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FINANCE

‘In Sweden, everyone follows the system’

Prashant Jain, 29, moved to Sweden to work at an asset management company. He tells The Local how working in investments gives you a global outlook, and how Swedes don't buck the system.

Published: 28 December 2015 06:00 CET
Updated: 28 December 2015 07:47 CET
'In Sweden, everyone follows the system'
Photo: Private

 

Originally from India, Jain moved to Stockholm in 2012 for a job as Assistant Portfolio Manager, specializing in investments.

Jain says his day-to-day tasks involve researching different markets and advising clients on the best markets worldwide to put their money into. 

Another aspect of Jain’s work involves looking at so-called 'big data' and research to find out public sentiments towards different markets.

“Right now, we are seeing the impact of the Paris attacks on France’s stock market. People get scared and it affects investments. The same thing happened in Turkey last year due to the unstable political situation – no one invested in Turkey so everyone sold off their stocks. 

And it’s not just political events that affect finance. Jain tells us: “During the last World Cup, when Brazil lost there was a negative sentiment towards them. Lots of people said that if they had won, it would have boosted the Brazilian financial market.”


Photo: Private

“Working in investment gives you an outlook onto the whole world,” explains Jain. “It helps you understand the world around you and what’s going on. Everything has an impact on the financial market – and vice versa.”

Having a job at a global firm in Stockholm has also opened Jain's eyes to cultural differences in how people do business. He notes that in Sweden, people in his field are often less open to trying out new technologies in finance and are more sceptical about taking risks.

“Clients are a bit more laid back compared to the US or the UK. In finance they are less likely to take risks here, they are happy with what they have,” he says.

A preference for security also has an impact on the financial career ladder in Sweden. “For example, if you want to be a Portfolio Manager here you need ten or more years’ experience,” says Jain. “In the US you could be a 19-year-old, they spot talent, but in Sweden everyone follows the system.

“If I had to sum up the financial world in Sweden, it would be stability and security. In American culture there is a huge potential to make it big very quickly, but you can also fall down. Here, if you know the system, you don’t have to worry about things. It’s less stressful and that’s why people are so much happier.”


Photo: Private


Although job stability is more likely in Sweden, Jain also comments that the finance market is much smaller compared to Asia, the UK or the US. He tells us: “Here, it all depends on how you perform. There is no space for making mistakes – it’s challenging, but fun if you love your job. I was always very focused and it’s a good opportunity if it’s what you really want to do.”

Alongside his day job, Jain has also found time to work on entrepreneurial projects, for example his recent launch of Bollywood films in Sweden, inspired by his interest in Indian film and his contacts in the Bollywood industry.

Even when talking about this personal project, Jain's language shows his financial background. “I saw that there was a market for international films, and limited supply in Sweden,” he explains. “So far, the response has been tremendous, and I hope that it will help with integration.”

“It was a good opportunity to step out from my day job, do something to feel happy and give back to the community by bringing people together,” he told The Local.

Of course, balancing entrepreneurship alongside a demanding job in finance is hectic, but Jain is pleased with the decision he has made: “It’s very stressful and hectic, but if you have high ambitions you have to do a lot of work. Overall, I am very happy I chose to come to Sweden.” 

For members

READER INSIGHTS

How to find a job in Sweden: Five tips from those who’ve been there, done that

The Swedish job market poses unique challenges for newcomers. The Local's readers share their best tips for cracking the career code.

Published: 10 April 2024 11:32 CEST
Updated: 13 April 2024 15:50 CEST
How to find a job in Sweden: Five tips from those who've been there, done that

Network, network, network!

A statistic that often gets tossed around is that seven out of ten jobs in Sweden are obtained through personal connections, and there’s no doubt that a good network is crucial to your job hunt, making the labour market extra challenging for newcomers to the country.

In fact, networking was the main tip mentioned by The Local’s readers.

“The job market is quite hot in Sweden, and talent is in short supply. People hiring do not have a lot of time to find the right talent, and tips from friends, colleagues and former colleagues are the way to first, find out organisations are hiring, and secondly, get your CV on the short list,” said Kyle, a Canadian reader who works in innovation management in Gothenburg.

“If you are going for a major employer like Volvo, network gets you in the door, as HR does not have much to do with hiring… the hiring managers do all of it and have no time, due to the insane number of consensus meetings. If you are looking for smaller organisations, they have even less time to find people, and networking is their primary way to find talent,” he added.

NETWORKING IN SWEDEN:

Some of the networking tips readers mentioned were going to job fairs, getting an internship to help you establish connections in your preferred field, joining clubs (this could be anything from your local gardening association to meetups for coders, but focus on clubs that may be popular among people working in your chosen field), and drawing on your organic network of friends, neighbours and others.

Don’t neglect the groundwork

The saying “dress for the job you want, not the job you have” is getting worn out (and people may look at you funny if you turn up to interviews in a Batman suit), but there’s truth to the notion of making sure you know what you want – and preparing for it.

In other words, don’t wait for a job ad to appear before you start to customise your CV and figure out what skill set you need. Create your CV now so that you’re ready to tweak it to your dream job – you could even have a general look at job ads in your field to see what requirements are needed. And don’t forget to spruce up your LinkedIn profile so that it fits with your career goals.

“I believe that several factors contribute to successfully landing a desirable job in Sweden. It’s essential to prepare to meet the requirements beyond just having a university degree. Many individuals realise these requirements only after completing their studies when they start searching for a job, which can be too late,” said Adnan Aslam from Pakistan, who works as a food inspector.

“I recommend identifying the job advertisements for positions you aspire to hold in the future and then preparing for those requirements during your studies. For me, acquiring a basic level of proficiency in the Swedish language and obtaining a Swedish driving licence were crucial. I pursued these goals during my studies and was able to secure a desirable job before graduating,” he added.

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Felipe Cabral even has a GPT assistant trained on his own CVs and old cover letters, and said the set-up only takes ten minutes if you already have your documents. “With that in place, you can give instructions like: Read this job description and create a tailored version of my CV and letter for it. (…) Remember to always review and ask it not to create data aside from your documents.”

Be flexible and ready to adapt

Moving to a new place inevitably means having to learn not just the practicalities such as how to write a CV or which websites to use to look for job openings, but also learning how to navigate a new culture with all its unspoken expectations.

Swedish workplaces are generally less hierarchical than many other countries, but that doesn’t mean you can say whatever you want whenever you want without anyone raising an eyebrow. Swedes are usually direct, but be careful of being too abrasive or boastful: raising your voice, even during a spirited argument, or banging your own drum to show off your skills may not go down well.

“Talk, deliberate, complain like a Swede and you’ll come across like you know what the job entails, so your trustworthiness increases,” said an Indian data analyst who preferred to remain anonymous.

“Office politics are just as strong in Sweden as anywhere else. The flat hierarchy is deceiving as social hierarchy is enforced quite a bit in that lack of formal hierarchy. Take your time in learning these dynamics wherever you work before revealing your talent and capabilities. Expect those internal politics to happen, and they won’t hurt so much when they do,” said Kyle, the Canadian reader in Gothenburg.

This article about Swedish office politics may be useful.

Stay true to yourself

Adapting to your surroundings is one thing. Completely changing who you are is another.

For one thing, your happiness is as important as your career progression, and for another, your foreignness need not be an impediment: it’s also a skill that sets you apart from the rest. It means you have unique experience, and also, in the right setting, provides an opportunity to sometimes violate those social rules we mentioned above, because people assume you will, anyway.

“Trust is key. Build trust in your network, work with integrity. It’s OK to violate jantelagen if you are maintaining integrity. Sometimes your outsider and more honest/open opinion will burn bridges, especially those that may feel threatened by talent. But it will build trust with other colleagues who see it as brave and more trustworthy to work with,” said Kyle from Canada.

Hunker down for the long haul

We don’t want to scare you, because there are plenty of examples of people who quickly find their dream job in Sweden and settle into their new workplace, enjoying perks such as long summer holidays, generous parental leave and the famous work-life balance.

But if you do find it tougher than you expected: know that you’re not alone.

Several readers who responded to the survey said they were still trying to find a job in Sweden.

“I found jobs all over Europe but not here. They say they have a lack of experienced senior engineers but the don’t seem to be doing much to solve this,” said a Brazilian in Gothenburg.

A reader from Bangladesh said she was “at a loss” as to how to make a career change from her current AI role in Stockholm, despite many years of experience as an IT project manager.

“Over the past 18 months, I’ve submitted over 600 applications to various organisations. Unfortunately, despite being overqualified for some positions, I’ve faced rejections at every turn, from both large and small companies. The job market here, especially for foreign-born women, feels overwhelmingly challenging,” she said, adding that the struggle had impacted her mental health.

The Local has on several occasions reported on foreign residents’ struggle to get a foot on the Swedish job ladder, with many facing hurdles such as employers’ unfamiliarity with international degrees, discrimination, or a lack of network that can provide paths into a company.

So during the job hunt, don’t forget to care for yourself. Share your concerns with fellow job-seekers, ask for help and join networking groups – this is good not just for creating new contacts, but also in terms of your social well-being and meeting people who are in a similar situation.

And finally, as one British reader in Stockholm advised, keep looking: “Be open-minded with the opportunities that present themselves. It isn’t an easy market to enter and doesn’t feel inclusive.” But he added, “don’t give up”.

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