In its latest salary survey, recruitment consultancy Michael Page has found that average salaries for the most senior treasurers have fallen, even though the highest-paid group treasurers based in London can still earn £200,000 a year. In its 2025 Salary Benchmarking report, the average salary for a London-based group treasurer is now £175,000, down on 2024’s average of £180,000.
However, treasury professionals in lower-grade positions, such as assistant treasurers, treasury managers and analysts have seen average salaries increase by between 7% and 11%.
The average salary for a London-based assistant treasurer is now £110,000, an increase of 10% on last year’s average of £100,000. Treasury managers are now on an average of £75,000, up from £70,000 (7%) while treasury analysts have seen their average salary increase from £45,000 to £50,000 this year (11%).
The benchmarking report also suggests there is not much of a north/south divide in salaries. A head of treasury position on the south coast pays an average of £115,000, while the same post will pay £110,000 in both the Midlands and the North.
A snapshot of the Michael Page salary benchmark report shows:
Medium salary
2024 2025 % change
Group treasurer £180,000 £175,000 -2.8%
Head of treasury £150,000 £140,000 -6.7%
Assistant treasurer £100,000 £110,000 +10%
Treasury manager £70,000 £75,000 +7.1%
Treasury analyst £45,000 £50,000 +11%
The report said that across the audit, tax, and treasury landscape, 2024 saw a cooling of the in-house market compared with 2023, driven by tighter budgets and spending cuts. “This affected team structures, as the growth in team sizes seen in 2023 stalled due to limited resources, financial constraints, and uncertainty about future market conditions. CFOs faced the challenge of navigating a shifting socioeconomic landscape, which impacted their ability to expand teams.
“As cost pressures and currency fluctuations increased, many businesses paused recruitment throughout 2024, choosing instead to focus on improving systems and efficiencies rather than expanding or upskilling their audit, tax, and treasury teams.”
Philip Smith is editor of The Treasurer
