy to recruit and I’ve managed to meet a few in treasury. I also look for people who have broad experience, either in one company across roles, or a couple of companies. 

How important do you think a formal treasury education is, as opposed to (or as well as) more general finance or accountancy qualifications?

I think that people either need a formal treasury education or to move across roles within treasury. I don’t think that accountancy qualifications are necessary in treasury, but it does help to have one accountant in the team (managing my weakness!). I’ve met a few treasury professionals who have started, for example, in dealing roles, then stayed there, despite wanting to be a deputy treasurer or treasurer – and they then find they don’t have the necessary breadth of experience. Treasury education either through exams or through horizontal moves would give them that breadth. MJD Treasury Solutions wouldn’t be able to exist if I hadn’t achieved a grounding across both the operational and more ‘sexy’ financing side of treasury.

Based on your career so far, what would your advice be to finance professionals who are perhaps in their first treasury role?

I would recommend that people starting out in treasury hunt out a mentor to help them transition up the ladder. It doesn’t need to be the same profession or company - just someone who will give honest feedback. 

Also, I think people need to start developing their brand, whatever it may be. Work to ensure that the brand you are reflecting is the one that you intend. Watch how others operate: do you want to emulate them or perhaps be the opposite of them? Learn from others around you.

My other bit of advice is to be a completer, a finisher. People want to know they can rely on you, so manage their expectations well. Oh, and don’t take yourself too seriously, treasury is meant to be fun!

What would your ideal holiday be?

I find it so hard to single out one holiday, but after a year’s travelling I have realised that I love being close to nature and enjoy how wonderful it is. During our year out, I overcame an almost lifelong fear of the sea and obtained a PADI Rescue Diver qualification. I’d love to continue this through to Dive Master, so maybe a couple of months in Indonesia! Other short-term travel plans include seeing gorillas in Rwanda and visiting the Arctic circle (after the most incredible journey to Antarctica).

What book have you read recently or what film have you seen recently that you would recommend, and why?

I have been reading a lot of non-fiction that develops or changes my thinking. I have just finished Essentialism: The Disciplined Pursuit of Less by Greg McKeown, which I’ve really enjoyed. It talks about the way that people and corporates are overcrowding themselves with trying to do everything (sound familiar?) but that it just achieves substandard results. The book really made me stop and think about saying ‘yes’ to everything and what my priorities really were.  

I’ve also started listening to a lot of podcasts and have developed a bit of an addiction to the Guilty Feminist, amongst others.