Since the start of Treasurer Search in 2009, we keep track of the markets we are active in. Originally fully manual, gradually automating further. It will not come as a surprise we nowadays include AI in these processes. In this article we want to share what analysis of the treasury labour market shows. In gathering data we of course aim at full coverage but do know that is not feasible. At executive level, for example, recruitment processes often are not visiible to us. At entry level, we see in various countries that people enter the labour market in different ways.

Treasury hiring across the Netherlands, Germany and Belgium in the first half of 2026 produced  aproximatelly 1,300 vacancies in our database. Read together rather than separately, those three markets tell a story that no single country report can: the same function, recruited in three structurally different ways.

Germany hires across the full depth of the ladder and builds capability internally. The Netherlands hires for technical execution and has been reshaped by employers who were not competing for treasury talent a decade ago. Belgium hires almost exclusively for experience and has effectively stopped developing its own.

Looking at volume, seniority, sector demand and geographic concentration reveals where each market is strong, where it is stretched, and what that means for anyone hiring or moving across borders.

Market Volume

Germany produced 1,014 vacancies against 238 in the Netherlands and 126 in Belgium. Much of that reflects the relative size of each economy. What the sector split adds is that manufacturing accounts for 18.9% of German vacancies against 8.4% in the Netherlands, pointing to an industrial base that carries treasury headcount of its own.

Seniority Level

The clearest divergence is at the bottom of the ladder. Germany placed 18.2% of its vacancies in internships and traineeships, with a further 5.9% in junior roles, meaning close to a quarter of all German treasury hiring sits at entry level. The Netherlands recorded 12.2% in internships and 4.2% junior. Belgium recorded a single treasury internship across the six months and six junior vacancies, together under 6% of its market.

That difference is institutional rather than cyclical. The Werkstudent, Praktikum and Ausbildung system gives German employers a structured route to build treasury capability internally. Dutch employers use internships to similar effect, though at lower volume. Belgian employers do neither at any scale, and are consequently buying almost every treasury professional they need from a pool nobody is replenishing.

At the top, the pattern reverses. Executive and Head of Treasury roles accounted for 7.1% of the Belgian market against 4.8% in Germany and 2.5% in the Netherlands. On absolute numbers this reads differently: 49 leadership vacancies in Germany against nine in Belgium and six in the Netherlands. Germany is the only market where treasury leadership search runs at a steady frequency; elsewhere it is an occasional event.

The middle of the ladder is where the comparison gets slippery. Belgium put 59.5% of its vacancies at mid-level against Germany’s 31%, and Germany carried 40% in the senior band against Belgium’s 27.8%. Job titles drive these bands, and German employers apply the Manager label more readily than Belgian ones, so read the gap as indicative rather than exact.

Industry Overview

Banking, insurance and asset management remains the largest single sector in Germany at 25.1%, and shares the lead in Belgium at 18.4%. In the Netherlands it has been overtaken. Technology, software and telecom led the Dutch market with 23.5% against banking’s 20.6%, with Booking.com, Adyen and ASML now competing directly with ABN AMRO, ING and Rabobank for the same profiles. That reordering has consequences for pay benchmarks that reach well beyond the technology sector itself.

Manufacturing and industrials accounted for 18.9% of German vacancies, the second largest sector there and roughly double its share in the Netherlands. Siemens, BASF, Salzgitter and the wider Mittelstand run treasury as a standalone function rather than an appendage of group finance.

Belgium’s distinguishing sector is healthcare and life sciences at 18.4%, level with banking. Johnson & Johnson in Beerse, UCB, IBA and Eurofins give the country a life-sciences treasury base with no equivalent concentration in either neighbouring market.

Consulting and advisory tracks the size of the underlying market: 9.3% in Germany, 8% in Belgium and 4.2% in the Netherlands. Where that share is low, treasury transformation work is more likely being resourced internally.

Location Overview

Geographic concentration varies more sharply than any other measure. Belgium is the most centralised market: 55.2% of vacancies sit in the Brussels region including Zaventem, Diegem and Machelen, with Flanders adding 28.8% and Wallonia registering a single vacancy across six months. Treasury in Belgium is a Brussels and Flanders function, and any search built on a different assumption will exhaust its candidate pool quickly.

The Netherlands is concentrated but not closed. The Amsterdam metro area accounted for 40.3%, with Rotterdam and The Hague at 19.3% and Utrecht at 12.6%. Hybrid arrangements out of Amsterdam draw candidates from both without requiring relocation, which effectively widens the pool beyond what the headline figure suggests.

Germany has no dominant hub at all. Frankfurt led on 9.7%, followed by Hamburg at 8.6%, Munich at 8.4%, Duesseldorf at 8% and Berlin at 7.1%. No single city passes 10%, and the top fifteen cities together account for only 55.6% of vacancies, with the balance spread across a further 244 locations. Recruiting in Germany means engaging with several regional markets plus a long industrial tail rather than one national one.

Taken together, the H1 2026 data describes three markets that are converging on the same profile of treasury professional while approaching the supply problem in opposite ways. Germany builds, the Netherlands partly builds and partly buys, and Belgium buys. Where volume is smallest, competition for experienced practitioners is sharpest, because there is no pipeline behind them.

For employers, the practical implications differ by market. In Belgium, the absence of any junior intake means competition for mid-level talent will not ease on its own, and interim mandates are already filling part of the leadership gap. In the Netherlands, salary benchmarks are increasingly set outside financial services. In Germany, the assumption that Frankfurt is the answer is worth testing, since Duesseldorf, Munich and Hamburg often offer deeper local supply and materially less competition.

For professionals, the cross-border picture is encouraging at mid and senior level, where all three markets are active, and considerably harder at the top. Between them, these markets produced approximately 60 Executive and Head of Treasury vacancies in six months. Depth, systems fluency and cross-sector exposure remain the qualities that separate candidates in every one of them.

While some recruitment partnerships begin with a single placement, the strongest ones continue to grow over time.

This collaboration began when a candidate we knew recommended us to a client they were working at. One conversation led to a search, and that search led to a placement.

This  long-standing client once again asked us to help find a new treasury professional for the team. Over the years, that partnership has grown into eight placements across a wide range of roles, from interim to permanent, from Treasury Specialist to Group Treasurer.

That kind of relationship is built on consistency, trust, and results. By now, we understand not just the job requirements, but also how the organisation works, what kind of professional fits, and what success in the role really looks like. making every new search sharper.

This time, the search was for a Senior Corporate Finance Analyst, a role combining treasury, financing strategy, and financial analysis. The outcome: a strong match on both sides. A candidate with analytical depth and commercial instinct, joining a client that values and invests in its people.

Eight placements is a milestone we are proud of. More than that, it reflects a partnership built on trust and a track record of getting the match right.

Can I help you too in finding a perfect match? Get in touch.

The Belgian treasury market in the first half of 2026 reflects a function that continues to be built almost entirely through experienced hires. Across sectors, organisations are looking for treasury professionals who can operate independently from day one, and they are showing very little sign of developing that capability internally.

By looking at seniority levels, industry distribution and geographic concentration, a clear picture is painted of how treasury roles are positioned in Belgium today, and where demand is structurally strong or limited. The data below covers 126 vacancies and highlights not only who is hired, but also what kind of treasury function organisations are building.

Seniority Level: 

The Belgian market was heavily weighted toward experienced hands-on roles. Mid-level positions made up 59.5% of the market, with senior and managerial roles at 27.8%. Together this accounts for 87% of treasury hiring, leaving very little activity at either end of the ladder.

Executive and Head of Treasury roles accounted for 7.1%, nine vacancies in total, four of which were interim or freelance mandates. This points to turnover within a small leadership pool, with a meaningful share of demand met through flexible arrangements rather than permanent headcount.

Entry-level hiring was close to absent. Junior roles represented 4.8% and internships or traineeships only 0.8%. Belgium continues to be a difficult market for early-career treasury profiles, and the near-total absence of a pipeline tightens the mid-level pool that every employer is already competing in.

Industry Overview: 

From an industry perspective, demand was well diversified across three sectors of comparable weight. Banking, insurance and asset management led with 19%, narrowly ahead of healthcare and life sciences at 18.3%. That healthcare figure is driven by Johnson & Johnson in Beerse, UCB, IBA and Eurofins, and gives the country an unusually strong life-sciences treasury base.

Technology and telecom followed at 15.1%, ahead of manufacturing and industrials at 11.9%, where Bekaert, Umicore, Atlas Copco and Daikin remain consistently active.

Infrastructure, energy and utilities accounted for 8.7%, including Fluxys and Equans, while consulting and advisory represented 7.9%, underlining sustained demand for treasury transformation and project expertise.

Location Overview: 

Geographically, the market remained highly centralised. Just under 55% of roles were based in the Brussels region, including key business hubs such as Zaventem, Diegem and Machelen. Flanders accounted for 28.6%, driven mainly by Antwerp, Ghent, Leuven and the Beerse pharmaceutical cluster.

Wallonia registered a single vacancy across the entire six months. Treasury in Belgium is a Brussels and Flanders function, and any search built on a different assumption will exhaust its candidate pool quickly. The remaining 15.9% reflects roles with national scope or less specific location data, often linked to hybrid or multi-site setups.

Taken together, the H1 2026 data paints a picture of a mature and highly selective treasury market. Demand is concentrated at mid-level, leadership roles turn over within a small pool and a significant share arrive as interim mandates, and junior entry points remain structurally limited. Industry demand is diversified across financial services, life sciences and industry, while geography continues to favour Brussels as the dominant treasury hub.

For employers, this means competition for experienced treasury talent remains high, and with almost no early-career intake that competition will not ease on its own. For professionals, it reinforces the importance of depth, adaptability and cross-sector exposure. Belgium in H1 2026 is not a high-volume hiring market for treasury, but it is a market where expertise, leadership and strategic capability are clearly valued.

If you want to discuss more on this topic, reach out to our Belgium specialist: Haia Aaraj.

The Dutch treasury market in the first half of 2026 reflects a function built around depth of execution rather than breadth of leadership. Across sectors, organisations are hiring treasury professionals who can run cash, liquidity and risk processes independently, and increasingly they are hiring them into technology companies rather than banks.

By looking at seniority levels, industry distribution and geographic concentration, a clear picture is painted of how treasury roles are positioned in the Netherlands today, and where demand is structurally strong or limited. The data below covers 238 vacancies and highlights not only who is being hired, but also what kind of treasury function organisations are building.

Seniority Level: 

The Dutch market was clearly weighted toward the professional core. Mid-level positions made up 48.7% of the market, with senior and managerial roles at 32.4%. Together, this means over 80% of treasury hiring targeted professionals with established hands-on experience.

Executive and Head of Treasury roles accounted for just 2.5%. On that volume, leadership openings are occasional events rather than a steady stream, pointing to a settled top layer with slow turnover rather than active transformation.

(Good to keep in mind that, at executive level, recruitment processes may not be always visible to us. )

Junior roles remained limited at 4.2%, but internships and traineeships added a further 12.2%. The Netherlands builds its early-career pipeline through structured internships rather than junior-titled permanent positions, and the two figures need reading together to see the real entry point.

Industry Overview: 

From an industry perspective, demand has shifted away from the sector that traditionally defined it. Technology, software and telecom led with 23.5%, narrowly ahead of banking, insurance and asset management at 20.6%.

Booking.com, Adyen and ASML are now competing directly with ABN AMRO, ING and Rabobank for the same treasury profiles.

Manufacturing and industrials followed at 8.4%, with transport and logistics at 7.1% and energy and utilities at 5.9%, reflecting financing complexity and working capital needs in capital-intensive sectors.

Consulting and advisory represented 4.2%, a modest share suggesting most treasury transformation work is being resourced internally rather than bought in. A further 21.4% sits with companies whose profile did not map cleanly to a sector, mostly smaller B.V.s and scale-ups where treasury forms part of a broader finance mandate.

Location Overview: 

Geographically, the market remained concentrated but not closed. Just over 40% of roles were based in the Amsterdam area, including Amstelveen, Hoofddorp and Schiphol. Rotterdam and The Hague together accounted for 19.3%, with the Utrecht region at 12.6%.

Eindhoven and the southern provinces represented 9.7%, driven by ASML and the Brainport industrial cluster. The remaining 18.1% reflects roles with national scope or less specific location data, often linked to hybrid or remote setups.

Taken together, the H1 2026 data paints a picture of a technically demanding treasury market. Demand is concentrated at mid and senior levels, leadership openings are rare, and entry points run through internships rather than junior roles. Industry demand has tilted decisively toward technology, while geography continues to favour Amsterdam as the dominant hub.

For employers, this means competition for experienced treasury talent now extends well beyond financial services, and salary benchmarks set by technology employers are reshaping the mid-level market. For professionals, it reinforces the value of systems fluency alongside treasury depth. The Netherlands in H1 2026 is a strong market for experienced practitioners, but a patient one for those targeting leadership.

If you want to discuss more on this topic, reach out to our Netherlands specialists: Pieter de Kiewit, Ron van Haeff, Kim Vercoulen, Haia Aaraj.

Die Rolle von Corporate Treasury entwickelt sich seit Jahren kontinuierlich weiter – und mit ihr wächst die Bedeutung von Technologie, Systemlandschaften und spezialisierter Beratung. Insbesondere im Umfeld von Treasury Management Systems (TMS), Implementierungen und treasury-nahen Beratungsleistungen entsteht aktuell ein dynamischer Teilmarkt, der sowohl fachliche Tiefe als auch Kommunikationsstärke erfordert.

Wir beobachten diese Entwicklung schon länger und bauen aktuell gezielt unsere Präsenz in diesem Segment in Deutschland aus.

Aktuell begleiten wir mehrere Mandate in genau diesem Umfeld.
Drei Beispiele, die die Bandbreite gut widerspiegeln:

• TMS Project Manager (m/w/d), Remote (DACH)

Fokus auf Implementierung von Treasury- und Cash-Management-Lösungen, Steuerung komplexer Projekte sowie enge Zusammenarbeit mit Fachbereichen und IT.
Gehaltsrahmen: ca. 70.000 – 100.000 €

• Innovativer Sales Manager Treasury Tech (m/w/d), NRW (Hybrid)

Aufbau und Weiterentwicklung von Vertrieb im Bereich Treasury Tech, mit starkem Fokus auf Verständnis von Kundenprozessen und nachhaltige Geschäftsentwicklung.
Zielvergütung: ca. 150.000 € OTE + LTI

• Treasury Systems & Advisory Manager (m/w/d), Berlin oder München

Kombination aus fachlicher Treasury-Expertise und beratender Rolle im SaaS-Umfeld, inklusive Kundeninteraktion, Use Cases und Marktentwicklung in DACH.
Gehaltsrahmen: ca. 110.000 €

Diese drei Suchen stehen exemplarisch für eine zunehmende Nachfrage nach Profilen, die Treasury, Technologie und Kommunikation miteinander verbinden.

Warum dieser Markt gerade jetzt spannend ist

 Viele Treasury-Abteilungen befinden sich in einer Phase der Transformation: 

• Systeme werden erneuert oder konsolidiert
• Prozesse stärker automatisiert
• Daten und Transparenz gewinnen an Bedeutung
• Zusammenarbeit mit internen und externen Stakeholdern wird komplexer

Dadurch entstehen neue Rollenprofile, oft an der Schnittstelle zwischen Finance, IT und Business.

Wen wir ansprechen

Wir kommen aktuell mit vielen Menschen in Kontakt, die sich in diesem Umfeld bewegen, zum Beispiel:

• Treasury-Professionals mit Interesse an Systemen und Projekten
• Beraterinnen und Berater mit Fokus auf Treasury oder Finance Transformation
• Spezialisten aus dem TMS- oder FinTech-Umfeld
• Vertriebsprofile mit inhaltlicher Nähe zu Treasury-Themen

Nicht jeder Kontakt passt unmittelbar zu einer konkreten Rolle – aber oft zu einer Entwicklung, die in den nächsten 6–12 Monaten relevant werden kann.

Offener Austausch statt punktueller Ansprache

Anstatt ausschließlich einzelne Positionen zu adressieren, möchten wir den Dialog in diesem Markt breiter öffnen.

Wenn Sie sich in diesem Umfeld wiederfinden:

• werfen Sie gerne einen Blick auf die genannten Mandate
• sprechen Sie uns an, auch wenn aktuell kein konkreter Wechsel ansteht
• oder leiten Sie diesen Beitrag an Personen weiter, für die das Thema interessant sein könnte

Wir führen viele Gespräche vertraulich und langfristig – oft ohne direkten Bezug zu einer konkreten Suche, sondern als Austausch auf Augenhöhe.

Kontakt

Wenn Sie mehr über eines der Mandate erfahren möchten oder sich grundsätzlich über Entwicklungen im Treasury-Tech-Markt austauschen möchten, freuen wir uns über eine Nachricht.

It is a conversation many senior treasurers recognise. You have built a strong track record, navigated complexity, and delivered results across multiple cycles. Yet when you re-enter the job market, things feel less straightforward than expected.

Many organisations lean towards medior candidates. They are perceived as more flexible, more affordable, and easier to shape. At the same time, senior professionals are sometimes seen as less adaptable or less energetic. These assumptions may not always be explicit, but they do influence decision-making.

The challenge is not to push back against these perceptions directly, but to address them through how you position yourself.

Be clear about what really matters to you

At a later stage in your career, the definition of a “good role” changes. Earlier on, progression often meant a higher salary or a broader technical scope. Now, the content of the role and the environment become far more important.

The strongest candidates in this phase are very deliberate. They understand what they are looking for and can explain it clearly.

Take time to reflect on questions such as:

• What type of challenges still give you energy
• In which environments you perform best
• What kind of role content you want to move towards

This clarity does two things. It helps you target the right opportunities, and it ensures you come across as focused and intentional rather than overqualified and exploring broadly.

Present your experience with focus, not volume

A long career often leads to a long CV. However, more detail does not necessarily create more impact.

In fact, a CV that is too dense can work against you. Hiring managers want to quickly understand why you are relevant. If they have to search for that message, it can get lost.

A strong senior CV is selective and easy to navigate. As a rule of thumb:

• Keep it to two pages, with three as an absolute maximum
• Focus on recent and relevant experience in more detail
• Summarise older or less relevant roles by title, company, and dates

The goal is not to document everything you have done, but to highlight what matters for this specific role. That level of focus signals clarity and confidence.

Actively bring energy into the process

This is often the most underestimated factor. Many hiring managers enter conversations with an unconscious bias that senior candidates may struggle in dynamic environments.

The interview is where you can immediately change that perception.

Energy is not about being louder or more dominant. It shows in how engaged you are in the conversation, how curious you are about the business, and how you connect your experience to their current challenges.

You can reinforce this by:

• Asking thoughtful, forward-looking questions
• Showing genuine interest in the organisation and its direction
• Sharing examples of how you have adapted to change or driven progress

What matters is that your experience feels current and relevant, not historical. You want to leave the impression that you are still building, still contributing, and still motivated by new challenges.

For senior treasurers, the difficulty is not capability. It is perception.

By being clear about what you want, presenting your story with focus, and showing real energy in your interactions, you shift that perception. You move from being seen as overqualified to being recognised as someone who can add immediate value.

And ultimately, that is what every organisation is looking for.

This month we successfully placed another candidate, after a search that required patience from everyone involved!

This client came to us with a clear philosophy: they wanted the perfect match, and they were comfortable if that took up to twelve months to find. Perfect match or no match. That mindset shaped the entire search and, in the end, made all the difference.

They had already been looking for some time before they reached out to us. Once we got started, we relatively quickly identified a candidate we believed was an excellent fit. The feeling was mutual and things looked promising, until that candidate received another offer at the critical moment and chose to pursue it. So the search continued.

What followed was another few months of careful, persistent work. We kept our focus, stayed in close contact with the client, and continued refining our approach. That patience paid off. We eventually presented a candidate the client considered outstanding, and who was successfully placed.

This is one of the reasons that trust and a shared sense of direction between client and consultant matter so much to us. When a client knows exactly what they want and is willing to hold out for the right person rather than settle, persistence delivers. A long road does not mean the wrong road.

Can I help you too in finding a perfect match? Get in touch.

Treasury Consultancy is one of those rare career paths that combines complexity, innovation, and opportunity in equal measure. At Treasurer Search, we recognize the unique appeal of treasury consultancy, where each day presents new challenges and fresh chances to make a tangible impact. Additionally, various treasury consultancy firms seek our expertise in scouting new talent. Let’s explore the factors that make this career path so appealing, while also exploring some drawbacks to keep in mind.

Why Treasury Consultancy?

High Investment in Education: Starting a career in treasury consultancy requires a solid financial foundation. Many employers invest in their employees’ education, covering certifications like CTP, ACT, RT, or CFA. This investment equips consultants with the expertise to navigate complex treasury demands and deliver valuable solutions to clients.

Ambitious Environment:  Treasury consultancy attracts ambitious individuals who thrive in fast-paced, intellectually stimulating environments. Working alongside like-minded peers promotes innovation and quality, driving consultants to continually excel and reach their full potential.

Growth Opportunities: In treasury consultancy, learning is continuous. Consultants stay current on regulatory changes, new technologies, and interpersonal skills, gaining numerous opportunities for personal and professional growth. The structure of consultancy firms allows successful individuals to advance, taking on more people management, client-facing, and expert roles.

Corporate Treasury Career Path:  For those aiming to transition into corporate treasury roles, consultancy provides an ideal foundation. Exposure to diverse industries and financial challenges gives consultants invaluable experience, positioning them as strategic assets in corporate finance and treasury teams.

Challenging and Exciting Projects:  Treasury consultancy projects, from optimizing cash management to restructuring companies, are diverse and challenging. Each engagement allows consultants to apply analytical skills, think critically, and make a real impact for clients. Never a dull moment!

Impactful Work:  Consultants have the satisfaction of making a tangible impact on clients’ financial strategies, contributing to their success and growth.

Navigating Challenges

Work-Life Balance:  While the dynamic nature of treasury consultancy is intriguing, it often involves demanding workloads and tight deadlines. Despite the rise of remote work, maintaining a healthy work-life balance requires proactive time management and prioritizing self-care.

Client Expectations:  Meeting client expectations requires technical expertise, strategic thinking, and effective communication. Consultants must adapt to each client’s unique needs, balancing priorities and navigating complex organizational dynamics. Often, the best solution competes with the most acceptable one, making it a challenging task.

Travel Requirements: Depending on the nature of consultancy engagements, extensive traveling may be required. While this can offer valuable opportunities for professional networking and cultural engagement, it’s essential to consider the potential impact on work-life balance and personal commitments.

Job Insecurity: Consultancy roles may be subject to market fluctuations and economic downturns, leading to job insecurity during uncertain times or when projects are scarce. Considering demographic developments in the current labour market, this is less of an issue nowadays.

Working in treasury consultancy offers a rewarding journey taking on complex financial activities to drive sustainable growth. At Treasurer Search, we’re committed to supporting talented professionals as they undertake this rewarding career path, helping them unlock their full potential and achieve their goals in the field of treasury consultancy.

Feel free to contact us if you want to enter treasury consultancy. We’re also here to support experienced treasury consultants looking to transition to corporate roles or other consultancy firms.

Not every strong hire is immediately obvious from the CV.

In a recent search for a Senior Treasury Analyst in a private equity-backed business, one candidate created some hesitation early on. The concern was not about capability, but perception. Based on years of experience, the profile seemed slightly junior for the role. That was a fair first impression.

However, after spending time with the candidate, I saw something different. It was not just about what they had done, but how they thought, how clearly they communicated, and the level of ownership they were already looking to take. There was a maturity that did not come through in the timeline of their experience, which made us look beyond the initial judgment.

We encouraged the client to have an initial conversation and explore that potential in more detail. That meeting changed the perspective.

What the client experienced directly matched what we had seen from the start. Someone who could operate comfortably in a PE environment, bring clarity into discussions, and grow into the role quickly while adding value early on. Within 3 to 4 weeks, an offer was made.

It is a good reminder that the best fit is not always the most obvious when reviewing profiles. Experience matters, but so do trajectory, mindset, and how someone will operate within a specific environment. These are not always visible at first glance, but they often make the difference once you engage with someone directly.

That is where we add value. Not just by presenting candidates, but by understanding them properly and recognising when someone can step into a role, even if their background does not fully reflect it yet.

For clients, this means staying open to a perspective beyond what is written down. For candidates, it means having someone ensure that their potential is not overlooked too early.

Because sometimes the right hire only becomes clear once you meet them.