ESSEC Alumni in Luxembourg: “There are up to 70% foreigners in the country's capital”

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: What is the current economics and/or politics situation currently in your country? 

O. Maréchal: The Luxembourg economy is in very good shape even if the international situation is causing similar issues as in other European countries. Luxembourg remains one of the only countries in the world with a triple A rating. Number of jobs in Luxembourg has been growing by 3.8% year on year. The financial services industry is recruiting a lot and there clearly is a shortage of talents in finance, professional services and technology. There are lots of opportunities for our alumni here!

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's 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 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.

EA: What are the latest events you organized? 

O. Maréchal: Our last event was a summer drink we organized with our friends from other French Grandes Ecoles (HEC, Sciences Po, ESCP, X). We had close to 100 attendees. 

EA: What are the next ones?

O. Maréchal: We will have an autumn drink and we’ll be participating in the worldwide ESSEC Alumni Day event around diversity and inclusion on October 13^th. 

EA: How and why did you become ESSEC Alumni’s Luxembourg Chapter’s President?

O. Maréchal: I realized we had many alumni in Luxembourg and I wanted to give them more networking opportunities. There are lots of expats who come for a limited period of time, and it is important to offer them local contact points.

EA: Who are the members of your team? 

O. Maréchal: Guillaume Carballo (EXEC M12) is my main partner in crime. He has done a great job on technology and community management dimensions. Eric Bailleul (E98) is very active and organized a great event for us at the local Philharmonie. Pascale Pierrot (M02) and Vincent Dron (E98) are strong contributors as well.

EA: Do you need more volunteers to get involved?

O. Maréchal: We would like to reinforce our connections with other international chapters (Switzerland…) and industry clubs (Finance…). Time is a scarce resource and volunteers are always welcome! They should not hesitate to contact us.

Interview by Louis Armengaud Wurmser (E10), Content Manager at ESSEC Alumni 

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