Treasury Salaries 2025 – Latest Jobs Market Insights from The Treasury Recruitment Company

Foreign recruitment company. I am here to tell you this is a solo podcast. Haven't done one of these in, well, a couple of years now. Because each and every week I talk to treasurers about how they started their careers, where they are now, where they see both themselves and treasure profession. Go to next. One of the key questions I get asked is about their salaries. Mike, they say, can you tell us about the state of the market? Can you give me some advice about my salary? I'm like, yeah, no problem. Well, I've done this for you and we've developed our salary survey. We started it way back in 2003. We've grown it now to 1600 treasury professionals globally. It's incredible. And thank you very much for all your contribution. Now it's a bit different, our survey. I'm going to go through this. If you're watching on YouTube, sorry, if I'm going to some of the figures or some of the reading back on PowerPoints, you're not meant to do that. But I'm also doing this for you guys listening as a podcast, so I hope you enjoy this. If you're driving any car, it's going to be a good one. We're going to talk to you about salaries and what you should be doing to make sure that you can actually increase your salary and what you should be doing to help yourself. First of all, let's talk about the salary survey itself. Go to treasurysalary.com Take part in it. Takes you less than 2 minutes, start to finish. If you've already done it once, you then just take part every six months, do a quick update of yourself. We've kept it to 30 seconds and boom, you're part of our survey. It just rolls and rolls. We started a few years ago. We got up to about, well, we had about 6, 700, then the next one was a thousand, broke the thousand barrel, then got to 1200. Most recently back in January. This year it was 1300. Now we've had another 300. Oh, my goodness. Thank you very much for joining us. Difference with ours, it's real data from you, real treasury professionals, not estimates. Not the stupidness that I see out there. What's the point of doing a salary survey that says, oh, treasury manager, they get paid 70,000 to 170,000. Global treasurer, 200 to 450. I saw on someone's survey the other day, I'm like, really, guys, please. These are treasure professionals. They haven't got time to listen to this bs. And also the other bits. So there's no spin, real numbers and I verify everyone or me or one of my team. In fact in this one I verified everyone to make sure that everyone is real and they are in Treasury. Now in addition to that, someone asked me the other day, so hang on, what is a treasurer at one place? And they call themselves a treasurer. It might be a Treasury analyst in comparison to us or might be a Global Treasurer because you know, different titles mean different things. I said, well I use a little known thing called my 25 years plus of treasury recruitment experience and I put people into the right data set and into the right level. So we actually have, you know, I put them into the different buckets if you like. We take data from right the way across from uk, Europe and the usa. Another thing about going back to job titles, what someone might call a Treasurer, someone else might call a Global Treasurer. What's the difference? Well, a couple of different things actually. Yeah, let's go through actually Assistant Treasurer to the Deputy Treasurer. What's the difference? Well, one assists, one deputizes. Okay, thanks for that. No, just very quickly when I'm actually looking at people, if someone is an Assistant treasurer, they generally have to defer to the treasurer or someone more seeding themselves to make a decision, say to push the button. Oh yeah, I need to trade that or I need to do this bond. If you're a deputy you dep and you will do that yourself, you will basically be one step off the treasurer and you will have greater authority. So going into the treasurer level role, I have a number of treasurers, group treasurers that take part in the survey. If you are, and I say this a lot on our website, you're a treasurer and you might look after a housing association, you are a treasurer. But do you run five different treasury teams across the world and have a team of 80 plus? No, you don't, you're not a global Treasurer. So we make a distinction there and if people want to know where do you see me fitting, just call us. That's one of the key things we do all benchmarking, all different levels, they go from Treasury Analyst to Global Treasurer and that's one of the key things. And we kept on building up this data. So it's going from there. Now let's go on to the next slide. Yes, here we go. Scope of the data, all levels. We include base bonus and total compensation. We don't for the more senior levels. Someone asked me the other day about long term incentive plan mature, you know and all the different things of the handcuffs. You Might get at those levels with different, you know, different. What's the word? Different packages. No, we don't do a full assessment of that in the US if you want that, one of the key things I would say is maybe use the afp. It's a brilliant study and really they've got a research team of many people doing it. We don't. And this is data collected. You can't actually see it behind here. And let's just go back on here. It's from July. Yeah, it's basically up to July and anyone that is over a year old and their data is out date and we actually roll them off. If you do want the data and you want the latest salary survey, update your information if you're part of our survey. So thanks very much for that. So and also if you need more in depth and you're more senior within the UK or Europe, there are actually salary survey companies. Ours is free. That's the other thing. So. And confidential 100 confidential should add that in there as well. So that's the scope of the survey. What do we do next? Let's go through some of the headline numbers. Okay, this is us. This is the most recent snapshot. So we take treasury analysts, in this case 87, for those of you listening, 87 treasury analysts across the UK and the average base salary was 54, 493. So we got some that are down at 30, some that are up at 70. And actually on the next slide or the when you actually see the full survey, we show the range, we, we show how much, how many people have got a car allowance on this screen Actually it says here and if anyone watching here it says average car allowance for those that get it is £5,617 8% it says with now someone said to me, well, I don't get a car. And that's no. So of the people that do, 8% of treasury analysts receive a car allowance and their average was 5,600. Okay, but only eight. So that's one in ten. But as you go further down, Assistant Treasurer, for instance, on this, 48 responses. Average salary 110,491. Average car just 6. 6. Just over 50 of those treasure Assistant Treasurers receive a car allowance and the average bonus there was 22,118, 71 receive a bonus. There are still assistant treasurers out there. 33 out of 10 aren't getting a bonus then we've got average totals now actually, if you want to see the other figures behind this for Treasurer, Global you'll have to take part. Sorry, I, I have to keep those figures. So let's go on to the next slide. This, the next one is for North America. That is where the biggest growth has come for this survey. We are now 25. It's actually a third. Third. So about a third of our study used to be more predominantly uk but now it's actually that third. I'm going to do a third. I don't know. Like that, Something like that. Yeah. A third of our study is uk, a third is Europe, a third is us so that's growing rapidly as well. But you've got here. This is incredible actually when I look at it now, they can't go back to the previous side. 108 Responses so we're global treasure. Treasury directors at the senior level. Average base salary $290,000. There were only 6% received a car allowance. Now someone asked me about this the other day, they said well, why is that? And I said well actually in the US car allowance isn't necessarily a thing. It became a thing in the UK a number of years ago and it's a good way of people receiving cash and not getting a car. You don't actually get a formal car allowance. It's a good way for a lot of companies to, to give people extra pay rather than give them pay rise. Oh, we'll give you a car allowance. And someone said well does that really make a difference? I said okay, if you've got one employee with a 5k car allowance and then you've got 10, that's 50,000. Oh yeah, yeah. I said but if you gave those 10 employees a 5k rise, you pay extra in taxes, national insurance, you pay extra in pension, you pay extra on your bonus. So. Oh so yeah, I said the, you know, car allowance is non bonusable A lot of the time it's tax saving, not all the time, but there are considerable savings by putting under the car allowance bracket. And also in Europe, which we'll come to in a minute, it's much more usual that you get as you get more senior, a car, you get a fuel card, which means you pay for that as well because again they're all tax efficient as well. And it also comes from a number of years ago that lots of employees received car allowances and were given cars, you know, because they were having to drive distances and everything else and you weren't able to do that in your personal car as well. So other things to note on here. Yeah, so car allowances. Yeah, very. There are some in here. But you see car allowance is not as prevalent in the U.S. but average bonuses, they do kick up. So a lot of Treasure Analysts, 63. So 6 out of 10 and their average bonus is $7,257. Amazing. And you've got the average total compensation coming out about 87, 000. So I'm going to make a point here, but then you jump all the way through to global treasurer. Average bonus, their average base is 290. The average bonus, 111, 000. Yeah, there you go. And 90 of treasurers, 9 out of 10 are receiving a bonus. So 9 out of 10 out of our survey of 108 received a bonus. And then you've got the average there. I've just, you know, people said to me about the survey and they said, mike, treasury analyst, dealer, we need to recruit one. And in fact I'm going through a process with a client at the moment and they've said, yes, we want to recruit someone. Fantastic. They went, it's a senior treasury analyst dealer. So it's going to sit between analyst and it's going to earn manager like, okay. And they said, yeah, we want to pay $90,000. Okay, 90,000. So you want a below average senior treasure analyst, right? No, we want an above average one. We want a really good one. Thank you. Okay, so you're going to pay them below the average salary. Oh, oh, are we? And I said yeah. And they were like, well, what leads you to believe this? I mean my survey says they go, you go little known program. So if you look at the combination between treasury analyst and dealer and Treasury Manager, Treasury Analyst, 64. In the U.S. we had 144 treasury managers. Incredible. So between those two groups, that is. My math is going here. No one does public math. My mfm, my first million, my favorite, one of my favorite podcasts, we don't do public math. 208. 208 between those. And that's what I'm looking at. So I'm trying to give them advice. And this is the average. So it's not the, you know, the top, it's not the bottom. And again, you can look at the ranges and I'm trying to give them some advice and saying, guys, we need to push it up. And I'm again, I'm not telling you, I'm not saying, oh, trying to bump up salaries just for the sake of it. I'm just telling you what the market is telling me. So that's North America, let's come to Europe. Here we go, so, yeah, I mean, great numbers. Look at this. 82 treasury analysts in the survey, 145 managers, 10 consultants, 19 treasury consultants, senior treasury consultants, rather up to group treasurers, and then 45 globals. And it ranges everywhere from 60, 000 as an average euros. And remember, across Europe, we do cover right the way across. What I mean by that, we have a lot of participants in Benelux. We also have a lot of participants in Switzerland, which actually does push up some of the averages a little bit. What I would say is we will be in the future, across the US and also in Europe, looking to do more regional surveys. We used to do. We had an amazing survey once. Well, I said once for two or three amazing Swiss surveys. And I was recently asked, why can't you do Switzerland again? I went, because I'm a recruiter. Can you pay for this survey when. No, it's free, isn't it? I went, yeah, it's a free survey. I can do this survey, but it's free. There's only so much time I can spend out my day doing this. And we used to. If you're in Switzerland, please take part in the survey. We love you guys, but we're gonna do. We get a lot of people across Benelux. We also do some Eastern European and we've got quite, quite a few. They do bring down some of the averages because the cost of living is cheaper. So. So someone said, well, if I need advice. You've recruited in Poland, Mike. Yes, I have. You've recruited in Hungary. Yes, we have. Well, Katie has my colleague. We've recruited across the us Both myself and Joe. Yeah, we can tell you where the best regions are. So in Texas, it's not as expensive as California, it's certainly not as expensive in New York, but the fact is you pay more. And actually the taxes are different and everything else. So it just varies. I'm here as the expert. You need advice, you call me. You take part in the salary survey. Treasurysalary.com okay. Other things are important. Let's give you some actual other things. So over the past six months, what I've seen within the UK treasury analyst salaries have risen by 25 since January. Does that mean they've been given big pay rises? Some of them have. I have seen some rises. And treasury analysts catching up with the market, if you like. They were slightly underpaid before. Were underpaid and now I see them actually rising at the more junior levels also. What we have got, I can't go back to the stuff. No, I can't go back to the slide. But actually what you will find is that actually we've got a bigger sample size. That is the thing. Our sample size has grown at the analyst level, but we've seen increases across all multiple levels and it varies. So when you go there, you can look@treasurysalary.com you'll get access to the January snapshot. We will run it. We've just run it now, as I say, in July, end of August or, sorry, end of July, we will also then have it next year and we will be running it in January. So as soon as you take part in it, you then become. Become part of the ecosystem, if you like. So what are we seeing here? Base bonus and total contract for all levels. So, yeah, all regions, they're all coming up. So there is a gradual uplift. Is it keeping pace with information? It depends on the region. Again, I wouldn't say it is, actually. So I want to keep moving on. Anyone listening? So reasonable us, yeah. The US really does lead in senior roles, salaries. It really is, you know, there when people are asking me, you know, well, I'm, I'm a Treasury, you know, I'm looking for this treasure role. I am seeing some really, I'm recruiting some senior level roles on the east coast of the us, if you're interested in, let us know. But what I am seeing is a real rise and people said, oh, wow, yeah, but so are costs. Inflation's going up, cost of living is going up, so it's keeping pace. I would say it is actually going a little bit higher on the east coast. I'm actually seeing it. Oh, you know, which is great. So people in the real cost of living are actually rising a little bit. However, I would say in some of the other areas, I'm seeing some of the roles in Texas, for instance, we've been working on, they've drifted down a little bit. People are saying, right, instead of us looking for someone with three to five years experience, I'll look for one and a half to two years and we'll train them up a little bit ourselves. UK is very competitive, analyst and manager levels, that's one of the key things. And Europe, as it says, sits between the UK and us. So if you're looking to recruit someone, we've got another client we're dealing with. They said, right, where, if I want to recruit them in the uk, what would the salary be? And I'd be going, so, right, treasury manager, you're looking at probably about 80 to 90, depending on the level of experience you need. If you need an analyst, we can go to this level and drop it down. So earlier. But I said, actually, if you want it in Dublin, where we've talked about it, you're going to probably add another. You're going to move it from 90,000 to probably about 100, €110,000, again, depending on similar level experience. It's a smaller talent pool as well, people out there. So, yeah, you might want to bear that in mind. And they're looking at both. So we're here to give that advice sort of thing. So it's not a sales pitch, it's just. I'm just showing you, I'm just telling you. We do a weather vein of the market and stuff, keep it going. Working from home. Oh, yes, that big one. Is everyone mandated and going back to the office? No. Well, some people are going back to the office a little bit more. Over 60%. I'm seeing a hybrid globally. When we look at all this, everyone, you know, there are. There are some remote roles. If you want a remote role, we don't do them. Yeah, there you go. I've said it. You know, we. We don't do it. Treasury, by its very nature, as I say, often is collaborative. If you actually want to work in treasury, you've got to play nicely, you've got to work with others, and that's one of the key things. You can't really see apologies for anyone looking. It says here, return to work mandatory limit, limited. It is actually limited there. You know, people aren't returning to work and being made to, even though there's a mandate. I'm seeing people drifting back in. Maybe they were going in two days a week, now they're three days a week. I think that's more a pressure sometimes of senior management saying, we've got this big office building, guys, you've got to get back in and use it. But the good thing is, with treasury professionals, I'm seeing you're in back in the office Tuesday, Wednesday, Thursday, and there's some flexibility. Some of the more senior roles I'm recruiting, the treasurers are going back in. I talked to someone the other day, one of my treasurers on my podcast said, I'm in five days a week, so 20 minutes from work, it's easier for me to go there. He said, it's not mandatory. I'm not telling people they have to come here. And some weeks, he said, I work, you know, two to three days a week in the office and then I'M working from home the other days. But he said if I want to be with the team, if I want to give them coaching, it's a lot easier for me to be there. So fully remote? Yeah, Slightly drifting down. I do. I think it's going to go away. Fully remote. No, but I think it is going to. In treasury in particular, I think it is going down a bit further. So you're going to talk about this. I'm going to say good leadership, strongly linked. Yes. So next ones work life balance. Yeah, I saw. Oh God. I saw a made up salary survey. Luckily they're not a proper rival of ours. I would have just freaked out, to be honest. And sometimes I do when I see this. I've been ranking the reason people are happy, we ask. Our survey isn't just salaries, it's actually a market survey as well. So we ask a couple of questions. Firstly, we ask how many days a week are you in the office? How many days a week would the company like you to be in the office? How many days a week would you like to be in the office? There's a bit of a. We are seeing that companies want people in three to four. We are seeing that actually people are in two to three days. So that's an interesting dynamic. I still still think there's some tension, but I think most people have worked it out. In Europe it's an average two days a week, Just before I forget, three days a week in the UK and it's four days a week, funnily enough in the us where I thought it would be the other way around, but it's not us. A lot more people are going in three to four days, but then people about being who's happy, who's happy now and stuff. We do various bits and this survey said, oh, the reason for people's happiness and unhappiness is salary. What a load of codswallop. Yeah, good word. The fact is, it's not true. People don't go to work for their salary. It's one of the reasons they go to work. But not the reason, not the only reason, not the leading reason. And it really winds me up when there's people that just make up a survey, which they did and I can see loads of stuff was made up. It's just. Oh, makes my blood boil. Why? Because when I've spoken to candidates, when I've spoken to clients, it's salary ranks lower than autonomy and meaningful work. People want work, life balance, career progression, team culture. I was giving a discussion to I was discussing with one of the massive. Just post Covid. We're coming out of COVID talking to a massive group of treasury treasurers and they said, mike, how do we keep our team on side as we come out of this and we've returned to the office? How do I make sure they're happy? I said, right, what I'm going to say is coffee okay? What? I said, have a coffee with them. Have more coffee with them. They're like, okay, okay, what do you mean? So look, talk to them and say, and because 80% over 80 of reasons come to these, these factors I've just talked to you about and ask them four questions, say, right, you know, you're sitting there, Mark, I want to talk to you about your career, how you're finding it here. So, Mark, you sit down with Mark. You having the coffee? Mark, how's the work life balance going? Okay, well, that's it, actually, I'm finding that's a bit of a challenge. Or, okay, let's try and get. See what we can do with that career progression. What's your next step? How am I going to help you with your career? I'm your treasurer. I'm going to help you step up the ladder. How are you finding the team? How are you fitting in with them? And then how much meaningful work, how much are we giving you independent work to do? Do you know what? It will make 80 over 80% of your problems go away. There will still be 1 in 1 in 5, 1 in 10, what? It's the right time to move. And there is also a time to move for people. So I wouldn't worry about it. People are going to move. Is the right time to move. They will move. And if you need advice about moving, contact us. That's why we can do it. You know, I've actually talked to a candidate just today, and I was saying to her, look, it seems like you are at the end of. You've been with your company for seven years, you've made one step. You'd love that role. Then she's made the second step. You know, it was a great. And I said, is there anything else? Well, no, I'm at the end of my Runway with this company. I like this company. I've enjoyed the job, but actually there's limited progression for me now. I went, it's time to move. And they, they were like, oh, but I'm, I'm not desperate to move. I said, you don't need to be. This is another tip as well. She said, so When's the right time for me to look? And I went yesterday, okay. And she was saying, well I said no, what you can do is, you know, brush up your LinkedIn profile, start to be open to ideas. Before she was like, if an opportunity, no, I'm not interested now she doesn't need to leave. Said she can actually just have a conversation. There's no reason why you couldn't actually look at that as well.

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Okay, so I want to keep to time now. This is people why people leave roles and this is the key thing. So it's not about salary. Told you. This is reasons people leave roles on the slides. For people watching, you'll be able to read that hopefully. But people listening. Lack of career progression is number one. And if you are getting that, call me. Pay dissatisfaction appears more in the senior roles. So that did creep up and people have actually said to me, yeah, pay does become an issue. Yeah, when you get to the more senior levels and if you're not being paid enough, but actually it's only about three or four on the list, it's actually about management and flexibility. That's one of the key things. We also asked about people, how happy they are and this, this goes back to something I've noticed over. I've realized over a period of time, the more junior you are, the more unhappy you are. Okay. More senior, the happier you are. Okay, that's a bit of a breeze. Sweeping statement. Let me explain it though. What I mean by that is what I've realized is that if you are a Treasury assistant or analyst, how often are you told what to do? How often are you empowered to do something? Often not very much. You're probably being told what to do by your boss at least or your manager or whatever line manager. If you're an assistant, probably two to three times a day given direction, coaching and depending on how they do it, as long as they do it well, that's great and you will become happier. But the fact is, you know, so you might do a review twice a day then as you get more senior, become an assistant treasurer. You might be having a review with your team members once a week, once a fortnight, just review, coaching them and leading them, everything else. Whereas I've got treasurers now, when they're Talking to their CFOs, they sit down once a quarter, say, right, these are my goals, these are what I'm going to try and achieve with the team. You're having a coffee and the CFO says, great, see you next quarter and off you go. And actually that gives you great more satisfaction. That's why I've seen treasurers be more satisfied. So empower your teams and it's a great way of going forward. Okay, and the final slide. Yeah. If you want the full results, take part. Treasurysalary.com that is free for you, it's confidential to you. But the only way to get the full results is if you give us your information. That's our quid pro quo. You help us and you know, we help you. And that's how we, you know, got 1600 treasury professionals, not the made up stuff like other people. And someone said to me the other day, how do I know it's made up? I said, because I was made to make it up. One of my previous jobs, you can look on my LinkedIn profile, you'll be able to guess who it is I was made one of. Bosses came up. So we do a big survey and they still do that survey and it's still fictional. Yeah. I don't know why they haven't been investigated by the fraud department. You basically they said, right, what's the most junior treasury analyst? You know, what's the most senior? Okay, that's your range. How many have you got roughly? And they just finger in the air now. Yeah, we had a good idea, but it wasn't real and it didn't track and it was, it just got me mad. So I'm going to stay off my high horse in there. But ours is real and your participation makes the data stronger. Please share the survey with your network. Tell them about how good it is. It's free, it keeps on helping you. And we're at 1600, I want to get to 2000, maybe by Christmas 2025. That'll be my Christmas present to me. If from you guys to me. Thank you very much. Looking forward to seeing all the events coming up. We're recording this in the summer of 2025. So we've got Chicago, New York, then we have Euro Finance, then we have AFP this year in Boston. Looking forward to speaking there. Great session. Then we're back to London and then we got the Netherlands rounding off the year. So we've got some great events. Come and see us. If you want to know about salaries and you don't want to talk about the event, drop me an email and we mike treasure recruitment.com but thank you very much for this week and we'll be back to normal services. Real resume next week with a podcast interview with another amazing treasurer. Thanks very much for all your time. Cheers.

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