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What are the salary expectations for a new graduate going into treasury?

Q: Hussam Ali

A: Mike Richards

It varies widely across the different markets. But an interesting thing I think is, once you get into treasury it’s highly valued and you are a valued member of staff. But actually, you can prove your worth quite rapidly as well. We’ve talked a bit about supply and demand, and in fact there might be two or three Treasury Assistants or two or three Treasury Analyst Dealers, but you’ll only ever have one Group Global Treasurer typically.

You might have one or two Deputy Treasurers, but as you go down you then have maybe two Treasury Managers, then you’ve got a wider team. So it’s typically a triangle model. However, as we said earlier, you tend to get into treasury by accident.

If you remember an old-style kite, the supply of staff at that level is quite difficult. So again, that’s why we particularly as a recruitment firm target those guys at those levels and they make quite rapid steps up.

So, if you come into a role in the UK, and you become a Treasury Assistant, you would be looking at a salary anywhere in the 20’s to mid-20’s.

You might join on a minimum of £20,000. But I would say more typically it’d be £22,000 to £24,000 as a minimum. And that’s outside of say places like London. But you would expect someone with a degree, maybe a year’s worth of experience or zero experience if you’re the right person. In London, you are looking at a salary of £25,000 or £26,000 as a starting salary and within a year, I would expect it to be at £28,000, £30,0000 or £32,000.

And when you’re up there, that’s when you start to move after a year or two years, from Treasury Assistant to Analyst Dealer. And the difference between the roles is, that a Treasury Assistant does exactly what it says on the tin. So it’s you assist within treasury.

  • Can you sort this out?
  • Can you do the paperwork?
  • Can you do the reconciliations?
  • Can you work with our Accountant to make sure this is done?

You will generally be supervised a lot of the time. We sometimes see through our salary survey that typically a lot of those candidates can get a bit frustrated in the early years of their careers because they’re being told what to do every day. It’s as you start to then to become an Analyst Dealer that you’re probably told what to do every week. And then you become Treasury Manager and you’re given guidance on what to do every month.

When you get to a Global Treasurer job, you meet the CFO once a year, given your yearly targets and told I’ll see you next quarter for coffee to discuss how are you getting on against them. And actually, that’s one of the things that when we do the salary survey, people have said, “oh, it’s all about the salary”.

It’s not!

We’ve got some of the figures here, just coming on 20% say salary is what makes them happy. But it’s actually more about the manager or boss, decent work life balance, friendly/supportive team, varied work etc. Fifth on the list. So 1 out of 10 people say it’s about the salary. And that’s across the board globally.

So those are some of the salaries UK-wise. I know we have an international audience.

So again, you could do the Euro conversions. I would tend to say, depending on the country, Switzerland has its own Swiss bubble and the cost of living and everything else. It’s a bit like when we do stuff in the US as well. I was talking to Craig Jeffreys the other day at Strategic Treasurer about salaries.

I was trying to talk about the global nature of our survey and that we’re going to split it out as we go to the US because the salary for someone in New York and California are probably quite comparable, but in Ohio or Texas they’re stepping down and if you’re in Colorado, it’s very different because of your cost of living.

So, there is a difference. He was talking about in New York. If I was to recruit a Treasury Analyst, as I recently did in New York. That person I placed on $90,000 and it was only their second job. They came in as a Treasury Assistant they’re on $60,000. So going to America is really good for your treasury career and it’s a good place to start in treasury. But we’ll go onto remote working and working from home on one of our last episodes in the future.

More Q&A snippets from our Feature Series Podcast with Guillaume Jouvencel and Hussam Ali coming soon. Listen to the full podcast episode here: Feature Series: Starting Out in Corporate Treasury


A Treasury Assistant works in a company’s treasury department as part of the treasury team often reporting directly to the Treasury Manager. Treasury Assistant responsibilities include monitoring and processing treasury payments, performing bank reconciliations, and cash management.

The average salary range for treasury assistants can vary based on several factors such as location, industry, experience level, and the size of the organisation. As of 2023, the average annual salary for treasury assistants typically falls between £22,000 – £32,000 (~ $27,700 – $40,350).

No, a treasury assistant and an assistant treasurer are not the same positions. While they may share some overlapping responsibilities, there are distinct differences in terms of scope and seniority.

A treasury assistant is an entry-level or mid-level position that provides support to the treasury department within an organisation. Their responsibilities typically include assisting with cash management, financial transactions, bank reconciliations, maintaining financial records, and generating reports. They work closely with treasury managers or treasury analysts to ensure smooth operations of financial activities.

On the other hand, an assistant treasurer holds a more senior role within the treasury department. They are responsible for managing and overseeing various financial functions related to cash management, liquidity management, risk management, capital structure, investments, and debt financing. Assistant treasurers often participate in strategic decision-making processes, formulate financial policies, and maintain relationships with financial institutions and stakeholders.

Assistant treasurers typically have a higher level of experience, expertise, and responsibility compared to treasury assistants. They may also be involved in financial planning, budgeting, and forecasting, and play a significant role in the overall financial management of the company or organisation.

It’s important to note that the specific titles and responsibilities may vary across businesses, so the distinction between treasury assistant and assistant treasurer can differ in different contexts.

2nd Sep 22

#221: Feature Series: Starting out in Corporate Treasury as a Graduate

with Mike Richards