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Swiss salaries: Bankers no longer biggest earners

The pharmaceutical industry has leapfrogged the banking sector to take top place in the Swiss earnings table, newly published data on executive salaries reveals.

Published: 19 November 2018 10:28 CET

Swiss salaries: Bankers no longer biggest earners

Swiss banking executives are not exactly poorly paid. File photo: Depositphotos

Top-ranking executives in the pharmaceutical industry now have a median gross salary of 645,420 Swiss francs (€565,660) against 526,000 francs for the third-placed banking and financial services sector.

In second place is the insurance industry where the median gross salary for top-flight executives is 643,104 francs.

That’s according to previously unpublished data on executive salaries from the Federal Statistics Office obtained by Switzerland’s NZZ am Sonntag newspaper.

Not just top executives

The banking sector’s slide down the ranking tables is not just for the upper echelons either. Mid-level managers in the pharmaceutical industry now have a gross median salary of 280,000 francs against 220,000 francs for their counterparts in banking, who come in third place behind the insurance industry here as well.

The figures reflect the differing fortunes of the two industries over the decade since the global financial crisis.

While mid-level managers in the pharmaceuticals sector have seen their salaries soar 90,000 in this period (the industry’s exports have climbed from 50 billion francs to 80 billion francs in ten years), bankers at the same level have actually seen their median wage plummet 40,000 francs.

Not crying poor

But top-ranking bank executives can't exactly cry poor. Compared to most industries, they continue to do very well. By comparison, top-ranking executives in the retail industry have a gross median salary of 149,016 Swiss francs. For the health sector, that is 229,244 francs and for the transport sector, the figure is 204,416 francs.

Non-management staff

For employees without management responsibilities, the top earners are in telecommunications, with a median gross salary of 104,352 francs, followed by the pharma industry (100,290 francs) and education at 98,592 francs.

At the other end of the scale, the lowest-paid industries at this level are hospitality (49,932 francs) and then retail, where the figure is 55,380 francs, and construction at 70,188 francs.

Read also: This is how much people earn in Switzerland

'Things have changed': Can you get a job in Geneva without speaking French?

Organisations such as the International Red Cross, the World Health Organisation, and the United Nations are either based in Geneva or have a significant presence there.

Furthermore, the Geneva region has a population of over half a million, making it an ideal base for global businesses to reach Swiss (and European) markets.

There is no doubt that the city is a centre of international diplomacy and business and has been for decades.

Having said that, how hard is it to find a job in Switzerland’s largest francophone city? Or indeed anywhere in Suisse Romande in general? Do you have a chance of securing a role without French language skills?

The expert view

Recruiters think you might find it challenging if you’re not planning to work for one of the major international bodies.

Anthony Caffon, Director of Finance at Michael Page, a significant regional recruiter, told The Local: “From our perspective, as a large operator in West Switzerland, only a few roles don’t require candidates to speak French.

“A few years ago, there was indeed a shortage of skills in the market, and coupled with major multinational companies located here, companies were open to employing non-French speakers.

“We now notice a change. French is required in 90 percent of the roles we recruit outside international organisations.

“Organisations would only take on non-French speakers in some highly technical roles, for which there is absolutely no local talent pool,” he said.

‘It was critical for wider job opportunities’

However, when surveyed, readers of The Local had differing perspectives on whether not knowing French was a hindrance to searching for a job in Geneva.

Sofia, an American, responded: “It depends on the job and sector. French is desirable but not required for international organisations, NGOs, and many private companies such as EA Games or financial companies like Barclays.”

However, she noted that speaking French became more essential when settling in the country.

“It was critical for my Swiss naturalisation, but also to have a wider spectrum of job opportunities and better working relationships.”

Generally, to apply for Swiss citizenship in the canton of Geneva, one must achieve French oral B1 and written A2, as set in the Common European Framework of Reference for Languages (CEFR).

Michael, who lives near Lausanne, agreed with Sofia, telling The Local: “It depends if you work for a multinational or a local company.”

“If you work for a multinational or Swiss company, you need French. But you can generally use English in the office at Nestle, BAT, PMI, Novartis, or WHO.”

Another respondent, Phil, believed that speaking French would assist in job searching.

He stated, “I think it depends on your industry. If you work in the pharmaceutical area, then just English is fine.

“If you speak French, however, I think it’s easier to understand the application process and job descriptions.”

A Briton, Katie, thought speaking French could also help smooth the way when starting a new role in Geneva.

She responded: “It shows you are curious about where you live. It helps build relationships with colleagues and, of course, for some jobs, it is needed.”

‘You can get by fine’

Those seeking to work in Geneva who don’t speak French shouldn’t fret just yet.

An anonymous respondent from Ireland told The Local: “Some basic French is needed not to look utterly dysfunctional in casual social settings, but if the business works in English, then that is generally sufficient.

“Once you can complete the technical requirements of your job well, you can get by fine,” they said.

“Some employers will specify that French and English are requirements on the job listings, even if you only need English to do the job.

“Not having any French can put people off applying for many openings when, in fact, they might be fine applying anyway.”

What have you experienced finding a job in Geneva? Did you need French skills? Let us know in the comments.

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