Insight & Analysis

Are you worth what you say you’re worth?

Published: May 2019

The results of the Spring 2019 Salary Survey from The Treasury Recruitment Co are in and Treasury Today has exclusive access to them. Here’s an overview of each region but readers accessing the full reports will gain an accurate picture of salary benchmarking on a global scale.

Senior market

It has been an interesting year from a senior treasury perspective with mixed reactions to the economic twists and turns that have been taking effect. On the one hand, small to mid-scale businesses have sought to strengthen their finance and treasury functions through the creation of Head of Treasury/Group Treasurer level roles, which has opened up a number of new opportunities for those ready to take the step into the top job and subsequently, provided promotion opportunities for those further down the chain. Conversely, in the larger scale businesses, the common view amongst senior and exec level treasury professionals (ie Assistant, Deputy, International/Regional and Group Treasurer levels) has been to stay put and ride the storm. The net result has been a drop in the number of new positions opening up in this space.

For those candidates that have been in the market for new opportunities, there has been an interesting shift in priorities. Historically, a key motivator when considering new roles focused primarily on scale of package and overall financial gain. More recently, however, motivations have become less financially driven and more qualitative in nature. Current priorities when considering new roles have been centred on factors such as scope and breadth of role, overall job satisfaction, the potential for career progression as well as the capacity to enhance and develop new skill sets.

Similarly, these characteristics have formed the foundations of whether an employee has been prepared to transition from a ‘nonjob seeker’ into a ‘passive’ or even ‘active’ candidate. With higher levels of expectation, if candidates felt that their level of learning was beginning to plateau or the opportunities for advancement in their existing companies appeared to diminish, they would be very quick to react. This did not mean there was a mass influx of senior level candidates in the market all seeking new opportunities, rather after ten turbulent years in the economy, candidates have grown thicker skins – if their companies won’t look after them and their careers as a priority, they will have to take greater responsibility for their own futures by looking externally for their goals to be realised.


The treasury market across Europe has been relatively stable with a strong flow of talent at all levels and a healthy pipeline of opportunities. Mid to senior level positions have been most in demand as businesses looked to strengthen their teams at Treasury Manager and Head of Treasury/Global Treasurer level. There has also been a significant shift in demand for more specialist functions including systems and processes, FX and debt management as well as bank relationship and cash management.

The junior end of the market has been a little more steady in comparison. There has been a lot less movement at this level, generally attributed to the fact that junior level roles have become broader in scope with increased levels of responsibility. There have also appeared to be more opportunities for internal development and career advancement which again has led to higher retention rates at this level.

The UK

Junior and mid-level roles have been in highest demand, increasing the level of activity at Treasury Analyst and Manager level. There has been a healthy flow of new jobs in the market and a strong mix of candidates actively seeking new opportunities. At the senior end (Senior Treasury Manager/Assistant Treasurer), it has been a different story with much fewer opportunities available, leading to increased levels of competition and tougher selection processes.

There has been a significant increase in the number of Treasury Consultant roles available, particularly with the smaller firms as they have continued to take market share and grow their operations. Candidates have responded well to these fresh opportunities, recognising the broad scope of role and variety that a Consultant position can offer. More flexibility to manage their own time and increased managerial responsibility, are two additional factors which have influenced candidates’ decisions to move into these types of roles.

There has also been a rise in demand for mid-level candidates with strong international exposure, and most notably, experience in APAC. The challenge here has been finding candidates at this level who have been able to obtain this specific type of experience in the time they have been in the industry.

Additionally, candidates with strong project management experience have been in high demand, driven by the desire for employers to build teams that can manage multi-dimensional tasks. No longer is it just about core treasury, accounting and finance experience but deeper systems and project capabilities. This is rapidly filtering into the domain and for candidates to really have that edge, gaining as much project management experience as possible, will be a key differentiator.

The US

The market in the US has been relatively buoyant with a broad mix of opportunities across all levels of the treasury spectrum. This has most certainly been driven by growth and the increasing pressure for tighter controls around risk. The ever-evolving impact of globalisation has also contributed with rising demand for strong FX specialists. Additionally, with greater emphasis on the strategic role treasury plays within the wider business-mix, many companies have sought to strengthen their treasury armoury with new senior level hires.

On the flipside however, with falling unemployment levels, the labour market is getting tighter and this has meant employers have really had to up their game in order to attract and retain the top talent. Those that are ahead of the curve with this have recognised the importance of selling their value proposition and defining what it is that makes them an employer of choice amongst a far more demanding candidate base. They are ensuring that their offer is not only clearly defined and allows for competitive positioning from a financial and reward perspective, but also provides longevity and scope for development – all critical steps in the fight to retaining talent in a highly competitive market.

The full report for each category can be downloaded here:

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