I’ve had more and more treasury professionals reaching out to me recently, saying:

“Mike, does this look legitimate?”

Or:

“Do you know this recruiter?”

That in itself tells you something.

Treasury people are generally pretty commercially aware. They’re not usually the easiest people to scam.

But the volume of this stuff is increasing, and some of it is getting much more convincing thanks to AI.

Years ago, you could spot a scam email miles away. They’d all have the trademark broken English and weird formatting. But these days, AI can generate perfectly written outreach in seconds.

So the old warning signs are disappearing.

That’s why treasury professionals need to look beyond the wording itself.

One treasury candidate sent me an approach recently for what was supposedly a confidential Pepsi role.

It looked polished, credible, and well-written.

But then they asked to submit his CV immediately before even speaking to him properly.

That’s your first red flag right there.

A proper recruiter will want to understand you first:

• Your background
• What you’ve actually done
• What you want next
• Whether the role even makes sense

They should NEVER just fire your CV into the market and hope for the best.

A few years ago, this was mainly candidates being targeted. Now it’s treasury professionals, recruiters, and anyone with a visible LinkedIn profile.

So, if you’re active or visible in the market, you’re a target.

I even covered this in a recent podcast with Ben Loper. One thing he’s done is remove his real photo from LinkedIn and replace it with a cartoon image so it can’t be scraped and reused. It sounds drastic, but it shows how far this has moved.

Ben made some really important points throughout the podcast. He explained that the old ways of verifying people online simply don’t work anymore.

In the past, if someone contacted you, you could:

• Google them
• Check their LinkedIn
• Look at their company website
• Watch a video of them speaking

…and assume they were genuine.

Now, AI can create fake websites, cloned voices, realistic avatars, and even fake video calls that look completely legitimate.

That’s why Ben said treasury teams are bringing back some “old-school” fraud checks again:

• Code words
• Known contacts
• Secondary approvals
• Manual verification calls

Because sometimes the simplest checks are now the safest ones.

He even replaced his real LinkedIn photo with a cartoon avatar to stop fraudsters scraping and reusing his image online

“I used to say, okay, this person called me. I can do a Google search. I can go to their website. I see their picture, I see ’em on video. Okay. This is really that person. Now with AI avatars and the ability to create synthetic voices, you can’t do that anymore.”

“It doesn’t take a lot of resources to completely fabricate a vendor or anything like that.”

In the show he also explained that they had changed their photos on certain platforms because;

“Cartoon avatars are nice because obviously if a cartoon calls you that something’s up…”

Now, to give you one real example, I was recently approached by a firm called “Global Executive Careers.”

They offered to introduce a candidate to me for free – how generous, right?!

…it wasn’t.

They were charging the candidate and then pushing their CV out to recruiters under the guise of “introductions.”

So, now how do you spot these fake “recruiters” when, at first glance, they appear perfectly normal…

If you work in treasury recruitment every day, it’s easy to spot. If you don’t, it’s very easy to miss.

You just have to do a little digging.

If you’re ever in doubt, here are the questions you should be asking:

1. Does the recruiter actually have a track record?
2. Do they have recommendations?
3. Have they placed treasury people before?
4. Do they understand treasury properly?
5. Can you find evidence they’ve been around for years rather than weeks?

Or does it all feel a bit… thin?

One really useful trick is to reverse search an image.

I had a fake “treasury recruiter” years ago using what turned out to be a stock image.

One quick reverse image search later, and the same woman was apparently a furniture model, a travel blogger, and an executive recruiter… that’s quite the career portfolio!

Here’s how to do a reverse image search:

• Right-click the image
• Save it
• Google a reverse image search engine and upload it

You’d be amazed at what comes back.

You have to be especially careful these days, and I fear it’s only going to get harder to tell the real from the fake.

But if you’re ever in doubt when you’re approached about a treasury role, just slow things down. Ask yourself if this recruiter REALLY understands you. Make sure you’ve spoken to them properly and see if their online presence actually stacks up.

Most treasury professionals are technically very strong. But this isn’t about technical treasury knowledge. It’s about awareness.

The scams ARE getting better. The emails are cleaner. The profiles look more convincing.

And that’s exactly why people are starting to get caught out.

But once you know what to look for, you’ll be back to spotting them from a mile away.

Best regards,

Mike

P.S. If you’re feeling doubtful about a recruiter’s credibility, let me know and I’d be happy to take a quick look into them for you.

There’s a myth I’d like to bust.Some candidates ask me:

“Wouldn’t it be easier to resign first so I’m more available and can start sooner?”

I can see the logic. But in reality, it rarely works like that.

Good companies will wait for the right candidate. And if they won’t, they were probably not the right opportunity to begin with.

That question usually gets asked after they say something like…

“Mike, I’ve had enough. I can’t stand it anymore. I’m thinking of handing in my notice.”

And I get it.

You might feel stuck. Frustrated. Undervalued. Or maybe the progression you were promised hasn’t materialised.

But here’s the key point:

You never want to go from a bad situation to a worse one.

Because that’s exactly what can happen if you leave without a plan.

You resign with good intentions, to take your time and find the right role…

But then reality kicks in.

The bills don’t stop. Mortgages. Rent. Family. Life…

Suddenly, urgency replaces strategy, and you start thinking:

“I just need a job – ANYTHING.”

That’s when people take the wrong role out of desperation. And six months later, they’re looking again.

Now your CV starts to raise questions. It looks like job hopping, even though you left for the right reasons.

All of that because of one rushed decision.

That’s why my advice is simple:

Don’t leave without something else lined up.

And when you do move, it has to be a genuine step forward – something that develops you, challenges you, and moves your career in the right direction – not just an escape.

Otherwise, you’re just resetting the same problem in a new company.

And a similar point applies to interim roles.

Should you go interim while you figure things out?

They can work, but go in with your eyes open…

Most companies bring in interims to clear backlogs and handle the work others don’t have time for. The more visible, high-impact work usually stays with the permanent team.

That’s just how it works.

And if you bounce between short-term roles, it can start to create a pattern that raises questions.

So again, it’s not necessarily a bad option, but it needs to be a considered decision, not a reaction.

So what should you do if you’re in a role you don’t enjoy…?

It might not be what you want to hear, but…

You should stay. For now.

Keep getting paid, but use that time properly:

Get clear on what you actually want next. Be selective about the roles you explore.

Then move when the opportunity is right, not when the frustration peaks.

There’s a big difference between leaving strategically and leaving emotionally.

One moves your career forward, the other can set you back.

Don’t make the wrong choice.

Best regards,

Mike

 

I genuinely wish I could say yes every time someone asks for my help.

But the reality is that I have to tell a lot of people…

“Sorry, but I can’t”.

It’s not because I don’t want to. It’s more that, in some cases, I simply have no power.

We’re a specialist corporate treasury recruitment firm. That means we go deep. Not broad. 

And because of that, there are a lot of situations where I’m simply not the right person to help.

However, rather than just saying “no” and leaving it there, I thought I’d put this together to actually help you understand where I can add value and where I can’t.

So, here are the most common situations where I’m probably not the guy you need to be coming to.

The first one is the most common…

1. If you’re working in banking and you reach out asking about corporate treasury roles…

I get it. You’ve heard about corporate treasury. It sounds interesting. You want to make the move.

But here’s the challenge…

Our clients don’t come to us and say;

“Find me someone from banking who wants to try treasury.”

They come to us and say;

“Find me someone who has done this before.”

Cash management. Liquidity. FX. Systems. Funding. All of it in a corporate environment.

It’s a different skill set. A different shape of role.

So when I say I can’t help, it’s not a brush-off. It’s just being honest about what clients are asking for.

That doesn’t mean it’s impossible.

But it does mean the route is usually longer, and often involves stepping sideways or even backwards to get the right experience first.

2. Experience (or the lack of…)

We don’t recruit entry-level treasury roles.

So if you’re just starting out or trying to break into treasury from scratch, I’m not going to be able to place you.

Again, that’s not me being unhelpful.

It’s just not what we’re hired to do.

But what I can say is this: Treasury is a practical profession.

All you need is a little exposure…

That might come from moving internally, picking up treasury-related projects, or building experience alongside your current role.

But sending your CV to a specialist recruiter without that foundation won’t get you where you want to go.

3. “Do you have fully remote roles?”

Short answer: almost never.

When companies are fully remote, they typically hire directly. They don’t use a specialist recruiter.

And in treasury, most teams still want some level of collaboration. Being in the room still matters.

So if your search is only focused on fully remote roles, you’re narrowing your options significantly.

4. It’s the geography.

If you’re based in a region we don’t cover, I can’t represent you there.

If you don’t have the right to work in the region, I can’t legally place you.

And I know that’s frustrating. But there are still options; it just requires a different approach…

Think about local recruiters, internal moves, or targeting companies that offer sponsorship.

Those are your best ways in.

Now, every single week, I hear from at least a handful of people who fall into one of these categories, whom I just can’t help. But here’s the important bit:

If you read any of this and your heart sank thinking I could’ve been talking about you, know this: 

None of this is a dead end. Think of it as direction.

What frustrates me isn’t people reaching out. It’s when people ignore the advice and keep pushing in the same direction… Or they send the same generic message to twenty recruiters and hope something sticks.

That never works.

The people who make progress are the ones who take a step back and think, “OK… if this route isn’t working, what do I need to change?”

They go on to build the right experience.

And when they come back a year or two later…

That’s when I can actually help.

So if you’re thinking of reaching out to me, here’s the simplest way to approach it.

• Be specific.
• Be relevant.
• Do a bit of homework.

And if I can help, I will.

If I can’t, I’ll nudge you in the right direction.

My goal has never been to get someone a job. It’s to help them get the right one, even if I’m not the person who places you there.

Best regards,

Mike

Earlier today, a candidate who was seeking a new role said to me:

“Can you keep this confidential? My manager is a close connection of yours.”

And I was happy to tell them that I ALWAYS keep it confidential, no matter what.

I wouldn’t have gotten this far in this business if confidentiality wasn’t at the core of everything.

In fact, my wife asked me to keep a secret the other day, and I said that I’m basically the keeper of secrets!

Call me Mike… Confidential Richards.

That’s not actually my middle name… and I’m definitely not telling you what it is either, (otherwise AI might steal it and try to replicate me).

But joking aside, this is the reality of what we do.

People come to me when they’re not ready to have that conversation publicly.

• They’re exploring, but not ready to tell their team
• Their manager is in their network
• The timing just isn’t right internally
• Or they simply want to understand their options first

It doesn’t matter what the reason is. From my side, no CV gets shared, no conversations happen, nothing moves forward without your say-so. Simple as that.

But it’s not just candidates. It works both ways…

We’re often asked to run confidential searches as well. And there are a whole range of reasons for that, too.

Sometimes it’s internal sensitivity…

They may be replacing the current Treasurer, who hasn’t yet announced their move,

and they want to handle it properly.

Sometimes it’s external sensitivity… 

A Finance Director wants the new Head of Treasury agreed in advance so they can introduce them to banks and financing partners before anything is public.

Or sometimes it’s a planned change…

The incumbent may not even be aware yet, and the CFO wants to ensure a clean, immediate transition.

Then sometimes it’s just the hassle factor… 

They trust us, they’ve appointed us, and they don’t want 20 other recruiters calling them asking to work the role.

Would I like to advertise all of these roles?

Are you mad? Of course I would!

There are searches I’ve worked on that I’d have LOVED to have been able to shout about.

To name a few:

• Head of Treasury for AMS
• Treasurer for Blackstone Real Estate
• Treasurer for Ceres Life
• Treasury Director – Europe & Asia for Filtration Group
• Head of Capital Markets & Financing  & Corporate Finance & Treasury Manager for Porsche
• Petrochemicals Global Treasurer for SABIC
• Group Treasurer for Senior Plc
• Treasurer for Streamland Media
• Group Treasurer for Techtronic Industries

They were all fantastic roles that most treasurers would jump at. But when a client says:

“Mike, it’s a confidential search.”

I respect that, because that’s the job. That’s the trust.

So whether you’re a candidate quietly exploring, or a client needing to manage something carefully behind the scenes…

Confidentiality isn’t a nice extra. It’s the foundation.

And without it, none of this works.

Best regards,

Mike

P.S. If you want proper, honest, confidential career advice. Or you’re hiring and need things handled the right way, you know where I am.

Our fees range from 25 to 30% of base salary, with three flexible models to suit your search

So, you want to understand our fees and how we structure them?

No problem, read on.

Understanding Treasury Recruitment Fees

It depends, but let me explain.

We specialise exclusively in recruiting Treasury Professionals. It’s a niche market, and unlike generalist recruiters, we don’t fill hundreds of roles each month. We don’t benefit from the bulk volume that lets generalist agencies offer cheap rates, and honestly, that’s fine by us.

We invest time, research, and precision into every search to find the right person, not just the next available one. We’ve been recruiting Treasury talent globally for over 25 years, and we know what works.

That level of expertise, reach and focus comes at a cost. It also delivers real results.

Why We Don’t Compete on “Cheap” Fees

Here’s the conversation I have most weeks:

“Mike, the other agencies on our PSL work at 15%. You’re at 25 to 30%. Can you match them?”

The simple answer is no, and here’s why.

Quality Treasury recruitment takes time, insight and specialist knowledge. At 15%, you’ll likely get a few CVs from a database and a recruiter who can barely spell Treasury, let alone understand how to recruit one.

So go ahead, give it to your cheaper agencies first. They might get lucky. But more often, after 6 to 8 weeks there’s no result, and that’s when I get the call:

“Mike, we’ve been searching for weeks with no success. Can you take this on?”

Of course we can. But by that point, the market is what I’d call scorched earth. A series of generalist recruiters have blanketed it, mis-sold the role, and turned off the very Treasury Professionals you wanted to attract in the first place. The good ones have already decided you’re not serious about Treasury and tuned out.

Then comes the second part of the conversation: “Mike, can you match the cheaper fees too?”

No. We’re being asked to take 100% of the risk on a search that’s already been damaged, on a contingent basis, with no guarantee of revenue. That’s not a fair ask, and we won’t do it.

This is exactly why investing in a specialist partner from day one saves you both time and reputation.

Our Treasury Recruitment Fee Models

We believe in transparency and flexibility. Depending on how you want to work with us, there are three proven ways to structure your search:

1. Contingent Search, No Win, No Fee

Our contingent model is straightforward. You only pay if we successfully place a candidate.

Key details

• Typical fee: 25 to 30% of base salary
• 100% risk on us, if we don’t deliver, you don’t pay
• Fast access to our Treasury network and database

If we recruit you a Treasurer earning £200,000 or $300,000, the right person will pay for themselves many times over. Through bank fee savings, refinancing, a new Treasury Management System, or simply by motivating the team and getting more out of them in the first 12 months.

If they can’t deliver that kind of value, they’re not the right hire anyway.

2. Retained Search, Shared Commitment, Guaranteed Focus

This is our most effective partnership model. It gives you dedicated time, resources and accountability from day one.

How it works

• Exclusive engagement on your role
• Fees split into three equal stages:
  • 1/3 upfront (Retainer)
  • 1/3 on shortlist presentation
  • 1/3 on completion

The retainer funds the search itself, paid research, dedicated time, the proper hunt for both active and passive Treasury talent.

Will I make loads of profit from the retainer fee? No. We barely break even at that stage. The profit is in the completion fee, which means we’re motivated to actually finish the job.

Our record: 100% success rate on retained Treasury searches over the past 25 years.

Have we lost money on retained searches? Yes, occasionally. But we’ve never failed to deliver, and I don’t intend to start now.

3. Staged Search, The Best of Both Worlds

If you want something between a full retained and contingent approach, our Staged Search model is the perfect middle ground.

Structure

• 1/3 upfront retainer (covers research time)
• 2/3 on successful placement

It shares the risk between both parties. You get more focus and commitment than a purely contingent search, without the full exclusivity of a retained agreement.

If I don’t recruit the role, I lose money. So believe me, I’m incentivised to find you the right person. It’s a genuine win-win.

Which Treasury Recruitment Model Is Right for You?

Each approach has its benefits depending on your timelines, budget and hiring strategy.

• Contingent Search suits faster, lower-risk hiring
• Retained Search delivers the highest commitment, precision and success
• Staged Search offers flexibility if you’re testing the waters

If you’re not sure which model fits best, let’s have a conversation and tailor an approach to your needs.

Why Clients Choose The Treasury Recruitment Company

• 25+ years of global Treasury recruitment expertise
• Specialist network of Treasury Professionals worldwide
• 100% retained search success rate
• Trusted by major corporates and private equity firms across the UK, US and Europe

Our clients know that specialist expertise pays for itself. Better hires, faster placements, and stronger long-term results.

How much does treasury recruitment cost?

Treasury recruitment fees at The Treasury Recruitment Company typically range from 25 to 30% of the candidate’s base salary. The exact fee depends on the seniority of the role and the search model you choose: contingent, retained, or staged.

What’s the difference between contingent and retained search?

A contingent search is no win, no fee. You only pay if we successfully place a candidate, and we carry 100% of the risk. A retained search means you commit to working exclusively with us, paying in three equal stages (retainer, shortlist, completion). Retained search delivers higher commitment, dedicated research, and better results for senior or hard-to-fill roles.

Why are specialist treasury recruiters more expensive than generalists?

Specialist treasury recruiters invest in deep market knowledge, a dedicated treasury network built over many years, and the time required to find the right person rather than the next available CV. Generalist agencies recruit at volume and offer lower fees, but rarely understand the technical demands of treasury roles.

The cost of a wrong hire, or a prolonged search that damages your reputation in the market, far outweighs the difference in fee.

 How long does a treasury recruitment search take?

Most retained treasury searches complete within 8 to 12 weeks from start to placement, depending on the seniority of the role and the geographic market. Contingent searches can be faster for more common roles, but timelines vary based on candidate availability.

Next Steps

If you’re hiring in Treasury, let’s chat. We’ll walk you through each model and help you choose the best structure for your next search.

More resources for employers:

• Check Out Our Global Treasury Salary Survey – benchmark compensation by level and region
• Hire Treasury Talent – explore our services and success stories
• Treasury Career Corner Podcast – hear directly from Treasury leaders we’ve placed and partnered with

Or simply book a 15-minute consultation with Mike Richards to discuss your next hire – email Mike@TreasuryRecruitment.com

Let’s grab a coffee and chat.

A few years ago, I was working with a company recruiting for a senior treasury role.

It looked great – a proper opportunity for someone to come in and make a difference.

So, we got to work and produced three very strong candidates.

Everything was looking great…

Then the company shared their proposed interview process.

First step: a numerical test, then a verbal reasoning test, followed by a psychometric assessment…

Then a 45-minute interview with HR.

If they passed that, then they might get to Round 2 and meet the Treasurer and maybe some team members.

If they passed BOTH of those, then they might get to meet the CFO at Round 3!

It was adding up to about three hours across multiple stages before the candidate had even managed to work out if they wanted to work there.

Bear in mind that these weren’t graduates. They were senior treasury professionals – people who already do demanding jobs.

This is where a lot of hiring processes go wrong.

Employers still behave as if candidates should feel grateful just to be considered.

But that’s not how the market works anymore.

Most treasury professionals aren’t sitting at home waiting for someone to offer them a new job. 

They’re already in good roles, delivering value for their businesses.

They’re not desperate to leave.

So when they see a job advert, the first question isn’t “How do I pass their interview process?”

It’s usually “Why would I work there?”

That’s where the shift needs to happen.

Advertising a role is NOT the same as attracting candidates!

Both words start with “A”, but that’s where the similarity ends.

You can advertise a job all day long, but that doesn’t mean the right people will come running.

Attraction is different.

It means answering the questions that are already in a candidate’s mind:

• Why did the previous person leave?
• How will this help my career move forward?
• What’s the culture like?
• Who would I be working with?

If those questions aren’t clear, the best candidates quickly move on.

And then there’s the other issue: asking candidates to jump through hoops before they’ve even decided if they like you!

I often say to my clients that recruitment is a bit like dating. You don’t start the evening by asking someone to complete a personality test and a maths exam. At least buy them a drink first.

In recruitment terms, that means having a conversation, letting candidates meet the hiring manager early, letting them understand the business and ask questions.

Only once they’re interested does the deeper assessment make sense.

Because what you’re really building is the same thing every strong hiring process needs…

Know. Like. Trust.

First, they get to know the company.

Then they (hopefully) start to like what they see – the people, the opportunity, the direction of the business.

Finally, they trust that joining your organisation is the right move for the next stage of their career.

That’s when someone commits.

In the example I mentioned at the start of this newsletter, I eventually persuaded the client to change the process.

Instead of testing candidates immediately, the first stage became a relaxed conversation over coffee with the hiring manager.

They were then able to set the scene, explain why this was a key hire and why they felt that they needed to add the screening stage at Stage 2, and they gained ‘buy-in’ from the candidates as they could understand why it was needed. Then, in the end, they actually wanted to progress.

The candidates understood the opportunity and could get excited about it; the rest of the process followed naturally.

The role was offered and accepted.

Because the company realised something important…

When you’re recruiting today, it’s not about YOU anymore. It’s about THEM.

Best regards,

Mike

I recently connected with Pat Culkin, Head of the US Association of Financial Professionals.

During our conversation, he asked me a simple question, but it caught me off guard.

He said, “So… are you a recruiter, Mike?”

It made me stop because, to myself, it was obvious.

I was about to reply, “Of course!”

But he followed by saying he was unsure because he’d seen me in:

• The Treasury Career Corner Podcast
• Treasury Career Corner LIVE events
• The Treasury Salary Survey
• Roundtables and community discussions
• And on top of that… treasury recruitment!

So then I understood why he was asking.

And to anyone who’s wondered the same, yes. First and foremost, I’m a treasury recruiter.

But there’s a reason I do everything else…

Because, to me, there’s nothing worse than the classic recruiter approach I like to call “the Ghostbuster”.

They phone you up and say: “Hello, got any jobs?

“If you do, call me!”

That’s it.

No insight. No advice. No value.

Those recruiters are hardly what you’d call a consultant.

And when you consider that most treasury professionals change jobs every 3 to 5 years, if you only ever hear from a recruiter when they want a job brief, you should ask yourself…

What value have they actually added in the years between those conversations?

That’s why we’ve built what I call our ecosystem.

Everything we do is designed to support treasury professionals, not just fill jobs.

That includes:

• The Treasury Career Corner Podcast
• The Treasury Salary Survey
• Treasury Career Corner LIVE events
• And smaller, more focused roundtables where treasurers can speak openly with peers

All of these things exist for one reason: to help the treasury community.

Yes, I earn a living from recruitment, but I believe you earn that opportunity by adding value first.

So yes, I am a recruiter.

And if you’ve got a job, you certainly can call me (call any of the Ghostbusters out there at your own risk!).

But my goal has always been much bigger than that.

That’s why we’re always continuing to build on that ecosystem…

More events. More roundtables.  And more ways for treasury professionals to learn from each other.

Because when the treasury community grows stronger, everyone wins.

Best regards,

Mike

We’re coming up to that time of year again. April approaches, companies start doing their annual reviews, and treasury professionals begin thinking about pay.

And I see the same mistakes happen again and again…

Here’s the first one:

Someone walks into their manager’s office and says, “I want a pay rise.”

Starting with that question is the fastest way to end the conversation.

Your salary is there to pay you for doing your job.

You are paid a salary for turning up each day.

Managing the cash, running the liquidity, handling the FX exposure, dealing with the banks, and delivering the reporting, etc.

That’s the basic duties of your role.

If the conversation starts with “I want a pay rise”, the natural response from a manager is simple:

“Why?”

And they would be completely within their rights to follow up with:

“What have you done to deserve one?”

That’s where lots of people I chat to get stuck.

If you can’t say where you’ve gone above and beyond your job and MADE A DIFFERENCE, then honestly, you shouldn’t be getting a pay rise.

Before you even ask the question to your manager, answer these questions:

• Have you saved the company money?
• Have you delivered a major project?
• Have you implemented a new treasury system?
• Have you reduced costs or streamlined processes?

If you’ve done something that materially improved the business, that should be your starting point.

For example, if you implemented a treasury management system that reduced manual work and effectively replaced three or four full-time roles, that’s real value.

You’ve saved the company money.

Start with that. Now the pay discussion becomes logical rather than emotional.

Another mistake people make is leading with market data, like our salary survey.

Yes, that data is there to help you. But that doesn’t mean you should walk in and say:

“Mike’s salary survey says I should be paid £80,000.”

Again, that’s the wrong order. The sequence should be:

1. Give evidence for the value you’ve delivered
2. Explain how your role has grown
3. Then benchmark the salary

The salary survey is the final piece of the puzzle. 

It should support your case, not be the entire basis of it.

So, with all this considered, the reality is that not everyone will deserve a pay rise this April.

But every once in a while, I come across someone who is genuinely underpaid…

I’ll look at their CV and be impressed, ask what they earn, and almost fall off my chair knowing that I could get them a 30% pay rise tomorrow.

Why does that happen?

Often, because they’ve never benchmarked themselves. They’ve stayed in the same role for years, doing great work, but never tested their market value.

And you don’t have to leave your job to understand your value.

You can look at a salary survey to benchmark it.

You can talk to peers at conferences.

Compare responsibilities.

Sometimes two people are doing almost identical roles, and one of them is earning £10k to £20k more. The only difference between them is that one of them asked around.

To close, I just want to say that there’s a final point worth remembering:

Salary isn’t the whole story.

When we analyse the data from our treasury salary survey, pay is seldom why people leave a job.

It’s a factor, yes. But it’s not the biggest one.

What you tend to see is:

• Lack of progression
• Frustration in the role
• Poor leadership
• Limited development opportunities

Salary sits somewhere in the mix, but it’s never the whole story.

So, if your pay review is coming up, here’s a simple rule:

Don’t walk into the room asking for a pay rise. Go in prepared to explain the value you’ve created.

If you can clearly show how you’ve improved the business, saved money, or delivered meaningful change, the pay conversation becomes much easier.

And if you’re not sure where your salary sits in the market, that’s exactly why we produce the Treasury Salary Survey twice a year.

It’s there to give you the data to support the conversation. But ONLY once you’ve made the case.

Best regards,

Mike

P.S. Have you benchmarked your salary yet? Click here to see where you stand.

The simplest way to explain it;

• an Assistant Treasurer assists, whereas
• a Deputy Treasurer deputises

But let me explain more!

The Assistant Treasurer

The Assistant Treasurer role tends to feature in larger organisations.

In some businesses there can even be 2 Assistant Treasurers — one might focus on Front Office activity and supervise the operations team whilst the other oversees treasury controls and the Middle and Back Office functions.

An Assistant Treasurer role is hands-on with strategic touchpoints.

On any given day, an Assistant Treasurer might be setting FX and interest rate strategy, executing funding and deals, managing risk exposures, handling intercompany loan documentation, running rolling cash flow forecasts, or making sure treasury activity stays compliant with group policies.

Crucially, an Assistant Treasurer is expected to refer many major decisions up the chain to the Group Treasurer.

They are senior, trusted operators but they are not the Deputy.

The Deputy Treasurer

The Deputy Treasurer is a different proposition. Where there may be two Assistant Treasurers in a large business, there is usually one Deputy.

They are the defined second in charge and the deputy to the Group Treasurer.

Often the most important distinction is authority: a Deputy Treasurer carries the same sign-off capability as the Group Treasurer and is expected to act in their stead when required to do so.

The remit is correspondingly broad.

A Deputy Treasurer takes overall responsibility for daily treasury operations, oversees the Treasury Management System, helps arrange and implement business debt across bank and debt capital markets, ensures financial risk is identified and mitigated, manages the Group’s liquidity position, maintains key banking relationships and leads the wider treasury team.

They oversee front, middle and back-office activity rather than sitting within one of them.

How to Tell Them Apart

Job titles across treasury can be misleading.

A Treasury Manager in a mid-sized business may be doing the work of an Assistant Treasurer elsewhere, and an Assistant Treasurer in a smaller organisation may effectively be operating as a Deputy.

The most reliable way to assess seniority is to look past the title and examine three things:

• The scope of decisions the person can sign off on
• The breadth of the function they oversee
• The reporting line into the Group Treasurer

As a simple rule of thumb.

• an Assistant Treasurer runs a significant piece of the treasury function and escalates major decisions upwards
• a Deputy Treasurer is empowered to make those decisions themselves.

Why This Matters

For hiring managers, getting this right affects everything from the brief to the calibre of candidate you attract.

Briefing a search for an Assistant Treasurer when the role genuinely needs a Deputy will lead to mismatched expectations on both sides.

For treasury professionals, understanding where you sit on this ladder and what the next step actually looks like is key when planning you next step in your treasury career.

Both roles are critical to a well-run treasury function.

The Assistant Treasurer brings depth and execution across a specific remit.

The Deputy Treasurer brings authority and breadth across the whole function.

Knowing which one you need or which one you are – is the first step to making the right hire or the right move.

If you are recruiting for a senior treasury role or exploring your next career step, we would be delighted to help.

Most people take part in our salary survey for only one reason.

They take it because they’re thinking:

“Am I underpaid?”

And fair enough. That’s exactly what it’s there for.

And with over 1,700+ treasury professionals in the dataset now, we can give a pretty accurate answer to that.

But once you get past the numbers…

That’s where it gets interesting.

Because to me, the real insight isn’t what people are paid, it’s how they feel about their roles, and treasury in general.

When you dig into the data, you start to see how the treasury profession is really looking right now.

So, I wanted to share a few examples and key takeaways directly from our latest salary survey results.

Hopefully, like me, you’ll find them pretty eye-opening.

Let’s start.

The Data

Across the entire survey – in the UK, USA, and Europe – roughly 1 in 4 treasury professionals are unhappy with their salary (and in Europe, that actually rises to over 1 in 3).

Now, you might think that’s the big issue, but it’s not.

Because when we look at WHY people are unhappy, salary isn’t actually the main driver.

The number one issue?

Lack of progression.

Not pay. Not bonus. Progression.

And that tells you a lot.

Then we look at something else…

Are people feeling valued in their treasury roles?

Again, about 1 in 5 treasury professionals across the board say they don’t feel valued by their manager.

That might seem like a small fraction, but to me, it’s a big number.

Because you can fix salary over time. But it’s much harder to fix how someone feels about their role day to day.

And when we look at what actually makes people happy in their roles, it’s not surprising:

1. A good boss
2. Good work-life balance
3. And varied, meaningful work

Simple things. But when those aren’t there, that’s when people start looking elsewhere.

A stalled market, not a weak one

If you just looked at hiring volumes, you might think the market has slowed.

It has, but not because demand has disappeared.

And when you combine that with what we’re seeing in the survey – people not progressing or feeling recognised – you start to understand why the market feels quieter.

I’ve talked about it before, but treasury professionals are being more selective, cautious, and more risk-aware.

Many were ready to move but have chosen to wait.

So this isn’t a weak market, it’s a delayed one.

The talent you don’t see

One of the biggest myths in treasury recruitment is that the best candidates are applying for jobs.

They’re not.

The strongest treasury professionals are busy delivering value, leading projects, and influencing decisions.

They’re also the ones who are most likely to feel:

“I’m doing well… but what’s next?”

And if they can’t answer that question internally, that’s when they start to move.

And again, that’s not because of salary. They just want the opportunity to progress.

The technical bar is rising

The fundamentals of treasury haven’t changed.

Cash, liquidity, FX, funding. They all still matter, of course.

But what companies expect from their corporate treasury team has shifted.

It’s no longer enough to produce the numbers.

You need to explain them. Challenge them. Use them to influence decisions.

There’s a growing expectation to partner across businesses, and I’m seeing a lot more roles blending treasury with FP&A, data, and systems, plus more visibility at senior levels.

But there’s one real differentiator…

The ability to translate that technical work into commercial impact.

AI: Is it really impacting, or just noise?

AI is already reshaping how treasury teams work.

It’s removing manual tasks. Improving efficiency. Freeing up time.

But it’s also creating noise…

I’m seeing applications that all sound the same. Job descriptions are asking for things hiring managers can’t properly assess. And generally, trust instantly drops whenever something feels overly AI-generated.

I think the reality is simple…

AI will enhance treasury roles, but it won’t replace judgment, relationships, or experience.

Those are still the things that matter most.

To close

I want to say a huge thank you to the 1,700+ treasury professionals who took part in our salary survey.

Your input gives us a true, unfiltered view of the market. And the more voices we have, the clearer that picture becomes.

The reason behind it all is to help YOU. So please use the salary survey to benchmark your pay.

Understand where you sit and know your value.

But don’t stop there…

Also look at the bigger picture:

Are you progressing?

Do you feel valued?

Are you doing work that actually challenges you?

Because that’s what really determines whether you stay or start looking.

Best regards,

Mike

P.S. Please invite your colleagues to join the survey. The more responses we have, the stronger and more valuable the insights for everyone in the profession.

And if you haven’t already filled it out yourself, what are you waiting for?!

Click here to enter the salary survey and get your input included in the next lot of results.