Job prospects in the Swiss financial sector have significantly improved compared to the previous year: 45.6 percent of respondents rate them as «good» and 9.1 percent as «very good.» In 2023, these figures were 36.5 percent and 4.3 percent, respectively.

Notably, 24.6 percent (up from 18.1 percent last year) of survey participants recommend entering banking, while only 16.8 percent (down from 21.8 percent) advise seeking a job at a fintech. Recommendations for entering the insurance industry and areas like fund distribution, brokerage, or independent asset management remain stable.

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These findings come from the 13th online survey on job prospects in the Swiss financial sector. The survey of over 1,200 finance sector employees was conducted by industry portal finews.com, the Swiss Finance Institute (SFI), and Swiss PR agency Communicators over the past two months.

The changes are particularly evident in the skills required of finance professionals: this year, networking skills, social media competence, and strong language skills are in higher demand. These areas saw increases from 42.7 percent to 52.6 percent, 18.3 percent to 20.9 percent, and 34.9 percent to 44.3 percent, respectively. All these areas involve enhanced communication, highlighting that banking is no longer a walk in the park.

New Career Opportunities in Private Equity and Investment Banking

The best career prospects are in IT, digital product innovations, and Private Banking/Wealth Management, as well as, more recently, in the private equity sector. Surprisingly, investment banking has also gained favor among survey participants this year. This rise is likely due to the increasingly complex client demands in wealth allocation.

Areas considered to have fewer career opportunities include retail banking, back-office services, and human resources (HR). How much the increased interest in investment banking will translate into real career opportunities in Switzerland remains to be seen. So far, there are few signs indicating this.

Respondents identified three main obstacles to career development: competition from expats (33.0 percent), business relocations abroad (49.9 percent), and increased regulation in certain business areas (49.0 percent), according to the survey.

Decline in Home Office Popularity

Survey respondents agreed that continuous education and training are now essential, particularly in Private Banking/Wealth Management, pensions, law, IT, and fintech. Almost a third (31.3 percent) of employees rely on university courses (MAS, DAS, CAS) and thematic seminars (42.7 percent) for their education. For example, the SFI Master Classes are now attended by one in five survey participants.

Many professionals (35.3 percent) complain that their employers are less likely to cover training costs. Additionally, 39.6 percent of employees note that their employers expect external training to take place outside of working hours.

A notable trend this year is the significant decline in demand for home office work. Only 63.9 percent of professionals still want to work from home, down from 72.2 percent last year. The home office workload has also decreased: 33.4 percent work from home one day a week, and 19.5 percent two days a week. Over half of the survey participants (51.4 percent) are now willing to accept a pay cut to work from home, compared to just 20.5 percent last year.

One in Five Bankers Without Bonus

Lastly, financial sector employees in 2024 expect bonuses and performance-based compensation to increase «significantly» (7.2 percent of respondents) or «slightly» (16.1 percent) over the next five years. Last year, these figures were 1.5 percent and 12.4 percent, respectively.

This expectation aligns with the increased bonuses reported: 14.4 percent received bonuses exceeding 20 percent of their salary this year, and 17.2 percent received bonuses over 10 percent. These figures are significantly higher than last year (8.5 percent and 13.6 percent, respectively). However, nearly one in five bankers (19.5 percent) did not receive a bonus.

Among the financial centers with the greatest growth potential, Dubai leads (21.6 percent), followed by Singapore (20.3 percent) and New York (13.6 percent). Switzerland is praised for its political stability, innovation, and economic solidity.

In total of 1,297 individuals participated in this year's survey on job prospects in the Swiss financial industry, with 66.7 percent men and 20.9 percent women; 12.4 percent did not specify their gender. Of the respondents, 14.0 percent were aged 20-30, 28.8 percent aged 30-45, 40.0 percent aged 45-60, and 17.3 percent over 60. Furthermore, 32.4 percent of respondents hold a master's degree from a university, 11.0 percent a master's from a university of applied sciences, and 11.7 percent a federal higher diploma. The survey has been conducted annually since 2012.