Attending the Monaco Job Forum, Sibylla Beck, Head of Administration & HR at Privatam, came to meet rare profiles in a highly specialised Monegasque market.
Alongside her was Cédric Herrera, Compliance Officer at CGM Azimut for 25 years, who was participating in the event for the first time as a representative of AMAF, in a guidance and advisory role. Two complementary perspectives, between talent search, market analysis and experience sharing.
Sybilla Beck: Head of Administration and Human Resources at Privatam. I oversee all administrative and HR functions for the group, which has a presence in Monaco, Switzerland, Luxembourg and France. With an initial background in banking/finance, I attended the Monaco Employment Forum to learn more about new talent in the dynamic and specific Monegasque market.
Cédric Herrera: I have been compliance officer at CGM for 25 years. I was there when the compliance function was created, at a time when this profession was virtually non-existent. The first controls came gradually, as regulations evolved. Today, compliance has become so central that it sometimes requires more resources than management itself. When I arrived, there were five of us at CGM. Today, there are forty of us. In the meantime, we have been acquired by the Italian group Azimut, which is listed on the stock exchange. It’s a real growth trajectory and a good example of what management companies in Monaco have to offer.
Sibylla Beck
To better understand the objectives of young talent. Today, it has become difficult to find young talent, especially in Monaco. Our company is highly specialised: we operate in a niche sector, that of structured products. These are rare profiles, with very specific technical skills. The forum is therefore an excellent opportunity to talk directly to candidates, particularly students nearing the end of their studies who are looking for a validation internship.
Cédric Herrera
I was representing AMAF, not CGM Azimut as a recruiter. We didn’t have any open positions at the time, which is precisely what made the discussions more interesting. The candidates did not feel like they were being assessed for a specific position, so the discussion was much more free and relaxed.
The idea was really to guide, advise, explain how the Monegasque financial market works and answer the questions that kept coming up.
Sibylla Beck
We are open-minded, but above all we are looking for candidates who are curious, proactive and motivated. Our interns are not there to observe: they work directly with the sales team.
The forum allowed us to meet students from the International University of Monaco, but also international, multilingual candidates from South Africa and other countries. For us, English is essential, as our business is very much focused on South America, Israel, Dubai, but also Switzerland, France and Monaco.
Cédric Herrera
Three major topics came up repeatedly.
The first concerned AMAF certification. Many candidates wondered whether it was essential to be certified to work in Monaco. I was able to remind them that it is not mandatory to start working in Monaco. Certification comes later, often at the employer’s initiative. I also emphasised the cost – around €1,600 – and the fact that it is not relevant to take it as an independent candidate without a clear plan, especially since priority is given to people who already work in Monaco.
Cédric Herrera
The lack of knowledge about management companies is striking. Many candidates were unaware of their existence, even though there are nearly three times as many of them as banks in Monaco: around 73 management companies compared to 24 banks.
I really emphasised the fact that they are recruiting and offer great careers, both in technical roles and in compliance, back office or management assistance. They may not always be as well known as some of the big banks, but some are larger in terms of staff or assets under management.
Sibylla Beck
For young people, understanding how the job market works in Monaco is essential. The forum also has the advantage of bringing together all sectors: finance, hospitality, luxury goods, yachting, administration, security, etc. This gives a very comprehensive overview of the Monegasque ecosystem.
Sibylla Beck
Yes, definitely. I found the overall standard to be higher and of better quality. The young people we met were very well prepared and very determined. Some had very clear plans, sometimes international ones, and a real desire to build a solid career path. It’s very encouraging.
Cédric Herrera
Yes, there were many profiles in career transition, which was a real surprise. These candidates were primarily looking to understand whether Monaco could be an opportunity for them. I explained to them that it was possible, but that sometimes you have to accept starting in an assistant or support role in order to progress.
Sibylla Beck
The process is very structured, which is perfectly normal, but it can lengthen the time frame. For some highly specialised professions, such as financial product structurers, it is sometimes difficult to even publish a job offer, as the roles are so specific.
Conversely, for assistant positions, there are many high-quality applications. Monaco remains a very attractive market, but one with its own rules.
Cédric Herrera
In Monaco, it is still possible to have a career, both in banks and in management companies, provided you are realistic about the entry point, particularly in terms of salary and duties.
Sibylla Beck
The forum is an excellent opportunity to talk directly to students who are coming to the end of their studies and looking for a work placement to validate their qualifications.
Cédric Herrera
Work placements at the end of studies are in high demand, which is normal. Work-study programmes now exist in Monaco, with financial assistance available, particularly if the student is a resident or affiliated with a Monegasque university, but they remain complex to implement.
In our line of work, a work-study programme that is too fragmented – one week on, one week off, for example – is not viable. On the other hand, a schedule of three weeks in the company and one week at school works much better, particularly in terms of compliance.
Sibylla Beck
A very positive one. The forum shows that Monaco remains a highly attractive location, with motivated, multilingual and ambitious young talent. It fully plays its role as a bridge between companies, candidates and institutions. For us, it is a useful and relevant event.
Cédric Herrera
It was my first time attending and I was pleasantly surprised. The Grimaldi Forum setting played a big part, the organisation was smooth and the quality of the discussions was very good.
The diversity of the sectors represented was impressive: finance, of course, but also hospitality, security, services, the public sector, police… It gives a very positive image of the Principality and the richness of its job market.
