How to break into Zurich IB industry
Hi everyone,
I’m a second year undergraduate student at bocconi and I am currently studying German.
I’m highly interested to pursue a career in IB in Zurich however it seems that the information about it are limited respect to London or the US in general.
So would it be better for me to do a master in st. Galles rather than bocconi in order to have a hedge or would it be better to continue in Bocconi? Is the path for breaking into the same hence summer internship, or off-cycle then to full offer? Are UBS and CS the only main BB or J.P Morgan etc have teams there as well? How is the salary and the hours compared to London?
Thanks for your time to reply.
Breaking into the Zurich IB industry requires a strategic approach, especially given its unique characteristics compared to London or the US. Here's what you need to know:
Master's Program: Bocconi vs. St. Gallen
Recruitment Path
Banks in Zurich
Language Skills
Salary and Hours
In summary, both Bocconi and St. Gallen can lead to Zurich IB, but St. Gallen might provide a slight advantage due to its local reputation. Focus on internships, networking, and mastering German to maximize your chances.
Sources: Zurich IB Job, IB in Switzerland, https://www.wallstreetoasis.com/forum/school/master-in-finance-hec-paris-vs-bocconi-vs-st-gallen?customgpt=1, University of Zurich (UZH), Switzerland Admitted
In Switzerland, UBS is by far the number one bank. Credit Suisse has already been fully merged into UBS. Within UBS, there is a Large-Cap Coverage Team (covering all major Swiss companies with an EV above CHF 500m) and a Mid-Market Investment Banking Team, which focuses on transactions between CHF 50m and 500m EV.
The MMIB team has an excellent deal flow, while the Large-Cap team also sees solid activity but tends to focus more on pitches, market updates, and strategic materials, as there are fewer large-cap clients compared to mid-market companies in Switzerland and the broader DACH region. Both teams have a great culture, though the hours remain demanding as usual.
Among other bulge bracket banks, Deutsche Bank, Citi, and J.P. Morgan have a presence in Switzerland. On the mid-market side, key players include Houlihan Lokey, Jefferies, Alantra, Rothschild, and Nomura Greentech (essentially the Energy & Transport group, which executes deals across EMEA). UBS’s MMIB team remains the leading player in the Swiss mid-market segment, benefitting from strong origination channels across UBS Wealth Management and the Corporate Banking Switzerland network.
Both Bocconi and HSG are excellent universities. If you aim for the mid-market side, a German-speaking master’s program can be a strong advantage, whereas for the large-cap teams, the specific language focus tends to matter less.
UBS Large cap team has a horrible culture. Almost all CS bankers left mainly because of that (I think there is just 1 associate remaining). The mid market team is essentially almost exclusively CS people and culture is great
Hey! If you’re set on Zurich, staying at Bocconi is fine — aim for summer internships, then off-cycle/intern-to-full offers. A master in St. Gallen can help, but it’s not strictly necessary unless you want extra networking in Switzerland.
Zurich has UBS, but JPM, GS, MS, and others do have teams there too, just smaller than in London. Salary is comparable (if not even a bit higher) than London, and hours are slightly better on average, but still intense. Focus on internships and networking — that’s what really gets you in.
Salary is not at all comparable… its almost double actually at the analyst level. Zurich its like chf160k all in first year and london more like £110k all in and you pay easily double the tax rate
Maybe that's right - but cost of living in Zurich is absurdly higher vs. London. Gotta factor that in.
GS does not have an office. MS is like 3-4 people
Do you guys recommend to speak German/French/Italian to work in Zurich? Is it mandatory?
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