ESSEC Alumni in Luxembourg: “Our economy demonstrated a very strong resilience”

A small land with big opportunities: Olivier Maréchal (E87), Head of ESSEC Alumni’s Luxembourg Chapter, tells us more about our 200 alumni living in the eurozone’s leading finance hub – and the services he offers to them. 

ESSEC Alumni: How famous is the ESSEC brand in your country?

Olivier Maréchal: Many people working in Luxembourg have studied in France (actually a large proportion of Luxembourg nationals go to France for higher education) and then, they all know ESSEC. Also, ESSEC’s brand awareness has significantly improved over the past 5 years, thanks to both our school position in FT rankings and the many success stories of our alumni.

EA: What are the careers of our alumni in Luxembourg? 

O. Maréchal: Given the DNA of the Luxembourg marketplace, most of them work directly or indirectly for the financial services industry. Around 45% are directly employed by banks and investment management companies. Another large group works in the extremely dynamic financial services ecosystem: accounting and consulting firms, technology companies or law firms.

EA: How does the COVID-19 pandemic impact those opportunities? 

O. Maréchal: Even though COVID-19 did not spare Luxembourg, the country’s economy demonstrated a very strong resilience. Employment, markets and investments continued to grow as financial institutions did not really suffer from the health crisis. Brexit also contributed to reinforcing Luxembourg’s position as the European center for the investment fund industry. Going forward, there will continue to be a wide range of positions available for individuals with an appetite for financial services and technology.

EA: As a foreigner, what makes it interesting to live in Luxembourg?

O. Maréchal: What is striking is that close to half of the country population is made up of non-Luxembourg nationals. Proportion of foreigners goes up to 70% in the country capital. In my firm (EY), we have staff coming from over 50 different nationalities. Luxembourg is a global melting pot. It may be due to the fact that the country offers high standards of living for families and young people. You’ll enjoy the quality of life of the countryside while working in an extremely international environment, globally connected and located at the heart of Europe.

EA: What advice do you have for our alumni moving in Luxembourg?

O. Maréchal: Make the most of the international atmosphere of the country. Enjoy the numerous Michelin star restaurants (when they open again…) and the high-quality infrastructure of the country. Connect with colleagues from all over the world.

EA: What is the offer of ESSEC Alumni’s Luxembourg Chapter?

O. Maréchal: We work closely with the other French “Grandes Ecoles” alumni groups (business schools, engineering schools, ENA…). We organize joint events, which can be cultural, business oriented or simply… networking parties. We usually combine these events with fund raising for a charity. 

Interview by Veary Ngy, International Community Manager at ESSEC Alumni, and Louis Armengaud Wurmser (E10), Content Manager at ESSEC Alumni 

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