Banking jobs in Luxembourg

The overview of the financial sector in Luxembourg

A detailed report from Luxembourg for Finance and Deloitte shows how the financial sector benefits Luxembourg. Between 2011 and 2021, the sector witnessed a robust annual growth rate of 2.5%, culminating in 64,592 employees by the end of 2021, a significant increase from 49,985 in 2011. In 2021, for every job created in the financial sector, an additional 1.1 jobs were created across the broader economy. This ripple effect meant that, by the end of 2021, a total of 135,519 jobs in Luxembourg were connected to the financial sector, making up 29.5% of all jobs in the country.

Financial sector is comprised of the various domains

Insurance and audit

Funds and banking

Consultancy services

Legal services

Education and skills necessary to work in the banking sector

Embarking on a career in banking in Luxembourg requires a strategic blend of education, professional skills and essential personal attributes. The role of a banker involves advising clients, overseeing banking transactions and playing a key role in managing clients' financial portfolios.

Another popular professional direction, commonly referred to as financial advisors, client relationship managers, or banking advisors cater to various clienteles, with job titles varying based on the client type (corporate, private, and more).

How to become a financial sector professional?

To step into the world of banking, a foundational education in finance ranging from a minimum of a bachelor's degree (Bac +2) to advanced degrees (Bac +4 and Bac +5) is imperative.

Short studies (Bac +2)

Intermediate studies (Bac +3)

Extended studies (Bac +4 and Bac +5)

In the multifaceted landscape of banking jobs in Luxembourg, a combination of education, specialized training, and soft skills positions individuals for a rewarding career path within this dynamic industry.

In addition to educational qualifications, certain soft skills are essential for success in the banking sector

Communications

Building and maintaining strong client relationships is crucial for succsess

Good math skills

Comfort with numbers and financial analysis is a fundamental skill

Negotiations

Selling financial products and services requires skills of negotiation

Organizational skills

A job demands adherence to methodologies and planning

What kind of banking jobs are available in Luxembourg?

Luxembourg's banking sector presents a vast array of professional opportunities for both recent university graduates and seasoned professionals. Given the sector's significant presence in Luxembourg, job seekers can explore employment possibilities across various domains within the banking industry.

Top-10 popular banking jobs in Luxembourg

Client Relationship Manager

They play a crucial role in client interaction, promoting and selling banking products such as account openings, investments, loans, savings, and credit cards. Working either in branches or at headquarters, these professionals focus on client support, retention, and prospecting. Entry into this role is possible with a minimum of a Bac+2, and recruiters often prefer candidates with experience gained through apprenticeships.

Wealth Manager

Responsible for managing funds, whether for individuals or businesses, and strategically investing them in the stock market to enhance their value. With a goal to generate financial gains, wealth managers anticipate market movements and maintain close relationships with clients, keeping them informed about transactions and their financial portfolios. This role typically requires a Bac+5, such as a Master's in Wealth Management and Private Banking.

Financial Operationist

Working within investment and financing banks, these professionals design financial instruments for advising companies on operations like mergers and acquisitions, equity financing, or fundraising. Market operators specialize in placements and financial speculation.

KYC Specialist

KYC (Know Your Customer) analysts focus on thoroughly understanding clients initiating credit requests. Analyzing requests from individuals or entities, they assess creditworthiness, manage risks based on individual profiles, and provide well-founded decisions to the financial director for the final approval.

Credit and Banking Risks Analyst

These analysts evaluate credit requests from bank clients, deciding whether to grant the requested credit based on risk assessments aligned with the bank's commercial and financial strategy. They may also draft contractual documents and oversee insurance contracts related to the credits. A Master's degree in banking, finance, or economics is typically required for this role.

Economic Studies Officer

They are responsible for analyzing and forecasting market trends to guide and inform the strategic decisions of the bank's senior management. This involves a thorough examination of financial data, market movements, and economic indicators to ensure that the bank's leadership is provided with accurate and insightful information to make informed decisions regarding the bank's direction and strategy.

Fund Managers and UCITS

Employed by asset management companies, major banks, or insurance companies, fund managers handle the management of Collective Investment Undertakings in Transferable Securities (UCITS), such as Mutual Investment Funds (FCP) or Variable Capital Investment Companies (SICAV). Their mission is to optimize the investments of various securities to ensure the best financial return for their clients, whether individuals or institutions.

Back-Office Agents

Back-office managers handle administrative procedures to process client banking transactions. Their tasks vary based on specialties and may include procedures related to transaction orders. These operations encompass several phases such as verification, validation, settlement, and delivery.

Bank Accountant

Bank accountants are responsible for recording every financial movement made by a bank according to state-preferred standards. Following this operation, they should be able to prepare the financial statements of the institution, shared with administration, partners, and investors as necessary.

Branch Manager and Regional Manager

Directors of branches and regional managers play a pivotal role in defining the objectives of their respective branches or regions, implementing suitable strategies to achieve these objectives.

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Where to find a job in the banking sector in Luxembourg?

If you're eager to explore job opportunities in Luxembourg's banking sector, questions like "Where can I find finance jobs in Luxembourg?" or specific inquiries such as "Where can I find private banking jobs in Luxembourg?" may arise. Fear not, as we'll address your queries by navigating prominent job portals, spotlighting key companies in Luxembourg actively recruiting in the financial sector, and shedding light on the landscape of independent work.

Luxembourg companies recruiting in the banking sector

Luxembourg's banking sector boasts numerous opportunities for professionals, with various esteemed institutions actively seeking talent. Here's a curated list of 10 prominent banking employers in Luxembourg, each providing a unique scope of financial services.

Banque Internationale À Luxembourg

BIL stands as one of the Grand Duchy's largest banks, offering retail, private, corporate, and institutional banking services. With approximately 2000 employees based at the Luxembourg City headquarters, BIL is a key player in the country's financial landscape.

Banking jobs at BIL

Banque De Luxembourg

Founded in 1920, Banque De Luxembourg is a well-established institution specializing in private banking and wealth management services. It caters to high-net-worth individuals, families, and institutional investors, providing a range of investment solutions.

Banking jobs at BDL

ING Luxembourg

Operating as a subsidiary of the global ING Group, one of the world's largest banks with over $1.1 trillion in assets, ING Luxembourg offers a comprehensive array of financial services, both for individuals, businesses, and institutions.

Work at ING

Spuerkeess

Dating back to the early 19th century, Spuerkeess is Luxembourg's national savings bank, owned by the state. As one of the top 20 employers in the Grand Duchy, Spuerkeess plays a pivotal role in Luxembourg's financial landscape.

Banking jobs in Luxembourg

Banque Raiffeisen

Rooted in the cooperative vision of Friedrich Wilhelm Raiffeisen and Hermann Schulze-Delitzsch, Banque Raiffeisen originated in Luxembourg in 1925. Evolving over the years, it streamlined into a network of 34 branches nationwide by 2019, emphasizing quality service and cooperative principles.

Know more about jobs

Degroof Petercam Luxembourg

Part of the largest private banking group in Belgium, Degroof Petercam has its roots in the merger between Banque Degroof and the brokerage firm Petercam. With its headquarters in Brussels, Degroof Petercam is a significant player in the financial landscape, offering diverse financial services.

Find a job at this bank

Northern Trust

Headquartered in Chicago, it is a prominent American financial services company catering to corporations, institutional investors, and ultra-high-net-worth individuals. Operating in Luxembourg, it is one of the oldest banks in country, consistently recruiting professionals.

Career in Northern Trust bank

UBS Europe

Swiss financial services entity based in Zurich, recognized as one of the largest asset managers globally, UBS is part of the group of 29 banks classified by the Financial Stability Board as systemically important financial institutions. UBS actively recruits professionals in Luxembourg.

Work in UBS

Nomura Bank Luxembourg

Leading global financial services group operating worldwide. With a significant presence in key markets globally, the group offers a comprehensive range of financial services. Nomura Bank (Luxembourg) S.A. is a subsidiary of Nomura Europe Holdings PLC, London.

Banking jobs in Nomura

Credit Suisse

Established in 1856, Credit Suisse is a prominent global wealth manager with robust capabilities in investment banking and asset management. With a presence in Luxembourg, Credit Suisse continually seeks talented professionals to contribute to its global operations.

Financial jobs in Luxembourg

Job portals offering vacancies in Luxembourg

To navigate the job market efficiently, the internet is your best ally, hosting numerous job portals with thousands of job listings. These platforms allow you to filter job offers based on your preferred sector, location, educational level, or required work experience.

International job search

Among the international portals are eures.europa.eu (the European Union's portal), eurojobs.com, eurojobsites.com, experteer.com, indeed.com, page.com and LinkedIn.com.

Job platforms for Luxembourg

For local opportunities in Luxembourg, prominent portals include jobfinder.lu, jobs.lu, monster.lu, and moovijob.com. Each portal offers a unique set of opportunities, allowing you to tailor your job search to your preferences and career goals.

Freelance in banking

Working independently in the banking sector is uncommon due to the highly regulated and complex nature of financial services. Banking involves intricate transactions, compliance requirements, and risk management, making it challenging for freelancers to navigate without the infrastructure and support of a larger institution. Additionally, client trust and regulatory adherence are paramount in finance, often necessitating the credibility associated with established banks. 

However, freelancing in the banking realm could be an option for seasoned professionals with extensive industry experience, a robust client network, and specialized expertise. In niche areas like financial consulting or wealth management consulting where specific skills are in demand, freelancers may find opportunities to provide targeted services to clients seeking personalized financial advice.

What else can you read on the topic of employment in Luxembourg?

You will find a variety of articles on the job search, career development and workplace culture in our dedicated section of the Blog. Check it out. 

Salaries of professionals in the banking sector in 2024

Attempting to specify salary ranges for certain areas reveals the wide variability caused by sub-branches, qualifications, and experience levels within each domain. While specific figures may vary, these ranges offer a glimpse into the diverse compensation landscape within the multifaceted field of banking in Luxembourg.

What papers do you need as a foreigner to land a banking job?

For European nationals, the process of working in Luxembourg is relatively straightforward, given the freedom to live and work in any European country. However, if you are not a European national, navigating the paperwork becomes essential.

The requirements vary based on your circumstances, distinguishing between employed and self-employed roles. Additionally, familial situations, such as having a Luxembourgish or European partner, can impact the process.

Common documents and prerequisites typically include

Collect the documents

These are the first basic documents one might need to apply for a work permit and temporary authorisation to stay.

*The mandatory items are marked with red asterisks.

Two fully completed Schengen visa application forms

Two recent identical passport photos

A copy of the passport

Proof of accommodation

An employment contract

Payment of the applicable visa fee

Collect the documents

These are the first basic documents one might need to apply for a work permit and temporary authorisation to stay.

*The mandatory items are marked with red asterisks.