SHARE
COPY LINK

JOBS

Swiss finance sector job vacancies rise: report

After a two-year period of retrenchment, Swiss banks, finance and insurance companies are hiring again, according to the latest quarterly job vacancy figures.

Swiss finance sector job vacancies rise: report
UBS is leading the rebound in Swiss finance sector hiring. Photo: UBS

The number of positions to be filled in these sectors reached 3,590 at the end of September, the highest level since June 2011, according to an index published online by Finews.ch, a German-language financial news site.

Despite concerns over attacks on Swiss banking secrecy and the impact of the international fight against tax evasion, the volume of vacancies is up 7.6 percent from the same period a year earlier.

In the banking sector alone, the number of vacancies rose to 1,227 jobs, up 20.9 percent from January 2013, Finews reported.

Other financial companies (including accounting, IT and consulting) saw a 17.8 percent jump in vacant positions, the website reported, citing figures from the internet portal JobDirectory.ch.

Positions advertised for insurance companies increased 11.4 percent to 1,180.

Among the biggest insurers, Zurich Insurance advertised 110 vacancies in September, up 30 from three months earlier.

“Hiring freezes are history,” Finews said.

“Financial institutions need better-trained and highly professional staff to meet enormous challenges and regulatory challenges.”

So, despite spending cuts in the financial sector, new jobs are being advertised, with an emphasis more on experienced workers than entry-level positions.

Private banks, for example, need more personnel to serve their customers professionally while meeting legal requirements, Finews said.

Hiring at UBS, Switzerland’s largest bank, is at its highest level domestically in more than two years, with 345 vacancies in Switzerland, compared to 241 at the end of December 2012.

Vacancies at Credit Suisse, the country’s number two bank, grew more slowly at 228, compared to 218 at the end of last year.

Other banks are also hiring more, including private, cantonal and foreign banks, Finews said.

The "big four" financial consulting firms (Deloitte, Ernst & Young, KPMG and PwC) advertised for 280 positions in September, led by PwC, which posted 80 jobs, the report said.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

JOBS

What are the best ways to search for your next job in Switzerland?

Looking for a new job in Switzerland? We've put together some tips on where to search for that new role.

What are the best ways to search for your next job in Switzerland?

The good news is that, as a country that serves as a world centre of finance, pharmaceuticals, and research, Switzerland offers an environment very friendly to English speakers. Unlike some European countries, hiring is a flexible and open process. 

That said, some hints will help you in your Swiss job search. 

Know where to look 

Before beginning your job search, knowing where most of your industry’s jobs are is essential. 

As The Local Switzerland has previously discussed, Zurich is Switzerland’s financial capital, whereas most pharmaceutical players are based in Basel. 

The life sciences are concentrated in ‘Health Valley’, stretching from Geneva to Montreaux. 

Geneva, Zurich, Lausanne, Bern, Basel, and St Gallen also have large universities that employ many researchers from abroad. 

Knowing where jobs are based will allow you to concentrate your search, and give you the time to more fully research and understand the needs of particular companies.

READ MORE: Where are the jobs in Switzerland for English speakers?

Develop your Xing as well as your LinkedIn profile

Most job seekers within professional working environments will have a LinkedIn profile to share with prospective employers. 

Xing is also a significant player in Switzerland, Germany, and Austria, and it’s normal for German-speaking professionals to have an accompanying profile on that platform. 

Developing your presence on Xing can demonstrate that you are gaining a greater understanding of the Swiss working environment and establishing yourself as a long-term investment. 

READ MORE: Can you find a job in Zurich if you don’t speak German?

Use specialised job boards 

While many of the big job boards operate in Switzerland—Indeed and Monster, for example—several job boards focus on Swiss jobs specifically or service a key segment of the job market. 

Jobs.ch, jobup.ch, and Jobscout24 are popular sites within Switzerland and are often the first port of call for job seekers. Each has an English version and a user-friendly interface.

Several specialist job boards exist for specialised roles, such as those in the IT or medical research sectors.

Using a profession-based job board allows employers to draw from a more concentrated talent pool while offering job seekers a more significant opportunity to showcase their knowledge and skills. 

SwissDevJobs.ch is a popular destination for IT professionals, whereas Praxisstellen.ch specialises in pharmaceutical and medical research jobs. SwissTopJobs.ch is an excellent place to look for C-suite jobs in the finance and banking sectors. 

Networking is essential 

While there is often a perception that job hunting in Switzerland is very process-oriented, you may be surprised to learn that many positions are filled via word of mouth. 

Suppose you have friends or former colleagues already found a position within a Swiss firm. In that case, asking what positions are opening and whether you could apply is not unreasonable or rude. 

Word of mouth and hiring through connections are common in the Swiss IT field, but they are also common within several other industries, particularly among startups. 

Read More: Where are Switzerland’s biggest international companies?

Use your initiative 

You may also be surprised to hear that simply applying to a firm with your resume isn’t looked down upon in Switzerland (or the German-speaking world). 

This is known as an Initiativbewerbung (or simply ‘application on the initiative’), and employers often regard it very favourably.

To make an Initiativbewerbung, you’ll need your Anschreiben or lettre de motivation (cover letter), Lebenslauf or resume (curriculum vitae or CV), testimonials from other employers, and copies of any relevant certificates or qualifications. 

When naming these files, remember to use the German terms—it will help when they are searched for later!

It’s worth taking the time to identify and address your application directly to the head or manager of the particular department you’re looking to work within. This will create a stronger impression, and there’s less chance of losing it in the daily flow of emails and information. 

SHOW COMMENTS