The labor market in Frankfurt
Frankfurt has a strong and healthy labor market, as it is Germany's financial center and the largest city in the Hessen state. Thus, the most available jobs in Frankfurt are senior roles in the economic sector, which thrives in the city's center, in the Bankenviertel area with the skyscrapers, known as “Mainhattan”. Frankfurt is also home to the European Central Bank and the German Central Bank (Bundesbank).
Thousands of companies flourish in Frankfurt, giving opportunities to new graduates and seasoned professionals to take their careers to the next level. Diversity and progress are characteristics of the whole state of Hesse, and therefore, there are many employment opportunities for research and business development.
Booming industries in Frankfurt
The unemployment rate in Hessen state is at 5.6%, which is significantly higher than the national average of 3.3%. As expected, due to the pandemic and the current economic situation, there has been an increase in unemployment in the hospitality sector, but the region is recovering and bouncing back stronger. Currently, the occupational categories with the most graduates and experts are tourism, media, event management, teaching, film and television production, physics, and geology. Hence, in these industries, jobs are scarcer as there's high demand. On the other hand, there's good job availability in sectors such as plumbing, healthcare, energy engineering, tax consultancy, automation, landscape management, and rehabilitation technology.
Frankfurt is a research hub thanks to the Max Planck Institute of Biophysics and has excellent study programs in the fields of medicine, biotechnology, and pharmacy. The city hosts a large number of chemical, pharmaceutical, and biotechnological companies, such as DECHEMA, Merz Pharma, and the Frankfurt Biotechnology Innovation Center. The financial industry is also booming in the region, with institutions such as the German Stock Exchange, the European Central Bank, and the European Insurance and Occupational Pensions Authority having their offices there. Frankfurt also offers high-quality study programs in FinTech studies.
Being a trade center and having one of the most important airports in Europe, Frankfurt gives significant importance to logistics and mobility. Therefore, many institutes dedicated to research and training in the field of mobility have risen, such as the House of Logistics and Mobility. Last but not least, the creative industry is present along the river Main, with many prominent advertising agencies benefiting from the city's diverse and international character. The Creative Hub Frankfurt is an excellent start for up-to-date information regarding the creative scene. Additionally, there are many coworking spaces where you can develop your professional network in Frankfurt.
Finding a job in Frankfurt
As we have seen, Frankfurt has a diverse labor market, offering many job opportunities to young, experienced, and international talent. Finding work in Frankfurt can be challenging due to the high competition in the labor market, but once you find the right match for you, you will be encouraged to thrive and be the best version of yourself! The great thing about Frankfurt is the constant employment growth thanks to the creation of new companies and the relocation to Frankfurt of the headquarters of many corporations, which are open to employees with international experience.
Tip:
To find a job in Frankfurt, we recommend staying tuned with Expat.com's friendly Frankfurt Forum. Conversations in the forum are often insightful, and they will help you expand your social network in Frankfurt, which is always a good start to finding a job.
Wages in Frankfurt
Overall, salaries are good in Frankfurt, and the average cost of living is significantly lower compared to other popular cities in Europe, such as Copenhagen, London, and Paris. Nevertheless, it is worth noting that Frankfurt is more expensive than Berlin when it comes to renting prices and groceries. The average yearly salary in Frankfurt is 77,000 euros, and the most popular sectors are software engineering and IT. If you are planning to do an internship in Frankfurt, keep in mind that most internships are unpaid, and you will have to live on a tight budget. For those interested in part-time and mini-jobs, salaries cannot be higher than 520 euros per month.
