In the 19th and 20th centuries, Berlin was a hub for capital and Germany's largest trading center for stocks, annuities and options. As a consequence of World War II and the division of Germany, West Germany's primary financial center shifted to Frankfurt am Main.
Berlin's grand tradition as a financial center was revived following Germany's reunification in 1990. Many banks, insurance companies and financial services providers from Germany and abroad have moved to the capital. The traditional banking center of Berlin Mitte is experiencing a renaissance. Around 50,000 people work in Berlin's banking and insurance sector.
When the federal government moved to Berlin, the top financial industry associations followed. As a bridge between Western, Central and Eastern Europe, Berlin offers ideal conditions for the German and international financial world to come together at the highest levels.
As a first-rate cultural center, Berlin is also an attractive destination for German and international specialists and senior executives. With over 144,000 students, Berlin is also the largest university center in German-speaking countries and offers outstanding potential for recruiting new talent for the financial services sector.
Companies can recruit graduates of a number of specialized institutions for leadership positions in the financial sector. These include the Institute for Banking, Securities and Insurance (Institut für Bank-, Börsen, und Versicherungswesen) at the Humboldt University, the Institute for Banking and Finance (Institut für Bank- und Finanzwirtschaft) at the Free University, and the Chair of Finance and Investing (Lehrstuhl für Finanzierung und Investitionen) at the ESCP Europe Business School Berlin.
The universities of applied science train students in the following fields:
- Business administration with a focus on banking;
- Finance, accounting, corporate law, taxation;
- Bachelors degree in business administration;
- Bachelors degree in economics;
- Masters degree in business administration;
- Financial management;
- Cooperative education academy: academic/internship program in banking.
Berlin's trade / technical schools also offer in-depth education and training.
For example, the Vocational Academy for Banking and Insurance (OSZ Banken und Versicherung) offers programs in "Banking and Insurance Administration" and "Continuing Education in Financial Services," as well as a vocational secondary school program in "Banking and Insurance." Each year, about 500 banking and insurance professionals pass the exam at the Berlin Chamber of Commerce and Industry (Industrie- und Handelskammer Berlin - IHK) and enter the job market.