Finding a job in Luxembourg’s finance sector without a university degree

Fred Wilhelmy had applied to a handful of universities when he realised studying for three more years was more of a duty than a desire for him.

He had just completed high school where he chose economics and management as his main subjects.

“I saw university more as a ‘must’ and not as an ‘I want’,” the now-24-year-old who works at Spuerkeess said.

He applied for a job as a branch agent at the state-owned bank and within five years moved up the ranks from his initial cashier role to personal banker and is about to be promoted again, to become a private banking advisor.

“I have no regrets that I didn’t take the traditional route, especially because I feel like I’m a step forward in my life if I compare myself with [others in] my age group,” he said. “I believe most jobs can be learned by doing and a long-term working experience can be more worthy than any studies.”

Necessary or needless?

Experts disagree over the prestige a university degree brings to the table.

For Jérôme Carbonnelle, partner at GoToFreedom recruitment agency, getting a foot on the corporate ladder in the finance industry without any further studies is rare.

“Not many companies are open to people with a Bac [secondary school diploma] in the finance world and AI screening [in the recruitment process] will make it even more difficult,” Carbonnelle said. “There’s a real difference between people who have done a degree at a ‘good’, reputable university and someone who has no degree or who has a degree from an ‘average’ university. Those who come from an internationally reputable university have stronger analytical skills and are able to reflect more critically, and that is what makes a difference.”

Master’s degree graduates filled half of all jobs in Luxembourg’s finance, insurance, IT and scientific sectors in 2021, the national statistics office, Statec, found. In a 2023 study looking at graduates’ access to the job market. The vast majority of Luxembourg youngster who had graduated in the three years previous were able to find a job, statistics bureau, Eurostat, said.

But two-thirds of workers in Luxembourg believe academic degrees no longer carry the same value they once did, according to a survey released by Luxembourg-based job platform Moovijob.com earlier this year.

A total of 40% of recruiters in Luxembourg no longer rely solely on degrees during the hiring process, data from Moovijob found. Recruiters increasingly value hands-on experience such as internships, volunteering and work-study programmes, the Moovijob report stated.

“Academic titles still open doors but they are no longer the guarantee of readiness they once were,” wrote Pierre Schneider, a HR specialist at the Chambre des Métiers, in the report.

Hiring process

Spuerkeess regularly hires candidates without a university degree.

“People can easily start with a Bac and those people can access finance jobs, not just supporting roles,” said Sandra Schengen, Spuerkeess’ head of human ressources.

Recent vacancies open to those without a degree include jobs in the securities department, IT helpdesk, in service centre and branch agent roles. The state-owned bank sends new joiners who start directly from school to the House of Training for specific training courses in the first two years and some choose to complete a university degree in parallel, allowing them to climb higher up the bank’s salary grid, Schengen said.

Sandra Schengen of Spuerkeess © Photo credit: LW archive

Recent vacancies open to those without a degree include jobs in the securities department, IT helpdesk, in service centre and branch agent roles. The state-owned bank sends new joiners who start directly from school to the House of Training for specific training courses in the first two years and some choose to complete a university degree in parallel, allowing them to climb higher up the bank’s salary grid, Schengen said.

Many other companies list vacancies which do not require further studies. A recent software development engineer role at Amazon listed a bachelor degree as ‘preferred qualification; but it was not required and the European Court of Auditors (ECA) were recruiting clerical positions which do not outline study levels.

“Being really motivated and interested in the job is more crucial sometimes than just the diploma,” Schengen said. “The diploma is more of an entrance ticket but in an interview you are always looking at the personality and how that person would like to develop.”

Having work experience puts young people a step ahead in the recruitment process, Schengen explained, even when the experience is not in the finance sector.

“If it is not possible [to find work experience in a bank], get any job, even not a corporate job because it shows you are flexible and open and prefer being active instead of being at home waiting for the best opportunity,” she said.