Recently, LinkedIn data caught my eye: in the U.S., Treasury Manager is among the top 25 fastest-growing roles on the Jobs on the Rise list. In Europe (particularly in Sweden and Switzerland) it’s also a top pick. This is not just a passing trend; treasury is gaining strategic importance, increasing the demand for specialized treasury recruiters for hiring these roles. This trend can be ascribed to several reasons:

• Economic uncertainty – This remains a major concern in 2025, and experts are needed in crisis and risk management.
• Digital transformation – Technical developments are accelerating (AI and automation for example)
• Regulatory complexity – Upcoming changes across technology, data risks, investor protections, risk management and more.
• Strategic elevation of treasury – Treasurers are taking on more strategic responsibilities and acting as advisors.

The Value of Specialized Treasury Recruiters

As the demand for Treasury managers continues to rise, the need for specialized treasury recruiters is higher than ever. These bring in-depth knowledge of the field. For instance, we explain in our blog  “Treasury Recruitment: Outsource for Efficiency and Savings” that working with recruiters who focus solely on treasury provides distinct benefits:

• Reduced time to fill
• Higher Quality Hires
• Lower Employee Turnover
• Cost Savings compared to In-House Recruitment

At Treasurer Search, we are committed to being your long-term partner in identifying the best talent for your treasury team. Our aim is not just to fill a role, but we strive to build lasting, meaningful relationships that help your business thrive over time.

Paths & Growth Opportunities in Treasury Careers

As treasury positions evolve, so too do the career opportunities within the field. In “Working in Treasury: Is it a Good Career Choice?“, we explore whether treasury is a fulfilling and rewarding career path. Additionally, in the blog “CFO vs. Group Treasurer: Charting Your Course in Treasury,” we offer observations on several career paths in finance. This guidance comes at a time when the role of Group Treasurer is gaining importance, often emerging as a position with C-Suite responsibilities and a possible route to becoming a CFO. We take pride in guiding candidates through these career opportunities, offering them not just a job, but a fulfilling career path.

Discover new treasury vacancies at Treasurer Search

Building Strong Treasury Teams

We understand that creating strong, capable treasury teams is more important than ever. In our blog “The Treasury Leader’s Responsibility: Building a High-Performing Team.” we explore how to effectively build and manage a treasury team that will meet your company’s needs today and tomorrow.

Key considerations include:

• Proactive Succession Planning
• How to build a well-rounded Treasury Team
• Strategies to retain top Treasury talent

We don’t just help you find the right talent; we also partner with you to ensure you are building a team that will sustain your business for years to come.

Winning the War for Treasury Talent

With top treasury talent in high demand, professionals often receive multiple offers. In “Choosing Between Multiple Job Offers,” we offer insights to help treasury candidates manage the pressures of a market where top treasury talent is strong in demand. Salary is not everything, as there are many other critical factors to consider.

For companies, the real challenge lies in finding the right talent. Today’s potential Treasury managers are expected to master a wide range of responsibilities. Traditional recruitment methods often fall short when seeking candidates with this multifaceted skill set.

At Treasurer Search, we know where to find the right professionals. Our team specializes in understanding the nuances of treasury operations and tapping into an extensive network to connect with both active job seekers and passive candidates—those who may not be visible on traditional job boards but could be the perfect fit for your company.

The Bottom Line

As treasury roles gain prominence on platforms like LinkedIn, companies must rethink their hiring strategies. Partnering with recruiters who specialize in treasury ensures you secure professionals who fit your team today and can lead your company forward in the future.

If you are hiring for treasury roles, consider partnering with recruiters like Treasurer Search who specialize in this field. Their insights and networks can make all the difference in finding someone who not only fits the role but can also drive your business forward in a challenging economic environment.

I am open to a conversation, feel free to contact me.

At Treasurer Search, we understand that becoming a CFO is a goal for many treasurers. To shed light on this path, we just finished a survey on the career paths of 50 CFOs who previously worked in treasury. We only scratched the surface and will keep on digging but already wanted to share some of the results with you.

Previous surveys show that transitioning from treasury into a CFO role does not happen too often. In comparison to group controllers, chief accountants and others, a relatively small number of treasurers make it to the board. And the treasurers are already a minority!

The findings in this survey reveal key trends in how these former treasurers transitioned into their executive roles. We found that nearly half of these CFOs started their careers directly in treasury, while the other half gained experience in other roles, such as banking, consulting, or audit, before transitioning to treasury and eventually to the CFO position.

The Role of Training and Education

A surprising finding? Only 9 out of 50 candidates completed treasury-specific training. For many, so it seems hands-on experience and learning on the job were more valuable than formal treasury education. We also see this with corporate treasury professionals in general, where the percentage of those who completed a treasury education is even lower. So translating ambition into education still remains a good investment.

Education did of course play a key role in their career advancement, with the most common qualifications being at the Master’s level. These degrees were in the fields of economics, business economics, and finance, with a few having backgrounds in related fields like law. We will invest further time to find out if the treasurers who became CFO more often have a postgraduate degree like CPA, MBA, RT and CFA.

CFO Transition Insights

As for when these CFOs reached their role, the average age was 43, with the range spanning from 32 to 57. This shows that the journey to CFO can happen at different stages in a career, though many treasurers make the transition in their 40s with a track record of over 15 years.

Of the 50 CFOs surveyed, 22 (44%) started directly in treasury and then moved on to become CFOs. This confirms that treasury can be a strong foundation for those aiming for executive roles, with many leaping without needing extensive experience in other areas.

De aankomende Wet Verduidelijking Beoordeling Arbeidsrelaties en Rechtsvermoeden (VBAR) , die de Wet DBA naar alle waarschijnlijkheid zal vervangen¹, brengt belangrijke veranderingen voor interim-managers. Een cruciale wijziging is dat interim-managers die een werknemer vervangen, niet zomaar meer als zelfstandige zullen worden aangemerkt². Dit onderwerp speelt momenteel binnen de gehele ZZP branche, en dus ook onder Interim-managers die binnen treasury actief zijn.

Status van de Wet VBAR

De Wet VBAR is trouwens nog niet ingevoerd. Het wetsvoorstel is naar de Raad van State gestuurd voor advies, maar de invoering is uitgesteld. Minister Van Gennip heeft aangegeven dat publicatie van de VBAR in het eerste kwartaal van 2025 niet langer realistisch is. De verwachte inwerkingtreding zal niet eerder zijn dan 1 januari 2026, en er komt een overgangsperiode met een redelijke duur.

Er is veel kritiek op deze wet.

De nieuwe versie is nog steeds niet duidelijk genoeg, vinden werkgevers, zelfstandigen en zzp-bemiddelaars. Door deze uitwerking ontstaat grote onzekerheid bij zowel opdrachtgevers als bij veel zelfstandigen, die juist behoefte hebben aan duidelijke criteria.

Hoe kwam deze wetgeving tot stand?

In mei 2016 werd de wet DBA ingevoerd, door het sterk groeiende aantal ZZP’ers. Daarvoor bestond de VAR, een verklaring voor een zelfstandige, die aangaf niet in vaste dienst te zijn. Die was duidelijk voor zowel de zelfstandige, de inhuurder alsmede de belastingdienst.

Echter groeide het aantal zzp’ers zo sterk, dat men in 2016 met de wet deregulering beoordeling arbeidsrelaties kwam. In de 8 jaar die volgde na de invoering hiervan, werd strenge handhaving uitgesteld wegens de onduidelijkheid over het verschil tussen een zzp’er en een werknemer.

De nieuwe wet zou een oplossing moeten zijn voor oa mensen die “gedwongen” zelfstandig zijn. Denk bijvoorbeeld aan postbezorgers, fietskoeriers, koks en mensen in de bediening.

Door de invoering van een ondergrens in het bruto uurloon van 33 euro, zouden mensen eenvoudiger rechten als werknemer te kunnen opeisen. De FNV is hier al langer mee bezig, bijvoorbeeld bij bezorgbedrijven. De bond kreeg bij de rechter gelijk dat Deliveroo-bezorgers geen echte freelancers zijn.

Maatregelen en Bescherming

Om te voorkomen dat een zelfstandige als werknemer wordt beschouwd, kan hij ervoor zorgen dat hij voor meerdere opdrachtgevers werkt en zou hij gebruik kunnen maken van door de Belastingdienst goedgekeurde modelovereenkomsten³. Daarnaast is het belangrijk dat hij zich houden aan de richtlijnen van de Wet DBA, zoals het niet aannemen van kerstpakketten of deelnemen aan personeelsbijeenkomsten.

Opdrachtgevers kunnen zich beschermen tegen naheffingen door de Belastingdienst door gebruik te maken van goedgekeurde modelovereenkomsten en extra aandacht te besteden aan de opdrachtomschrijving. Het is ook belangrijk dat ze duidelijke instructies geven over het gewenste resultaat, zonder directe aansturing van de interim-manager⁴.

Voor hulp bij de nieuwe regels kunnen interim-managers en hun opdrachtgevers terecht bij brancheorganisaties zoals de RIM (Register Interim Managers), en juridische adviseurs gespecialiseerd in arbeidsrecht en zzp-wetgeving.

Welke risico’s lopen opdrachtgevers en zelfstandigen?

Als niet anders is bepaald, loopt de opdrachtgever de grootste risico’s. Als bijvoorbeeld schijnzelfstandigheid wordt bewezen, kan de zelfstandige een vast dienstverband claimen met alle gevolgen van dien..

Voor de belastingdienst⁵ hoeft men zich nog niet direct reden tot ongerustheid. Bij een bedrijfsinterview of boekhoudkundig onderzoek zullen zij nagaan of er sprake is van schijnzelfstandigheid. En alleen bij opzet zullen ze correctieverplichtingen, naheffingsaanslagen loonheffingen en eventueel een boete opleggen. Is er geen sprake van opzet, dan geeft de belastingdienst eerst aanwijzingen die binnen 3 maanden moeten worden opgevolgd.

Vervolgens is aangekondigd dat de belastingdienst per 1 januari “gewoon” gaat handhaven. Helaas wordt in het nieuwe Handhavingsplan Arbeidsverhoudingen Tranche 2024 niet vermeld welke criteria de Belastingdienst gaat hanteren bij de handhaving.

Conclusie

Al met al zijn er nog erg veel onduidelijkheden bij zowel de wetgever als de belastingdienst wanneer het gaat om de invoering en handhaving van deze nieuwe wet. Zaak is het voor opdrachtgever en zzp’er om zoveel mogelijk op de hoogte te blijven met nieuwe ontwikkelingen en zich daarop al zoveel mogelijk op voor te bereiden.

If you’re a senior treasury or finance professional within the corporate environment today, we invite you to pause and ask yourself the following question:  Am I working “on” my business, or “in” it?

This may seem like a simple question, but the answer can make all the difference in your career as a treasurer or CFO.  But what exactly is the difference?

But what exactly is the difference?

The Difference Between Working “On” and “In” Your Business

Working ON your business means that you are focusing on the big picture and long-term vision — such as the strategic cash flow planning, for instance — that will take your business to the next level.

However, working IN your business means that you are simply fulfilling the day-to-day operations, or completing tasks that keep the business running, but not necessarily growing. Executing manual payments or preparing daily cash forecasts are good examples of this.

Our perspective – shaped through a combined 60+ years of experience in the industry – is that the treasurers and CFOs who have the largest impact are those that are able to frequently work ON their business, not in it. But of course, this does not mean that working IN the business is always wrong or less important.

We all know that organizations need productive employees working in the business also. In fact, working in the business is often how professionals best master the intricacies that make their organizations function.

Finding the Right Balance

But, there needs to be a strategic balance between the two.

Regardless of which position you may find yourself in today, we encourage you to spend time pondering the nature of your work, and how it is progressing under the current format. Consider what comprises a “good” or productive day in your role, and what constitutes a “bad” or unproductive day. What tasks or responsibilities come to mind?

It will likely not surprise you that many of the most successful financial executives – entrepreneurial or otherwise — find the most success by alternating between working “on” and “in” the business. This is ultimately what enables them to find the right mixture of productive, sustainable, and fulfilling work that also meets the company’s short-and-long-term needs.

Naturally, we understand that treasurers need to execute on various tasks that require working “in” the business for defined periods. However, if you are ALWAYS working in your business, and rarely have the time to work on it, you might never come to truly succeed in enhancing the status quo or building upon the current state. In other words, you need to prioritize finding time to work “on” the business in order to reduce the time you spend working “in” it. As the metaphor goes, you need to sharpen your saw before you begin cutting down the tree.

Conclusion

In the modern era of finance and treasury, one of the best ways to work on your business, not in it, is to outsource certain tasks to a specialist like TIS. Maintaining bank connections and bank account information or automating manual payments and forecasting workflows are examples of where this might make sense. Or, take a step back and think about your current role and team – either during an extended vacation or holiday. Evaluate whether you can delegate certain tasks to others – internal or external – who can perform them more efficiently or who have more bandwidth to accommodate them. This also frees up your time to focus on the big picture and strategic planning.

For practitioners who would like to learn more about achieving the right balance in their workload or would like to explore solutions for simplifying their existing structure, reach out to us. We would be happy to discuss further!

Co-Authors: Joerg Wiemer, Co-Founder of TIS & Pieter de Kiewit, Managing Director, Treasurer Search

As a recruitment consultant, I speak on a daily basis with interim treasury candidates and large corporations. I often notice that during these conversations, a distinction is made between interim managers and consultants. For many, an interim manager is seen as a freelancer who temporarily fills a role within a company, essentially keeping operations running smoothly. This might be due to a long-term illness, maternity leave, or the departure of an employee, providing the company with time to find a permanent replacement. These candidates are often labeled as relatively “cheap.”

A consultant is viewed as a highly experienced specialist in their field, taking on projects with a clear start and end, such as implementing a Treasury Management System (TMS), setting up a securitization process, guiding the establishment of a new Treasury department, or building an in-house banking environment. These candidates are generally more expensive and come from well-known firms.

However, when I look at the market and listen to my clients and candidates, things are not black and white but often. I believe there are some misconceptions here.

1. Interim manager as Specialists: Many of my freelance candidates have extensive experience in Treasury and can often hit the ground running when it comes to keeping a seat warm. Yet, having seen so much over the years, they could also be placed on various specialized projects that I mentioned above in the text on consultants. This brings me to my second point;
2. Cost Perception: Whether something is perceived as expensive or cheap varies from person to person or company to company. However, my freelance candidates often charge a fee within a small range, depending on the assignment, its complexity, distance, and duration. Yet, their rates are nowhere near the prices of the major consultancy firms. Consultancy firms do of course have their merits and can pick up projects with a result guarantee. they often have a broad and deep expertise basis and broader relevant networks

What I’m trying to convey here is: look at what you need as a company and at the individual’s experience and suitability for the assignment, rather than the label they carry or the firm they come from. This approach ensures you get the right person for the job, maximizing value and expertise without unnecessary costs.

As a treasury leader, you understand the importance of effective cash flow management, risk mitigation and strategic financial planning. But your role goes beyond these core responsibilities. Building a high-performing team is fundamental to your department’s success. This blog explores key considerations for treasury leaders in building a strong talent pool.

Proactive Succession Planning

While internal recruiters can facilitate the initial stages of hiring, the responsibility for maintaining a robust talent pipeline ultimately falls on your shoulders. Succession planning is a critical aspect of this responsibility. By anticipating potential departures and identifying the skills required for future growth, you can proactively source and develop talent internally. This proactive approach ensures a smooth transition and minimises disruption.

Build a well-rounded Treasury Team

While technical skills are essential, focusing solely on resumes creates a narrow lens. Look for candidates who have complementary skills and personality traits that contribute to a high-functioning team. A strong leader may need a detail-oriented teammate to ensure a balanced and efficient operation. Prioritising cultural fit alongside technical competence will encourage collaboration, build team spirit and ultimately drive departmental success.

Expand your Search

Relying solely on internal recruiters or external agencies introduces an element of risk. To mitigate this, explore alternative recruitment channels. Industry conferences, professional organisations and targeted online platforms can be valuable sources of highly skilled individuals. Proactive outreach demonstrates initiative and commitment to strengthening your team.

Strategies to Retain Your Top Treasury Talent

Attracting talent is only the beginning. Retaining high performers is just as important. Prioritise professional development opportunities to enhance their skills and keep them abreast of evolving industry trends. Clearly defined career paths provide motivation and demonstrate a commitment to employee growth. In addition, fostering a culture of open communication, appreciation and work-life balance creates a positive work environment, promotes employee satisfaction and reduces turnover.

Conclusion: Building a strong treasury team together

At Treasurer Search, we understand the unique challenges faced by Treasury leaders in building exceptional teams. Our extensive market knowledge, combined with a focus on long-term client relationships, positions us as your trusted partner in managing the talent spectrum.

We invite you to get in touch with us! We look forward to discussing your specific needs and working with you to build a high-performing treasury team that will enable your department to achieve its strategic goals.

Recruiting for a treasury specialist is different from recruiting for a Group Treasurer. Technical skills and knowledge are considered a given at this level, personality becomes a more important factor, and stronger connections to business leaders are expected. Mass recruiters are not used anymore, companies are less likely to do the search themselves, and senior executive firms and niche firms like ours are used to find the candidate.

Why finding your next Top Treasury Executive requires a specialised approach

Finding a new Treasury Professional may seem straightforward, but when it comes to group treasurers, a whole new level of expertise is required. At Treasurer Search, we understand the nuances of these critical roles and the specialised approach required to attract top talent. Pieter found his first Group Treasurer of a listed firm before 2000, a first in a string of many that is still being extended.

The Importance of Soft Skills

While technical skills and financial knowledge are essential, they only paint part of the picture for a Group Treasurer. Even more than for junior and medior treasurers. At this senior level, soft skills become paramount. The ideal candidate will possess:

• Strategic thinking: The ability to align treasury functions with overall business objectives.
• Strong communication skills: Collaborate effectively and communicate complex financial concepts to diverse stakeholders.
• Leadership: Inspiring and guiding a team to achieve key financial goals.
• Business acumen: Understanding the broader business environment and its impact on financial strategy.
• Relationship building: Fostering strong relationships with internal and external partners.

Tailored Recruitment Strategies

Finding a Group Treasurer demands a far more targeted approach than relying on bulk recruitment methods. These senior positions are rarely filled, and companies often lack the internal expertise to conduct a thorough search. This is where specialized executive search firms like Treasurer Search come in. Identifying & screening candidates, approaching them, and guiding the process are handled more thoroughly and discretely than with junior positions.

Our Approach

• Deep industry knowledge: We possess and continue to invest in a comprehensive understanding of treasury across various sectors, allowing us to identify the best-qualified candidates.
• Extensive network: We cultivate long-lasting relationships with top treasury professionals, granting us access to a pool of talent not readily available through traditional methods who pick up the phone when we call.
• Customized approach: We take the time to understand your specific needs and company culture, ensuring a perfect match between candidate and employer.
• Confidentiality and discretion: We handle all searches with the utmost confidentiality and respect, protecting the reputations of both companies and candidates.

Partnering for Success

At Treasurer Search, we believe in fostering long-term partnerships. We don’t just fill vacancies; we build successful teams. By leveraging our specialized expertise and targeted approach, we connect you with the ideal Group Treasurer who can elevate your organization’s financial performance and contribute to its long-term success.

Ready to find your next Group Treasurer? Contact us today and let’s discuss your specific needs.

This year we celebrate our 15th birthday!

We have steadily grown to a 12-person team and have a very healthy, stable foundation. In our German expansion, also based upon what German treasurers tell us, we choose a steady, personal and quality-driven approach. Not the “quick and dirty” for which our industry and fellow Dutchmen are sometimes known for.

Interestingly enough…

Our most prominent successes are assignments of the type we worked towards in our early build-up years: Senior positions reporting to the CFO. What we notice is that hiring managers, CFOs and Group Treasurers, put internal recruiters more into the forefront. On the one hand that creates better scheduled processes. On the other hand, these processes tend to be longer and internal recruiters often lack treasury expertise which is understandable as they have to cover many bases.

Also, internal recruiters do not tend to feel the urgency of the hiring manager. When you combine this with notice periods of up to 6 months, recruitment processes are often much longer than in other countries. So far, we have not seen that this leads to an increased demand for interim treasurers.

In the past year, Treasurer Search has achieved significant milestones in expanding its footprint in Germany. Our German Treasurer Search team has been actively engaged in diverse assignments that reflect the distinctive dynamics of the German market.

Current assignments

Within our client’s organization, we see the traditional German business values like thorough processes and in-depth analysis of tasks & personality on one hand. On the other hand, we see the entrepreneurial and impact of non-Germans in the company. We are on the lookout for a senior treasury generalist with exceptional proficiency in Debt Capital Markets (DCMs).

Another current senior assignment is also in Berlin. There our client is rapidly expanding and due to their strategy, leveraged finance will remain essential. The appealing aspect of this assignment is the expected IPO. We are actively searching for a group treasurer with a robust profile in leverage finance, possibly with a background in banking.

Here you can find out more about our current positions in Germany:

Meet us at the Finanzsymposium in Mannheim

We are also pleased to announce that we will be attending the Finanzsymposium in Mannheim in April. We encourage all our partners, clients and treasury professionals to join us there to discuss the latest trends and opportunities in treasury.

Meet us at the Finanzsymposium

Conclusion
At Treasurer Search, we see great potential in the German treasury recruitment market. As we continue to expand our presence in Germany, we are committed to providing expertise and personalized service to both our clients and the many talented treasury professionals looking for their next role with us.