The last twelve months have seen a stabilisation in the recruitment market, following a period of increased activity as companies, and the economy, recovered from the pandemic. One of the treasury labs at the Annual Conference 2023, run by the Future Leaders in Treasury group, focused on the recruitment market.
We asked two recruiters, Eliot Bates from Brewer Morris and Jessica Timelin from Michael Page Treasury, for their views on the following recruitment questions, broken down into general market, skills and development, work/life balance and salary questions.
Immediately following the COVID pandemic (2020-2021) there was a quiet period when there was little movement in treasury recruitment, and this was followed by a period of rapid change (2021-2022) as a result of pent-up demand and people feeling they had outgrown their roles.
This has now stabilised – there is still a demand for treasurers, but demand is less frantic than it was last year. Last year was a bumper year when it came to recruitment and there was a worry that, with inflation spiralling, recruitment would decrease in 2023, but in reality, the market is simply back to pre-COVID levels of recruitment. Treasury is seen as somewhat recession proof and this is likely to continue.
There hasn’t been a big increase in roles outside of London, but it is interesting to note that candidates can come from a wider geographical location due to the increased balance between office and home working. The candidates on offer for roles has changed - candidates can commute further out and this has been reflected in the recruitment pool.
The concentration of senior treasury roles is higher in London, but there are a number of high calibre international companies outside London that have well esteemed treasury teams (e.g. Midlands, Leeds/Manchester area, Bristol and the surrounding areas). These are very large functions and provide great opportunities.
First and foremost, an analytical mindset has always, and will continue to be, important.
At the analyst/senior analyst and manager level any involvement in a TMS is in demand, as a lot of TMS projects have sat on the to-do list and are now being prioritised.
As you get more senior showing you have strong leadership skills is important, with candidates who can show they have high emotional intelligence, especially when managing a team, becoming increasingly in demand.
Formal qualifications are also important, now more than ever.
Generally having the ACT’s qualifications (AMCT and FCT) is good for treasury roles. In small businesses the treasury role may be broader with accountancy responsibilities, and this is when a company may ask about accountancy qualifications. However, having both isn’t a necessity and many candidates are highly successful with the treasury-only qualifications.
It all depends on the role so there is no one key thing that needs to be on your CV. If you’re new to treasury it’s best to get as broad an experience as possible as this will give you the best opportunity to progress.
Moving from similar sectors is easier – e.g. from a heavily debt sector to another heavily debt sector – as you will have the exact characteristics the company needs. The closer aligned the sectors are, the easier it is for you to move, and if you are moving between industry, be aware of the skills that you may be missing so you can draw on any experience and knowledge.
Progression and career pathways have always been important, and candidates continue to look at how a new role will develop them. However, it’s right to say that the pandemic showed that treasury teams can work flexibly, and candidates are looking at flexibility as one of the factors in their decision-making process. Candidates are happy to go into the office but also want to be able to work from home.
Everyone is different with different motivators and family circumstances, so there are lots of factors which contribute to what constitutes a ‘dream job’ for someone.
Only really in terms of flexible working. Most companies are looking at three days in the office – retail may ask for candidates to be in the office more and similarly charities may ask for candidates to be in the office less but generally people are looking to work more flexibly. Getting face time with colleagues and peers is important in treasury roles and therefore there will always be a need to have time in the office.
There is no right or wrong answer to this question. If you are in a role where you are getting a lot from it then it’s fine to stay there for a longer amount of time, say 5 or 6 years. The benefit of moving roles is that it gives you different exposures to different businesses with different debt portfolios. Being in a role for a short time is fine as long as it doesn’t become a pattern e.g. changing every year, as this may flag that you can’t build relationships (both internally and externally).
Current inflation is very high, and it is predicted that this will go down shortly, so most companies are not paying in line with inflation as this will be out of kilter next year. Companies appreciate they have to pay more to attract the right candidates and they need to strike a balance. Generally, the market is paying a 5% pay rise (between 4-8%).
The exception to this has been at the assistant and analyst level as these candidates were in high demand last year and they did receive higher than inflation salary increases. The reason for this increase was that there were fewer than normal analysts with 18-20 months’ experience – this was due to recruitment freezes during the pandemic and therefore a lack of graduates coming into treasury roles in 2021. Graduate schemes and entry level roles in treasury have resumed and so this is no longer the case.
Treasury is relatively recession proof and treasury teams are lean, so there is a real need for treasurers. There might be small peaks and troughs, but as a profession treasury is unlikely to slow down and treasury skills will always be in high demand.
The ACT would like to thank the panellists Eliot Bates, Manager, Brewer Morris, and Jessica Timelin, Senior Operating Director – Corporate Services and Finance, Michael Page Treasury; and Louise Woodroffe, Deputy Treasurer, M&S for chairing the event.
We have a number of resources to help members with their career journey, including a treasury career section and the Career Hub.
