Hey fellow WSO hardos! Gather around as I unveil the hidden gem of the finance world: Zurich, the land of chocolates, watches, and yes, investment banking! Picture this: you've just landed a coveted role as an Investment Banking Analyst in the local Bulge Bracket's M&A team. Let's take a delightful journey through the wonderland that is Zurich, where finance meets Swiss precision and the alpine breeze carries the scent of success.
The Salary Mirage:
Who needs the concrete jungle of New York when you can bask in the glory of Zurich? Feast your eyes on the base salary: a staggering CHF 130k (that's approximately USD 145k), easily outshining your peers across the pond. Those poor souls in New York can only dream of such lavish paychecks. But wait, there's more! Thanks to Switzerland's low taxes, you can stuff those extra francs into your Swiss bank account while humming 'Money, Money, Money' by ABBA.
The M&A Oasis:
Zurich, a city renowned for banking, offers a unique twist for aspiring M&A bankers. Here, we have a rare phenomenon: a few banks actually bother to have Swiss M&A teams! Yes, you heard that right, a true novelty. While the teams may be small in numbers, your chosen bank boasts a decent-sized M&A division. You are a member of the elite squad of M&A bankers at the local top dog, UBS. And let's face it, the exclusivity makes it all the more special.
You almost joined Goldman Sachs. But poor Goldman missed the memo on the Zurich paradise. With no dedicated M&A team in Zurich, they have to cover the market from their offices in London. But fear not, fellow bankers, for we have chosen the true path. While Goldman's siren call may have tempted you, you stood strong and proudly declared, 'I shall not abandon Zurich!' Who needs London when you have the breathtaking Swiss Alps as your backdrop?
Working Hours Swiss-Style:
Ah, the sweet harmony of work-life balance resonates in Zurich's investment banking realm. While our comrades in London and Frankfurt toil away under the fluorescent lights, our hours are relatively civilized. Sometimes, just sometimes, you even find yourself leaving the office before midnight. The nights you do get to experience the sweet embrace of your bed before the clock strikes 12, you can't help but feel like you've won the lottery (well, at least a scratch-off ticket).
It's Sunday and you are enjoying a leisurely stroll along Lake Zurich. You sit down to enjoy a refreshing Swiss beer. No 100h weeks for us, my friends! Life is good.
So there you have it, my fellow finance enthusiasts. Zurich, the hidden paradise where investment banking dreams come true. Enjoy higher salaries, lower taxes, scenic beauty, and the satisfaction of being part of a select few in the M&A landscape. Let Zurich be your haven of success, where the sound of cowbells mingles with the sweet symphony of financial triumph. Zurich is paradise.
Zurich: Where Swiss Alps are your daily backdrop and Goldman is just a distant yodel
Goldman may have the glitz of London, but in Zurich, we're too busy enjoying the view and counting our Swiss francs to care.
Thanks, interns
Grüezi
Grew up in Zürich and the wider area, it truly is a beautiful country.
Zurich as a city is ugly and full of undesirables
Least obvious NY bronx resident
I'm London based.
Found the kid who thinks Newark is heaven
Can you work in Zurich IB as an English speaker?
Most certainly yes. After all, the country has four national languages so it is international by nature. Outside of work, you might run into some language barriers, especially in non-urban areas, but this shouldn't be a serious problem.
Yes.
Possible in mid-cap market but not in large cap market.
I'd have said it's the other way round... anyway, definitely depends on the firm/team.
No, the German side does not tolerate native English speakers. It will be almost impossible to break into IB in Zurich as a native English speaker as the swiss and Germans are fluent in English and smarter.
Depends on the group/team/coverage.
I have met English only speakers in Switzerland, but it is much easier if there is an attempt to learn another language. But French would also work.
Definitely yes but German helps a ton. If you want to change job as only English speaker is a bit of a nightmare, there are no many job offering compares to London. Have friends pretty strong that barely have interviews, in London they good go from HF to HF every three weeks.
I am here since years with no German, and have had interviews to understand a bit exit chances from my current place, many HH told me firms look for German speakers in particular for client related roles. French area is even more extreme as everyone speaks French, but at least it’s easier to learn than German
Visited Switzerland as a child, still have very fond memories of how beautiful Zurich / Geneva are. I still vividly remember the streets of Geneva by the water / mountain area.
One of my distantly related uncles used to live in Zurich (used to work for an industrial conglomerate in Europe at the VP / Director level and lived in quite a few places with his family).
Serious question, why don't more banks base their DACH coverage teams in Zurich? Seems to have way more advantages over Frankfurt (which from what I've heard is infested with drug addicts, not to mention the higher German tax rates) and is still a somewhat local presence on the ground.
I guess it's because of the high salaries. Why locate coverage in a place where you have to pay your A1 a base of 130k when you can have them do the same work for 80k in Frankfurt? But agreed: Frankfurt can be awful sometimes.
Isn't the 130k including bonus? Latest I heard was that for AN1 base salary was around 100k. Where did you get the number from?
Is the cost of living higher than New York? 145K would be great especially with lower taxes. As a watch enthusiast I’ve always had switzerland on my list to visit and this post bumped it up in the queue a bit. It seems beautiful.
My high school econ teacher was a Swiss banker in his first career. He might have been what sparked my interest in finance. Really interesting guy though I’m not sure why he decided to teach at a high school in the US.
Zurich is regularly among the most expensive cities in the world. Yet I don't think it's more expensive than NYC. You can easily get a nice 2.5 room flat in the city centre for CHF 3,000/month. Services (e.g. hairdresser, cooks,...) are extremely expensive though.
That makes sense. I’ll have to visit and see then. I live in NYC now and it’s pretty expensive. Actually cheaper than when I lived in SF though. A neighbor of mine went to HEC Lausanne and he loved it. Always saw him posting beautiful lake and mountain photos.
You need a cook because?
My HS teacher ended up in prison for a drug related offence
P.D: COL in Zurich is slightly higher than London, but not sure about NY
Highly depending on lifestyle. Both cities are very expensive. If I look at my parents, I would argue they pay more in Zürich than in NYC.
When I lived in NYC, I paid more than in European cities before.
Possible securities fraud hehe
Having lived in both, i can say with no hesitation that zurich is WAY cheaper than NY. Switzerland is expensive for tourists visiting but when you live here and learn how to optimize expenses, zurich is cheaper than london even and more in line with Paris
I've lived in London and Switzerland myself: 'touristy' things (aka. gastronomy, travel etc.) are extremely expensive in Switzerland, but rent, groceries, education and everything you need to live are cheaper than in London. So I think the high salaries in Switzerland are a good deal!
From which schools/programs does IB (or other high finance jobs) in Zurich hire? Would you say it’s easier or more difficult to break into IB in Zurich than for example in Frankfurt?
As my name might suggests, I am also considering a career in Switzerland :)
The vast majority in Zurich High Finance come from HSG (St.Gallen). Occasionally LSE, Bocconi, HEC Paris, HEC Lausanne and UZH.
Due to the high salaries, the ratio between applicants and positions is somewhat off. But with the right profile, it’s certainly doable!
Second that. Most people you meet in Zurich have studied in St. Gallen. But I guess you have a good shot with other European targets as well
What about Zurich buyside for English only speakers ?
Definitely exists. But it depends on the firm. Some LMM are German speakers only, I think.
Interesting. Is recruiting the same as in US - through headhunters pulling from IB analyst programs?
how does Zurich compare to other big name cities in Switzerland? Any in paticular a hub for big corporate jobs? i assume lots of pharma / bio tech type companies? probably no expat packages which include school for kids?
Zurich is definitely the Swiss centre of high finance, though it shares the role of a WM hub with Geneva. While there are also many corporates in the region (e.g. Google, Glencore, Swiss Re, etc.), pharma concentrates in Basel. I have no idea about special packages, but expats usually have no problem providing for themselves and their families. Also, the public school system is one of the best in the world, so I wouldn't worry about schooling.
Don't forget exit opportunities into Private Banking (obviously a really big sector in Switzerland and a real 9-to-5 job with great comp, esp on an hourly basis) or into one of the 500 family offices in Switzerland
Can any non native get hired on a Zurich team? Without speaking German or French?
Most certainly, yes. Many people you'll meet in Zurich are foreigners that speak no German
Nah it depends on the team so for mid-cap definitely yes but for large-cap I don't think so
We had a few guys that moved from LDN and NY to the ZH office. I have to admit it might be a bit awkward sometimes as people tend to speak swiss german with each other in the office a lot.
My family is from Zurich, and I’ve spent a lot of time there for work and family. I’d say that as an outsider the culture can be quite insular. I love it and have a great time because I have some local context. Friends of mine have struggled to find connection.
Any openings for referrals? Another American looking to work abroad :)
Zürich is beautiful. It's my dream to work buyside there. But I only have British citizenship which kinda fucked me post-Brexit.
What is total compensation at the analyst level in Zurich?
Bonus tends to slack off a bit because of the high base. However in 21, people pulled 200k+ at the best paying shops in town
So you're saying Zurich compensation is higher than NYC?
for top banks between 160-180 for anl 1
What are the top/best paying banks in Zurich?
Zurich team at my bank works 100+ hours a week.. Don’t be fooled. You base in high (CHF120k) but so is any corporate job’s. You can earn 100k easily working 45h as a first year
If we speak French and English, which bank in Zurich would you recommend? I have the impression that all job offers require German. Is networking a thing in Zurich ?
Yes, networking is a huge thing in Zurich. I would try to reach out…
I have internships at Tier 1 US fund and EB both Europe (not Zurich), which banks would you target for the networking?
Zurich is one of the best cities to work in IB.
Nice place to be in your 40s with a family but couldn't imagine wasting my 20s/30s in such an insular and closed society. If you don't speak Swiss German (a dialect designed to make it difficult to integrate) you will likely end up socializing in an ex-pat bubble which is fine at first but becomes a drag as people eventually move on/leave and you are stuck needed to make new friends. Also, salaries are high "on paper" but low relative to house prices so even on a decent all-in comp of CHF 200-250k you will struggle to ever get your foot on the ladder.
cool story bro
How has no one mentioned what happened to Thiam? I don’t understand how anyone can read this story and not have their blood boil. Switzerland is definitely relatively unenlightened compared to the U.S. or the UK.
https://www.nytimes.com/2020/10/03/business/tidjane-thiam-credit-suisse…
Switzerland is normally not like the events explained in the NY Times article. It is a quite international place with multiple languages and cultures.
When I worked in Switzerland there were several black colleagues, some of them from former UN families which found a home in CH.
Even famous people like the late Tina Turner made Switzerland their home of choice.
Now, is Zürich as diverse as NYC or Chicago? No, of course not. And it will never be. Where would all the huge amounts of people even come from? It's a small country with a smaller population all over.
Expats and immigrants to Switzerland need to understand the unique cultural elements of a smaller nation. Think about the example given in the news item - colleagues who live next door? Would literally never happen in NYC or London.
Was in Zurich this summer. The cost of living is absurd even when compared to NYC. Beautiful town on the lake but nowhere near the size of NYC in terms of high finance opportunities. More comparable to Tier 2 city in the United States in terms of number of opportunites.
Definitely true. NYC is like 20-times the size of Zurich
ABBA is Swedish.
How can I get into the Paradise? Isnt it even harder than going to FFM/London?
London is much bigger than Zürich, with arguably more opportunities with a broader range as well.
Zürich is good for people who prefer a smaller scale/smaller country which is nonetheless international. There is lots of PWM there and when crypto was bigger many web3 firms incorporated there (the "crypto valley" is the canton of Zug, where also many funds are based).
Switzerland is more beautiful though, that I can't argue with.
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