26/12/2024
On the surface, it may seem like the world of finance is complex and out of reach. But that couldn’t be farther from the truth for those living in Spain—especially as it’s becoming the most thriving financial hub of Europe.
You want the lifestyle. You want to drink up the sunshine, eat Spanish food and feel the culture. But you want career progression, too. Life’s not a vacation. There must be opportunity. We have good news. Spain’s largest cities are becoming financial hubs that house the world’s banking giants, fintech startups, and financial institutions. If you’re looking for the best place to live in Spain, we’ve picked two new cradles for bustling business centers that are on the precipice of financial expansion. Let us explain.
Living in Malaga: an up-and-comer in finance
If you’re looking to kickstart your career in banking, then Malaga is the place for you. According to the Financial Times, Malaga is now home to some of the world’s largest banks and multinational companies that simply couldn’t resist planting their roots in the sunny southern Spanish city.
In fact, Citigroup are funding a hub for new investment bankers hoping to attract the next generation of banking professionals.
What’s more, these large multinational companies are now recognizing the importance of offering their staff a good work-life balance, meaning junior bank analysts and the like can now both work and enjoy their evenings soaking up the warm sun on Malaga’s best beaches.
An enviable work-life balance
Maria Eugenia Jiménez Gómez, director of Citi’s Investment Banking Division, says that this new Malaga hub was a result of listening to the younger generations of bankers. She explains that this move will offer analysts the opportunity for involvement in landmark transactions across Europe. And at the same time, they can enjoy an attractive quality of life in an amazing city like Malaga. What’s more, she says it also provides an opportunity for analysts to work in an international environment with a diverse group of people.
The place to advance your career
Marcus Saxby, also director of Investment Banking at Citi, says that this new group will offer extensive and well-rounded training to equip junior analysts with the skills needed to carve out a successful banking career. He goes on to explain that “the new EMEA Banking Analytics Group will offer improved work-life balance to attract top talent that may not ordinarily consider a career in investment banking. This will both broaden and enhance the diversity of the bank’s talent pool.”
IE University’s tightknit connections with Spain’s financial hubs
Sounds like a dream, right? Well, this dream became a reality for 27 new analysts in Malaga. Citigroup received more than 3,000 applications for the two-year program, and 13 of the 27 selected for the role came from IE Business School. Graduates from our Master in Finance, Master in Management and Bachelor in Business Administration have joined the next generation of future leaders making their mark in Malaga.
Citigroup showed a particularly strong interest in our students for this new project, especially as our graduates are highly motivated and talented with a willingness to learn and a commitment to the job. María Eugenia highlights that “in their day-to-day, these new analysts will be involved in complex and dynamic transactions that will require them to be proactive, think one step ahead, challenge people and take action.”
Madrid: a financial hub and the best place to live in Spain
If the capital city is more your style, then fear not. According to the Global Financial Center’s Index in 2021, Madrid is Spain’s renowned financial center and has made a name for itself as one of the most competitive financial centers within Southern Europe. In fact, it’s also making its mark globally and its acceleration through the charts has only sped up in recent years.
With the ongoing changes following Brexit, Madrid’s finance professionals are comfortably watching as their capital city is coming out on top. According to The Times, Swiss investment bank, Credit Suisse, made a strategic move from London to Madrid and is now pushing ahead with its plans to make Madrid the home of their EU hub post-Brexit.
Madrid is a financial hub where banks want to expand. With many more jobs appearing in the next few years, this makes Madrid the best place to live in Spain for finance professionals.
As an IE University graduate, you’ll be no stranger to thriving in multinational environments, making you the perfect candidate for one of these new jobs.
As stated by BBVA, the Spanish central government has created a committee to help lure in financial companies that leave London after Brexit, solidifying it as a favorite hotspot for years to come. Back in 2018, they also announced the core steps they’ll be taking to make Madrid an attractive financial hub for firms, including a welcome program for investment and flexibility to outsource activities.
On top of this, thanks to the many ties the Spanish capital has with Latin America, many Latin American financial firms use Madrid as a gateway to accessing the EU banking and financial markets. Financial integration is just one of the benefits this brings as financial companies across the world are picking Madrid as their new home. This allows them to make the most of the ability to access the sought-after Latin American companies, whilst keeping their headquarters firmly based in Europe. Latin American economies themselves are moving up the global ranks, making Madrid even more attractive thanks to its unique position.
What does this mean for me as a student at IE University?
In short, you’ll be studying in the best place to live in Spain. IE University places you in the hub’s city center surrounded by some of the world’s top finance professionals. What’s more, the fantastic range of internship opportunities available, and the support provided by our IE Talent & Careers department, means you’re only one application away from joining these leaders.
With the collaboration between Citigroup and IE University, you’ll have the chance to attend to an exclusive networking event.
Learn more ways the new world of finance is putting Madrid on the map as a global financial hub, and take comfort in the fact that you’ve chosen the right space to reach your career goals. The future may be uncertain, but one thing is clear: as an aspiring financial professional, there’s no better place than Spain.
