Career Opportunities in Switzerland for Business Graduates

Introduction

Given the state of the world economy, current college students along with recent graduates may feel that they have few options for success. While the potential field of opportunities is certainly more limited now than it was before the recession, there remains a range of possible careers for students with the right background, education, and training. Among those who should find themselves well prepared to enter the workforce are Swiss college graduates.

In particular, Swiss college students who have pursued an undergraduate degree in business should have a wide range of options before them — from working in banking to seeking a job in the IT field, to working in the entertainment industry, and even to the agricultural sector. Other positions open to graduates with a business degree include roles in insurance and consulting, public administration, and work with NGOs. A range of jobs await business majors in a number of different types of high-tech fields, including the pharmaceutical industry, medical devices, and nanotechnology. In this paper I examine the range of possibilities that are open to recent business graduates.

Many of the opportunities available to students and graduates with business degrees arise from the specific skills obtained in their courses of study, while others arise from the general business conditions and opportunities in the country. Of course, these two are related in a variety of ways, since many of the values that permeate the culture at large are also present in business study programs throughout the country. Before looking at the specific advantages that business students enjoy, I would like to provide an overview of the climate for business in Switzerland as a whole. Swiss officials as well as business leaders cite a number of factors that combine to create a highly favorable arena for both established companies and start-ups, for senior managers as well as for the newest of workers.

Switzerland generally ranks at the top of lists compiled by both government and private-sector groups measuring overall favorable business climates in the world. DEWS (Development Economic Western Switzerland), an international agency that combines the resources of several Swiss cantons, describes the overall business environment as follows:

"Numerous criteria contribute to the business climate and competitiveness of a country. Principal among these criteria are the existence of a stable legal and political environment, a flexible and resilient economic structure, the strength of the traditional and technological infrastructure, and investment in education. Overall, Switzerland has consistently been ranked among the highest nations in the world. Favorable economic conditions have existed for many years in Switzerland." [1]

Overall Business Climate

Chief among these advantages is a range of factors, most notably a well-educated workforce. Many of these workers are Swiss citizens who attend Swiss colleges and business schools, while others are foreign workers who come to Switzerland to be trained and educated, and still others who complete their education before arriving in the country.

While Switzerland places some restrictions on foreigners that other European nations do not, it does welcome many skilled workers. Thus, individuals who are citizens of other nations and are considering pursuing business education in Switzerland should not be discouraged from doing so, given how strong the overall business climate is across so many different sectors.

DEWS lists several specific strengths of the Swiss business climate relevant to all types of workers:

Significant international experience of senior managers. This can be especially helpful to recent graduates, who will be appreciated by these managers for their specialized business training and will in turn be able to benefit from the guidance of experienced senior staff at a formative point in their careers.

Well-developed knowledge transfer. Switzerland is home to many high-tech companies that rely heavily on innovation. However, even the most cutting-edge firms can be severely limited if they get caught in a cycle of reinventing the wheel. A well-established, fair, and efficient system of knowledge transfer benefits the business world as a whole, and can be especially valuable to younger workers who bring their own innovations as well as their need to be guided by established protocols in their field.

Worker motivation. Swiss workers consistently score among the most productive in the world, in large measure because of their strong motivation to help themselves as well as their companies simultaneously. Swiss business schools help to cultivate a high level of motivation in their students, making these graduates highly sought after by a wide range of businesses.

Readily available finance skills. Swiss businesses, no matter what particular field they may be in, are extremely well positioned to benefit from the nation's long tradition of a highly efficient banking system. This allows for an efficient system of capitalization of firms — whether established or start-up — which in turn leads to greater opportunities for new workers. Given that most Swiss business schools will have provided important training in financial systems to their graduates, these workers will be viewed favorably by potential employers looking for a combination of financial savvy and general business skills.

Highly skilled foreign workers attracted to the business environment. While the Swiss workforce is more homogeneous in terms of nationality than a number of other European nations, it is becoming increasingly multicultural. Business school alumni who have been trained to communicate and cooperate with colleagues from different countries and cultures will be considered highly qualified candidates across a range of professions.

Productive labor relations. Workers' rights are guaranteed under a nested set of regulations and laws that exist at the federal, cantonal, and local levels. These laws are very similar to those in other industrialized nations and include provisions such as the establishment of a minimum wage, workplace safety standards, and the protection of underage workers. The Swiss workforce has a relatively low level of collective representation: only about 7 percent of the Swiss workforce is unionized. [2] This low level of unionization reflects both the lack of a strong history of labor organization in the country and the fact that Swiss workers are very well paid:

"Employees in Zurich and Geneva not only take home top dollar, they can buy the most with their earnings. When you factor in local prices, they blow away any other international city in terms of what workers can get for their money." [3]

Number of Fortune 500 companies per million inhabitants. The presence of a number of large, well-funded, and well-established companies in the country allows for greater opportunities for new graduates. Larger companies are generally more likely than start-ups or very small companies to need workers with both technical expertise and general business knowledge and skills. As new graduates are likely to have the latter and less likely to have the former, the presence of so many Fortune 500 companies is a significant advantage for new entrants to the workforce.

Availability of qualified engineers. The abundance of highly trained technical workers is beneficial for a country's overall employment situation as the world moves further in the direction of an information-based, post-industrial economy. [4]

Each of these factors has a synergistic effect: each strength in the business environment contributes to the others, so that the cumulative effect in terms of offering business opportunities to graduates is far greater than if the factors were simply additive.

While this synergy is useful for workers at all stages of their careers, it may be especially helpful to new graduates. Highly skilled and qualified senior workers are likely to have more opportunities open to them than younger workers and thus are likely to suffer less during economic downturns. Younger workers, especially those just finishing their undergraduate studies, will fare better in an environment that has a range of opportunities and an overall healthy business climate. In fact, this may be the only kind of business environment in which new graduates will reliably be able to find jobs that match their training and ambitions.

The strength of the Swiss business climate arises from the nation's traditional force in the banking and financial industries, as well as the newer — though well-established — science, medical, and technology sectors. The country's business opportunities are also generally strengthened by a workforce that is well educated in both business and management skills and in technical fields such as pharmaceutical research, software design, and engineering.

It is also helpful to the overall business sector, and to new workers in particular, that the business world in Switzerland has access to the full range of European markets. (Although the fact that Switzerland has not yet joined — and shows little interest in joining — the European Union does limit its access to the markets of other European nations to some degree.) Finally, the nation is extremely stable politically and culturally, allowing businesses to make plans for the future with a sense of security. The following summarizes this stability: "Studies on personal security and prosperity, social coherence and political stability have shown that Switzerland regularly leads all international comparisons in this regard." [5]

Specific Opportunities in the Biotech Sector

The business climate in Switzerland — and thus the opportunities for those receiving bachelor's degrees in business — is being increasingly helped by a lowering of corporate tax rates. Taxes in the nation are higher than in a number of other countries; however, Switzerland's tax rate may be offset for many businesses by the presence of a well-educated workforce along with stable and well-developed technological, educational, and financial infrastructure. [6]

The federal government's and cantonal governments' decisions to move in the direction of lower corporate taxes should be seen as a sign that the country is dedicated to improving the climate for business. Likewise, the fact that taxes remain at a relatively moderate rate is indicative — if less directly — of the country's long-term commitment to business: by maintaining a healthy tax base, Switzerland is ensuring the long-term conditions that help businesses develop and prosper. The current strategy balances short-term and long-term business interests and therefore expands opportunities for business program graduates:

"The international comparison of corporate tax rates in 2008 again showed Switzerland significantly improving its position. While the median rate for tax on profit (the average of all 26 cantons) was 20.6 per cent in 2007, it is now 19.2 per cent, a reduction of 1.4 percentage points… rates are showing a significant downward trend, sinking to between 12.7 and 24.2 per cent, with the two cantons with the lowest rate — Obwalden and Appenzell-Ausserrhoden, both at 12.7 per cent — almost catching up with Ireland, which has the lowest rate in Western Europe (12.5 per cent)." [7]

While there are opportunities for recent business school graduates in nearly every imaginable field in Switzerland, opportunities are especially plentiful in certain areas. These are the sectors that are the most financially healthy, including a number of fields that are relatively new to the country, such as the biotechnology industry.

Switzerland is home to more than 150 biotech companies that collectively employ close to 15,000 employees. The country has the sixth-largest biotech industrial sector in Europe and the ninth largest in the world. [8] Perhaps even more important than its current ranking is the fact that the Swiss biotech sector is growing faster than that of any other European nation. [9]

There are a number of reasons for Swiss strength in this sector and thus for the numerous opportunities available to recent graduates. David Syz, the Swiss state secretary of economic affairs, attributed Swiss dynamism to the existence of "advanced networking between research and industry," "favorable tax conditions," and the availability of "more than 40 incubators and technology parks." Other factors have played a role as well, such as the proximity of pharmaceutical giants Roche and Novartis, both headquartered in Basel, and the presence of universities with strong traditions in science and chemistry. The latter produced a steady stream of new biotech companies long before the sector became fashionable in the late 1990s. Because of these factors, the Swiss biotech sector is considered mature relative to the rest of Europe. [10]

The biotech sector in Switzerland is also relatively diverse — an important point for recent graduates to keep in mind. Skills and preferences that may not fit the needs of one company may indeed be welcomed at another. While there are a number of pharmaceutical companies in the country, there are also more general life sciences research centers. This range ensures that there are jobs with wide differences in the type and level of technical skill required and in the ways that technical skill and business acumen may combine.

Recent business graduates may also look to working situations outside the typical for-profit company, given the wealth of opportunities available in research labs and in education — both at the university and trade school level. These jobs would almost always require additional schooling at some point for an individual with a bachelor's degree in business. This should not, however, disqualify anyone who has just finished an undergraduate business degree on an a priori basis. Those who have recently received a bachelor's degree in business will be attractive to firms in all fields.

This said, it bears repeating that many of the jobs that a recent graduate may aspire to will require additional education at some point — if not initially — and so this is an aspect of the professional trajectory that each graduate must consider. In Switzerland as in most places, additional education can add considerable opportunities for career growth. Moreover, some companies will make provisions for those with an undergraduate degree to continue their education — sometimes with financial support — while the individual pursues full-time employment.

The biotech sector is likely to continue to grow, as it has done even during the recent recession, and thus should be a serious consideration as a possible career destination for current and recent students. The Swiss Biotech Report summarized the continuing growth of this sector:

"The Swiss biotech sector continued growing in 2008. Although risk capital proved harder to come by than in the record year of 2007, the sector nonetheless managed to expand by achieving higher sales, licensing new products, and starting up new companies… In 2008, Swiss biotech companies generated combined sales of more than CHF 8.7 billion, roughly 7% up on the previous year. Investments in research and development (R&D) by both private and listed companies also rose, totaling CHF 2,070 million (up from CHF 1,755 million in 2007), an increase of 18%. The trend towards more start-ups of new Swiss biotech companies continued in 2008. There are now 229 biotech companies based in Switzerland (as against 220 in 2007), including 159 biotech development companies and 70 biotech suppliers." [11]

The biotech sector should be an attractive one for business graduates because it seems likely to become increasingly important as each nation seeks to find ways to address the escalating consequences of global warming. Seeking work in the biotech sector may allow a graduate to do good and do well at the same time.

Conclusion

In this paper I have outlined some of the broad factors that affect the possibilities for job opportunities for Swiss business program graduates, as well as providing details about some of the companies that are currently hiring workers with business backgrounds. This description has not been a comprehensive one: I have only touched on some of the fields that are open to students with business degrees. The world of environmental products, for example, is another realm in which there is likely to be a growing demand for workers trained in the latest business skills and methods: