ESSEC Alumni in Luxembourg: “This country still has a triple A rating”

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: What is your history with Luxembourg?

Olivier Maréchal: My history with Luxembourg started with a 3-month engagement while still in Paris. It turned into an opportunity to be part of the team setting up a consulting practice in Luxembourg. I became Partner and later Head of Consulting for another Big 4 firm. I also did a stint as Head of Operations for a bank. I have now multiple activities: entrepreneur, independent director, and… guest lecturer at ESSEC for the Global MBA program.

EA: How famous is the ESSEC brand in Luxembourg?

O. 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 economic situation currently in your country? 

O. Maréchal: The Luxembourg economy is in good shape even if it is not growing as much as it used to since 2022. Luxembourg remains one of the only countries in the world with a triple A rating. It has the second lowest debt to GDP ratio in the EU and ran a budget surplus in 2024. Number of jobs in Luxembourg continues to grow. The financial services industry is still recruiting and there is clearly a shortage of talents in finance, professional services, and technology. There are still 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 former firm (EY), they 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 regularly meet and work closely with the other French “Grandes Ecoles” alumni groups (business schools, engineering schools, ENA/INSP…). 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 debate on the concrete impacts of AI on economy and society. We had 3 panelists coming from various horizons: a radiologist, a banker and a senior government official in charge of new technologies. We also had a summer drink with our friends from HEC, Sciences Po, ESCP, and EM Lyon. 

EA: What are the next ones?

O. Maréchal: We will soon have an autumn “Back to school” drink. And we plan to organize another event with ESSEC Alumni's Finance, Bank & Insurance Club. Our last collaboration was very successful, and we want to repeat it. We would also like to reinforce our connections with other international chapters, such as the Switzerland Chapter, and the school.

EA: Who are the members of your team? 

O. Maréchal: It depends on the time of the year! We have many contributors. Emilie Zimer (E07) and Rémi Ernoult (BBA 92) were very active this year. Guillaume Carballo (EXEC M12) is also doing a great job on technology and community management dimensions.

EA: Do you need more volunteers to get involved?

O. Maréchal: Absolutely, time is a scarce resource and volunteers are always welcome! You should not hesitate to contact us.  

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

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