I still receive about 5-10 emails every single week from people working in banking who want my help to move into corporate treasury.
So if you’ve emailed me recently, please don’t take this personally, but my answer is often the same.
And it’s not always the one you’re hoping for.
I was challenged on this recently by someone from banking treasury, and to be fair, he made a very good point…
Some bank treasury professionals have deep experience across funding, liquidity, risk, regulation, systems and stakeholder management.
In smaller banks or broader financial services treasury teams, they may have covered a huge amount.
I don’t disagree with that.
My point has never been that bank treasury people can’t move into corporate treasury.
Some absolutely can…
But the real issue is competition.
If a banking treasury person applies for a corporate treasury role, they are not being judged in isolation.
They are entering a very crowded market.
And at the moment, that market is incredibly competitive.
It is not unusual for them to be sitting alongside 49 or 99 other candidates, many of whom are already working in corporate treasury.
Katie and I recruited two Group Treasurer roles earlier this year, and we had over 150 corporate treasury professionals apply for each position before I even looked at anyone from banking treasury.
In one sense, I was delighted.
A tremendous response is never a bad thing.
But I was also disappointed…
Because it says something about the current state of the corporate treasury market.
There is not enough movement.
And a healthy market needs movement.
It needs people progressing, changing roles, stepping up, moving sideways and creating opportunities for others.
At the moment, too many strong corporate treasury professionals are looking at the same limited number of opportunities.
That is the reality people from banking treasury are stepping into.
It does not mean they are not good enough.
It does not mean their experience has no value.
It means the competition is fierce.
And if a client says to me, “Find me the strongest corporate treasury person,” I will often ask whether they would consider someone from banking or financial services.
Sometimes they will.
But often the answer is:
“Do we need to?”
And in the current market, if there are strong corporate treasury candidates available, the honest answer is often no.
That might sound harsh, but it is not meant to be.
I am not the judge.
I am the facilitator.
My job is to help the client find the best fit for the role they are hiring for.
The emails I receive are often very similar.
- “I’ve worked with corporate treasurers for years.”
- “My role overlaps with treasury.”
- “I’ve got transferable skills.”
All of which may be true.
But transferable skills still have to compete with direct experience.
That is the bit people sometimes underestimate…
I often point people back to Keith Gaub’s story on the Treasury Career Corner podcast.
He successfully made the move from banking into corporate treasury, but he did something most people are not prepared to do…
He took a step backwards first.
Less money, a different title, but a chance to build broader corporate treasury experience.
That was his own decision, not one I helped him with, but it paid off for him in the long run.
So if you are sitting in banking or financial services treasury wondering whether corporate treasury is the right move, here’s my advice:
Be realistic about the competition.
Do not assume transferable skills will be enough on their own.
Be ready to explain exactly how your experience translates into a corporate environment.
Speak to people who have actually made the move.
Build relationships with corporate treasurers.
And be prepared to take a sideways step before you move forwards.
It might still be the right move.
But don’t underestimate what that move actually involves.
Best regards,
Mike
P.S. If you are already working in corporate treasury and looking for your next move, that is where we can really help. It has been our specialist focus for more than 25 years.
