Career Services Update
Getting a Job in Europe
For those of you embarking on a job search in Europe, the news is predominantly good. After the slump in 2000–2003, the market has now recovered and offers many exciting opportunities. Getting a job, however, is by no means guaranteed. It is vital to understand the differences between each individual country and its markets and to vary the approach to job seeking accordingly. Equally, job seekers ought to be aware that the different job sectors currently exhibit different growth rates in Europe. It is worth remembering that the MBA is not regarded as highly here as it is in the United States or in Asia, and that the focus rests on an applicant’s track record. When applying for jobs in Europe, therefore, it is important to lead with your strengths and experience.
Consider Geographies
Looking at the countries individually, you will find that the UK is presently the best place for job possibilities in the financial and consulting sectors; it has a buoyant market with an impressive number of international opportunities. The job market in the Benelux countries is stable, but in many cases, knowledge of the local language is a job requirement. Germany and Switzerland are experiencing growth in opportunities in the financial sector, with Switzerland also offering a number of positions in the consumer packaged goods and pharma sectors. In the case of France, there are signs of improvement in the financial sector, while in Spain and Italy, most employment possibilities are within the local market and, here again, it is important to speak the language. Eastern Europe also has exhibited market growth, with such multinationals as Cadbury moving operations there. In Russia, the financial sector is going strong, and specialized financial skills and experience are highly sought after.
Look at Sector Growth Areas
Overall, the two sectors that have shown the most considerable growth rate in Europe in the last two years are finance and consulting. In finance, hiring has been strong in such areas as investment banking and capital markets, private banking, and wealth management. In corporate finance, there is a strong demand for analysts and associates and a greater need for transaction leaders.
Consulting also has seen dramatic growth, particularly in strategy, with fresh MBAs being actively pulled in by the big firms. The increased need for consultants has led some consulting firms to “go to market” in search of experienced strategy consultants. Financial service consulting firms show strong demand for experienced consultants with broad exposure to financial transformation, shared services, and systems integration. In the areas of IT strategy, risk and compliance, and transaction services, recruitment is driven by the “Big Four” firms.
Getting the Job
When looking for employment opportunities in Europe, it is important to have experience or transferable skills relevant to the function and sector you are targeting. Knowledge of a local language and ability to conduct business in the language are often key factors. Headhunters can prove to be of help as long as the skills and experience you offer are relevant and in demand. Career switchers will not be able to use their help and will find the job-seeking process more challenging. Remember, you are competing with locals, and when the skills you offer are general, locals will be given preference. This is where networking becomes critical. Use the GSB local network, including EXP alumni and current students. In some cases, it is advisable to consider moving first within your own company, which will give you an opportunity to get to know the market and build networks.
Where to Start
On the very practical side, here are some useful resources you can turn to as part of your preliminary research:
- For advice on the markets in Europe, the Middle East, and Africa, email me your request to receive the regional career newsletter.
- Many firms seek top talent and post opportunities on Chicago Booth’s Job Posting website. To view these targeted firms, sign up for the school’s Job Postings Daily and Search Firm Listing Weekly.
- To start researching sector-specific developments on the European job market, visit efinancial careers.co.uk, ft.com/jobs, top-consultant.com, and the jobs section of timesonline.co.uk.
Good luck in your job search, and feel free to email me.
