Working with a Bank Committed to Improving People's Lives
You may have heard of or experienced the difficulty of getting a job in a multilateral organisation without previous equivalent experience. It is different at the European Bank for Reconstruction and Development (EBRD) and presumably other development banks. Read more about the EBRDs workforce, which profiles the bank it is looking for and how to join its cause.
Approximately eighty per cent of the Bank's external hires come from the private sector. For junior-level positions in finance or legal, a private sector background with two to three years of experience is a particular asset. In fact, recruiters lean toward those with experience in private banking because when dealing with small companies and entrepreneurs, having prior understanding of their mentality is favourable. Therefore, along with those with a banking background, they often recruit people with experience in corporate finance/legal, project management or consulting.
On the other hand, a multilateral background helps for more senior positions because you must understand how to work in and for that kind of institution. The EBRD tends to recruit juniors and build them up over the years for more senior positions. However, it is still possible to join at a more senior level. It depends highly on the role and especially on the requested skill set.
Jobs outside of finance
You could say the EBRD is like a large international private bank. Like them, communication with stakeholders and shareholders is essential for the EBRD to fulfil its mandate. However, because the political aspect and the bank’s structure is completely different, knowledge of how multilateral organisations work internally and in the system is key. Understanding the wider international development community and good soft skills are very important in this line of work. Knowledge of the public sector, as well as the political landscape and processes, is also necessary. That's why a background in an international organisation in the sector or a national government is an advantage if you are considering working for the more politically oriented side of the EBRD.
Sustainability experts may find it interesting that the EBRD offers a full range of climate-related positions – from profiles focused on social topics to policy making/renewing to more market and finance roles.
The bank also employs many specialists who assess the impact of its investments. The focus here lies on climate topics such as adaptation, mitigation, decarbonisation, renewable energy or climate policy. Sustainability experts may find it interesting that the EBRD offers a full range of climate-related positions – from profiles focused on social topics to policy making/renewing to more market and finance roles. They are not just focused on one of the three dimensions of sustainability (society, environment and economy) but cover them all. Regarding technical profiles, the bank employs very distinguished specialists for example, for low carbon cement or climate modelling. Understandably, the operational and internal support departments employ specialist profiles, such as IT specialists, or change managers.
Joining the cause
The EBRD's workforce is highly multicultural and knowledge diverse. In fact, this is an important factor for the bank’s success in achieving its goal – to change lives for the better through financial investments, business services, and work on policy reform. So, in addition to the skills required in the job advertisement, it is essential to be passionate about the bank's cause, have intellectual curiosity, and enjoy working in a multicultural team that delivers results together.
Working with EBRD means being at the forefront of a financial institution that promotes sustainable investment practices in climate, biodiversity, gender equality and inclusion.
Working with EBRD means being at the forefront of a financial institution that promotes sustainable investment practices in climate, biodiversity, gender equality and inclusion. All of the EBRD’s operations are aligned with the Paris Climate Agreement, and about half of them have a significant green finance component.
For individuals who join the bank team from a private bank, you need to be prepared to that you won’t be able to receive the big bonus at EBRD. But on the other hand, your salary is tax exempted. However, the panellists agreed that the variety of projects and, above all, the purpose behind them far outweigh the financial sacrifice – especially because the results visibly improve people's lives and society in the long term.
About the Event
Earlier this year, cinfo co-hosted a career event with the European Bank for Reconstruction and Development (EBRD) at its headquarters in London. Around 50 on-site and 20 online participants learned more about the EBRD and its career opportunities. After Rosmarie Schlupp, the bank’s Swiss Board Director delivered the introduction speech, and Tom Edmonston led us through the bank’s history, the panel discussion brought insightful perspectives for people looking to work in a bank committed to improving people’s lives.
Panellists:
- Katya Melnikova : Associate Director, Talent Acquisition
- Natasha Khanjenkova : Managing Director, Banking Portfolio
- Nadia Petkova : Director, Regional Network, SME F&D Regional Network
- Michel Nussbaumer : Director, Legal Transition
- Francesca Foglia : Principal, President's Office
- Amir Habchi : Associate, SBI, Climate Strategy & Delivery
About the EBRD
The EBRD was established in April 1991 with the mission to foster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative. It invests in changing lives through financial investments, business services, and work on policy reform. The EBRD operates in nearly 40 economies across three continents. It uses investment as a tool to build market economies. Initially focused on the countries of the former Eastern Bloc, it expanded to support development in more than 30 countries from Central Europe to Central Asia. Despite its public sector shareholders, it invests in private enterprises, together with commercial partners.
The EBRD is owned by 73 countries from five continents, as well as the European Union and the European Investment Bank. Switzerland is a founding member of the EBRD and has one member on the Board of Directors. The Swiss Director heads the constituency also comprising Ukraine, Serbia, Uzbekistan, Liechtenstein, Montenegro, and Turkmenistan. Through its direct representation, Switzerland actively participates in the EBRD’s institutional and strategic decisions, thereby fulfilling its supervisory function as a shareholder.
