Garrett Van Wyk, CTP
CTP Profile: Never Underestimate the Desire for a Bloomberg Terminal
There was one Bloomberg Terminal at the corporate headquarters of Kohler Co., and the lone treasury analyst had it. The level of desire Garrett Van Wyk had for that Terminal led him to pursue — and secure — the role of treasury analyst, his first job in treasury. “I’d started as a finance rotational,” he said. “And I didn’t know much, if anything, about treasury.”
The tactic Kohler Co. takes when developing its financial analysts is to ensure they receive considerable exposure to a number of different roles and business units. After two years in his initial stint in treasury, Garretts’s manager used that advice to push him to grow. “He told me to rotate out and do something else,” he said. “I ultimately came back to treasury years later, and I can tell you that the additional development, particularly at that point in my career, was critical.”
His second stint in treasury was unique. When his manager left, Kohler Co. appointed a treasury director from the U.K. to replace him. However, the new treasury director was on maternity leave and could not move to the U.S. and fill the role for a full year. “I was given a ‘stretch’ assignment to hold the fort down until she arrived,” said Garrett. When she saw what he’d done and how he’d managed, “She was so impressed with what we were doing that she insisted I stay and made me a permanent part of her team,” he said. “It was she who encouraged me to take the CTP, and who inspired me to dedicate myself to treasury long term.”
At the very beginning of Garrett’s treasury career, it was FX that intrigued him. He loved managing the company’s hedging program (FX and commodities). But as he moved into a management role, it was automating treasury operations and improving working capital (which became an obsession) that he found most exciting about treasury.
When asked what he is most proud of accomplishing in his career, Garrett talked about a project he led in his first year as treasury manager. He ran the U.S. cash management RFP. They had been using the same disbursement bank for decades without any formal review. “The project came together beautifully,” he said. “We were able to cut bank fees by 50% and automated everything, e.g., payment files, cash accounting. It was my first major project, and ultimately, it led to many other successful projects.”
Day to day
As an Assistant Corporate Controller at Bemis Manufacturing Company, Garrett is responsible for the entire cash conversion cycle including treasury, accounts receivable, accounts payable, inventory management and cost accounting. While he says capital markets are considered the glamorous part of treasury, nothing beats having a solid understanding of treasury operations.
“A well-run treasury operation that is automated with proper controls is by far the most underrated function within finance,” said Garrett. “Creating ‘procure to pay’ and ‘order to cash’ teams to maximize working capital within treasury ops can add a ton of value to any organization.”
Garrett said fraud and broken or overlooked controls are top of his mind in terms of challenges faced by today’s treasury professionals. “Everything is so automated; you still have to have internal people that understand how everything works,” he said. “Creating good controls and separation of duties needs to be monitored constantly.”
Continuous learning and growth — and fun
“The treasury landscape is always changing,” said Garrett. “You have to be able to continuously learn, unlearn and relearn. AFP does a great job keeping treasury professionals on the front end of technology; it’s something I really value about the organization.”
Regarding his own career growth, Garrett’s goal is to be the treasurer of a large organization. However, he said that means little without a team of highly engaged and motivated professionals who work well together. “We spend so much time at work, I want to work with fun people who share a passion for their craft.”
One of the best decisions he ever made
Garrett said going for the Certified Treasury Professional designation was one of the best decisions he’s ever made. “The ROI was immediate for my career,” he said.
For a while, Garrett had considered going for an MBA, but he didn’t see a path where it would be worth the money or the time it would take to get it. “I looked at the CTP as a way to master treasury, and it's worked out great,” he said.
His timing was perfect: spring 2020. “When the world shut down, I had plenty of time for studying,” he said. Garrett prepared for the CTP exam exclusively by using the exam prep platform.
Asked what advice he would give to anyone with a desire to enter the field of treasury, Garrett said, “The best way to set yourself apart is to get really good at something people don't want to do, or that they don't know how to do. In finance, treasury seems to fly under the radar — it's a very specialized craft. The CTP will ensure you are a master of that craft. I highly recommend it to anyone looking to specialize in treasury.”
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