General Management

Interkulturelles Management

Medical Leadership

Finance

Real Estate

Informatics

Artificial intelligence will become an integral part of our daily lives, from self-driving cars that merge smoothly into traffic and trading algorithms that balance energy markets to virtual assistants that coordinate our schedules. None of these systems acts alone. They must share information, anticipate others’ actions, and make decisions that benefit everyone involved. Prof. Giorgia Ramponi’s team studies how to teach such agents to learn from people and from each other so their behavior remains safe, efficient, and aligned with human intentions.

## Learning from humans

Their approach, called reinforcement learning, is similar to training a pet: the AI tries different actions, learns from
the outcomes and gradually discovers which choices lead to better results. But defining what constitutes a “reward” in real life contexts, such as comfort, fairness or trustworthiness, can be challenging. To address this, they
explore ways in which people can guide the learning process directly, either by providing examples (“do it like this”) or by expressing preferences (“I prefer this result to that one”). Large language models – like today’s chatbots – are trained in a similar way through human feedback. 

A key direction of their research is to integrate multiple types of feedback, ranging from demonstrations to expert
corrections, to make AI learning richer and more adaptive. One of their recent methods first teaches a robot the
basics through demonstrations, before fine-tuning its behavior using simple human feedback. This approach could power household robots that learn to perform delicate tasks safely, autonomous vehicles that can adapt to local driving habits, and surgical robots that can improve their precision with expert guidance. It paves the way for
systems that keep improving through small, meaningful human interactions rather than rigid programming.

## Teaching AI to collaborate

When learning involves many agents, like cars coordinating at an intersection or algorithms balancing a market, the challenge becomes one of teamwork. Each AI must predict how the others will act and adjust its behavior accordingly so that they can all work together smoothly. Economists describe this balance point as a Nash equilibrium: a state in which no individual can improve their situation by acting alone. Prof. Ramponi’s research shows that simple imitation cannot always achieve this balance, so they developed a method that only asks for expert guidance when needed, allowing agents to learn cooperative strategies much faster. They also examined how large language models behave in cooperative or competitive games, finding that stronger reasoning sometimes led to less cooperation. This highlights an important insight: intelligence alone does not guarantee collaboration; it must be intentionally cultivated. 

Across all these projects, the researchers’ goal is to connect human intuition with machine learning. By combining
demonstrations, preferences, and interaction, they aim to create AI that not only performs well, but also collaborates effectively and responsibly.

**Giorgia Ramponi** is an assistant professor of artificial intelligence for cyber-physical systems at the Department of Informatics UZH.

T﻿ext: Giorgia Ramponi, Source: Oec. Mag. #24

## A﻿re you interested in AI?

Our programmes “[CAS in Game Changer AI](https://www.executive-education.uzh.ch/en/informatics/programs/gamechangerAI.html)“ and “[CAS in Generative AI](https://www.executive-education.uzh.ch/en/informatics/programs/generativeai.html)“ reveal the true potential of these emerging technologies and show you new ways to use them in your business.

AI is getting smarter, but can it learn to cooperate? Prof. Giorgia Ramponi and her team are studying how machines can collaborate safely and effectively with people and with each other. Text: Giorgia Ramponi

How AI Learns From Us and From Each Other

Insurers have long recognized the financial risks of climate change. As early as 2005, Allianz, together with WWF, warned that global warming posed mounting economic threats. In recent years, with rising losses from natural disasters, many insurers have started adopting “carbon underwriting policies” – public commitments to reduce the coverage for carbonintensive sectors such as coal, oil and gas. Yet little was known about whether these policies meaningfully influence decarbonization or instead remain largely symbolic and weakly enforced.

## How carbon policies take shape

A recent study by Prof. Zacharias Sautner, Olimpia Carradori and Dr. Felix von Meyerinck from the Department of Finance UZH examines whether and how the world’s largest insurers implement these commitments and their implications for U.S. coal mining operations. The authors link data on insurers’ carbon policies with detailed insurance certificates for U.S. coal mines and information on production, employment, and operating status of these mines. This approach allows them to trace how major property and casualty (P&C) insurers around the world change their coverage once a policy has been adopted, and to see what happens to the mines that lose it.
Insurers’ coal-related policies have become more prevalent and stringent, though only a few insurers set  comprehensive phase-out strategies. Policies targeting oil and gas remain far less common and weaker.

## When insurers pull back, mines close

Once a policy is adopted, insurers are 8.4% points more likely to withdraw coverage of U.S. coal mines within the
first quarter, rising to 18.3% points by the fourth quarter. Overall, insurance coverage falls by 16% in the number of insured mines and by 56% in insured coal volumes. Stricter policies cause larger declines in coverage, while
certain forms of insurance, such as worker-safety coverage, are often retained. 

These withdrawals are followed by real effects: mines exposed to policy-adopting policy-adopting insurers are 3.6% points more likely to be abandoned, while those that remain open cut employment by around 15%. The effect is stronger where alternative insurers are scarce, showing that limited substitutability amplifies the effects of the policies.

The study provides the first systematic evidence of insurers’ carbon underwriting policies and their impact on carbon-intensive projects. Still, the authors stress that the effectiveness of such policies depends on their rigor
and on market conditions. They call for greater transparency and public disclosure of insured exposures to accurately evaluate the potential of these policies – for coal and other high-emission industries.

**Zacharias Sautner** is a professor of sustainable finance at the Department of Finance UZH, a senior chair at the Swiss Finance Institute (SFI) and a lecturer for [Executive Education Finance](https://www.finance-weiterbildung.uzh.ch/en.html) courses.

T﻿ext: Cornelia Kegele, Source: Oec. Mag. #24

COO & Finance

Can insurers accelerate the shift to net-zero? A new study by Prof. Zacharias Sautner shows they can – by limiting insurance coverage for carbon-intensive projects. Text: Cornelia Kegele

When Insurers Reshape Carbon Risk

Could your LinkedIn profile reveal more about your career potential than your CV? Traditional economic theories argue that education and work experience determine a person’s position in the labor market. But these broad measures only offer a partial view of someone’s human capital, which comprises knowledge, skills, and abilities  that drive productivity and earnings.

A recent paper by Prof. David Dorn and his colleagues quantifies human capital by analyzing the self reported skills of nearly nine million U.S. college graduates on LinkedIn. It shows that both the number and composition of
reported skills are systematically linked to traditional human capital measures such as education and work experience. Skill growth mirrors earnings, rising quickly early in a career and slowing later in life. Graduates from STEM (science, technology, engineering and mathematics), health and law, as well as those with advanced degrees, are especially likely to report high shares of occupation-specific skills, while those from the arts, humanities or social sciences more often list general skills applicable to many occupations.

## A new lens on skills

The findings are clear: skills matter. Workers who list more skills tend to hold better-paid jobs. But not all skills carry the same payoff. Managerial skills such as strategy, planning, budgeting or leadership have particularly
high returns, as do specialized skills in medicine, science, IT and law. 

Variation in skills explains more of the earnings differences than detailed measures of education or experience.
Despite being self-reported and varying in presentation, the study shows that LinkedIn skills explain more of the variation in salaries than traditional metrics. 

## The gender skill gap

Human capital differences between women and men have long been dismissed as the cause of persistent gender pay gaps. Since women now surpass men in average educational attainment, conventional measures of human capital would suggest women should earn more. Yet analysis of self-reported skills tells a different story. While men and women report similar skill levels upon graduation, women’s skill accumulation slows in their late 20s to early 40s, when reduced work hours due to motherhood limit growth in their reported skills. These differences account for a substantial share of the gender earnings gap.

Multidimensional skill measures thus provide a richer, more actionable view of labor market outcomes than conventional ones. While self-reported LinkedIn skills are imperfect, they offer a timely snapshot of people’s knowledge and abilities – data that employers and researchers use to understand how education, experience, and skills shape inequality.

**David Dorn** is the UBS Foundation professor of globalization and labor markets at the Department of Economics UZH.

T﻿ext: David Dorn, Source: Oec. Mag. #24

A recent paper by Prof. David Dorn shows that LinkedIn skills reveal more about earnings and gender gaps than educational qualifications or professional experience. Text: David Dorn

Your LinkedIn Skills Say More About Inequality Than You Think

"Die Stadt ist Bewirtschafterin, Investorin und Bauherrin zugleich», erklärt Alumna Kristina Bussmann. Zusammen mit ihrem Team verwaltet sie das gesamte Immobilienportfolio der Stadt Bern. Dazu gehört das Verwaltungsvermögen, also Gebäude, die für öffentliche Aufgaben genutzt werden, wie auch Wohnungen und Geschäftsliegenschaften im Finanzvermögen. Anders als private Immobilienfirmen denkt die öffentliche Hand nicht in erster Linie an Renditen, sondern an Bedürfnisse. «Wir leisten eine Dienstleistung gegenüber der Bevölkerung», sagt Bussmann. Entsprechend sind alle Geschäfte öffentlich. Das bringt einige Herausforderungen mit sich.

## Bern will zeigen, wie nachhaltige Verdichtung geht

Das Projekt Viererfeld/Mittelfeld zeigt exemplarisch, wie viele Ebenen ein städtisches Bauvorhaben umfasst –
von städtebaulichen Wettbewerben über ökologische Auflagen bis hin zu Volksabstimmungen: Auf einer Fläche von 190’000 Quadratmetern entsteht im Norden Berns ein neues Stadtquartier für rund 3000 Menschen.
Geplant ist ein lebendiges, grünes Quartier mit einem grossen Park, Schulen und Gewerbeflächen. Doch bis dahin ist es ein weiter Weg. Seit der Umzonung sind bereits zehn Jahre vergangen, der Baubeginn für die Hochbauten ist für 2030 vorgesehen. Die Stadt will mit diesem Projekt zeigen, wie nachhaltige Verdichtung funktionieren kann, trotz steigender Baukosten, Klimavorgaben, Mitwirkungsverfahren und politischen Prozessen. «In Bern braucht jede Einzelplanung eine Volksabstimmung, allein das kostet meist ein Jahr», erklärt Bussmann. Zu den fachlichen Prüfungen und öffentlichen Auflagen gehören also immer auch politische Auseinandersetzungen, die Zeit kosten.

## Wenn Stadtentwicklung zur Verhandlungssache wird

Was das konkret bedeutet, zeigt sich am Beispiel des Mobilitätskonzepts für das Quartier Viererfeld/Mittelfeld. Früh wurde festgelegt, dass die Parkplätze im Quartier in drei zentralen Tiefgaragen gebündelt werden. «Das klingt einfach, ist aber hochpolitisch», erklärt Bussmann. Denn die Vorstellungen, wie viele Parkplätze es braucht und wie diese bewirtschaftet werden sollen, gehen weit auseinander. Die privaten Bauträger:innen wollen ausreichend und möglichst eigene Parkplätze für Mietende, Kund:innen und Mitarbeitende – die Stadt pocht auf Veloförderung, geringe Anzahl Autoparkplätze und keine fixe Zuteilung der Parkplätze an Mietende. Hinzu kommen neue Entwicklungen wie Cargo-Bikes, die mehr Platz benötigen. 

Das Viererfeld/Mittelfeld steht stellvertretend für viele weitere Entwicklungsareale, die Bern derzeit plant. Solche Projekte sind komplex, brauchen Geduld und zeigen, wie anspruchsvoll es ist, Stadtentwicklung unter demokratischen Bedingungen zu betreiben. 

## Zwischen Ökologie, Sozialem und Wirtschaftlichkeit

Wenig überraschend: Zielkonflikte sind im Alltag von Bussmann allgegenwärtig. Die anhaltende Wohnungsknappheit ist da nur ein Beispiel von vielen. Mit gezielten Mietzinsbegrenzungen bietet die Stadt Bern im eigenen Wohnungsbestand günstige Wohnungen an. Ausserdem achtet sie auf eine hohe Belegung der Wohnungen. So soll eine 4½-Zimmer-Wohnung von einer Familie bewohnt werden, nicht von einer Einzelperson. Für subventionierte Wohnungen gelten klare Vermietungskriterien. Wer die Belegungs- oder Einkommensgrenzen
nicht mehr erfüllt, zahlt einen höheren Mietzins, darf aber in der Wohnung bleiben. Damit will die Stadt den
sozialen Zusammenhalt wahren und gleichzeitig die vorhandenen Flächen optimal nutzen. Wo möglich, kauft sie
zudem Liegenschaften von Privaten auf, um sie der Spekulation zu entziehen und dauerhaft im Mietsegment zu
halten. Gleichzeitig verfolgt die Stadt ehrgeizige Klimaziele. Wenn Gebäude umfassend saniert werden, gelten hohe ökologische Standards, wie Solaranlagen, Holzbau und Fernwärme. Das kostet, und die Mietzinse dürfen
trotzdem nicht einfach steigen. Die Stadt nehme dafür bewusst geringere Renditen in Kauf, erklärt Bussmann.
«Ob sie sich das langfristig leisten kann, ist offen. Aber im Moment steht die ökologische Komponente klar an
erster Stelle.»

## Ansätze für mehr Handlungsspielraum

Digitale Immobilienprozesse oder KI könnten Abläufe zwar effizienter machen, doch im öffentlichen Sektor stossen solche Projekte schnell an ihre Grenzen: fehlende Mittel, komplexe Beschaffungsverfahren, lange Entscheidungswege. «Wir arbeiten Schritt für Schritt», sagt Bussmann. Mehr Spielraum bei Investitionen wäre für sie entscheidender als jedes neue Tool. «Manchmal wünsche ich mir mehr finanzielle Flexibilität, aber am Ende
ist es richtig so. Die Demokratie gehört zu unserem Geschäftsmodell.» Trotz aller Hürden spürt man Bussmanns Überzeugung. Die vielfältigen Aufgaben und der Austausch mit Menschen aus allen Bereichen des städtischen Lebens bereichern ihren Alltag. «Was mich motiviert, ist die Sinnhaftigkeit», sagt sie. «Wir gestalten Lebensräume für Menschen, nicht nur für Renditen.

## T﻿akeaways

* Public Real Estate Management verbindet wirtschaftliche, politische und soziale Ziele.
* Stadtentwicklung ist immer ein Aushandlungsprozess zwischen Politik, Planung und Öffentlichkeit.
* Städtische Bauprojekte dauern oft viele Jahre, wobei politische Verfahren und Volksabstimmungen die Planung erheblich verlängern.
* Transparente Entscheidungsprozesse und demokratische Kontrolle machen Planung langsamer, aber legitim und nachvollziehbar.

**Kristina Bussmann** leitet seit 2021 die rund 540 Mitarbeitenden von Immobilien Stadt Bern. Sie hat an der Universität Bern Politologie, Volkswirtschaft und Recht studiert und an der Universität Zürich einen Master of Advanced Studies in Real Estate ([CUREM](https://www.curem.uzh.ch/de.html)) absolviert. Zuvor war sie unter anderem bei Wüest Partner und der Stadt Zug tätig und ist seit 2014 bei Immobilien Stadt Bern.

Text: Maura Wyler, Foto: Caroline Krajcir, S﻿ource: Oec. Mag. #24

## I﻿nteressieren Sie sich für die Immobilienwirtschaft?

Unser Center for Urban & Real Estate Management ([CUREM](https://www.curem.uzh.ch/de.html)) bietet Ihnen praxisorientierte Weiterbildungen, fundierte Forschung und wertvolle Netzwerkmöglichkeiten in der Immobilienwirtschaft.

Real Estate & Urban Management

Als Leiterin Immobilien der Stadt Bern verantwortet Alumna Kristina Bussmann über 1000 Gebäude und ein Wohnportfolio von 1,7 Milliarden Franken. Statt auf Baustellen trifft man sie meist in Sitzungszimmern, wo über Strategien entschieden wird. Text: Maura Wyler, Foto: Caroline Krajcir

In Bedürfnissen statt Renditen denken

I﻿n an era of skill shortages, few would object to firms investing more in training their employees. Policymakers, too, seek measures to encourage such efforts. Yet many firms remain reluctant, as training brings additional
direct and indirect costs, and the risk of losing newly trained employees to competitors dampens motivation.

## Turning a cost into an opportunity

At first glance, introducing minimum wages seems an unlikely way to boost training investment. Why would firms
spend more when regulations already raise labor costs? But what if low-wage workers are in fact valuable – and replacing them proves even more expensive than retaining and training them? 

When the canton of Neuchâtel introduced Switzerland’s first regional minimum wage in 2018 – followed by four more cantons between 2020 and 2022 – the intervention created an ideal setting to study how minimum wages
affect training. Drawing on three extensive Swiss surveys covering a period over eight-years, Prof. Katarina Zigova from the University of Zurich and Prof. Thomas Zwick from the University of Würzburg examined firms’ training activities before and after these policy changes.

Switzerland’s federal structure provides a natural comparison between cantons with and without minimum wages, strengthening the study’s findings. The results are striking: minimum wages led to about 10% more training – mostly employer-financed, often during working hours, and covering topics beyond core business areas.

Further analysis shows that the training increase is not limited to workers directly affected by the minimum wage. Smaller, yet significant training increases also occur among higher-paid employees – a phenomenon known in the literature as the ripple effect. Moreover, the training effect remains stable over several years.

## Beyond the minimum wage

A common concern might be that this favorable outcome simply reflects a change in the workforce composition
following the introduction of minimum wages. However, Zigova and Zwick provide strong evidence against this
claim. Firms in the affected cantons did not hire higher qualified employees or alter their workforce composition in
other ways. Working conditions such as overtime and contractual arrangements also remained unchanged.

Cantonal minimum wages are a relatively new phenomenon in the Swiss labor market, and many observers initially feared negative side-effects. However, the research by Zigova and Zwick shows that firms hardly laid off employees. Instead, they responded by increasing training efforts and offsetting higher labor costs through productivity gains. As a result, the policy brought not only a direct effect – raising low wages – but also an indirect one, by stimulating investment in human capital.

**Katarina Zigova** is a professor of personnel economics, vocational education and lifelong learning at the Department of Business Administration UZH.

T﻿ext: Katarina Zigova, Source: Oec. Mag. #24

Business Administration: EMBA

Contrary to long-held assumptions, new research by Prof. Katarina Zigova shows that minimum wages in Switzerland can actually encourage firms to invest more in employee training. Text: Katarina Zigova

Minimum Wages Nudge Firms to Train Workers

## Weshalb sind Immobilien ein Abbild unserer Wirtschaft und Gesellschaft?

Kaum eine gesellschaftliche Entwicklung bleibt ohne Einfluss auf den Immobilienmarkt. Entsprechend breit
ist das Spektrum der Themen, mit denen sich die Immobilienökonomie auseinandersetzt. Selbst globale Konjunktur- und Finanzmarkttrends sind im Auge zu behalten, denn von diesen hängt die Zinsentwicklung
ab, die wiederum einen zentralen Einfluss auf die Immobilienbewertung hat. Immobilien weisen zudem
eine Reihe einzigartiger Eigenschaften auf, angefangen von ihrer Immobilität bis hin zur Abhängigkeit von
einem nicht vermehrbaren Gut wie dem Boden. Nur wer diese Charakteristika versteht, vermag Veränderungen
auf den Immobilienmärkten adäquat einzuschätzen und fundierte Prognosen zu stellen.

## Was ist der grösste Irrglaube auf dem Schweizer Immobilienmarkt?

Seit über 15 Jahren wird vor dem Platzen einer Immobilienblase gewarnt. Die Warnungen waren schon zu Beginn übertrieben und sind es noch heute. Gewiss, die Bewertungen auf dem Schweizer Immobilienmarkt sind sehr stolz,
doch solange die Wohnungsknappheit so ausgeprägt bleibt, müsste Unvorstellbares geschehen, um die Immobilienbewertungen in die Knie zu zwingen. Selbst der heftige Zinsanstieg nach dem jüngsten Inflationsschub, der die Hypothekarkosten in der Schweiz verdoppelt oder gar verdreifacht hat, konnte das Preiswachstum nicht ins Minus drücken. Die Knappheit wirkt wie ein Floor, eine Preisuntergrenze, für Immobilien. Historisch betrachtet
waren Überangebote, also das Gegenteil von Knappheit, stets eine notwendige Voraussetzung für Immobilienkrisen. Warnungen vor einem Immobilienpreiszerfall müssen daher die Gefahr eines  Angebotsüberschusses thematisieren, wollen sie ernst genommen werden.

## Was läuft falsch auf dem Schweizer Immobilienmarkt?

Die Schweiz hat sich in eine hausgemachte Wohnungsknappheit manövriert. Warnungen vor einer unzureichenden Wohnungsproduktion wurden jahrelang nicht ernst genommen. Die Ursachen sind vielfältig. Dazu zählen eine fahrlässig umgesetzte neue Raumplanung, welche die Baulandreserven schmälert, eine Flut an Gesetzen und
Auflagen, die das Bauen verteuern und Planungsunsicherheit schaffen, sowie fehlgeleitete Bundesgerichtsentscheide, die Einsprachen Tür und Tor geöffnet haben. Schnelle Lösungen sind nicht in Sicht. Um wieder eine ausreichende Wohnungsproduktion sicherzustellen, gilt es mehrere Fehlentwicklungen gleichzeitig zu korrigieren. Bei der Lärmgesetzgebung hat dies bereits funktioniert. Dennoch braucht es Geduld und
Zurückhaltung gegenüber gutgemeinten, aber marktverzerrenden Eingriffen, die langfristig oft negative Folgen haben.

## Soll man noch in Immobilien investieren?

Kaufen ist derzeit 15 bis 30 Prozent günstiger als Mieten. Mit dem Wegfall des Eigenmietwertes hat   Wohneigentum zusätzlich an Attraktivität gewonnen. Da wir auch auf längere Sicht tiefe Zinsniveaus erwarten, bleibt Wohneigentum die kostengünstigste Wohnform. Und nicht nur das, Wohneigentum ist auch eine empfehlenswerte Anlage, die den Vergleich mit Aktienrenditen nicht scheuen muss. Die Frage ist daher weniger ob, sondern wie. Wer über Erspartes verfügt und willens ist, mit den erzielten Einsparungen die Hypothekarschuld
langfristig zu senken, für den ist der Einstieg in den Wohneigentumsmarkt klar zu empfehlen.

## Wie lösen wir die aktuelle Wohnungskrise?

Der Schlüssel liegt in den ungenutzten Wohnflächen. Könnten die bestehenden Flächen effizienter verteilt werden, wäre die Wohnungsknappheit auf einen Schlag behoben und es müssten jahrelang keine neuen Wohnungen gebaut werden. Die groteske Fehlallokation resultiert aus der grossen Diskrepanz zwischen Bestandsmieten und Neumieten. Viele Mieter:innen haben keinerlei Anreiz, übergross gewordene Wohnungen an den Markt zurückzugeben, da sie von tiefen Bestandsmieten profitieren. Diese Fehlanreize sind eine unbeabsichtigte Folge des strikten Mietrechts, das ursprünglich Mieter:innen vor ungerechtfertigten Mietpreiserhöhungen nach
Abschluss eines Mietvertrages schützen wollte. Dabei hat man nicht bedacht, welche Langfristfolgen sich daraus ergeben. Die daraus resultierende Zweiklassengesellschaft erschwert nun jede Reform – denn wer vom Status quo profitiert, hat kaum Interesse an Veränderung.

**Fredy Hasenmaile** ist seit 2023 Chefökonom der Raiffeisen-Gruppe. Zuvor war er 20 Jahre lang in verschiedenen Führungspositionen im Bereich Economic und Real Estate Research der Credit Suisse tätig. Er verfügt über einen Masterabschluss in Volkswirtschaft der Universität Zürich.

Q﻿uelle: Oec. Magazin #24

## I﻿nteressieren Sie sich für die Immobilienwirtschaft?

Unser Center for Urban & Real Estate Management ([CUREM](https://www.curem.uzh.ch/de.html)) bietet Ihnen praxisorientierte Weiterbildungen, fundierte Forschung und wertvolle Netzwerkmöglichkeiten in der Immobilienwirtschaft.

Kaum ein Markt steht so sehr im gesellschaftlichen Fokus wie der Immobilienmarkt. Gewichtige Interessen stehen auf dem Spiel und starke Regulierungen führen zu Knappheit und hohen Preisen. Fünf Standpunkte zur aktuellen Lage mit Lösungsansätzen. Text: Fredy Hasenmaile

Der Reiz der Immobilienökonomie

## Professor Hilber, you hold the first professorship in real estate finance and economics at UZH. Why has it taken so long?

For a long time, real estate was considered to be more of a practical domain than an academic subject. Two factors changed this. Firstly, the 2008 global financial crisis highlighted real estate as a key asset class. Secondly,
we are seeing early stages of a global housing affordability crisis. Thirty years ago, only a few cities, like London
or New York, were affected. Today, people across the globe – including an increasing number in Switzerland – are
struggling to afford housing. Policymakers want to tackle and solve these issues and are looking to universities
to provide evidence-based research. 

## What are the most significant recent developments in real estate?

First and foremost is the emerging housing affordability crisis. We are seeing an increase in housing demand through income and population growth, colliding with an increasingly unresponsive supply. Secondly, housing is
not simply a “consumption good” providing a roof over one person’s head. Rather, it is increasingly viewed as an “investment good”; wealthy individuals are buying second homes as investments, investors are purchasing shares in Real Estate Investment Trusts, and individual mortgages are pooled and converted into tradeable financial securities with different risk profiles, which are sold to investors.

## The housing affordability crisis is a dire prospect. What can be done from a regulatory perspective?

It’s complex and there are no easy solutions. For a start, we need to clarify some major misconceptions surrounding the real estate market. 

Neither strict rent control nor government-provided housing offers a sustainable solution. Strict rent control removes incentives for landlords to maintain or even offer rental properties. This leads to a deterioration in housing quality and a reduction in rental supply. Demand in the rental market then exceeds supply, reducing market liquidity and generating long waiting lists. Government-provided housing, meanwhile, benefits only a limited number of tenants. In both cases, the “lucky” chosen renters benefit, but this creates an insideroutsider problem, with young people, those forced to move frequently and vulnerable groups in society often being left on the outside. 

Another misconception is that building more housing is ineffective. It’s basic economics: if supply is unresponsive – or, as economists say, inelastic – rising demand simply drives up rents and prices. And if rents are strictly controlled, it reinforces the insider-outsider problem. The key is to make supply more responsive – or elastic – to price increases. 

The third major misconception is that “greedy” developers, investors, landlords or short-term rental platforms are single-handedly to blame for the affordability crisis. While they often benefit financially from rising prices and rents – and there are indeed some bad actors – they are a symptom rather than the cause of the mounting affordability crisis.

## How many units do we need to build?

Experts estimate that, based on current demand growth, Switzerland must build around 50,000 homes a year – or slightly more – on a sustained basis to prevent the affordability crisis from deepening. However, there has been a slow downward trend since around 2018/19, which is unlikely to be cyclical in nature. 

It is crucial that we learn from the experience of the UK. The peak in housebuilding there occurred in the late 1960s, with well over 400,000 new homes completed annually. Today, the figure is only around 200,000, despite rising real incomes and population growth. Over several decades, this shortfall has made a huge difference and led to a very severe housing affordability crisis, resulting in the highest level of homelessness in the developed world.

## What tools do we have to increase the supply of housing stock?

Regulations and incentives. Switzerland has a rules-based zoning system. If land is zoned as residential and you
meet the requirements, you can build. There are also strong fiscal incentives for municipalities to zone land at the
fringe for residential purposes to attract “good” taxpayers. While building homes comes at a cost to municipalities,
for infrastructure, schools etc., Swiss municipalities also receive direct income tax revenue from their new residents. Until 2013, this combination of lax regulation, fiscal incentives and municipal autonomy was a “recipe” for comparably affordable housing, albeit at the cost of urban sprawl at the fringe. What changed in 2013 with the reform of the Federal Spatial Planning Act was that municipalities lost their authority to rezone land for residential purposes as they please. In some cases, they are even required to rezone existing residential land back to non-building use. As a result, sustaining the construction of 50,000 or more housing units per year may become increasingly difficult, potentially leading to an affordability crisis. 

## Zoning land back to agricultural land effectively creates green belts, offering local recreational areas and spaces for biodiversity. Isn’t that a good thing?

Taken in isolation, that is indeed a good thing. However, it comes with substantial opportunity costs, and there are more effective ways to enhance biodiversity and improve recreational access than implementing a green belt around cities. If we want to increase housing supply, we can either build outwards or upwards and more densely. Cities surrounded by green belts can’t grow outward, while building upwards or more densely in existing centers is much more difficult and costly. There are height restrictions, historical buildings are often protected and, even where redevelopment is permitted, it typically involves contamination issues, time delays, and strong resistance from neighbors. At the urban fringe, building is cheaper and faces less opposition.

## Switzerland is known as a “country of renters”, despite high salaries. Why?

High salaries generate strong demand for high quality housing. However, the supply of such housing in urban areas is limited, leading to elevated prices. Compared to other countries, buying a home in Switzerland is very expensive, and mortgage lending is tightly regulated. To start with, buyers must provide a cash down payment of at least 20 percent of the purchase price. That is a lot of money. Moreover, lenders’ affordability criteria require that household income sufficiently covers all housing costs in a stress-test scenario. 

Yet, perhaps the most important factors are historical and structural. Switzerland is highly urbanized, with most of the population living in low-rise apartment buildings. Until the mid-1960s, condominiums were not permitted. Historically, apartment
buildings were therefore entirely renter-occupied – a pattern that has largely persisted to this day due to strong path dependence. In addition, private landlords and institutional investors can operate apartment buildings more efficiently than fragmented groups of condominium owners.

## Takeaways

* Housing affordability is one of the biggest political time-bombs of our time. 
* The housing affordability crisis accelerates societal polarization with the potential for political unrest.
* We need an evidence-based understanding of the interplay between land use regulation, taxation and housing market outcomes to create an environment in which we can keep housing affordable.

**Christian Hilber** holds a part-time professorship ad personam in real estate finance and economics at the Department of Finance UZH and a professorship of economic geography at the London School of Economics and Political Science (LSE). He is also the Vice-President (with responsibility for research) of the Executive Committee of the UZH’s Center for Urban and Real Estate Management ([CUREM](https://www.curem.uzh.ch/de.html)), a leading provider for executive education,
bridging academic insights and professional practice in real estate. He has been a lecturer at the Center for nearly 20 years.

Text: Victoria Watts, Photo: Hugh Mitchell, S﻿ource: Oec. Mag. #24

## I﻿nteressieren Sie sich für die Immobilienwirtschaft?

Unser Center for Urban & Real Estate Management ([CUREM](https://www.curem.uzh.ch/de.html)) bietet Ihnen praxisorientierte Weiterbildungen, fundierte Forschung und wertvolle Netzwerkmöglichkeiten in der Immobilienwirtschaft.

Affordability crisis, zoning plans and inelastic supply. Christian Hilber, professor of real estate finance and economics, explains the interdependencies and misconceptions of the housing market. Text: Victoria Watts, photo: Hugh Mitchell

The Economics of Real Estate with Prof. Hilber

Across advanced economies, energy costs have taken up an increasingly large share of household income, rising much faster than rents in many places. When prices surge, however, not every household is affected in the same way. In an old, poorly insulated building, the heating bill can double almost overnight, while newer, efficient homes barely notice the difference. In theory, that should make inefficient homes less attractive – fewer tenants would want them, and rents would fall to compensate. But does this really happen in practice? A study by Prof. Francisco Amaral and his colleagues investigated whether higher heating prices are passed on to tenants or shared by landlords.

## Evidence from Germany’s rental market

Drawing on over one million rental listings from Germany’s 30 largest cities between 2015 and 2024, the study combines detailed property characteristics with energy performance data (kWh/m²a) and time-varying heating
prices in order to estimate each unit’s heating bill. To capture how tenants respond to rising prices, they studied
user behavior on Germany’s largest real estate platform, ImmoScout24, using application data to measure how
renters respond to changing prices. 

The findings reveal a stark divide. In the most affordable parts of the rental market, where competition among tenants is intense and housing supply is scarce, renters have little bargaining power. Here, higher heating bills simply add to their existing monthly payments, with tenants bearing nearly the entire burden. In contrast, in more expensive segments where landlords compete for renters, higher heating prices are partially offset by lower net rents. As a result, higher-income tenants effectively share the burden with landlords, while lower-income households face steeper increases in their overall housing costs. Following the invasion of Ukraine, for example, renters in the affordable segments saw their housing costs rise to roughly three times the increase faced by renters in high-end markets. 

## Implications for housing and climate policy

These dynamics are not unique to Germany. Across most advanced economies, income distributions are heavily skewed – many households earn modest incomes, while only a few have very high ones. As a result, demand is concentrated in the affordable segments of the market, where landlords face little pressure to adjust rents when energy costs rise.

The findings suggest that the social impact of energy price shocks depends critically on housing market structure.
For countries like Switzerland, where most households rent rather than own their homes, this issue is particularly
relevant from a policy perspective. Policymakers seeking to decarbonize the housing sector should therefore
complement CO2 pricing with measures that expand affordable, energy-efficient housing. Without such support,
well-intended climate policies risk amplifying existing inequalities rather than reducing them.

**Francisco Amaral** is an assistant professor of real estate finance at the Department of Finance UZH, member of the Center for Urban & Real Estate Management ([CUREM](https://www.curem.uzh.ch/de.html)) and co-founder of the German Real Estate Index (GREIX). His research explores how housing market structures shape price dynamics, returns, and urban inequality.

Text: Francisco Amaral, S﻿ource: Oec. Mag. #24

## Are you interested in the real estate industry?

Our Center for Urban & Real Estate Management ([CUREM](https://www.curem.uzh.ch/de.html)) offers practical continuing education, in-depth research, and valuable networking opportunities in the real estate industry.

When energy prices soared following Russia’s invasion of Ukraine, heating bills became a major strain for millions. A study by Prof. Francisco Amaral and his colleagues reveals who really shoulders the burden – tenants or landlords – and how rising costs deepen housing inequality. Text: Francisco Amaral

Who Pays for Heat in Housing Markets?

Grigore is no stranger to bold moves. A passionate programmer, pilot, associate professor, and start-up investor, he has spent nearly two decades building BitStone. Founded in Romania, the software development company now counts 100 engineers in Cluj-Napoca and has maintained a 15-year presence in Switzerland. In 2024, Grigore enrolled in the English-language EMBA cohort in Zurich, eager to broaden his vision and take BitStone to the next level.

At the same time, Andreas, an entrepreneurial leader with three decades in technology and business – and a personal flair for vintage cars – joined the German-language cohort. His goal was clear: expand his professional toolkit and apply new insights to the corporate world. But the EMBA had other plans for him.

The two first met during the International Management module. Grigore was struck by the idea, shared in class, that local presence is key for international companies seeking growth. He began reflecting on how BitStone might deepen its Swiss footprint and, encouraged by classmates, sought out Andreas to exchange ideas.

Andreas, meanwhile, was going through his own rethinking. Inspired by modules from leadership to international business, he realized that to truly put new concepts into practice, he might need a new environment. What began as conversations after class gradually turned into a months-long dialogue. Over coffee, in hallways, and finally over a drink in a quintessentially Swiss café, the two shook hands on a new venture: Andreas would become CEO and co-owner of BitStone (Schweiz) AG.

“BitStone offered me a distinct opportunity,” Andreas reflects. “My background spans management and IT consulting, business development and strategic account leadership. Here, I can help build something meaningful from the ground up.”

Grigore explains, “We’ve grown BitStone through reputation and trust, delivering over 50 digital transformation projects in Switzerland; now, with Andreas leading our Swiss presence, we can strengthen client relationships with faster response times and on-site expertise.”

Andreas adds, “For me, this is a chance to build, to deliver measurable outcomes with local accountability, backed by our teams in Cluj-Napoca.”

The story of Grigore and Andreas is more than a tale of business synergy; it’s a testament to the EMBA as a catalyst not only for corporate careers but also for entrepreneurship. Their smiles today reflect not just personal success, but the trust of clients and the promise of what’s still to come.

(﻿Find [here](https://www.emba.uzh.ch/en.html) more information on the Executive MBA.)

Success stories from the UZH EMBA in Digital Transformation often follow a familiar pattern: new skills, fresh perspectives, and a career boost. But sometimes, the journey takes an unexpected turn. This is the story of Grigore Vlad and Andreas Götz, two participants in different cohorts, whose paths crossed in a classroom and led to a partnership reshaping both their careers and a company’s future.

From Classroom to Company: EMBA Peers Shape BitStone’s Swiss Future

The University of Zurich welcomes Esther Duflo and Abhijit Banerjee, two pioneers in the field of development economics. Both economists are currently employed at the Massachusetts Institute of Technology (MIT) and will join the Faculty of Business, Economics and Informatics at the University of Zurich (UZH) in July 2026. In 2019, the couple was awarded the Nobel Prize in Economics, along with economist Michael Kremer, for their “experimental approach to alleviating global poverty.”

## Two new endowed professorships

Duflo and Banerjee will each assume an endowed professorship funded by the Lemann Foundation. With the foundation’s support, the economists will continue advancing their research on development economics and the impact of policy measures and interventions on education, poverty and health, while exploring how to improve their effectiveness.

“We are delighted that two of the world’s most influential economists are joining UZH,” says UZH President Michael Schaepman. “Esther Duflo and Abhijit Banerjee combine scientific theory with social impact in their research, which is also a key concern for UZH. Their presence will strengthen the values and the international visibility of our university.”

## Policy-relevant research in development and education

Duflo and Banerjee will establish and co-lead the new Lemann Center for Development, Education and Public Policy at UZH’s Department of Economics. The goal of the center will be to foster policy-relevant research, create new higher education pathways in the field of policy evaluation and development, and connect researchers and education policymakers worldwide. It will have a specific focus on fostering the relationship between UZH and researchers and policymakers in Brazil.

The two researchers also plan to expand the ADEPT program to UZH. ADEPT, which provides access to high-quality online classes and residential education for those who qualify based on performance, was originally launched by J-PAL, a global network of universities that teaches students and practitioners cutting-edge methods in program evaluation and development research. There are also plans for new Master-level courses hosted by the Lemann Center, along with scholarship opportunities for Brazilian students.

The establishment of the Lemann Center and the two endowed professorships are made possible through a generous CHF 26 million donation from the Lemann Foundation. The Lemann Foundation is a non-profit organization based in Sao Paolo, Brazil. It is committed to ensuring that scientific findings are translated into concrete education and development policy – in Brazil and beyond.

Jorge Paulo Lemann, founder and chairman of the board of the Lemann Foundation, says: “I am delighted about this new partnership, which adds another outstanding center of learning to our philanthropic initiative in the field of education. It reflects my great trust in Brazil and Switzerland, as well as in the strength that can arise from the two countries working together hand in hand. That’s why it has special significance for me and my family.”

## Excellent environment

“The new Lemann Center will enable us to build on and expand our work, which bridges academic research, student mentorship and real-world policy impact,” says Duflo. The goal is to establish a center of excellence for research and teaching in development economics, in close collaboration with the Abdul Latif Jameel Poverty Action Lab (J-PAL), the worldwide network of over 1,000 researchers that Duflo and Banerjee co-founded, and which has hubs in all continents, including in Sao Paulo, Brazil. 

“I am especially enthusiastic about contributing to making the Faculty of Business, Economics and Informatics at UZH an even more attractive place,” says Banerjee. “We have no doubt that the University of Zurich will be an excellent environment for us to pursue our research and policy work in the years to come.” He and Duflo have worked closely with the Department of Economics for many years, where several professors conduct research on education and development economics.

Florian Scheuer, who heads the Department of Economics, adds: “Welcoming Esther Duflo and Abhijit as our new colleagues marks a true quantum leap for our department. Beyond their groundbreaking research, they are equally renowned for their extraordinary commitment to nurturing students and faculty and to institution building, which I was able to experience firsthand as their student at MIT.”

## Background

Esther Duflo is currently the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at the Massachusetts Institute of Technology (MIT). She also holds the Poverty and Public Policy chair at the Collège de France and serves as president of the Paris School of Economics. She is a Fellow of the National Academy of Sciences, the American Academy of Arts and Sciences and the Econometric Society.\
\
Abhijit Banerjee is currently Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology (MIT). In 2003, he co-founded the Abdul Latif Jameel Poverty Action Lab (J-PAL) with Esther Duflo and Sendhil Mullainathan, and he also serves as one of the lab’s directors. Banerjee is a fellow of the National Academy of Sciences, the American Academy of Arts and Sciences and the Econometric Society.

Esther Duflo and Abhijit Banerjee will continue to co-lead J-PAL, the worldwide network of economic researchers that they co-founded. They will retain part-time positions at MIT. In addition, Esther Duflo will resume teaching at the Collège de France in Paris.

Source: [UZH News](https://www.news.uzh.ch/en/articles/media/2025/Duflo-and-Banerjee-to-Join-UZH.html)

The Nobel Prize-winning economists Esther Duflo and Abhijit Banerjee will join the University of Zurich in July 2026. Using external funds provided by the Lemann Foundation, the two researchers will establish a new center for development economics, education and public policy. Text: UZH News, Image: Bryce Vickmark

Nobel Laureates Duflo and Banerjee to Join UZH

## Wie verstehen Sie Ihre Rolle als Teamleiterin und was ist Ihnen dabei besonders wichtig?

Ich sehe es als meine Verantwortung, das Potenzial meiner Mitarbeitenden zu erkennen, gezielt zu fördern und ihnen Möglichkeiten zur Weiterentwicklung zu bieten. In unserem Unternehmen legen wir bewusst den Fokus auf die individuellen Stärkenprofile und lassen diese aktiv in die Aufgaben- und Projektverteilung einfliessen.
Ein weiterer zentraler Aspekt meiner Führungsrolle ist es, mein Team zusammenzubringen. Dabei sind mir eine offene Kommunikation und gemeinsame Ziele besonders wichtig. Eine gelebte Feedbackkultur und ein klarer gemeinsamer Fokus stärken den Zusammenhalt und fördern die Zusammenarbeit.
Wichtig ist mir, in meiner Rolle als Führungsperson authentisch zu bleiben und mit Integrität zu handeln. Mein Team weiss, worauf es sich bei mir verlassen kann und ebenso, was ich von ihnen erwarte.

## Warum und wann haben Sie begonnen, sich für das Thema Leadership zu interessieren?

Mit 28 Jahren habe ich mein erstes Team übernommen, eine Aufgabe, vor der ich anfangs grossen Respekt hatte. Während meines Trainee-Programms war ich überzeugt, dass Führung nichts für mich sei. Doch überraschenderweise stellte sich genau dieser Bereich als der heraus, der mir am meisten Freude bereitet.
Meinen Abschluss an der ETH habe ich vor über zehn Jahren gemacht. In all den Jahren hatte ich nie das Bedürfnis, wieder die Schulbank zu drücken, denn durch interne Rollenwechsel und neue Aufgaben habe ich kontinuierlich dazugelernt. Vor etwa einem Jahr spürte ich jedoch, dass ich wieder bereit bin, neues Wissen aufzunehmen. Im Austausch mit unserer internen Personalentwicklerin wurde schnell klar: Fachlich bin ich bereits sehr gut aufgestellt, aber mein Interesse liegt nun vor allem in der Vertiefung meiner Kompetenzen im Bereich der Personalführung.

## Wie sind Sie auf den CAS in Leadership aufmerksam geworden und weshalb haben Sie sich für dieses Angebot der Universität Zürich entschieden?

Ich habe online recherchiert und mich erkundigt, was es zum Thema Führung gibt; wichtig war mir ein menschenbezogener Ansatz und weniger das Thema «Management» allein. Der modulare Aufbau des [](https://www.executive-education.uzh.ch/de/management/studiengaenge/leadership.html)[CAS in Leadership](https://www.executive-education.uzh.ch/de/management/studiengaenge/leadership.html) hatte mich sofort angesprochen. Zudem war es mir wichtig, dass das Programm in einem zeitlich überschaubaren Rahmen stattfindet und es sich nicht zu lange hinzieht, denn es musste mit meiner Familie und meinem Job vereinbar sein. 

## Was sind Ihre Key-Takeaways aus dem Studiengang?

Aus dem Modul «[Leadership](https://execed.uzh.ch/de/management/module/leadership.html)» habe ich eine sehr konkrete Erkenntnis mitgenommen: In Gesprächen kann es äusserst wirkungsvoll sein, bewusst Pausen zuzulassen und einfach mal still zu sein. Diese Technik konnten wir im Rahmen des Moduls direkt ausprobieren. Obwohl es keine echten Gesprächssituationen waren, war es sehr hilfreich, dies in einem geschützten Rahmen zu üben und zu reflektieren.

Auch das Modul «[AI for Business](https://execed.uzh.ch/de/management/module/artificialintelligence)» hat mich sehr positiv überrascht – insbesondere, weil ich zu Beginn gar nicht erwartet hatte, dass mich dieses Thema so stark interessieren würde. Gerade im Qualitätsbereich, in dem ich tätig bin, bietet künstliche Intelligenz enormes Potenzial. Im Laufe des Moduls wurde mir klar, dass ich mich in diesem Bereich gerne noch viel intensiver weiterbilden möchte.

Als Drittes nehme ich das Verständnis für die «Bedeutung der psychologischen Sicherheit im Arbeitsumfeld» mit. Den Begriff selbst kannte ich zuvor nicht, habe aber sofort erkannt, was damit gemeint ist – etwa, dass ich offen über eigene Fehler und Erfolge spreche. Es ist mir wichtig, zu zeigen, dass niemand perfekt ist. Spannend war für mich auch die Erkenntnis, dass ich viele dieser Prinzipien bereits intuitiv anwende. Durch den CAS habe ich nun die passenden Begriffe und Konzepte dafür erhalten.

Ein durchgängiges Thema im gesamten CAS war für mich zudem die Auseinandersetzung mit meinem eigenen Entwicklungspotenzial im Bereich Führung. Immer wieder wurden wir dazu angeregt, uns selbst zu reflektieren, eigene Verhaltensmuster zu erkennen und, idealerweise, mit passenden Methoden gezielt zu durchbrechen. Diese kontinuierliche Selbstreflexion hat mir geholfen, meine Führungsrolle bewusster wahrzunehmen und weiterzuentwickeln.

## Konnten Sie das neu erlernte Wissen bereits anwenden?

Ich habe tatsächlich schon Sachen umgesetzt. So habe ich beispielsweise eingeführt, dass wir nach unserem jährlichen externen Audit ein Debriefing im Team machen, so wie ich es im Modul «[Krisenkompetenz](https://execed.uzh.ch/de/management/module/krisenkompetenz.html)» gelernt habe. Bei uns handelt es sich zwar nicht um eine Krise, aber der Audit ist trotzdem ein bedeutendes und intensives Ereignis. Deshalb haben wir uns im Nachhinein im Team darüber unterhalten, worauf wir stolz sind, welche Tools wirksam waren und wo wir noch optimieren können. Das Debriefing kam beim Team gut an und nun besteht intern Interesse, dies für alle Audits zu standardisieren.

Eine weitere Methode habe ich aus dem «[Leadership](https://execed.uzh.ch/de/management/module/leadership.html)»-Modul direkt in mein Teammeeting übernommen: Jede Woche teilen wir nun unser Highlight der Vorwoche – ganz gleich, ob gross oder klein. Ich beobachte, dass dies hilft, den Alltagstrott zu durchbrechen und den Fokus bewusst auf das Positive zu richten.

Zusätzlich hat mir das Modul «[Change Management](https://execed.uzh.ch/de/management/module/changemanagement.html)» geholfen, die Perspektive zu wechseln und die grösseren Restrukturierungen, die letztes Jahr bei meinem Arbeitgeber durchgeführt wurden, in einem anderen Licht zu sehen. Ich fing an, in die Rolle unseres Managements zu schlüpfen und konnte nachvollziehen, weshalb gewisse Entscheidungen getroffen wurden. 

Allgemein waren Fragen wie *«Wie setze ich das nun konkret in die Praxis um?»* in den Modulen stets willkommen und sie wurden direkt beantwortet, das fand ich sehr hilfreich.

## Gibt es Themen, die Sie nach dem CAS noch weiter vertiefen möchten?

Das Modul «[AI for Business](https://execed.uzh.ch/de/management/module/artificialintelligence)» war für mich ein Augenöffner und hat bei mir einen Wissenshunger zum Thema «AI» geschürt. Das ganze Thema weist enorm viel Potenzial auf und damit kenne ich mich meines Erachtens noch zu wenig aus.  

## Inwiefern glauben Sie, dass der CAS Ihre persönliche und berufliche Entwicklung fördern wird?

Ich finde es herausfordernd, zwischen dem Persönlichen und Beruflichen zu unterscheiden. Bisher habe ich nie bewusst bestimmte Karriereschritte angestrebt, vielmehr habe ich stets mein Bestes gegeben, meine Ideen eingebracht und daraus haben sich die nächsten Schritte ganz natürlich ergeben. Für mich steht die persönliche Weiterentwicklung im Vordergrund. Besonders bereichernd war die Selbstreflexion und der Austausch mit anderen Führungskräften im CAS. Beides kommt im Alltag oft zu kurz. Umso wertvoller war es, dass wir dafür genügend Raum erhielten.

Es hat mir geholfen zu erkennen, dass niemand perfekt ist und viele von uns ähnliche Herausforderungen erleben. Wenn ich nun etwas dazulerne und dadurch in meiner Führungsrolle weniger Fehler mache, profitiert auch mein Team davon. Mir ist es wichtig, meiner Verantwortung gegenüber meinen Mitarbeitenden gerecht zu werden. Ich sehe es als meine Aufgabe, sie bestmöglich zu unterstützen und zu begleiten.

## Wie haben Sie die Zusammenarbeit mit Ihren Kommiliton:innen erlebt?

Der ungefilterte Austausch in den Pausen war sehr wertvoll. Ich habe die Offenheit unter den Teilnehmenden sehr geschätzt. Toll war, dass wir viele Fragen auch direkt im Plenum besprechen konnten. Zudem war es für mich bereichernd, dass viele andere berufstätige Mütter in Führungspositionen dabei waren, was einen spannenden Austausch mit sich brachte. 

## Würden Sie diese Weiterbildung weiterempfehlen und falls ja, wem?

Ja, ich würde sie gesamthaft weiterempfehlen. Meiner Meinung nach ist der [CAS in Leadership](https://www.executive-education.uzh.ch/de/management/studiengaenge/leadership.html) optimal für Personen, die schon Führungserfahrung aufweisen. Ich glaube, der Gewinn dieser Weiterbildung ist mit Führungserfahrung besonders gross und man kann die Austauschmöglichkeiten so intensiver nutzen. Weiter eignet sich der Studiengang für jene Personen, denen es wichtig ist, wissenschaftsbasierte Informationen zu erhalten. Ich als Naturwissenschaftlerin fühle mich besonders dann abgeholt, wenn auch die Studien aufgezeigt werden, auf denen eine gewisse Theorie basiert.  

Zusammenfassend ist dieser CAS passend für Leute, die Menschen mögen, die gerne mit anderen Menschen zusammenarbeiten und die auch in ihrer Führungsrolle darauf den Schwerpunkt legen. Der «Fokus Mensch» ist in dieser Weiterbildung stark spürbar und das hat mir sehr gefallen. 

## Herzlichen Dank, Riccarda Kunz!

(﻿Weitere Informationen zum CAS in Leadership finden Sie [hier](https://www.executive-education.uzh.ch/de/management/studiengaenge/leadership.html).)

T﻿ext: Linda Betschart

Business Administration: General Management & Zentrale Dienste

Riccarda Kunz ist 35 Jahre alt und wohnt mit ihrer Familie in Zürich. Sie leitet aktuell ein Team von Fachspezialistinnen bei einem Lebensmittelhersteller, ist jedoch bereits seit über zehn Jahren beim selben Konzern in verschiedenen Rollen tätig. Gestartet hat sie dort nach ihrem Master in Lebensmittelwissenschaften an der ETH mit einem Trainee und arbeitete seither in unterschiedlichen Rollen im Bereich Qualität. Die aktuelle Tätigkeit beinhaltet eine herausfordernde Mischung aus akuten Themen, die zeitnah einer Lösung bedürfen, und aus strategischen Projekten – eine spannende Mischung, die ihr sehr zusagt. Zudem schätzt sie die Möglichkeit, als Teamleiterin ihre Mitarbeitenden in ihrer Entwicklung unterstützen zu dürfen. In ihrer Freizeit kocht sie gerne, praktiziert Yoga oder ist mit ihrer Familie unterwegs. Den CAS in Leadership hat Riccarda Kunz berufsbegleitend absolviert. Besonders gefällt ihr an diesem Studiengang der Fokus auf den Menschen und die Möglichkeit, sich auszutauschen.

Riccarda Kunz, CAS in Leadership

Nur Hierarchien ermöglichen Steuerbarkeit und Effizienz durch zentrale Koordination. Text: Dr. Thomas Maran, Prof. Marjaana Gunkel

Weg mit Hierarchie? Warum Führung zählt.

## Wie verstehen Sie Ihre Rolle als Führungsperson und was ist Ihnen dabei wichtig?

Ich möchte Teams befähigen, ihr volles Potenzial auszuschöpfen, und gleichzeitig sicherstellen, dass wir unsere Ziele erreichen. Besonders wichtig sind mir dabei Vertrauen, Authentizität, offene Kommunikation und die Förderung einer Kultur der positiven Weiterentwicklung.

## Warum und wann haben Sie begonnen, sich für das Thema Leadership zu interessieren?

Ich habe sehr früh in meiner Karriere Führungspositionen übernommen und mir dazu nicht viele Gedanken gemacht. Teams erfolgreich zu führen und positive Veränderungen zu bewirken war für mich eine natürliche Aufgabe. Mit steigender Verantwortung wurde mir jedoch klar, dass Führung mehr ist als nur Anweisungen zu geben. Es geht um strategisches Denken, Empathie und die Fähigkeit, Menschen mit auf den Weg zu nehmen.

## Wie sind Sie auf den CAS aufmerksam geworden und weshalb haben Sie sich dafür entschieden?

Ich habe aktiv nach einer Weiterbildung gesucht, die mir fundiertes Wissen und praktische Werkzeuge für meine Führungsrolle vermittelt. Die Universität Zürich hat einen exzellenten Ruf und der [CAS in Leadership](https://www.executive-education.uzh.ch/de/management/studiengaenge/leadership.html) hat mich aufgrund seines praxisorientierten Ansatzes und der renommierten Dozierenden überzeugt. 

## Was sind Ihre Key-Takeaways aus dem CAS?

Der CAS hat mir ein tieferes Verständnis für verschiedene Führungsstile, Change Management und strategisches Denken vermittelt. Besonders wertvoll waren die Auseinandersetzung mit Krisenkompetenz und die faszinierenden Aspekte Emotionaler Intelligenz in der Führung. Ich habe mein Wissen dazu vertieft, wie ich Teams effektiver führe, Veränderungen erfolgreich umsetze und datenbasierte Entscheidungen treffe. 

## Wie werden Sie das neu erlernte Wissen anwenden?

Als Leiterin Zentrale Dienste der Technischen Berufsschule Zürich sehe ich vielfältige Möglichkeiten, das im CAS Leadership erworbene Wissen einzusetzen. Ich kann die neuen Erkenntnisse nutzen, um die Zusammenarbeit zwischen den verschiedenen Bereichen zu verbessern, eine offene und wertschätzende Kommunikationskultur zu fördern und die Digitalisierung der Schule voranzutreiben. Auch im Bereich des strategischen Managements und der Krisenprävention kann ich das Gelernte direkt anwenden, um die TBZ zukunftssicher aufzustellen.

## Inwiefern fördert der CAS Ihre persönliche und berufliche Entwicklung?

Der CAS hat mir nicht nur neue Kompetenzen vermittelt, sondern auch mein Selbstvertrauen gestärkt. Ich fühle mich besser gerüstet, um komplexe Herausforderungen anzugehen, Teams zu führen und strategische Entscheidungen zu treffen.

## Würden Sie diese Weiterbildung weiterempfehlen und falls ja, wem?

Absolut! Der CAS in Leadership ist ideal für Führungskräfte, Projektleiter:innen und alle, die ihre Führungsqualitäten verbessern möchten. Er bietet eine fundierte Ausbildung, praxisorientierte Inhalte und es ist eine grossartige Möglichkeit, sich mit anderen Führungskräften auszutauschen. Ich kann den CAS allen empfehlen, die ihre Führungskompetenzen auf das nächste Level heben möchten.  

## H﻿erzlichen Dank, Sabine Kuhn!

([﻿Hier](https://www.executive-education.uzh.ch/de/management/studiengaenge/leadership.html) finden Sie mehr Informationen zum CAS in Leadership.)

Text: Linda Betschart

Sabine Kuhn ist 48 Jahre alt, lebt mit ihrer Familie in Zürich und liebt die Stadt mit all ihren Facetten. Nach Jahren in der Finanzwelt, Beratung und Pharmaindustrie verantwortet sie aktuell als Leiterin Zentrale Dienste den Betrieb der Technische Berufsschule Zürich. Was sie antreibt? Gemeinsam mit einem tollen Team Jugendlichen eine hochwertige Ausbildung zu ermöglichen. Energie für den Alltag tankt sie im Zusammensein mit Familie und Freunden, beim Sport und im lebendigen Quartierleben. Der CAS in Leadership stellt für sie die Kirsche auf der Torte ihrer Führungsausbildung dar und hat ihr nicht nur neue Kompetenzen vermittelt, sondern auch ihr Selbstvertrauen gestärkt.

Sabine Kuhn, CAS in Leadership

## Was ist rational?

Rationalität in der Spieltheorie bedeutet: Eine Partei handelt dann rational, wenn sie unter den gegebenen Umständen jene Massnahmen wählt, die am besten geeignet sind, ihre eigenen Ziele zu erreichen – unabhängig davon, ob diese Ziele moralisch oder ökonomisch sinnvoll erscheinen.

Was also sind Trumps Ziele? Für unsere Analyse vereinfachen wir: Trump möchte verhandeln – insbesondere mit Staaten, die hohe Handelsüberschüsse gegenüber den USA haben. Sein Ziel ist es, diese Länder zu Zugeständnissen zu bewegen, etwa durch höhere Importe aus den USA oder durch andere Formen des Ausgleichs.

Mit dieser Zieldefinition im Kopf lässt sich seine Zollpolitik plötzlich als zielführend und damit rational deuten: Trumps Zollhammer hat Gesprächsbereitschaft provoziert, weil die betroffenen Staaten keine attraktiven Alternativen sahen.

## Das „Chicken Game“ – nur bedingt geeignet

Oft wird Trumps Vorgehen mit dem berühmten **„Chicken Game“** verglichen. Zwei Fahrer rasen frontal aufeinander zu. Wer zuerst ausweicht, verliert sein Gesicht. Weicht keiner aus, verlieren beide alles. Die Logik: Kooperation ist zwar besser, aber niemand will zuerst nachgeben.

Diese Analogie funktioniert aber nur, wenn die Machtverhältnisse **symmetrisch** sind. Das war in den meisten der aktuellen Handelskonflikte nicht der Fall – mit Ausnahme von China. Dort trifft tatsächlich ein gleichgewichtiger Gegner auf Trump, und es droht ein gefährliches Patt, in dem keiner verlieren will.

Doch für die Mehrheit der betroffenen Länder passt ein anderes Spiel besser: das **„Bully Game“**.

## Das „Bully Game“ – asymmetrische Macht im Spiel

Im „Bully Game“ gibt es eine dominante Macht (der Bully), der seine Interessen kompromisslos durchzusetzen versucht. Der andere Spieler muss zwischen zwei schlechten Optionen wählen: klein beigeben oder den eigenen maximalen Schaden riskieren.

Die Spielmatrix (siehe Paragraph "Bully" unten) zeigt klar: Der Bully gewinnt, weil der andere nicht bereit ist, sich selbst zu opfern, nur um den Bully zu bestrafen. Das Ergebnis: Der Bully bekommt mehr, ohne besonders geschickt agieren zu müssen – allein durch seine Machtposition und Skrupellosigkeit. 

In Trumps Fall: Die USA sind der Bully. Sie verfügen über den größeren Markt, die höhere Verhandlungsmacht und eine politische Führung, die bereit ist, konfrontativ vorzugehen. Das Resultat: Viele Staaten knicken ein, noch bevor es zur Eskalation kommt. Es ist ja nicht so, dass all diese Staaten aus grundsätzlichen Gründen keine Gegenmassnahmen ergreifen wollen, sondern lediglich über keine Massnahmen verfügen, die geeignet sind, dem Bully mehr zu schaden als sich selbst. In der Tat sind Gegenmassnahmen nur dann sinnvoll, wenn sie (i) etwas bewirken und (ii) dem andern mehr schaden. So gesehen, war der Entscheid des Schweizer Bundesrats von Anfang August, keine Massnahmen gegen die Trumpsche Entscheidung (Erhöhung des Zollsatzes auf 39%) zu ergreifen, durchaus rational.

## „Tit for Tat“ – wenn Eskalation nicht das Ziel ist

Ein spannender Aspekt in Trumps Vorgehen: Nur wenige Tage nach der Ankündigung der Extrazölle im April hat er die Massnahmen (mit Ausnahme Chinas) wieder sistiert – vorläufig für 90 Tage.

Spieltheoretisch lässt sich das durch die Strategie „**Tit for Tat“** erklären: Kooperiere, solange dein Gegenüber kooperiert. Reagiere sofort, aber nicht übertrieben, auf unfaire Züge. Diese Strategie basiert auf dem berühmten **Gefangenendilemma**, wo langfristige Kooperation mehr bringt als kurzfristiger Eigennutz – sofern beide Seiten mitspielen.

Man kann also spekulieren: Trump hat möglicherweise – bewusst oder intuitiv – eine wiederholte Interaktion mit Reaktionsspielraum erkannt. Jedenfalls haben viele Staaten sein Verhalten nicht mit Eskalation beantwortet, sondern mit Dialog.

## China: Das echte „Chicken Game“

Anders ist die Lage im Spiel mit China. Hier begegnen sich zwei etwa gleich starke Akteure – ökonomisch, geopolitisch, auch rhetorisch. Beide Seiten scheinen entschlossen, nicht zuerst nachzugeben.

Das Risiko: Ein echtes Chicken Game mit offenem Ausgang. Wenn niemand einlenkt, kann es zum „Crash“ kommen – mit wirtschaftlichen Kosten auf beiden Seiten. Wer nachgibt, verliert Prestige, vor allem im Inland. Wer standhält, riskiert einen Handelskrieg.

Hier zeigt sich die ganze Aussagekraft der Spieltheorie: Je nach Spieltyp – Chicken oder Bully – variieren die Erfolgsstrategien fundamental.

## Lektionen für strategisches Verhandeln

Was bedeutet das für uns – für die Verhandlungspraxis, etwa im internationalen Kontext, in Unternehmen oder in politischen Verhandlungen?

* *Erstens:* Die Machtverhältnisse im Spiel bestimmen den passenden strategischen Ansatz. Wer der stärkere Player ist, kann (muss aber nicht!) das „Bully Game“ nutzen – sollte sich aber der langfristigen Kosten bewusst sein (Reputationsverlust, Systemkritik, Gegenkoalitionen). 
* *Zweitens:* Wer sich in der schwächeren Rolle wiederfindet, muss Alternativen sorgfältig bewerten. Manchmal ist es rational, Zugeständnisse zu machen, um größeren Schaden zu vermeiden – auch wenn es politisch unpopulär wirkt.
* *Drittens:* Wiederholte Spiele eröffnen Chancen zur Kooperation – vorausgesetzt, beide Seiten signalisieren klare Reaktionen auf das Verhalten des anderen. „Tit for Tat“ funktioniert nur, wenn Verhalten transparent und nachvollziehbar ist.
* *Viertens:* Zielklarheit ist entscheidend. Nur wer seine eigenen Ziele kennt, kann rational entscheiden. Und nur wer das Ziel des Gegenübers richtig einschätzt, kann strategisch agieren.

## Fazit: Der Bully gewinnt – vorerst

Trumps Zollpolitik lässt sich spieltheoretisch gut einordnen – nicht als irrational, sondern als Ausdruck einer klaren Machtstrategie im „Bully Game“. Für viele Staaten blieb der Gang an den Verhandlungstisch der einzige Ausweg.

Ob diese Strategie auch langfristig aufgeht, ist fraglich. Die USA könnten Vertrauen verlieren und die internationale Ordnung droht weiter zu erodieren. Gleichzeitig öffnet die Krise vielleicht auch Chancen – etwa für Reformen im globalen Handelssystem.

Für Verhandlungsführerinnen und -führer bietet die Analyse vor allem eins: Klarheit über die Spielregeln, wenn es um asymmetrische Machtverhältnisse geht – eine zentrale Kompetenz für strategisches Verhandeln in Politik, Wirtschaft und Diplomatie.

*(﻿Der Blogeintrag basiert u.a. auf einer Publikation von M. Ambühl / N. Meier zum Thema «Trump und die Spieltheorie» im Schweizer Monat, Juni 2025, p. 77-79.)*

## B﻿ully

![](images/uploads/game2.png)

Dieses Spiel («Bully») hat ein sogenanntes Nash-Gleichgewicht in der Strategiekombination (b,d) \[d.h. S1 spielt b und S2 spielt d], dann lohnt es sich für beide Spieler nicht, von sich aus, ohne Absprache mit dem  anderen, eine andere Strategie zu wählen, weil jede unilaterale Änderung ihn schlechter stellen würde. In diesem Spiel ist die Differenz im Nash-Gleichgewicht maximal (2): S1 ist der Bully; er erhält 4, während S2 nur 2 erhält. Es ist aus der Kategorie der «unfairen» Spiele, bei denen die Differenz der Auszahlungen maximal ist (2). Im Spiel hier hat S1 (nicht aber S2) eine sogenannte dominante Strategie (hier: b); b ist für S1 immer besser als Strategie a, unabhängig davon, was S2 spielt (3>1) und (4>2). Damit kann er S2 seinen Willen aufdrängen, S2 kann nur noch die bessere (d) der beiden schlechten Strategien wählen. Würde S2 c wählen, könnte er zwar S1 bestrafen (der 1 verlöre), er selbst würde dafür aber einen Preis (1) bezahlen. Also wird er es nicht machen und beide landen im Nash-Gleichgewicht.  Man könnte dies hier als «Bully-Gleichgewicht» bezeichnen.

## Ü﻿ber den Autor

Prof. Dr. sc. ETH Michael Ambühl studierte angewandte Mathematik und Betriebswissenschaften. Während 30 Jahren war er Karrierediplomat im EDA. Er wurde Botschafter, dann Staatssekretär, zunächst im Aussenministerium und später im Finanzministerium. Er handelte mehrere Abkommen aus mit der EU, den USA, Deutschland, Österreich, Grossbritannien und anderen. Er vermittelte im Atomkonflikt Iran – USA sowie zwischen Armenien und der Türkei. 2013 kehrte er als ordentlicher Professor für Verhandlungsführung und Konfliktmanagement an die ETH zurück, wo er 2018/19 Dekan des ETH-Departements „Management, Technologie und Wirtschaft“ war. Seit 2022 arbeitet er in einer Beratungsfirma und hat Mandate von ausländischen Regierungen in West- und Südosteuropa sowie von Schweizer Ministerien. 

## Sind Sie interessiert am Thema Verhandlungen?

Unser zweitägiges Modul [Strategische Verhandlungen](https://execed.uzh.ch/de/management/module/strategischeverhandlungen.html), geleitet von Prof. Dr. Michael Ambühl, vermittelt eine Einführung in die Theorie und Praxis von Verhandlungen. Die Teilnehmer:innen erlernen grundlegende Fähigkeiten und Strategien, um in verschiedensten beruflichen Situationen erfolgreich zu verhandeln. Aufgelockert wird der Unterricht mit kurzen Übungsaufgaben, Videoclips aus bekannten Filmen sowie einem Rollenspiel.

Donald Trump, zurück im Amt, sorgt erneut für Aufsehen. Anfang April 2025 lancierte er ein drastisches Zollpaket, das prompt internationale Reaktionen hervorrief. Viele Staaten reagierten nicht mit Gegenmassnahmen, sondern mit Gesprächsangeboten – was sich als effektiv für Trump erwies. Doch war sein Verhalten irrational oder gar erratisch? Nicht unbedingt – jedenfalls nicht aus Sicht der Spieltheorie. In diesem Blog-Beitrag werfen wir einen verhandlungstheoretischen Blick auf Trumps Zollpolitik und analysieren, was seine Strategie für internationale Verhandlungen und für den Umgang mit Machtgefällen bedeutet. Autor: Prof. Dr. Michael Ambühl

Trump, Zölle und das „Bully Game“ – Eine spieltheoretische Analyse von Verhandlungsstrategien

Gerhard Schwabe always valued freedom and autonomy, principles he believes technical professions offer. He never considered himself a true technician – which is why he chose the most technical field he could see himself in: information systems, a field that combines technology and business. His PhD showed him that he enjoyed research and thrived on the independence and flexibility of academic life – which led him to pursue a career
as a professor. “This job offers both freedom and an exciting environment. Being around young people keeps you young and at the pulse of what’s happening,” he states.

## When AI joins the conversation

Since his dissertation, Schwabe’s research has focused on supporting collaboration between people. “In information systems, we work from the assumption that most real-world economic problems can’t be solved by technology alone,” he explains. “Introducing a new system means more than just implementing software – it requires rethinking workflows, adjusting communications, and aligning roles and incentives.” If you’re supporting financial advice, for instance, it’s not just the technical tools that need to change; the financial advisors also have to adapt their approach, the advice they give, the way they ask questions and how they interact with clients. Schwabe has explored these dynamics in various advisory contexts, including doctor-patient interactions,
financial consultations and travel planning.

Another long-standing area of his research is how groups can collaborate more effectively in workshops and brainstorming settings, and how digital tools can improve these processes. His interest in this area dates back decades, to a time when such sessions still relied on paper, flipcharts and sticky notes. As digital tools emerged, they helped streamline processes such as collecting, sorting and prioritizing ideas or developing action plans. Now, with the rise of AI, new possibilities – and questions – are emerging: “Can AI participate in brainstorming sessions, promote creativity, or even replace a real person?” Schwabe asks. One interesting finding from his recent work: “You have to tell the AI things that humans understand intuitively, such as how long answers should be,” he explains. In group settings, people naturally tend to match the length of their comments to those of others. AI, by contrast, often stands out: its responses are longer, perfectly punctuated, and free of typos. During a recent digital brainstorming session with students about the new Binzmühlestrasse canteen, participants recognized the AI for precisely these reasons.

## Shaping minds and democracy

For Schwabe, the next big challenge is to train AI not just to generate ideas, but to adapt to group dynamics by mirroring human communication styles. He is currently exploring whether AI can recognize the emotional tone of a conversation – whether the atmosphere is overly positive, critical or tense – and decide whether to reflect that tone or deliberately counterbalance it. “Sometimes, a group might benefit from a critical voice or even a bit of humor to shift the mood,” he says. In such cases, AI could take on specific roles and subtly influence the course of the discussion. Building on this idea and AI’s decision support capabilities, Schwabe envisions AI being used to support the work of management boards and boards of directors through so-called “AI boardrooms”.

Schwabe is also politically active – an interest that was sparked back in the 1990s during his habilitation. “I wanted
to get involved in the political system because democracy is important to me. So I digitalized the work of the Stuttgart city parliament,” he says. The issue came to the fore again in 2021 when his wife was approached about a political role. Today, Schwabe is a member of the city parliament in Wetzikon, again motivated by his concern for democracy, which he believes is under threat both globally and in Switzerland. He views direct democracy as a vital safeguard against political disenfranchisement – and plans to continue contributing after his academic career ends.

**Gerhard Schwabe** is a professor of information management at the Department of Informatics UZH and previously held  a position at the University of Koblenz. His research focuses on computeraided collaboration. The interview took place at the restaurant “Tosca” in Zurich Oerlikon.

T﻿ext: Jamie Brama

F﻿oto: Caroline Krajcir 

S﻿ource: Oec. Magazine #23

Business Administration: Zentrale Dienste

Prof. Gerhard Schwabe explores how technology can enhance human collaboration. His work focuses on how digital tools, and now AI, support workflows and influence the way people think and interact. Text: Jamie Brama, Foto: Caroline Krajcir

Rethinking Collaboration with AI

Gold is not only a popular metal used in jewelry, but has also served as a store of value for thousands of years. Due to its special properties such as durability, immutability, and limited availability, the demand for gold remains high. For these reasons, central banks continue to rely on gold as a hedge in times of crisis.

## Gold as a counterpart to stocks

In a recent study, Prof. Thorsten Hens and Alvin Amstein from the Institute of Finance at UZH shed new light on the role of gold in comparison to traditional forms of investment such as stocks and bonds, and examine how well gold is suited to long-term wealth accumulation. For example, someone who invested USD 100 in stocks 50 years ago would now have around USD 14,800. If they had invested in gold, they would have USD 6,000, and in bonds, around USD 4,300. However, stocks can lose a lot of value in the short term, as was the case during the dot-com bubble, the financial crisis of 2007/08, and the coronavirus crisis, when they temporarily lost up to half of their value.

In tough economic times, gold always shows how resilient it is to crises—often with better returns than other asset classes. The study by Hens and Amstein shows that combining stocks and gold lowers portfolio volatility and can lead to higher returns than just stocks alone. The study by Hens and Amstein shows that combining stocks and gold reduces portfolio volatility and can result in higher returns than with stocks alone. This is because gold secures liquidity in times of crisis: it can be sold to invest in stocks at a favorable price – and after the crisis, stocks can be exchanged back for gold.

## Optimal gold allocation in a portfolio

Based on data since 1972, Hens and Amstein calculated the optimal mix of gold and equities –
for different risk preferences, different reference currencies (USD, CHF) and for different
equity investments (international or domestic only) with and without taxes. Their calculations show that the optimal gold allocation, averaged across all cases, should be ten percent. This percentage increases with higher risk aversion and a focus on international stocks (i.e., without home bias). Since gold does not offer any current income such as interest or dividends, it often has a tax advantage over other asset classes that are taxed.

This so-called “gold study,” which was sponsored by Bank von Roll, shows that gold plays an important role in long-term wealth accumulation and helps to determine an individually optimal gold allocation. Although gold does not promise high returns, it offers protection in times of crisis—and can even generate higher returns than stocks alone in a portfolio containing stocks.

**Thorsten Hens** is a professor of finance at the Institute of Finance at the University of Zurich and teaches courses in [finance executive education](https://www.finance-weiterbildung.uzh.ch/en.html) at the University of Zurich.

T﻿ext: Cornelia Kegele

S﻿ource: Oec. Magazine issue #23

n a recent study, Prof. Thorsten Hens and Alvin Amstein analyze the role gold plays in long-term wealth accumulation. This is because the precious metal demonstrates particular strength in times of crisis. Text: Cornelia Kegele

Why Gold Is Important for Long-Term Wealth Accumulation

## Sie vereinen in Ihrer täglichen Arbeit zwei Leidenschaften: den Spass an der Erforschung der Grundlagen des menschlichen Verhaltens um des Wissens willen und den Wunsch, die Erkenntnisse in der realen Welt anzuwenden und die Funktionsweise von Märkten und Organisationen zu verbessern. Wie setzen Sie Ihre gewonnenen Erkenntnisse für die Universität Zürich und die Executive Education (ExecEd) um?

Auf vielfältige Art und Weise. Einerseits sind z.B. Einsichten aus der Verhaltenswissenschaft auch für die Positionierung der Angebote der ExecEd relevant. Andererseits erhalte ich aus meiner Arbeit für die ExecEd und die UZH auch Inspiration für zukünftige Forschung zum Funktionieren von Organisationen. 

## Vor vier Jahren haben Sie die Gründung der Executive Education der Wirtschaftswissenschaftlichen Fakultät vorangetrieben. Was war die Motivation dahinter und welche Rolle haben Sie bei der Gründung gespielt?

Weiterbildung hat eine lange, positive Geschichte an unserer Fakultät. Die Idee, alle Angebote unter ein Dach zu bringen, war motiviert dadurch, den Aussenauftritt zu stärken, innen durch Austauschmöglichkeit unter den Programmen mehr Innovation zu haben und eine gewisse Harmonisierung in der Stossrichtung zu erreichen. Ich war ja schon lange in Leitenden Ausschüssen und im Unterricht in der Weiterbildung aktiv und habe mich daher auch bei der Gründung der ExecEd engagiert. Die Fakultät hat mich als Prodekan Weiterbildung und Alumni dann auch für die Leitung der ganzen Einheit gewählt. Mir war und ist dabei sehr wichtig, eine gute Balance zwischen gemeinsamer Ausrichtung («Top-down») und Eigeninitiative («Bottom-up») beizubehalten. 

## Das Purpose Statement der Executive Education lautet: «To share with the intellectually hungry the freedom and joy we gain from critical and courageous thinking so that we empower them to more creatively and purposefully shape the economy and society of today and tomorrow.» Wie unterstützen Sie den Purpose in  Ihren verschiedenen Rollen an der ExecEd?

Ich finde diesen Purpose nach wie vor schön, er ist die Grundlage unserer Differenzierung. In Zeiten wie diesen ist die Betonung von Freiheit und mutigem Denken wie in unserem Purpose besonders wichtig. Ich erlebe den Purpose am unmittelbarsten beim Unterrichten. Ich finde (und sage das auch immer): Weiterbildung darf auch Spass machen, und zwar sowohl den Teilnehmenden als auch den Dozierenden. Der Purpose ist die Grundlage unserer Vision 2030 und der konkreten Strategien und Ziele.

## Die Vision 2030 der Executive Education basiert auf den drei Pfeilern «Connect: Verankert im Herzen Europas.», «Inspire. Inspiriert durch Vielfalt.» und «Empower. Gelebter Pioniergeist.» Was bedeutet diese Vision für die Executive Education sowie ihre Angehörigen und Studierenden?

Die Vision formuliert nicht einen Ist-Zustand, sondern einen Anspruch, eine Stossrichtung. Sie formuliert also Erwartungen, auch an uns selbst. Ein paar Beispiele: Der erste Teil betont, dass wir nicht in einer «Blase» arbeiten sondern aktiv an einer Vergrösserung unseres Einflussbereichs arbeiten. Der zweite Teil fordert uns selbst und die Studierenden auf, Vielfalt als Stärke zu verstehen. Das sagt sich leicht, aber in der konkreten Umsetzung erfordert das dann eben schon besondere Einsatzbereitschaft. Ähnlich auch im dritten Teil: Ja, alle wollen sich als innovativ und zukunftsorientiert sehen. Aber es wirklich zu tun, sodass der Pioniergeist wirklich gelebt wird und spürbar ist, das ist hier der Anspruch. Wenn wir dann im 2030 stehen, dann hoffe ich, dass wir auf 2025 zurückblicken und sagen, ja, von dort sind wir einen grossen Weg gegangen. 

## Wie unterstützen Sie die Executive Education bei der Umsetzung dieser Vision?

Jetzt als Chairman ist meine Rolle primär sicherzustellen, dass wir die grundsätzliche Richtung beibehalten und nicht durch die natürlich auch immer mal auftretenden Nebengeräusche ablenkt werden. Ich versuche, in der Fakultät möglichst viele interessierte Professorinnen und Professoren zu finden. Durch meine interdisziplinären Forschungsaktivitäten bin ich in Kontakt auch mit Forschung an anderen Fakultäten, was uns bei der Anreicherung unserer Angebote hilft. Ich habe auch den Vorteil, nicht zu sehr im Tagesgeschäft zu sein und kann daher immer wieder mal grössere Themen eingeben.

## Sie waren seit der Gründung der ExecEd bis zum Stellenantritt von Jürgen Brücker der CEO. Auf welche Projekte hatten Sie sich damals fokussiert?

Als CEO entwickelte ich mit der Geschäftsleitung die erste Strategie 2021-2024, mit konkreten Zielen in den vier Teilbereichen: Kunden statt Produkte, Inhaltliche Exzellenz, Externe Exzellenz, Interne Exzellenz. Der erste Punkt war mir dabei besonders wichtig: Um unseren Purpose zu erfüllen, müssen wir wissen, was die Welt rund um uns bewegt und uns dafür interessieren. Auch die Entwicklung des Purpose und der Kernelemente des gemeinsamen Auftritts fielen in diese Zeit. Daneben natürlich auch viele Dinge, die man nicht sieht bzw. die man nur sehen würde, wenn sie nicht funktionieren. Insgesamt: Auch wenn die Ziele damals ziemlich anspruchsvoll erschienen, freue ich mich, heute sagen zu können, dass wir sie erreicht haben.

## Auf welche Meilensteine der Executive Education sind Sie besonders stolz?

Wir haben in den ersten 4 Jahren jedes Jahr ca. 800 Personen als Teilnehmende erreicht. Dies alles in einem anspruchsvollen Marktumfeld: COVID-19 und der Russland-Ukraine-Krieg erhöhten die Unsicherheit und senkten die Bereitschaft von Menschen und Unternehmen, in Weiterbildung zu investieren. Wir haben einen Purpose entwickelt, eine Vision, eine Strategie, einen gemeinsamen Auftritt erarbeitet, einen CEO angeheuert, einen gemeinsamen Arbeitsort für alle ExecEd-Mitarbeiter:innen, neue Programme zu aktuellen Bedürfnissen lanciert und auch wichtige Erfolge bei Custom Programs, also speziell auf einzelnen Kunden zugeschnittene Programme, feiern können. Aber ich sage auch: Wir haben noch viel Potenzial und auch mir ist bewusst, dass nicht alles immer rund läuft. Darum heisst die Devise: Dranbleiben. You ain’t seen nothing yet. 

## Wie positioniert sich die Executive Education in der Weiterbildungslandschaft (national, international)?

Insgesamt positionieren wir uns als Dienstleister für lebenslanges Lernen. Je nach Thema sind wir lokal oder international aufgestellt. Programme zu Immobilien und Finanzen beispielsweise sind eher lokal orientiert, während die General Management Programme auch internationale Strahlkraft haben sollen. Zentrales Element der Positionierung sollte in Zukunft die inhaltliche Diversität der UZH sein. Wir sind eben keine typische Business School, sondern haben viel breitere Themen. Das ist aber kein Selbstläufer, sondern muss schon konkret in brauchbare Angebote umgemünzt werden. 

## Wie kann KI in der Weiterbildung und Lehre nutzbringend eingesetzt werden?

KI bietet viele Möglichkeiten, unseren Purpose, unsere Vision und unsere Strategie noch effektiver umzusetzen. Ein Beispiel: In den Finance-Angeboten experimentieren wir bereits seit einiger Zeit mit spezifisch auf unseren Materialien trainierten Chatbots. Es ist auch geplant, mit KI generierte Grundlagen-Videos mit der Stimme und der Gestik eines Dozenten zu lancieren. Das lässt dann mehr Zeit für persönliche Interaktion zu fortgeschritteneren Themen. Im Unterricht selbst kann KI auch als Co-Teacher mithelfen. Da sehe ich z.B. gerade in meinem Gebiet, Corporate Finance, spannende Möglichkeiten.  

## Sie forschen aktuell zu den Schwerpunkten Sustainable Finance, Krisenkompetenz sowie Verhaltensökonomie. Wie lassen sich Ihre Forschungsergebnisse in die Lehrtätigkeit in der Weiterbildung übersetzen?

Gewisse Themen sind einfach fundamental. Die Grundlagen der finanziellen Führung und der Corporate Finance beispielsweise sind wirklich überall relevant – und es sei es nur, damit man besser versteht, was in der Zeitung steht. Die grundsätzlichen Konzepte ändern sich hier auch nicht so schnell, aber natürlich wartet der Finanzmarkt immer wieder mit Überraschungen auf, und so habe ich in fast jeder Ausgabe des Unterrichts etwas Neues aus aktuellen Ereignissen dabei. Bei der Weiterbildung kann man als Dozent natürlich leichter als im Grundstudium an die eigenen Erfahrungen der Teilnehmenden anknüpfen. Mit jetzt knapp 20 Jahren Erfahrung habe ich auch, denke ich, ein gewisses Gespür dafür, wie ich die Teilnehmenden einerseits dort abhole, wo sie sind, ihnen andererseits aber auch Aha-Effekte vermitteln kann, wenn ich ihnen helfe, gewisse Praktiken zu hinterfragen, die sie gewohnt sind. Das Thema Nachhaltigkeit beschäftigt mich in der Forschung ja ebenfalls schon lange – viel länger als es en vogue ist – auch daraus lassen sich in der Weiterbildung immer wieder neue Erkenntnisse einbringen, zuletzt beispielsweise zum Thema Biodiversität und unternehmerische Aktivitäten. 

## W﻿ie finden Sie einen Ausgleich zum fordernden Beruf?

Ich habe das Glück, einen Beruf zu haben, der meiner Berufung entspricht. Für mich ist die Balance von Forschung, Lehre und Management erfüllend. Natürlich brauche ich auch ab und zu Abstand. Die Familie ist sowieso die absolute Priorität. Und das Familienleben hilft auch, alles – und vor allem mich selbst – nicht zu ernst und wichtig zu nehmen. Unseren Kindern sagen wir: Papa geht an die Uni spielen. 

## H﻿erzlichen Dank, Prof. Alexander Wagner!

“Discovery, Teaching, and Doing are a dream team. And they never get boring.” Das ist das Credo von Prof. Dr. Alexander F. Wagner, Prodekan Weiterbildung und Chairman der Executive Education. Er lehrt als Professor für Finance an der Universität Zürich und ist Swiss Finance Institute Senior Chair. Zudem war er massgeblich an der Gründung der Executive Education beteiligt und in den ersten Jahren auch CEO. Wie bewertet er die bisherige Entwicklung der Executive Education und welche Auswirkungen auf die Weiterbildungslandschaft und seine eigene Lehrtätigkeit sieht er durch aktuelle Trends wie Künstliche Intelligenz? 

Prof. Alexander Wagner, Chairman der Executive Education

Originally from Colombia, Gabriel Gomez completed his PhD at the Department of Informatics within Prof. Rolf Pfeifer’s Artificial Intelligence Lab in 2007. During this time, he tackled a fundamental challenge in robotics: integrating the separate algorithms for object detection, movement, and grasping into a single neural network capable of performing all three tasks. His work culminated in a platform that enables amputees to control a robotic hand with their thoughts. Early robotic movements were clumsy, and interactions could physically hurt humans. “It was our job to fine-tune the robots in a way that interacting with them made life for humans easier and smoother – without potentially harming them,” he remembers. This project involved researchers from the Universities of Tokyo and Chiba, as well as from the AILab UZH and ETH Zurich, bringing together experts from medicine, physics, and engineering. “The international and multidisciplinary environment at Prof. Pfeifer’s 
lab was so inspiring,” he recalls, “and continues to impact my approach to science today.” 

## Testing AI products before release

Today, Gabriel Gomez’ team stresstests large language models (LLMs), as well as image, video and audio generating AI models before public release. To do this, the team has a list of sensitive topics and systematically 
creates prompt variations to probe a model’s weaknesses. Techniques include rephrasing questions, altering 
single characters to bypass filters or even turning prompts into poems. This approach uncovers vulnerabilities in 
the model such as misinformation, bias, hallucination, or failure to handle borderline cases, and includes extensive work ensuring that models do not create content that could contain violence or depictions of violence. The 
team then provides actionable feedback to the developers before the product is deployed. 

## The importance of Responsible AI

Gomez’ commitment to Responsible AI stems from firsthand experience of the limitations and dangers of generative technologies. Biased training data can lead to algorithmic discrimination. For example, facial recognition systems often fail with people of color and voice recognition struggles with non-native accents. For years, Gomez has experimented with voice cloning. When he started, it took weeks and enormous computing power to clone a person’s voice. Today, with just six seconds of audio, anyone’s voice can be replicated. This has significant implications for privacy and security. “We all have heard of scam calls with obviously automated voices. They don’t pose much of a risk. However, today’s technology allows for scammers to generate voices sounding 
exactly like the voice of a loved one, calling in distress for your help.” 

For Gomez, Responsible AI means proactively identifying and mitigating risks, especially for vulnerable populations, for example, young or old people, minorities, or otherwise disadvantaged communities. His team 
does this through embedding ethical principles throughout the lifecycle of AI systems, from design and training 
to deployment and monitoring of running systems.

## Customer benefits from Accenture’s work

Accenture’s Red Team conducts comprehensive risk assessments, classifying systems as high or low risk based on factors like data bias and regulatory compliance. Is there a right way to regulate AI? Not through a single, global regulatory solution, Gomez believes. Culture plays a large role: While the United States favors a flexible, innovation-driven approach, countries like Japan and Canada occupy the middle ground, and the European Union has very strict and mandatory regulations, particularly around biometric data. This regulatory diversity means that multinational organizations must tailor their AI strategies to each region, balancing innovation with compliance. To handle this, Gomez’ team is working on a product, the AI Companion, that automatically checks for compliance 
with a local market’s regulatory requirements.

Gomez has found his personal answer to the question of the ethical handling of AI: “I put my energy into preventing potential harm and providing solutions for others to do so too.” Just as his early research focused 
on making robots useful companions to humans, programmed to ensure seamless and non-harming interactions, his work in AI aims to achieve the same – harnessing the potential of the technology while protecting the humans working with it.

For **Gabriel Gomez**, father of two teenage children, Responsible AI is not just a technical challenge, but a societal imperative. By combining rigorous testing, ethical understanding, a multidisciplinary approach and integrating global regulations, Gomez and his team help organizations harness the power of AI while safeguarding the interests of individuals and communities.

T﻿ext: Victoria Watts

S﻿ource: Oec. Magazin issue #23

## Are you interested in AI?

The Department of Informatics and the Department of Computational Linguistics offer a Certificate of Advanced Studies (CAS). In this **"CAS in Generative AI"**, specialists with knowledge of computer science are to enable practitioners to recognize the potentials and limitations of generative AI in 10 course days and to use this knowledge for their work. The CAS is open to people with a University degree who have knowledge of computer science. Find here [more information](https://execed.uzh.ch/en/informatics/programs/generativeai) on the "CAS in Generative AI".

A﻿I is also a topic of the following modules:

* Executive MBA: [Künstliche Intelligenz & Machine Learning](https://www.emba.uzh.ch/de/programm/digitaltransformation-deen/21_K%C3%BCnstliche-Intelligenz---Machine-Learning.html)
* C﻿AS in General Management / CAS in Leadership / DAS in Unternehmensführung: [AI for Business](https://execed.uzh.ch/de/management/module/artificialintelligence)
* U﻿rban & Real Estate Management: C﻿ourse [Practical AI for Real Estate](https://www.curem.uzh.ch/de/weiterbildungen/kompaktkurse/practical-AI-for-real-estate.html)
* C﻿AS in Medical Leadership: [Artificial Intelligence & Machine Learning](https://www.medlead.uzh.ch/de/module/artificial-intelligence-and-machine-learning.html)
* F﻿inance: [AI-driven Innovations in Finance](https://www.finance-weiterbildung.uzh.ch/de/programs/single-courses/ai-driven-innovations-in-finance.html)

After years in robotics and neural networks, UZH alumnus Gabriel Gomez now  works in Accenture’s Responsible AI Division, where he and a team of  20 specialists stress-test AI models to identify risks and prevent unintended harm. Text: Victoria Watts

Preventing Harm Through Responsible AI

## How do you, as a computer scientist, define Responsible AI?

Hm. This is very difficult to do without context. How about we revisit a precise definition at the end of the 
conversation when we have set the stage?

## OK, so let’s start from a different angle: How can AI contribute to improving society?

Echochambers are a good example. Echochambers are places – today typically online – where people interact and get confirmation for their own opinions without being challenged. This can drive societal polarization and is widely regarded as an undesirable development. One question we ask ourselves at the Digital Society Initiative (DSI) is therefore: How can AI help to escape these echochambers and provide people with the full diversity of opinions?

## Isn’t it manipulation if AI defines what people see or read?

No. Any media outlet selects what it wants to “print”. Regulatory efforts oft en require these outlets – especially 
public broadcasters – to represent the various viewpoints as a basis for a balanced political discourse. My goal 
is to ensure that people get exposed to balanced opinions to, hopefully, acknowledge that other opinions are 
available and valid. In an experiment we found that people who consume news from diverse sources are more 
likely to accept other opinions, even if they do not agree with them. Therefore, Responsible AI should promote 
openness to and tolerance of different opinions. In this way we create a space of differing viewpoints in which 
political dialogue and compromise become possible. 

## On the other hand, we often hear that AI is a danger to democracy.

Yes and no. Within the DSI’s Democracy Community we look at how to improve and strengthen direct democracy. A project supported by the Swiss National Science Foundation (SNF), for example, aims to make it easier for citizens to participate in consultation processes. Often, people have valid causes but struggle to get them through the democratic process. AI can help citizens bring their causes forward in a way that meets formal requirements, increasing the likelihood of implementation. This strengthens the democratic decision-making process. If AI can support them to do this – all the better!

## What is the biggest challenge in the field of Responsible AI?

Economic goals and responsibility are oft en seen as being at odds with each other. But there are good examples that a responsible implementation of AI may benefit the long-term economic success. Another big challenge is how quickly and widely these technologies can spread. The economics of digital products such as AI make them accessible to millions within a short period of time.

## How can we steer AI towards responsible applications?

Creating an artifact or product that affects the lives of millions of people comes with responsibility. While developing the technology, we must consider both its benefits and potential harms. With each iteration, we must 
ask ourselves: How will the product be used, is it aligned with society’s normative goals, is it the right solution from an economic perspective, etc. 

## What role does the Digital Society Initiative play in this discussion?

The digital transformation and artificial intelligence are not purely technical phenomena. They are ultidisciplinary and develop through continuous interaction between research and practice. To ensure we design, develop and implement AI in a responsible manner, we need to approach the digital transformation in its multidisciplinary entirety. This will allow us to realize its chances whilst mitigating possible risks. To do this, we need a multidisciplinary approach. This is what we do at the DSI.

## How does this multidisciplinary approach look in real life?

The approaches and the questions that researchers from various disciplines ask are very different. Philosophers 
may approach the topic from a normative perspective, asking what a machine should be allowed to do. Social scientists may examine how people interact with the machine, and economists focus on whether a solution is efficient. Engineers typically want to build something new and, hence, want to understand the requirements for a tool and how these can be implemented technically. So, whatever setting we are looking at, we need to consider its economic, normative, societal, and technical aspects together.

## Some people fear loss of intellectual capacities through AI. Do you agree?

Marshall McLuhan introduced the idea in the 1960’s that “every extension is also an amputation.” Meaning that 
every tool I use to make something easier or better also leads to me losing the ability to accomplish the goal 
without the tool. This is not a problem in every case, but it could be if we lose a skill that is a prerequisite for developing other capabilities or if the skill is important. 

## Returning to my first question: How do you define Responsible AI?

So summarizing what we have talked about: When creating digital artifacts and AI in particular, we need to continuously ask ourselves three questions: What is the world like today, what could the world be like, and what should the world be like? Responsible AI requires a stringent answer to these questions. To achieve this, we must integrate insights from social sciences, normative considerations, economic perspectives, and technical possibilities.

## T﻿akeaways

* To ensure we design, develop and implement AI in a responsible manner, we need to approach the digital transformation in its entirety.
* Whatever new AI model we develop, we need to consider its economic, normative, societal, and technical aspects.
* Responsible AI promotes availability of different opinions. Acknowledging different viewpoints creates a space in which political dialogue and compromise become possible. 

**Abraham Bernstein** is a professor of dynamic and distributed information systems at the Department of Informatics UZH and Director of the Digital Society Initiative (DSI). Bernstein received his PhD from MIT, served as an expert on AI regulation for the Council of Europe, and presides NRP77 at the Swiss National Science Foundation.

T﻿ext: Victoria Watts, Foto: Sophie Stieger

S﻿ource: Oec. Magazin issue #23

## Are you interested in AI?

A﻿braham Bernstein is a lecturer in the **"CAS in Generative AI"**, offered by the Department of Informatics and the Department of Computational Linguistics. In this program, specialists with knowledge of computer science are to enable practitioners to recognize the potentials and limitations of generative AI in 10 course days and to use this knowledge for their work. The CAS is open to people with a University degree who have knowledge of computer science. Find here [more information](https://execed.uzh.ch/en/informatics/programs/generativeai) on the "CAS in Generative AI".

A﻿I is also a topic of the following modules:

* Executive MBA: [Künstliche Intelligenz & Machine Learning](https://www.emba.uzh.ch/de/programm/digitaltransformation-deen/21_K%C3%BCnstliche-Intelligenz---Machine-Learning.html)
* C﻿AS in General Management / CAS in Leadership / DAS in Unternehmensführung: [AI for Business](https://execed.uzh.ch/de/management/module/artificialintelligence)
* U﻿rban & Real Estate Management: C﻿ourse [Practical AI for Real Estate](https://www.curem.uzh.ch/de/weiterbildungen/kompaktkurse/practical-AI-for-real-estate.html)
* C﻿AS in Medical Leadership: [Artificial Intelligence & Machine Learning](https://www.medlead.uzh.ch/de/module/artificial-intelligence-and-machine-learning.html)
* F﻿inance: [AI-driven Innovations in Finance](https://www.finance-weiterbildung.uzh.ch/de/programs/single-courses/ai-driven-innovations-in-finance.html)

Artificial intelligence is changing  our society at unprecedented  speed and uncertain outcome.  Prof. Abraham Bernstein  explains what it takes to  develop Responsible AI. Text: Victoria Watts, Foto: Sophie Stieger

AI for Society: Bridging Technology and Ethics

## AI is more than a tool - it is a co-worker

Artificial intelligence does not work like traditional software that stubbornly follows rules. It behaves more like a new team member: creative, surprising, sometimes flawed, but often inspiring. Anyone who only sees AI as a passive tool is not exploiting its potential. Instead, it is worth working with AI like a co-worker - with clear tasks, feedback and critical thinking. A simple but effective method is to give the AI a role for a specific task: should it advise, analyze or creatively develop ideas? This makes the framework for collaboration clear - just like with human colleagues. And here too, the best results are achieved where leadership, communication and responsibility come together.

## Active collaboration instead of passive delegation

What happens when people not only use AI, but actively integrate it into their own work? A large-scale study by Harvard University at involving 776 experienced business professionals shows that people who deliberately and consciously used AI achieved better results than traditional human teams. The best results were achieved where humans and AI actively worked together. However, this is only possible if people do not passively delegate tasks to the AI, but consciously control it, question the suggestions and contribute their own expertise. The result is more than just efficiency: the study showed that people began to think in a more interdisciplinary way, adopt new perspectives and develop creative solutions that would have been inconceivable on their own . This so-called “cointelligence” means that technology does not replace our thinking, but expands it.

## The responsibility remains with humans

As helpful as AI can be, the responsibility for what it produces always remains with us humans. It processes what we tell it to and provides suggestions based on its training data. This makes it all the more important that we actively incorporate our ethical and moral standards into the work process with AI. This starts with the input: we can use targeted prompts to control which perspectives, values and groups are taken into account. And it doesn't end with the output: What the AI outputs must also be critically examined. Although modern systems contain protective mechanisms against misuse, these can often be circumvented, for example by using clever prompts or exploiting vulnerabilities. AI can manipulate if we ask it to. But the decision to do so is always made by humans. Taking responsibility therefore means: consciously controlling, setting clear boundaries and acting ethically.

## Learning is mandatory - for everyone

If you want to use AI responsibly, you need to understand how it works - and that means trying it out for yourself, gaining experience and learning continuously. Only those who actively work with AI will recognize when it is useful and when it reaches its limits. This starts in everyday life: AI should be involved in as many tasks as possible in order to develop a feeling for its possibilities. But targeted upskilling is also crucial at team level. Organizations that want to use AI sustainably need to empower their employees - with workshops, learning spaces or experimental formats. This is not just about technology, but also about critical thinking, reflective application and an understanding of the role of people in interaction with AI. Working responsibly with AI therefore also means learning, trying things out and developing specific skills - both individually and organizationally.

## Stay flexible - because AI is constantly changing

The development of AI is rapid - what is new today may be obsolete tomorrow. We should therefore consider every system to be the worst we will ever use - not because it is bad, but because its successors will be even more powerful. New models bring new opportunities, but also new risks. If you want to work responsibly with AI, you have to be prepared to question routines, learn new things and take on new challenges. Flexibility and a willingness to learn are no longer nice extras, but core competencies. Responsible use of AI also means evolving with it, remaining open to - and not standing still when the technology moves on.

**Cindy Candrian** is co-founder of Delta Labs, a Swiss AI company that supports companies from strategy to implementation of AI. She studied banking and finance at the University of Zurich and holds a doctorate in business administration.

S﻿ource: Oec. Magazin issue #23

## Are you interested in AI?

The Department of Informatics and the Department of Computational Linguistics offer a Certificate of Advanced Studies (CAS). In this **"CAS in Generative AI"**, specialists with knowledge of computer science are to enable practitioners to recognize the potentials and limitations of generative AI in 10 course days and to use this knowledge for their work. The CAS is open to people with a University degree who have knowledge of computer science. Find here [more information](https://execed.uzh.ch/en/informatics/programs/generativeai) on the "CAS in Generative AI".

A﻿I is also a topic of the following modules:

* Executive MBA: [Künstliche Intelligenz & Machine Learning](https://www.emba.uzh.ch/de/programm/digitaltransformation-deen/21_K%C3%BCnstliche-Intelligenz---Machine-Learning.html)
* C﻿AS in General Management / CAS in Leadership / DAS in Unternehmensführung: [AI for Business](https://execed.uzh.ch/de/management/module/artificialintelligence)
* U﻿rban & Real Estate Management: C﻿ourse [Practical AI for Real Estate](https://www.curem.uzh.ch/de/weiterbildungen/kompaktkurse/practical-AI-for-real-estate.html)
* C﻿AS in Medical Leadership: [Artificial Intelligence & Machine Learning](https://www.medlead.uzh.ch/de/module/artificial-intelligence-and-machine-learning.html)
* F﻿inance: [AI-driven Innovations in Finance](https://www.finance-weiterbildung.uzh.ch/de/programs/single-courses/ai-driven-innovations-in-finance.html)

AI is more than just technology - it is changing the way we think, work and make decisions. These five principles show how we can deal with artificial intelligence consciously and responsibly. Text: Cindy Candrian

Five principles for the sensible use of AI

## Shanghai: The Pulse of Innovation

China’s rapidly expanding electric vehicle (EV) industry is a key pillar of the country’s sustainable development strategy. With more than 80% of vehicles on Shanghai’s roads now electric, the city exemplifies China’s ambitious transition toward green mobility. Home to over 100 domestic car brands, China is not just producing EVs at scale but also redefining the automotive experience. Companies like NIO are leading this transformation by building holistic ecosystems that seamlessly integrate lifestyle, technology, and transportation through a super app. NIO’s battery-swap technology enables drivers to replace a depleted battery with a fully charged one in under three minutes - demonstrating the firm’s cutting-edge approach to user-centric innovation. 

We participated at the Sino-Swiss Financial Institutions Technology & Finance Conference, held at the historic former Shanghai Stock Exchange building. This iconic venue where China’s modern securities market began in 1990 with just two tradable stocks, now symbolizes the country’s financial maturity and global ambitions. The conference underscored the critical importance of trust, openness, and international collaboration in driving innovation across financial systems. Engaging discussions with prominent investors and hedge fund managers such as Frank Wu (General Manager China, AIMA), Sonny Shen (CEO, ShenYi Investment), and Yang Du (CEO, Sumitomo Mitsui) reflected China’s strategic focus on financial modernization and deeper integration with global capital markets.

## From "Made in China" to "Created in China"

A significant theme of the program was China's transition from being the world's manufacturing hub to becoming a leader in innovation. Professor Gang Zheng of Zhejiang University, formerly affiliated with Stanford University, elucidated this shift. He introduced the I-T-M framework - Institutional policy, Technology, and Market - as the cornerstone of China's innovation strategy. Unlike the venture-driven models of Silicon Valley, China's approach is characterized by market opportunity, robust government support, and sustainable growth. This paradigm shift underscores China's move towards indigenous innovation and the development of platform ecosystems, as exemplified by companies like Alibaba, JD.com, and Tencent. 

## Redefining Executive Education

Set amid tranquil lakes and lush gardens, the ZIBS campus in Haining created an ideal environment for thoughtful learning and meaningful exchange. At ZIBS, students are viewed as valued clients - an approach that reflects the school’s commitment to educational excellence and outstanding hospitality. The experience was further enriched by interactions facilitated by Dean Professor Ben Shenglin, including discussions with global leaders such as Han Seung-soo, former Prime Minister of South Korea, and Yaseen Anwar, former Governor of the State Bank of Pakistan.

A highlight of the visit was a roundtable discussion within the Global Leaders Series on “FinTech without Borders,” featuring Swiss representatives Thomas Brändle, President of the Swiss FinTech Association, and Dieter Goerdten, Executive Board Member and Head of Banking at SIX Group. Despite the presence of esteemed voices from China’s fintech sector, the Swiss delegates successfully positioned Switzerland as a global fintech hub, rooted in a rich heritage of financial expertise and trust.

## Battling Deepfakes with AI

Hangzhou, a vibrant city of 13 million residents known for its green and scenic charm, has rapidly become one of China’s leading technology and innovation hubs. Seamlessly blending a rich cultural heritage with cutting-edge advancements in AI, robotics, and digital finance, the city is home to tech giants like Alibaba, Ant Group, and ByteDance, as well as rising innovators such as DeepSeek and Unitree Robotics. This thriving ecosystem continues to attract global talent, investment, and strategic attention.

We explored both the vast opportunities and emerging challenges of artificial intelligence. At Ant Group, we gained valuable insights into advanced AI-driven fraud detection systems designed to counter threats like deepfakes and synthetic identity fraud. Leveraging machine learning and pattern recognition, Ant Group is reshaping the landscape of digital security and strengthening the resilience of cross-sector ecosystems.

Equally compelling was Alibaba Cloud’s dedication to sustainability through technology. The company exemplifies how AI can be used to generate real environmental impact. Its platform, Energy Expert, is a standout example - optimizing energy consumption and significantly reducing carbon emissions. During the Hangzhou Asian Games, the platform enabled a 37% drop in energy costs and a 14% decrease in carbon footprint - an impressive demonstration of smart, sustainable innovation in practice.

A key component of Hangzhou’s transformation into a smart city is the City Brain initiative, developed in collaboration with Alibaba Cloud. This AI-powered urban operating system integrates real-time data from various sources to enhance public services and decision-making. From dynamic traffic management and emergency response to citywide dashboards that provide real-time updates on accidents and even critical organ delivery for patients in need, City Brain exemplifies how technology can radically improve public infrastructure. While it raises important questions about surveillance and privacy, the system’s ability to reduce congestion, prevent crime, and boost operational efficiency has made Hangzhou a global benchmark for data-driven urban governance.

## Silk Meets Silicon

Wensli Group, a leading Chinese textile company, with products used by Hermes, Chanel and Gucci, demonstrates how a traditional industry can transform into an AI-driven sustainable textile leader. The company has invested heavily in low-water, low-chemical dyeing technologies, significantly reducing the environmental footprint typically associated with silk production. By applying AI, Wensli digitally simulates designs before production, enabling precise pattern optimization while minimizing material waste, trial-and-error sampling, and overproduction.

Together with visits to High-Flyer and ByteDance, these experiences highlighted how China’s innovation leaders are not only advancing in AI and digital technologies, but are also embedding sustainability and civic responsibility into their strategic priorities.

## Reflections

The "Executive Experience China" program offered participants invaluable insights into China’s multifaceted approach to innovation, education, and technology. Through direct engagement with industry leaders, academic institutions, and cutting-edge companies, the delegation gained a nuanced understanding of the country’s evolving strategies for global leadership.

As China continues its transformation from a manufacturing powerhouse to a global innovation leader - in sectors such as e-commerce, financial services, advanced manufacturing, healthcare, and digital technology - experiences like these are essential for Swiss executives seeking to navigate the complexities of today’s international business landscape.

As Program Director of Executive Experience China, I was particularly struck by Hangzhou, that stands for a compelling model for digital-age leadership where tradition and technological progress coexist with purpose.

Marco Polo, who visited the city in the 13th century, described it as "the finest and most splendid city in the world", impressed by its size, wealth, architecture, and vibrant cultural life. Today, centuries later, Hangzhou continues to inspire, offering both historical depth and a bold vision of the future.

## F﻿uture Outlook

The next Executive Experience China study trip is planned for May 2026. This unique program offers you firsthand access to China’s innovation ecosystems, digital transformation hubs, and world-class companies across industries.

If you are interested in joining a curated delegation of senior executives, we invite you to register your interest. For more information please contact [daniel.fasnacht@execed.uzh.ch](mailto:daniel.fasnacht@execed.uzh.ch). 

For more information, have a look at our [website](https://www.executive-education.uzh.ch/en/corporations.html).

Finance & Custom Programs

From May 18 to 25, 2025, a distinguished group of Swiss executives participated in the “Executive Experience China” program led by the Executive Education University of Zurich in partnership with Zhejiang University International Business School (ZIBS). This learning journey took participants through Shanghai, Haining, and Hangzhou, offering a firsthand exposure to China’s fast-evolving business environment. Blending academic dialogue, company visits, and cultural immersion, the program provided a rare and comprehensive view into innovation, digital disruption, and AI-driven business models. Text: Dr. Daniel Fasnacht

Executive Experience China 2025: A Transformative Journey Through Innovation and Leadership

Kate exemplifies the adage “be the change you want to see in the world.” Since being stranded in Switzerland at the onset of the Ukraine war and choosing to settle here, she worked tirelessly to aid those affected by the conflict. Collaborating with charities, she facilitated relocation, provided housing, transportation, and relief assistance.

Kate is a passionate advocate for women’s empowerment. “I firmly believe that creating spaces for women to thrive and grow is not just a choice, it’s a responsibility,” she explained. Demonstrating, once again, her ability to back up words with actions, Kate started a women’s club with regular weekly meetings for Ukrainian women to help them integrate, develop their leadership and soft skills, and prepare for their careers.

At the same time, Kate began searching for the right business school. A testament to her own resilience and fortitude. “Studying an MBA had been a longstanding ambition,” she said, “And among all the schools, the [EMBA from the University of Zurich](https://www.emba.uzh.ch/en.html) stood out for its diversity and willingness to nurture all students, irrespective of gender and backgrounds.” Her objective had been to learn more about different business functions to gain a broader perspective and be better informed on opportunities for the next steps in her career.

Kate extols the exposure to business cases, hands-on simulations, and real-world application: from leadership and corporate finance to innovation management and strategic management. “I was absolutely blown away by change management, transformation, transition, and start-up planning,” she added.

Kate’s personal highlights from the EMBA include the Learning Expeditions to the US and China. “On both trips, the programs were packed full of activities,” she recalled. “I had always dreamed of studying at Yale and experiencing life there first-hand. And the rich cultural immersion we were treated to in China, along with numerous company visits, really served to inspire new ideas.”

Kate’s journey has led her to a new position in the area of B2B transformation. She credits this next step in her career to the EMBA that she earned at UZH. “I’m also in the process of co-founding a start-up company,” she added. “It’s something I never imagined myself doing! But, the EMBA provides an incredible confidence boost, making you believe you can tackle anything.”

(Here you can find more information about the [Executive MBA](<(Here you can find more information about the Executive MBA programme.)>) programme.)

Kate Ohbaidze has worked in HR and Leadership Development roles for over seven years. She’s led cross-cultural teams of experts and consultants to help improve communication both internally and with clients; she leads by example as a Diversity and Inclusion ambassador.

Kate Ohbaidze, Executive MBA

## What is the first thing that comes to mind when you think of Executive Education Finance at the University of Zurich?

Practice-oriented academic continuing education.

## The number of Executive Education Finance students is rising steadily. What is the reason for this success?

I think it's because education in the financial sector is a permanently important topic. I also believe that we have a good feel for [trending topics](https://www.finance-weiterbildung.uzh.ch/en/topics.html) such as sustainable finance and fintech. What's more, our team looks after the participants so well that they keep bringing talented and interested people to us through word of mouth.

## What have been the most significant changes for you in executive education finance over the last 15 years?

One of the big changes and the starting point for everything else took place in 2010. In that year, we merged smaller courses and offered the [MAS in Finance](https://www.finance-weiterbildung.uzh.ch/de/programs/mas/mas-finance.html) for the first time. This was a significant step that took us from a single course to a comprehensive and valuable degree. The second significant change is the use of the blended learning approach (combining online learning materials and interaction with face-to-face teaching), which we have now been using successfully for a long time. A third milestone is the establishment of the [CAS in Sustainable Finance](https://www.finance-weiterbildung.uzh.ch/en/programs/cas/cas-sustainable-finance.html) in 2015/16. At the beginning, the number of participants was still low, which is typical for trend topics. If you start too early, the topic initially remains a niche until suddenly everyone is interested.

## What were the biggest challenges that Executive Education Finance had to overcome during this time?

A major internal challenge when we were founded was that we had to justify why we were training people in financial topics. However, our focus has always been on teaching people how to handle money responsibly and not on how to speculate and make as much money as possible.

The growth of the team was also an organizational challenge for me. At the beginning, my team only consisted of myself and a semester assistant and I worked full-time as the head of the degree program. Over time, the team grew and I was able to hand over some of the responsibility. 
And finally, it is also a challenge to always fill the courses and degree programs with enough participants. We are therefore all the more proud that our courses are in high demand.

## How has the Executive Education Finance program changed over the years?

At the beginning, we offered exactly 60 credits for the MAS, with no options for students. Today, we offer a comprehensive program. We have also developed significantly in terms of content. For example, sustainable finance has become an important topic, as has fintech, which hardly anyone was talking about 15 years ago. And the new [CAS in Stakeholder Management & Stewardship](https://www.finance-weiterbildung.uzh.ch/de/programs/cas/cas-stakeholder-management-and-stewardship.html) also deals with a topic that used to be a niche. 
We are also trying to develop further on the [didactic side](https://www.finance-weiterbildung.uzh.ch/en/methodology.html) and offer many different settings, such as face-to-face teaching or blended learning. A new addition is game-based learning, another trend in teaching. We would like to expand this area.

## What successes or developments at Executive Education Finance make you particularly proud?

In addition to the development of the MAS, maintaining our flexible and modular system is an achievement that I am very proud of. This offer is very practical for our participants, but on the administrative side it is incredibly complex. The fact that we can continue to offer this is fantastic.
I also think it's great to be part of a creative and diverse team that wants to try out new ideas and approaches, whether in terms of content or didactics. I think that's what sets us apart.

## What role does Executive Education Finance play in the current educational landscape?

[Our offers](https://www.finance-weiterbildung.uzh.ch/en.html) are an excellent opportunity for people who want to acquire in-depth knowledge in the areas of banking, finance and sustainable finance in an innovative way. It is exciting that we have participants from a wide range of industries and with very different educational backgrounds, which means that our courses usually bring together a heterogeneous but interested group. 
Our modular structure also offers participants an exceptional degree of flexibility that is rarely found. The small proportion of face-to-face teaching, if desired, also contributes significantly to this. In combination with our high-quality training, this results in an unmistakable unique selling point.

## What new teaching methods or technologies have you implemented in your teaching over the last 15 years and why?

On the one hand, the blended learning concept plays a central role for us. We have also been able to continuously increase interaction in the classroom so that participants can benefit more from the content. In some courses, the theory is provided in advance as an eLearning video so that face-to-face teaching can be used for areas where the lecturers offer real added value. In this day and age, with chatbots and AI tools, pure knowledge transfer has become less important; it is more about application and discussion. 
An additional important aspect is game-based learning, which allows participants to experiment in a safe space and learn from mistakes.

## What motivated you personally to get involved in further education?

My main motivation is to train the participants well so that they can make responsible decisions - be it with money or in other areas. I also really appreciate the personal exchange. The discussions give me exciting insights into the financial industry and I'm constantly learning new things myself. You also enjoy certain freedoms in the area of continuing education compared to undergraduate teaching. For example, it is much easier to introduce didactic innovations.

## How do you see the future of Executive Education Finance in the next five to ten years?

The key question is how to integrate AI without losing other important aspects of social learning such as face-to-face teaching, group discussions or case studies. How we deal with this issue will determine the success of continuing education, as teaching will change. Lecturers will continue to present content, but access to knowledge will shift from books and professors to AI. Participants will ask the AI for answers and then discuss them with the professors. 
I also think that flexibility in continuing education will increase significantly. Instead of fixed programs, there will possibly be contact persons who show where you can acquire which knowledge. At the moment, continuing education is often linear, whereas in the future it will be more about expressing specific needs and being recommended suitable online courses or face-to-face events to solve problems from everyday working life. Lecturers will increasingly become coaches who promote the transfer of knowledge.

## Do you already integrate AI into your teaching?

Yes, before each lecture I consult the AI to find out what content it would suggest and how it defines certain topics. I am also considering integrating the Python programming language into a lecture using AI and in the blended learning courses, a chatbot supports the participants' learning process.

## What would you like to see for the future of Executive Education Finance?

I hope that our courses will continue to be so popular and that many participants will find their way to our courses and degree programs in the future. I would also like to see a meaningful AI strategy at university level. At the moment, a lot is based on chance and individual initiative, but I would appreciate more exchange within the university. Many smart people are working on the topic, but most areas work independently of each other. It would be desirable if the university promoted the exchange of ideas more. AI will affect all areas, from medical training to the EMBA. The students of tomorrow will grow up with AI and will take it for granted to interact with it. I would therefore like to see a smart approach to pooling existing strengths.

## What are you looking forward to in connection with the anniversary?

I think it's particularly nice that the celebration offers the chance to meet many former participants and find out what the training program made possible for them. It will also be exciting to see the development from the first participants to today's graduates and what topics have moved them and are currently on their minds.

## Thank you very much, Dr. Benjamin Wilding!

(Click here to go to the [website](https://www.finance-weiterbildung.uzh.ch/en.html) of Executive Education Finance and its wide range of [courses](https://www.finance-weiterbildung.uzh.ch/en/programs.html).)

T﻿ext: Linda Betschart

CFO & Finance

The history of Executive Education Finance is a story of innovation, growth and further development. In 2010, the MAS in Finance was launched with 13 courses and 21 participants. Since then, Executive Education Finance has developed into a leading provider of continuing education in the field of finance, now offering 50 courses and 14 different degree programs. These include two MAS programs (Finance and Sustainable Finance) with currently 80 participants. This year we are celebrating the 15th anniversary of the MAS in Finance. Together with Dr. Benjamin Wilding, Managing Director Executive Education Finance and Senior Lecturer at the University of Zurich, we take a look back at the developments and highlights of the last 15 years and venture an outlook on the future of financial education at the University of Zurich.

15 Years MAS in Finance: Interview with Dr. Benjamin Wilding

## Your research focuses on behavioral and experimental finance. What is it about?

My research area is a combination of two seemingly opposing fields: finance, with its supposedly rational thinking
and thinkers, and psychology, which explores the “softer” side of human behavior. This intersection is powerful
because even financial professionals often make the same fundamental mistakes as retail investors. Through
my research, I am committed to pursuing research with real-world impact.

## Why is the psychological aspect so important?

I’ve seen many interesting examples of how understanding the psychology of finance and financial communications is crucial. For instance, an American bank once tried to calm its customers during a turbulent financial period by sending reassuring emails. However, their emails had the opposite effect. Based on my research, I aim to highlight such mistakes so that people can make better decisions.

## One of your other core topics is risk perception.

Risk perception is fascinating because it systematically deviates from actual risk. Personal experiences, upbringing, and even cultural background play a huge role in how people view risks. For example, people who grew up during times of economic downturn tend to be more cautious with their finances throughout their whole lives. Take a special case in Germany: People in the Eastern federal states still invest less in stocks compared to those in the West also because of historical skepticism toward capitalism. Another interesting aspect: People see risks as higher when they don’t understand something well. Financial education and simulated investment games can help bridge
that gap.

## Across all areas, sustainability is THE current big topic – also for you?

Yes, I’m currently studying why people choose to invest sustainably – or not. In a recent study where we collaborated with a German robo advisor, we found that only 30 percent of new customers opted for sustainable
investments. Of those, most believed sustainable portfolios would give better returns. Only 12 percent of all investors were willing to sacrifice expected returns, which was a surprisingly low number given earlier research in the field. Generally, I explore the barriers to sustainable investing, such as trust issues, greenwashing concerns, or
simply a lack of knowledge. Based on that, I aim to explore how to measure sustainability in investments and how
to communicate these concepts more effectively to investors.

## What role plays digitalization in your research?

Digitalization changes the whole world dramatically and by that also investments. Therefore, I’m investigating
how digital technologies shape investment behavior. Today, it’s easier than ever to invest. You can download
an app and start investing with just a few clicks. This so-called democratization of financial markets is exciting, but
it also comes with risks. The shift from computer to smartphone trading has led investors to act faster and more
impulsively. We have seen that this leads to riskier portfolios. Additionally, social media increasingly influences
investment behavior, with more people getting financial information from less controlled sources. I explore the impact on our behavior, on financial markets and the financial services industry, for example which new products and services will emerge. 

**Stefan Zeisberger** is a professor of Fintech – Experimental Finance at the Department of Finance UZH.

Source: Oec. magazine issue #22

Banking

Prof. Stefan Zeisberger is on a mission to improve investment decisions and financial well-being, with the human being at the center of his research. He shares insights into his latest findings on risk perception, sustainability and digitalization. Text: Cornelia Kegele & Victoria Watts

The Psychology of Financial Decisions

Why are STEM professions rarely chosen by girls and healthcare professions rarely chosen by boys?
This question is the focus of a research project by Patricia Pálffy, Prof. Patrick Lehnert and Prof. Uschi Backes-Gellner from the Institute of Business Administration, which is dedicated to the gender-specific career choices of young people. Specifically, the study examines the role that social gender norms - i.e. social expectations of the behavior of women and men - play in young people's career choices. It also investigated how such biases can be reduced in the application process.

The trend towards gender-specific career choices leads to two major economic and social problems: Firstly, it reinforces gender-specific inequalities in the labor market,
as male-dominated professions are often associated with better wages or career opportunities. Secondly, a large potential pool of skilled workers remains untapped if young people choose a profession based on social expectations, contrary to their actual skills or individual interests.
occupation contrary to their actual abilities or individual interests. This can lead to an increased shortage of skilled workers in companies or to young people dropping out of training, job dissatisfaction and lower individual productivity.

## Boys are more influenced by gender norms

The results show that more traditional regional gender norms actually reinforce a stereotypical career choice
stereotypical career choices for boys, but this is not the case for girls. What does this mean? A male adolescent from St. Gallen, for example, would be 11.6 percent more likely to choose a “female profession” if the gender norms in St. Gallen were identical to the less traditional gender norms in Geneva. For girls, on the other hand, there are no effects of regional gender norms. In comparison, the results therefore suggest that the campaigns conducted over decades to sensitize of girls to choose a gender-atypical STEM profession were effective, as the correlation is not evident for girls. For boys, on the other hand, for whom there were no comparable campaigns, the correlation is very strong. In order to counteract gender-specific biased career choices in the future
biased career choices in the future, young males must also be made more aware of professions outside of traditional male gender roles. To compare the effectiveness of campaigns for boys and girls, the three researchers have initiated further current cooperation projects with the “Yousty” platform. There, they are analyzing the different possibilities of companies and matching algorithms to reduce bias.

**Dr. Patricia Pálffy**, **Prof. Patrick Lehnert** and **Prof. Uschi Backes-Gellner** work at the Institute of Business Administration at UZH. The study is part of the “Swiss Leading House VPET-ECON”, which is dedicated to the economic research and further development of vocational education and training.

For more information, please visit [www.oec.uzh.ch/social-norms](https://onlinelibrary.wiley.com/doi/10.1111/irel.12332)

Source: Oec. magazine issue #22

Traditional gender norms influence young people's career choices, which can lead to untapped potential and problems such as dropping out of training. A study led by Prof. Uschi Backes-Gellner shows ways to avoid this. Text: Patricia Pálffy, Patrick Lehnert, Uschi Backes-Gellner

How gender norms shape career choices

Eveline’s passion for making a difference in healthcare began early. After earning her PhD in pharmaceutical sciences at ETH in Zurich, she worked in a Swiss-Italian biotech firm, bringing products from the lab to clinical trials. She then moved to Boston in 2011, where she led a team involved in phase 1 trials at the renowned Dana-Farber Cancer Institute. It was there, managing a diverse team with backgrounds ranging from Harvard graduates to former hospital dishwashers, that she discovered her passion for leadership.

Returning to Switzerland in 2015, she encountered a challenge many professionals face: she didn’t fit the conventional industry molds. Despite this, she secured a role at Bristol Myers Squibb (BMS), where she helped launch a breakthrough immuno-oncology drug for lung cancer patients. Hard work and a willingness to step up led her from an individual contributor role to medical director for Switzerland and Austria. In this role, she navigated the company’s largest-ever merger – amid a pandemic – while leading a growing team.

Then, in 2023, came a phone call she wasn’t expecting. A recruiter introduced her to an opportunity at Swissmedic, a move she never would have envisioned for herself. “A few years ago, I might not have thought of myself in a regulatory role,” she admits. “But sometimes the best opportunities are the ones you don’t see coming.” As she learned more, she realized Swissmedic offered a unique chance to shape healthcare on a national scale. In January 2024, she stepped into her new role as Head of Medicinal Product Authorisation and Vigilance.

While many career choices were based on opportunities, hard work and life circumstances, one decision was deliberate: enrolling in the Executive MBA at the University of Zurich. Choosing the EMBA UZH with focus on Digital Transformation, she balanced leadership experience with new skills – lessons that are now proving invaluable as Swissmedic undergoes a major digital transition.

Eveline’s career has been defined by bold decisions. “Walking up to a director of Dana-Farber at a networking event and asking for a job was the bravest thing I’d ever done,” she recalls. It was a defining moment – one that reinforced the importance of taking initiative and advocating for herself. As a leader in a highly technical field, Eveline’s story is a testament to the power of courage and seizing opportunities for people and especially women aspiring to leadership.

Her advice for young professionals? “You can only plan your career to a certain extent. Life happens. Be open, be courageous, and work hard.” And, as she has shown, sometimes the bravest thing you can do is simply ask for an opportunity and then take it.

(Here you can find more information about the [Executive MBA](https://www.emba.uzh.ch/de.html) programme.)

When Dr. Eveline Trachsel set out on her career in pharmaceutical sciences, she never imagined she would one day lead a team of 200 at Swissmedic, the Swiss Agency for Therapeutic Products. Her journey – from cancer research to biotech, from the pharmaceutical industry to regulatory leadership – was shaped not just by ambition, but also by adaptability, perseverance, and an openness to life’s unexpected turns.

Eveline Trachsel, Executive MBA

## Women don't ask? Wrong!

A [study](https://journals.aom.org/doi/abs/10.5465/amd.2022.0021) from 2024 investigated the question of whether the “women don't ask” pattern still applies among working adults today. For over two decades, gender-specific differences in the willingness to negotiate have been seen as an explanation for the gender pay gap. The researchers found that women negotiate their salary even more frequently than men and that the willingness to negotiate has increased over time - both among men and women, but to a greater extent among women. The study also showed that the belief that women do not negotiate their pay reinforces gender stereotyping and that it goes hand in hand with both a stronger justification of the system and weaker support for equal pay legislation. Thus, the pay gap may not result from women not negotiating for their pay often enough, but women also appear to negotiate differently to men. What are the different factors that contribute to these differences and what possible solutions are available?

## Self-perception and confidence

A key difference between men and women in salary negotiations lies in self-perception and confidence. Studies have shown that men often enter negotiations with greater self-confidence and demand higher salaries. This can be attributed to a stronger self-perception of their abilities and performance. Women, on the other hand, tend to underestimate their skills and are often more cautious when formulating their salary expectations. These differences in self-confidence can have a direct impact on the outcome of negotiations, as confident demands often lead to better results. Interestingly, these differences already occur in children, as a recently published [study](https://pubmed.ncbi.nlm.nih.gov/39818921/) shows. The researchers write: "Our results suggest that boys tend to overestimate their abilities compared to girls - and compared to their actual performance. This inflated self-perception may make boys feel more entitled to push the boundaries in negotiations."

## Negotiation style

Men and women often differ in their negotiation style. Men tend to negotiate more directly and competitively, which is often perceived as more aggressive. Women, on the other hand, often prefer a cooperative approach that focuses on compromise and collaboration. This difference in style can result in women being less aggressive in negotiations and potentially achieving less favorable outcomes. However, a cooperative approach can also have advantages, especially in negotiation situations involving long-term relationships.

## Social expectations and role models

Social expectations and traditional role models play an important role in salary negotiations. Women who are perceived as too demanding or aggressive in negotiations run the risk of being judged negatively, as outlined in another [study](https://www.sciencedirect.com/science/article/pii/S0749597806000884). These social norms can discourage women from asserting their salary expectations. Men, on the other hand, are often encouraged to assert their interests and be perceived as assertive. These different expectations can put women at a disadvantage in negotiation situations.

## Networks and mentoring

Professional networks and mentoring are key factors that can influence success in salary negotiations. Men often have access to stronger professional networks and mentoring relationships that can benefit them in salary negotiations. These networks not only provide support and advice, but also valuable information on industry standard salaries and negotiation tactics. Women, on the other hand, often have less access to such resources, which can weaken their negotiating position. Building strong networks and promoting mentoring programs for women are therefore crucial to closing this gap.

## Impact on career

The differences in salary negotiations have a long-term impact on women's career development. Lower starting salaries and less aggressive negotiations can lead to a persistent pay gap that widens over the course of a career. This contributes to the gender pay gap that persists in many industries. The pay gap not only has a financial impact, but also affects job satisfaction and opportunities for career development.

## Solutions

Targeted measures are required to overcome the differences in wage negotiations between men and women: 

* **Create awareness:** Companies should raise awareness of the gender gap in salary negotiations and provide training that empowers women in negotiation situations.
* **Promote mentoring and networking:** Building strong networks and promoting mentoring programs for women can help them improve their negotiation skills and gain access to valuable resources. 
* **Change corporate culture:** A corporate culture that promotes and supports gender equality can help reduce gender bias and empower women in negotiations.
* **Transparency in salaries:** Transparency in salaries and salary structures can help to uncover and eliminate unequal pay.

By implementing these measures, a fairer and more balanced negotiation landscape can be created that offers equal opportunities for women and men.

## Are you interested in the topic of negotiations?

Our two-day module [Strategische Verhandlungen](https://execed.uzh.ch/de/management/module/strategischeverhandlungen.html)[](https://execed.uzh.ch/de/management/module/strategischeverhandlungen.html) (in German) provides an introduction to the theory and practice of negotiations. Participants learn basic skills and strategies for negotiating successfully in a wide range of professional situations. The lessons are broken up with short exercises, video clips from well-known films and a role play. 

The course is led by Prof. Dr. Michael Ambühl, from whose wealth of experience the participants can benefit. He worked as a diplomat at the FDFA for 30 years, during which time he negotiated several agreements with the EU, the USA, Germany, Austria, the UK and others. He also mediated in the Iran-US nuclear conflict and between Armenia and Turkey.

T﻿ext: Linda Betschart

In Switzerland, all women and men have the right to equal pay for equal work or work of equal value. However, if you look at the figures from the Federal Statistical Office (FSO), it quickly becomes clear that there are wage differences between the sexes. According to the FSO, some of these differences can be explained by objective factors such as education, professional position, work experience or similar. However, the remaining share, slightly more than half of the wage differences, cannot be explained by objective factors and is therefore most likely attributable to gender. Is it because women are simply less successful in negotiating for their pay? No, this so-called “gender pay gap” is by no means only the result of different negotiating behavior; the answer is much more complex. However, there are still significant differences in the way men and women conduct pay negotiations and the results they achieve. And these results have far-reaching consequences.

Do women negotiate worse than men?

## When did you first become interested in management?

I became interested in management at an early stage, as I was involved in senior management early on in my career. I found that the topic is often underestimated. Competent management decisions can make a big difference, especially if you encourage teamwork and don't just delegate. Inspiring people and interacting with them gives me great pleasure and is a personal enrichment for me, which is why I also see my future in management.

## How did you find out about the CAS in General Management?

I am planning to complete the [Executive MBA](https://www.emba.uzh.ch/de.html) at the University of Zurich in a few years and attended an information event. In conversation with the director of the EMBA, I learned about the [CAS in General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html). It covers all the subjects and topics that interest me and that I enjoy. I can definitely learn more in this area, which is why I signed up for the course. Fortunately, I can even have certain points from this CAS credited towards the EMBA.

## Why did you choose an offer from the University of Zurich?

I always need people who can act as role models for me. And I found them at the University of Zurich. At the information event I attended, there were also alumni there and it was noticeable how the continuing education had helped them to develop further. Because of this good feeling, in combination with the convincing content, it was clear to me that I didn't have to look any further.

## What was your first impression of the CAS program?

Very positive. I like the fact that the classes are kept small. This allows all participants to develop and ask questions. This makes the lessons very interactive. I also find it very valuable that the lecturers not only know the theory, but also have a lot of practical experience. You could ask any conceivable question and receive a practical answer. For me, this is invaluable and I have the feeling that all participants benefit from it.
And finally, I also love the diversity of the participants. They all have different backgrounds, so I was able to gain a lot of insights into new working environments. It's interesting to see the different approaches that each individual takes. This helps me to get out of my own way of thinking.

## Which topics or concepts did you find most interesting?

I was able to identify a lot of interfaces with the content of the degree program, partly because I had deliberately chosen it that way. I was able to take a lot from the [Corporate Entrepreneurship](https://execed.uzh.ch/de/management/module/entrepreneurship.html) and [Strategic Management](https://execed.uzh.ch/de/management/module/strategie.html) modules in particular.
The [Corporate Entrepreneurship](https://execed.uzh.ch/de/management/module/entrepreneurship.html) module inspired me a lot because it has a lot to do with innovation and disruptive technologies. In my job, I like to drive new topics forward and it's not always easy to convince those around me. In the module, I learned new approaches to how this is possible and also how to identify things that are no longer up to date. That was really great.
In [Strategic Management](https://execed.uzh.ch/de/management/module/strategie.html), the lecturer's years of practical experience stood out. I learned that theory is not always 100% applicable to practice and that that's okay.

## Can you apply the newly acquired knowledge in your current job?

Yes, actually. In the[](https://execed.uzh.ch/de/management/module/marketing.html)[Marketing Management](https://execed.uzh.ch/de/management/module/marketing.html) module, I realized that marketing is closely linked to psychology. Translated into my work, this doesn't mean manipulating people, but rather responding to their needs. I am convinced that you work best when you take these aspects into account. 
The [Leadership](https://execed.uzh.ch/de/management/module/leadership.html) module was also helpful. I learned how to deal with emotions and that people's behavior always has a reason. If you understand the motives behind your actions, you can solve problems much more effectively. 
In my current position, I also continue to apply the content from the [Leadership Communication](https://execed.uzh.ch/de/management/module/leadershipcommunication.html) module by writing short and concise texts. This approach is rather unusual in management, but I have realized how important it is. Previously, I was often told that my statements were not clearly understandable. The situation has improved significantly since I put the knowledge gained from the course into practice.

## Was there anything you particularly liked?

The big wow moment was getting a new perspective and getting out of the old rut, the habitual way of thinking. That refreshed my mind enormously. This new way of thinking enables me to tackle challenges better. There was also an insight in each module that I was able to draw out for myself. Overall, these insights have had a huge impact on my work.
What I also find very noteworthy is the personal interaction with the students. I had expected it to be very impersonal and unapproachable at a large university. But it's not like that at all! I was warmly welcomed at the information event and even the exchange with the professors is very personal. You can talk to the head of the degree program on a regular basis and you always get the time you need. I really appreciate that.

## How have you experienced working with your fellow students?

Working with most of my fellow students has been very pleasant so far, as we had a similar mindset. This has made the work efficient. You can clearly feel that there are a lot of motivated people involved, which is also reflected in the questions that are asked. Statements are critically scrutinized, which gives me - and I'm sure the others - a lot of pleasure.

## How do you think the CAS will help your personal and professional development?

The certificate is more of a nice extra, another milestone on my path. Ultimately, you have to follow the path yourself and put what you have learned into practice. I don't expect the CAS to get me a new position straight away - I'm already quite high up in management. Nevertheless, I have found that continuous training and the courage to try new things offer a real advantage. The CAS has given me the courage to break new ground and develop fresh ideas, which is a clear advantage over those who don't continue their education.

## What is the biggest challenge of this CAS?

There was no real challenge for me, everything fitted perfectly. I identified directly with the CAS and the content. If you have a passion for the topics, refreshing your knowledge and learning new content is a welcome change. Completing the CAS while working also works wonderfully. The dates are fixed in advance, so everything can be planned well. I really appreciate this flexibility of the course.

## Which upcoming module are you particularly looking forward to?

I only have one module left, [AI for Business](https://execed.uzh.ch/de/management/module/artificialintelligence). I think the topic has an incredible amount of potential and I'm very excited about it.

## Would you recommend this course to others and if so, to whom?

Yes, I really like the [CAS in General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html), I can highly recommend it! 
Many people in my team would like to develop in my direction. I always sit down with them and work out a development plan. Based on my experience with the program, I now know how helpful the content is, which is why I recommend this CAS to my team and no other. 
The CAS is an absolute success and ideal for professionals. In Germany, it's difficult to work alongside your studies, as you either study full-time or can't find part-time work. It was only in Switzerland that I realized how valuable the combination of studies and practical experience can be. That's why I find it particularly impressive that the course management is constantly working on expanding the courses on offer to keep up with the times. This is more far-sighted than at other universities I have looked at. So the course was a very good decision for me. Definitely.

## Thank you very much, Christina Orzechowsky!

(Here you can find more information about the [CAS in General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html).)

T﻿ext: Linda Betschart

Christina Orzechowsky, 32, lives in Olten, her adopted home, and works for Swiss Customs as a (what is the title of her current job?). She is about to complete her CAS in General Management, which she is studying part-time. A graduate in mechanical engineering, she quickly realized that her interest lies not in the usual issues of the field, but in project work. Creating something new from nothing and modernizing long-established structures is her passion. In various stages of her career to date, she has already successfully initiated and implemented transformations, always in close cooperation with all those involved. In her current role, she is now driving digital transformation in the public sector. The CAS is a welcome change for her and has given her the courage to break new ground and develop fresh ideas. 

Christina Orzechowsky, CAS in General Management

In Switzerland, women often experience a severe career break when they have children – a disruption that economist Prof. Josef Zweimüller from the Department of Economics at University of Zurich describes as a significant setback. Known as the child penalty, this income gap reflects how mothers’ earnings and career advancement diverge sharply from those of their male counterparts, whose salaries continue to grow unabated. Zweimüller’s longitudinal studies reveal that this setback affects Swiss women across all educational backgrounds and persists over the life cycle, manifesting as slower labor income growth and limited promotion opportunities even as their children grow older. 

What are the reasons for this persistent gender inequality? A key factor is the prevailing gender roles, explains Zweimüller. In Switzerland, traditional cultural norms still largely cast women in caregiving roles. This reality stands in contrast to countries like Sweden or Denmark, where progressive policies and societal support for gender equality create an environment in which mothers experience lower career penalties. 

## T﻿he value of reasearch

Understanding the root causes of these disparities is essential. Studies like those conducted by Zweimüller are
invaluable for providing the empirical evidence needed to fuel public debate and guide policy reforms. Research
sheds light on hidden structural issues, analyzes trends over time, and offers reliable forecasts. This is where the
Faculty of Business, Economics and Informatics plays a pivotal role, acting not only as a research institution, but
also as a thought leader in addressing gender inequality. With data-backed insights, Zweimüller and his   colleagues are able to provide policymakers, companies and the public with essential information to better navigate the complex issues surrounding gender in the workplace. “Research provides the foundation for informed discussions on policy,” Zweimüller explains. “Reliable data helps us understand where we are and
identify practical steps forward.” His findings reveal that the gender gap in Switzerland remains high, though
younger generations show signs of improvement. However, the path to parity is a slow one, and simply expanding family policies may not be enough to close the gap. 

## T﻿he complexity of solutions

The causes of gender inequality are rooted in a combination of economic forces, cultural norms and individual
preferences. Addressing them requires an approach that encompasses workplace policies, family support by the
government and shifts in societal expectations. The current labor shortage, Zweimüller argues, presents a unique opportunity for change. “If companies realize that filling vacant positions could be achieved by tapping into the existing underutilized but highly skilled female workforce, there would naturally be more incentives for women and mothers to remain in or re-enter the workforce,” he notes. For instance, models supporting flexible work schedules and re-entry programs can smooth the transition for women returning to work after parental leave.
At the same time, fathers must also have access to childcare leave options that encourage shared family  responsibilities and should not be discriminated against by companies if they do so. 

In an increasingly competitive job market, companies that adopt inclusive policies stand to gain. Investments in flexible career paths, mentoring programs and support systems that account for family responsibilities could attract and retain a more diverse workforce, ultimately strengthening both their talent pool and productivity.

## Beyond policy: The role of cultural norms

Yet as Zweimüller emphasizes, policy alone cannot achieve gender equality if cultural expectations remain unchallenged. Traditional gender roles continue to influence perceptions about men’s and women’s roles within
families and the workforce. In Switzerland, these norms vary significantly by region, with German-speaking areas
tending to exhibit more traditional views than their French-speaking counterparts. “Family policy is essential, but it’s not enough on its own to produce lasting change,” Zweimüller explains. He highlights the need for a broader societal shift, where policy is supported by efforts to change the deeply ingrained norms that often shape career and family decisions. Questions remain: How do social norms change? Can they be actively influenced, or is  gradual evolution the only way forward? According to Zweimüller, research into the impact of social norms is ongoing, with studies suggesting that simply providing accurate information about these norms may help people rethink their assumptions. “When people realize their perceptions about societal expectations are off, they will make choices that align more closely with their own preferences,” he notes.

## Looking forward: A window for change

When asked how long we will have to wait for gender equality in Switzerland, Zweimüller responds: “If we extrapolate current trends, we might not see full gender parity until 2062.˝ So if we want to accelerate this progress, we need to think more deeply about which policies work and how to implement them, he continues. The
path to gender parity is not an easy one, but the current labor shortage in Switzerland could catalyze positive change. If Swiss companies and policymakers seize this moment to implement more inclusive models, they could unlock the potential of the female workforce and create a more equitable economic landscape. However, patience is required, as lasting change will depend on shifting cultural attitudes as well as policy reforms.
“The time for action is now,” says Zweimüller, but he cautions that social norms will not shift overnight. Still, with dedicated efforts, Switzerland might not have to wait until 2060 to see a fairer, more balanced workforce. The
optimism for change lies in Switzerland’s ability to combine data-driven policy with a willingness to rethink
traditional roles, creating a brighter future for everyone in the workforce.

## C﻿alls to action for policymakers, companies and society

* **Flexible work environments and transparent pay and career advancement:** Companies should prioritize flexible hours, part-time roles and re-entry programs to support caregivers, particularly mothers. Furthermore, they should address gender pay and promotion disparities through transparent
  reporting.
* **Gender-neutral family and workplace policies:** Policymakers and employers should promote shared parental leave to balance caregiving, reduce the child penalty and support career equity for both parents. Governments and companies should work together to design a system of flexible subsidized childcare and flexible working hours to ensure that mothers are not forced to choose between career development and raising children and that fathers are not discriminated with regard to childcare.
* **Awareness campaigns for cultural norms:** Society should engage in awareness campaigns to challenge traditional gender roles and promote equal responsibilities in caregiving and household duties. Cultural shifts are necessary to support policy changes and reshape outdated views on gender and work. 

Source: Oec. Magazine issue #22

Over the past decades, Switzerland has made substantial progress towards integrating women into the workforce. Nevertheless, gender inequalities in the labor market remain very high. They are closely associated with the birth of a womanʼs first child and largely reflect traditional gender roles. Labor market economist Prof. Josef Zweimüller is researching how these gaps can be closed. Text: Maura Wyler

Closing the Gender Gap: Pathways to Equality

## Why and when did you become interested in management?

I completed a traditional engineering education and continued to specialize in certain nuclear technology topics. Management topics only played a subordinate role. At the same time, additional skills are needed for successful projects: Communication and finance play an important role from my point of view, but it was also important for me to be able to continue my education in leadership and strategy topics.

## How did you find out about the CAS in General Management?

When I made the decision for myself to complete a part-time continuing education program, I started with a traditional online search. It was important to me that the CAS was very broadly based, with many individual options. In addition, a certain quality was important to me, i.e. very good lecturers and a renowned university. After some research, I came across the program offered by the University of Zurich.

## Why did you choose this program?

The CAS program offered by the University of Zurich was a perfect fit for me: I was able to choose the modules that most appealed to me individually. At the same time, it was possible to distribute these modules in such a way that my professional and private appointments could be reconciled with the time required for further education.
It was also important for me to attend face-to-face events and to discuss, learn and make contacts with other students in small groups. I also received good advice from the program director in a personal meeting, which ultimately led me to choose the University of Zurich.

## What was your first impression of the CAS program?

Very good! The first module was on [strategic management](https://execed.uzh.ch/de/management/module/strategie.html) and the very good lecturer found exactly the right mix of academic knowledge and practical application from my point of view. That was really great! In addition, the CAS participants were thrown in at the deep end and had to or were allowed to work out and present a lot themselves. That really appealed to me.

## Which topics or concepts did you find most interesting?

It's difficult for me to decide. On the one hand, I thought the [Strategic Management](https://execed.uzh.ch/de/management/module/strategie.html) module was great. It gave me a whole toolbox that I can use for a wide range of challenges.
However, the topic of [Innovation Management](https://execed.uzh.ch/de/management/module/entrepreneurship.html) was at least as exciting. I'm at home in nuclear technology, an industry that you would probably describe as conservative and not very innovation-friendly if you look at it from the outside. However, the module was of course also about how you can create innovation-friendly environments and teams. That was very enriching.

## Was there anything that you particularly liked so far?

I can't highlight any one thing in particular, I'm very happy with the entire CAS. It was a very good fit. You were challenged, but also had fun and still learned a lot!

## How did you experience working with your fellow students?

It was always a great, open exchange with exciting people from a wide variety of fields. There were always good conversations during coffee and lunch breaks. If I need a capable person from the fields of banking, data analysis or civil engineering in the future, I now know who I could turn to.

## To what extent do you believe that the CAS will promote your personal and professional development?

That remains to be seen! I'm convinced that you have to keep on learning and I'm very lucky that further training also plays a very important role at my employer. The support of my employer naturally makes it much easier to complete further training alongside my job and I hope that I can bring what I have learned back to the company in return.

## What is the biggest challenge of this CAS?

The biggest challenge is certainly “carving out” the necessary time for further education and establishing good time management alongside professional and private obligations. The advantage of this CAS is that you can put together the modules individually and thus take your own needs into account.

## What are your expectations for the remaining modules of the CAS?

I have one more exciting module to complete: [Change Management](https://execed.uzh.ch/de/management/module/changemanagement.html). I'm really looking forward to it! I hope I can put the content to good use in my everyday life. At least that's my hope. Of course, I also expect the last module to be at least as exciting as the previous ones.

## Would you recommend this training to others and if so, to whom?

Yes, definitely. I was really impressed by the lecturers in all the modules I attended. In particular, people who are looking for practical training with a strong academic foundation are in the right place here. Especially if you have a technical background, the modules are extremely enriching.

## Thank you very much, Christian Dinkel!

(Here you can find more information about the [CAS in General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html).)

T﻿ext: Linda Betschart

Christian Dinkel, 37, lives with his family in Beinwil am Hallwilersee and is completing a CAS in General Management while working. With a doctorate in mechanical engineering, he currently works as a project manager at a Swiss nuclear power plant and is responsible for the interim storage of fuel elements. He finds nuclear technology to be an extremely exciting environment and as a project manager he has both technical and commercial/contractual issues on his desk. Christian Dinkel enjoys spending time with his family hiking in the mountains, where he can pursue his hobby of photography. He particularly appreciates the modular nature of the CAS, which allows him to combine further education, work and family life. He also likes the mixture of practical relevance and academic foundation.

Christian Dinkel, CAS in General Management

Melek describes her leadership philosophy as “banking for good – for clients and employees”. Managing a team of around 120 employees, she sees digital transformation not as a purely technical shift, but as a human-centered evolution. “For me, leadership begins with the values of people,” she explains. “It’s not about work-life balance – it’s about work-life harmony. Our lived moments should fulfill us, including while we’re at work.”

Her studies in the [Executive MBA](https://www.emba.uzh.ch/en.html) in General Management with a focus on Digital Transformation at the University of Zurich reinforced what she already knew: transformation isn’t something to fear, it’s something to align with. “You can’t fight the wind, but you can align your kite with it,” she says, drawing a parallel between her passion for kitesurfing and her leadership approach. At Bank WIR, she navigates the delicate balance of respecting tradition while embracing innovation. “Start-ups are born with transformation in their DNA,” she says. “But in an established bank with employees ranging from 18 to 65, we need to reconcile  both stability and progress.”

Melek sees digital transformation as an ongoing journey rather than a fixed goal. Her EMBA UZH experience, particularly in working through case studies like Novartis’ human-centric approach, reinforced the importance of servant leadership – empowering employees to drive performance, rather than imposing change from the top down. As the only woman on Bank WIR’s five-member executive board, she is keenly aware of the gender dynamics in leadership. But for her, the focus isn’t on the debate itself, it’s about creating an environment where emotional intelligence and social competence are valued. “Many women, when they reach senior positions, adopt the mindset of the traditional male-dominated environment,” she notes. “But we need to redefine leadership to include empathy and trust.”

During her EMBA UZH, she experienced a significant shift. “For the first time, I was in a learning environment where 40% of the class were women. It gave me the courage to openly discuss emotions and cultural aspects of leadership. Once one woman speaks up, others follow, and then men do too.” This realization fuels her leadership today, where she champions a culture where diverse perspectives are not just accepted but encouraged.

For Melek, leadership isn’t about power, it’s about impact. “At the end of your career, you don’t take power with you, you take the relationships and positive transformations you’ve helped create.” Her guiding principle of leading with purpose, people, and performance is more than a slogan, it’s a commitment to shaping a financial sector that values both human connection and innovation. Her story is a fitting reflection for International Women’s Day, reminding us that true leadership isn’t about fitting into an existing mold, it’s about reshaping the landscape to be more inclusive, forward-thinking, and human-centered.

(Here you can find more information about the [Executive MBA](https://www.emba.uzh.ch/en.html) programme.)

When Melek Ates stepped into her role as Head of Private and Corporate Clients and a member of the Executive Board at Bank WIR, she joined a 90-year-old cooperative institution  to lead it into the future as a unique Swiss corporate and retail bank. With a career spanning corporate banking, retail banking and leadership, her journey has been shaped by a commitment to people, purpose, and performance.

Melek Ates, Executive MBA

Im Labor von Anand van Zelderen hat die Zukunft der Arbeit bereits begonnen. Dort sitzen Johanna und Johan mit Menschen aus Fleisch und Blut am gleichen Bürotisch und arbeiten munter mit. Sie sind KI-Avatare, die aussehen wie Menschen und zumindest teilweise auch so reagieren. «Wenn man Johanna anspricht, antwortet sie, allerdings braucht sie dafür zwei bis drei Sekunden», erklärt Managementforscher van Zelderen vom Institut für Betriebswirtschaftslehre. Er geht davon aus, dass viele von uns künftig mit solchen KI-Avataren zusammenarbeiten werden und hat deshalb getestet, wie wir auf Mitarbeitende mit künstlicher Intelligenz reagieren. Das Ergebnis: Wenn sie menschliche Züge haben, sind wir eher bereit, sie wertzuschätzen, als bei einem Roboter oder traditioneller generativer KI wie ChatGPT.

## Integrative und offene virtuelle Welten

Je menschlicher die KI aussieht und sich verhält, umso leichter fällt es uns, mit ihr zu kooperieren und ihr zu
vertrauen. «Um KI erfolgreich in den Arbeitsalltag zu integrieren, müssen wir virtuelle Arbeitsumgebungen schaffen, in denen die Menschen auf möglichst natürliche Weise mit KI interagieren können», lautet van Zelderens Fazit. Er hat deshalb die Openverse Initiative gegründet, die zum Ziel hat, integrative, offene und ethisch verantwortliche virtuelle Welten zu schaffen und mittlerweile weltweit 25 akademische Einrichtungen umfasst. «Virtuelle Umgebungen, wie wir sie mit Openverse gestalten, können vollkommen verändern, wie wir arbeiten», sagt van Zelderen. Die technologische Revolution durch KI ermöglicht, dass auch kognitive menschliche Arbeit von Computerprogrammen erledigt wird. 

Offen ist aber, welche menschlichen Tätigkeiten KI ersetzen kann. «In der Vergangenheit haben neue Technologien Aufgaben übernommen, die gut strukturiert und klar definiert waren», sagt Informatikprofessor Abraham Bernstein. «Die Frage ist, ob KI auch komplexere Arbeiten erledigen kann.» Im Moment ist das aus seiner Sicht noch nicht der Fall. «Heute ist die Zusammenarbeit des Menschen mit generativer KI wie etwa ChatGPT ein eher langweiliges Pingpong mit Auftrag und Antwort.» Dabei bleibt der KI-Algorithmus eine Blackbox, mit unbekannter Funktionsweise – und manchmal falschen Antworten. Die Herausforderung für die Nutzer:innen besteht darin, diese zu erkennen, weil auch falsche Antworten überzeugend formuliert werden. 

Der Einsatz von KI in der Arbeitswelt hängt deshalb auch stark davon ab, wie verlässlich die Programme sind. Und:
«Wir müssen nach wie vor in der Lage sein, zu beurteilen, ob die von KI gelieferten Ergebnisse etwas taugen. Deshalb müssen wir auch in Zukunft Dinge lernen, die wir so nie gebrauchen werden, weil die Maschine das besser und schneller kann, wie heute das Kopfrechnen», so Bernstein. Der Taschenrechner übernimmt zwar das
Rechnen, wir brauchen aber nach wie vor mathematische Grundkenntnisse, um die Grössenordnungen von Zahlen
einschätzen zu können. 

## Wir können besser denken

Zu den dystopischen Visionen, die mit KI verbunden werden, gehört, dass sie menschliche Arbeit weitgehend
überflüssig macht. Bernstein hält das für ein eher unrealistisches Szenario. Berufe bestünden aus einem Bündel
von Tätigkeiten – einige davon könnten von KI übernommen werden, andere nicht. «Wir werden gewisse Arbeiten
an die Maschinen abgeben und uns dafür auf andere konzentrieren können», lautet seine Prognose. Menschliche Intelligenz wird es auch künftig brauchen. Denn der Mensch kann noch besser denken als KI, weil wir reaktives und refl exives Denken verbinden können, erläutert Bernstein. Reaktiv bedeutet, schnell und unmittelbar auf Situationen zu reagieren, während reflexiv die Fähigkeit meint, eigene Ergebnisse kritisch zu hinterfragen. 

Letzteres bereitet der KI (noch) Mühe. Der Einzug von KI in die Arbeitswelt bedeutet deshalb nicht, dass menschliche Arbeit obsolet wird, sondern vielmehr, so Bernstein, dass «Mensch und KI die richtige Beziehung finden müssen». Es braucht eine Kombination der Stärken beider Seiten: die unendliche Ausdauer und Rechenleistung der Maschinen und das analytische Denken, das Wissen und die Intuition des Menschen.

## Nicht zu bequem werden

Das klingt vielversprechend. Van Zelderen warnt aufgrund seiner Studie mit Avataren jedoch vor negativen Auswirkungen der Arbeit mit KI: «Wir müssen aufpassen, dass wir nicht zu stark abhängig werden.» Wie seine
Studie zeigt, engagieren sich die Menschen weniger, wenn sie mit KI zusammenarbeiten, und sind weniger
zufrieden mit ihrer Arbeit. Van Zelderen hält es zudem für ungesund, den ganzen Tag in einer virtuellen Arbeitsumgebung zu verbringen. «Ideal ist eine Mischung von Realität mit virtuellen Elementen.»

Die grosse Herausforderung ist, die Zusammenarbeit mit KI so zu gestalten, dass sich die Menschen wohlfühlen. Dazu muss KI humaner werden, ist van Zelderen überzeugt, etwa indem sie ein menschliches Gesicht erhält und menschenähnliches Verhalten zeigt. Gleichzeitig sollte die Forsch ung generative KI nicht nur als Werkzeug betrachten, sondern als Mitarbeitende, weil die Interaktionen zwischen Mitarbeiter:innen und KI in vielerlei Hinsicht denen mit echten Menschen ähneln. «Wenn es gelingt, eine harmonische Zusammenarbeit von KI und den Menschen zu schaffen, werden die neuen Technologien das menschliche Potenzial nicht untergraben, sondern
unterstützen.»

Gekürzte Version, Quelle: Oec. Magazin #22; vollständiger Artikel im UZH Magazin 3/2024 

**Abraham Bernstein** ist Professor für Dynamic and Distributed Information Systems am Institut für Informatik UZH
und Direktor der Digital Society Initiative. 
**Anand van Zelderen** ist ein Post-Doctoral Research Associate am Institut für Betriebswirtschaftslehre UZH.

In Zukunft werden wir mit KI zusammenarbeiten wie mit Menschen. Dabei ergänzen sich idealerweise die Fähigkeiten von Mensch und KI, um gemeinsam Neues zu schaffen. Damit das gelingt, muss KI humaner werden. Text: Thomas Gull

KI muss menschlicher werden

## What are recent developments in antitrust policy for digital platforms and how does your research approach these issues?

The jury is still out. I’m mildly optimistic, but I’ve been disappointed so often in the last decade or more that I’ll only believe good outcomes for consumers and smaller businesses when I see them. There is both an EU and a US angle: In the EU, the Digital Markets Act is now in place and it forbids a number of anti-competitive practices by so-called gatekeeper platforms. For example, gatekeeper platforms are not permitted to “selfpreference”. But the devil is in the details and those haven’t been fleshed out yet. I see three hurdles: First, identifying who is a gatekeeper? Second, what exactly counts as selfpreferencing (or other prohibited practices)? And third, assuming the EU wins, will the regulations be meaningful and enforced in a meaningful way? Given the challenges from
companies at every step of the way?

## What about the US angle?

The US has taken a different approach, namely antitrust lawsuits against the biggest tech firms. These include Google in search and digital advertising markets, Amazon in e-commerce and Microsoft in cloud computing. Even if the enforcers win these lawsuits, what will the remedies be and will they be implemented if the companies fight them?

## For the past two years, the EU has been flooded with cheap, low-quality goods from China (e.g. through platforms like Temu), often bypassing European customs clearance and safety regulations. What measures can the EU take to counter this economically and environmentally unsustainable trend?

This is a real problem for both EU consumers and the planet as a whole. The number of items that were shipped
to the EU from non-EU countries in 2023 exceeded 2 billion, with the majority coming from China. There are
important gaps in the scope and enforcement of existing EU regulations that currently prevent addressing this
trend. The biggest example is the exploitation of the EUR 150 duty-free threshold for non-EU imports by
intentionally splitting and/or under-valuing shipments. But there are other examples as well, with Chinese products violating product safety standards (particularly in the use of dangerous chemicals), disregarding
copyright protections and more. 

The EU first needs to lower or eliminate the EUR 150 threshold for customs duties. Second, it needs to better monitor and enforce its existing product safety and consumer protection
regulations. The new Digital Services Act is a step in the right direction, as it’s designated both large Chinese platforms Shein and Temu as “Very Large Online Platforms” (VLOPs). This opens the door for market surveillance authorities and regulators to collect data on regulatory infringements and impose penalties. There is much that could be done within the EU’s existing rules and regulations – it just requires attention and resources!

## Your work addresses vertical integration and foreclosure. How do you see these dynamics playing out in digital platforms and e-commerce today?

They are very relevant for the biggest digital platforms. For example, in my view, Google has a dominant market position in five products (Search, short-form video/YouTube, the digital ad market, Android and personal data). Some of these they developed organically (e.g. Search, data via “free” services like Gmail, Maps, Chrome and more), while others they achieved via acquisitions (Android, YouTube, the ad tech stack). Because many digital products are complements, there is the strong incentive to leverage market power from one market into another (often via tying or bundling). In the ad tech market for example, Google now has a dominant position in Demand-Side Platforms, Supply-Side Platforms and the Exchange that mediates supply and demand. Such a situation would never be permitted to arise in financial markets! We need to have strong regulation, including breaking up
dominant companies that have a track record of leveraging market power from one market to another.

## What is your role as Zalando’s first Chief Economist? What goals have you set for bringing economic insights into the business?

My role is to help senior business leaders make better decisions by providing trustworthy data-driven insights. And – in the process – to build a culture of data-driven decisionmaking across the organization. A key (but not exclusive) element of doing this is to empower experimentation across the company. Many of the most profitable companies in the world have a data-driven culture empowered by experimentation and I can see why – it’s an incredible tool! More generally, I see a tremendous opportunity for PhD economists inside businesses. At the moment, this practice is concentrated in tech companies (e.g. Amazon, Netflix, Microsoft, Uber, Spotify, AirBnB and more). I’m confident these practices will diffuse to non-tech companies as well. 

In my view, economists are uniquely well suited to help businesses due to their breadth of experience with alternative empirical methods (including prediction, experimentation and observational causal inference methods), deep experience in knowing how much belief to put in empirical estimates, and, with what I call the “secret sauce”, having been trained in a framework to understand drivers of market outcomes. Taken together, these skills help with both problem framing (i.e. what is the right problem to solve) and solution design (i.e. what are the right tools to solve that problem).

That being said, a key hurdle is to educate current and future commercial business leaders with the economic
frameworks and empirical skills needed to prepare them to drive innovation in a data-rich future. I know the Faculty of Business, Economics and Informatics shares this view!

## To which extent can a business such as Zalando help shape public regulations?

I definitely think Zalando can play a role in shaping public regulations. First, while I realize this will appear self-serving, it’s worth pointing out that Zalando is tiny compared to the big American and Chinese digital tech
platforms. So, while we may be “big for Europe”, we are definitely not big from a global perspective! This “in-between” position gives us a unique perspective, however, and we therefore often comment on proposals from the European Commission and the member states. 

One place that Zalando can play a leading role is in helping design sustainability regulations. It is very challenging to make progress in this space. Both brands and retailers like Zalando definitively want to address sustainability in the fashion industry, but it is very hard to do so without concrete leadership at the European (or ideally global) level. The reason is that while consumers say they care about sustainability, they also like inexpensive fashion and when these two interests conflict, the vast majority appear to prefer the latter. In such settings, we need coordinated regulatory rules that can balance the needs of consumers, brands, retailers and the planet. By virtue of its position as the largest fashion e-commerce platform in Europe, Zalando can play a role helping to define these rules. 

**Gregory Crawford** is a professor of applied microeconomics at the Department of Economics UZH. He is Co-founder and Director of the Centre for Economic Policy Research (CEPR) and Chief Economist at Zalando. The replies in this Q&A are his personal views and do not necessarily represent the views of Zalando.

Source: Oec. Magazine issue #22

Prof. Gregory Crawford, Chief Economist at Zalando, discusses the pressing challenges and opportunities shaping the digital economy. His insights highlight the critical role of policy, research and global collaboration in building a fairer, more sustainable future. Text: Tessa Rauber

Navigating the Digital Economy

## The new study shows that Swiss SME boards of directors are stable but not very diverse. What triggered this study?

**Tobias Herren:** By law, the board of directors is responsible for the strategic direction of a company. Nevertheless, there are hardly any systematic analyses of how these bodies are or should be staffed in Swiss SMEs. Our initiative aimed to clarify this and provide valuable insights for business practice.

**Petra Gössi:** In addition, SMEs play a key role in the Swiss economy. Understanding how their management bodies function is essential - especially with regard to challenges such as diversity, which is also crucial for innovation and Switzerland's competitiveness in global competition.

## The study also shows that only 20 percent of board members are women, and in the IT sector only 9.3 percent. What does this tell us about diversity in SMEs?

**Petra Gössi:** Unfortunately, these figures reflect the fact that women are still underrepresented in management positions. Particularly in technology-oriented sectors, there is a lack of targeted support measures and role models to bring women onto boards of directors. Diversity is not an end in itself - studies show that mixed teams often make better decisions.

**Dominic Lüthi:** The problem starts with the recruitment of new board members. In many SMEs, there is a lack of strategic planning, action is only taken when a vacancy arises and recruitment is often based on the chairman's closest personal network. The consequences: homogeneous committees, lack of independence
and impetus. More transparency and structured recruitment processes are needed. Digital platforms such as [VRMandat.com](https://vrmandat.com/de/) can provide valuable support. They enable SMEs to specifically find diverse candidates who are independent and meet the desired requirement profiles.

## Another result of the study is the strong stability: the average term of office is 8.3 years. How do you rate these figures?

**Raoul Stöhlker:** Stability is positive because it ensures experience and continuity. Boards of directors are often closely linked to the owners, which is typical in SMEs. In family businesses in particular, this close
connection is a source of trust and long-term orientation. Stability must not lead to stagnation. In a dynamic market environment, new impetus is needed - be it from younger members or international perspectives.
perspectives. In family businesses, it is important to find a balance between traditional value orientation and openness to innovation in order to ensure adaptability and competitiveness.

## Speaking of international perspectives: Only ten percent of the members of the Board of Directors do not have Swiss citizenship. Why is that?

**Tobias Herren:** This is due to the SME ownership structure in Switzerland and Art. 718 para. 4 of the Swiss Code of Obligations, which stipulates that at least one member of the Board of Directors must be resident in Switzerland. Many companies have strong regional roots and therefore recruit from their immediate surroundings. In border regions such as Ticino, there tends to be more non-Swiss nationals on boards of directors, but overall there is often a lack of awareness, that international members can provide valuable input.

**Dr. Christoph Wenk Bernasconi:** The low level of international diversity is also linked to the size of the company. The proportion of international board members is significantly higher in listed companies that operate globally. SMEs could benefit here by consciously expanding their networks.

## CEO duality, i.e. the personal union of CEO and Chairman of the Board of Directors, is common in 57 percent of SMEs. How do you see that?

**Dr. Christoph Wenk Bernasconi:** It's a double-edged sword. On the one hand, it simplifies decision-making processes, especially in small, family-run companies. On the other hand, it harbors risks, for example through the concentration of power and the lack of critical voices on the board of directors. In the long term, SMEs should take care to separate these roles to ensure healthy governance.

## What recommendations do you have for SMEs to improve diversity and governance?

**Petra Gössi:** SMEs should see diversity as an opportunity. Targeted programs are needed to bring women and international members onto boards of directors. Promoting young talent can also help to bring in new perspectives.

**Dominic Lüthi:** Transparency and the will for good governance are crucial. SMEs should open up their recruitment processes and specifically look for different perspectives - be it in terms of age, gender, professional background, industry knowledge or cultural diversity. Diversity on boards of directors is more than an ideal - it has been proven to lead to more informed decisions and a more balanced
risk assessment. Different experiences and views enrich the discussions on the board and strengthen the strategic direction.

**Tobias Herren:** And ultimately, SMEs should have the courage to allow change. Diverse and independent leadership is not only in keeping with the times, but also a success factor for decision-making processes with an impact on the future.

## About the study

Angelo Antonio Di Feo's master's thesis on the composition of boards of directors in Swiss SMEs was written at the University of Zurich under the supervision of Dr. Christoph Wenk Bernasconi. It is based on a detailed analysis of 28,000 SME data sets and makes an innovative contribution to corporate governance research in the SME sector.

## The initiators

The initiative to carry out a study on the appointment practices of SME boards of directors was initiated by **Tobias Herren**, lawyer at Bratschi AG, **Petra Gössi**, member of the Council of States, **Raoul Stöhlker**, managing partner of Stöhlker AG, and **Dominic Lüthi**, founder of VRMandat.com. **Dr. Christoph Wenk Bernasconi** from Finance Executive Education at the University of Zurich supervised the development of the studies.

## About the article

The article originally appeared in “UnternehmerZeitung 1/2025, p. 12-13”.

Raffael Tondeur in conversation with the initiators of the current study on the composition of boards of directors in Swiss SMEs, conducted at the University of Zurich. The study provides up-to-date and comprehensive insights into the composition of boards of directors in Swiss SMEs. Author: Raffael Tondeur

SME boards: low diversity, high stability

## Mehr als nur Fliegen

Der Rückgang der Einnahmen aus nicht-luftfahrtbezogenen Bereichen – etwa dem hauseigenen Einkaufszentrum – ist eine der größten Baustellen. Trotz der großen Zahl an Passagieren, die Zeit vor dem Abflug haben, um durch die Geschäfte zu schlendern und in Restaurants einzukehren, stagnieren die Umsätze. Immer weniger Passagiere nutzen das Einkaufszentrum des Flughafens. Besonders der Verkauf von Lebensmitteln und Getränken ist rückläufig. Das wiegt schwer, denn beeindruckende 80 % der Gesamteinnahmen von CPH resultieren aus genau diesem Segment. Es ist klar: Hier muss CPH kreative Lösungen finden, um das volle Potenzial dieser Einnahmequelle wiederzubeleben.
Die zunehmende Beliebtheit von Online-Shopping, vor allem bei jüngeren Reisenden, stellt das klassische Flughafenerlebnis auf die Probe. Wer bequem per Smartphone einkauft, ist weniger geneigt, in den Geschäften vor Ort zu stöbern. CPH steht vor der Aufgabe, digitale Einzelhandelsstrategien geschickt ins Flughafenerlebnis zu integrieren und so die Passagiere wieder zum Shoppen vor Ort zu begeistern.

## Vom Krisenmodus zur Erholung

Die COVID-19-Pandemie hat die Luftfahrtbranche wie kaum ein anderes Ereignis erschüttert. Der internationale Flugverkehr brach drastisch ein, und CPH sah sich der schwersten Krise seit dem Zweiten Weltkrieg gegenüber. Während sich der Betrieb langsam erholt, braucht es kluge Strategien, um das Vertrauen der Passagiere zurückzugewinnen und die Ausgaben in Schwung zu bringen.
Der Wettbewerb unter Europas großen Flughäfen ist intensiv. Um Airlines und Routen anzuziehen, muss CPH kontinuierlich in seine Infrastruktur investieren. Ein Rückgang der nicht-luftfahrtbezogenen Einnahmen könnte jedoch diese wichtigen Investitionen gefährden – und damit auch die Wettbewerbsfähigkeit des Flughafens.

## Der Weg nach vorn: Innovation als Schlüssel zum Erfolg

CPH begegnet diesen Herausforderungen mit einem klaren Fokus auf Corporate Entrepreneurship. Durch die Ausrichtung auf das veränderte Kundenverhalten, die Entwicklung neuer Serviceangebote und den gezielten Einsatz digitaler Technologien will der Flughafen nicht nur die Auswirkungen der Pandemie hinter sich lassen, sondern auch langfristig in der Luftfahrtbranche glänzen. Die Zukunft von CPH liegt jenseits der Startbahn – in der Kunst, sich immer wieder neu zu erfinden.
So hat der Flughafen in einem aufwändigen Strategieprozess zunächst 50 Innovationsideen generiert, die auf bestehenden bzw. neu zu erwerbenden Fähigkeiten basieren, und die das bestehende Geschäftsmodell stärken oder ein neues Geschäftsmodell erfordern. Drei Ideen wurden konkret umgesetzt: die Weiterentwicklung einer innovativen Software zum Flughafenmanagement, die an andere Flughäfen verkauft wird; ein Click-and-Collect-System für Einkäufe; sowie optimierte Passagierflüsse, die eine bessere Verteilung der Passagiere in der Shopping-Mall zum Ziel haben.

## S﻿ind Sie interessiert am Thema Corporate Entrepreneurship?

D﻿as Thema Corporate Entrepreneurship wird an der [Executive Education](https://www.executive-education.uzh.ch/de.html) ausführlich behandelt in den Studiengängen [Executive MBA](https://www.emba.uzh.ch/de.html), [CAS Fintech](https://www.finance-weiterbildung.uzh.ch/de/programs/cas/cas-fintech.html) sowie [CAS General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html).  

I﻿n folgenden Modulen wird das Thema diskutiert:

* [D﻿igital Value Creation (EMBA)](https://www.emba.uzh.ch/en/program/digitaltransformation-en/4_Digital-Value-Creation.html)
* [D﻿isruptive Strategies & Business Innovation (EMBA)](https://www.emba.uzh.ch/en/program/digitaltransformation-en/26_Disruptive-Strategies---Business-Model-Innovation.html)
* [﻿D﻿igital Transformation (Fintech)](https://www.finance-weiterbildung.uzh.ch/en/programs/single-courses/digital-transformation.html)[](https://www.finance-weiterbildung.uzh.ch/en/programs/single-courses/disruptive-technologies.html)
* [D﻿isruptive Technologies (Fintech)](https://www.finance-weiterbildung.uzh.ch/en/programs/single-courses/disruptive-technologies.html)
* [﻿F﻿uture Business Models (Fintech)](https://www.finance-weiterbildung.uzh.ch/en/programs/single-courses/future-business-models.html)
* [C﻿orporate Entrepreneurship (General Management)](https://execed.uzh.ch/de/management/module/entrepreneurship.html)
* [D﻿igitale Transformation (General Management)](https://execed.uzh.ch/de/management/module/digitaltransformation.html)

## Ü﻿ber den Autor

**Prof. Dr. Christoph Grimpe** ist Professor für Innovation und Entrepreneurship an der Copenhagen Business School (CBS), Dänemark, und Gastprofessor an der Universität Zürich. Nach Abschluss eines Studiums in Betriebswirtschaftslehre und in Politikwissenschaften promovierte er an der WHU – Otto Beisheim Hochschule – in Vallendar, Deutschland. Seine Forschungsschwerpunkte liegen im Bereich der betrieblichen Innovationsstrategien, Corporate Entrepreneurship sowie der strategischen Nutzung von Rechten an intellektuellem Eigentum. Seine Forschungsergebnisse wurden in wissenschaftlichen Zeitschriften wie dem Academy of Management Journal, Strategic Management Journal, Strategic Entrepreneurship Journal und Nature Biotechnology publiziert. Er ist als Gutachter und Berater tätig, unter anderem für die Expertenkommission Forschung und Innovation, die die deutsche Bundesregierung berät. Er ist Fellow der DRUID – Danish Research Unit on Industrial Dynamics – und Research Associate am Leibniz Zentrum für Europäische Wirtschaftsforschung (ZEW).

Copenhagen Airports A/S (CPH) steht an einem entscheidenden Wendepunkt. Um seine Spitzenposition als führendes Drehkreuz in Nordeuropa zu behaupten, muss der Flughafen auf langfristige Herausforderungen reagieren und mutige, innovative Wege einschlagen. Text: Prof. Dr. Christoph Grimpe

Jenseits der Startbahn: Die Strategie des Flughafens Kopenhagen für innovative Dienstleistungen

## Die Leistung zählt

Sportler:innen wissen: Erfolg wird im entscheidenden Moment gemessen. Dasselbe gilt in der Wirtschaft. Unternehmen stehen unter hohem Wettbewerbsdruck – Schnelligkeit, Belastbarkeit und strategische Entscheidungen sind entscheidend, um sich zu behaupten.

Athlet:innen bewegen sich in einem Umfeld, das kontinuierlich Spitzenleistungen fordert. Sie sind zielorientiert, gehen kalkulierte Risiken ein und bewahren auch unter Druck einen klaren Kopf. Sie analysieren Niederlagen, optimieren Trainingsmethoden und entwickeln neue Strategien. 

*Wie können Athlet*:*innen ihre Stärken gezielt in die Wirtschaft übertragen?*

## Anpassungsfähigkeit als Schlüssel zum Erfolg

Sportler:innen wissen: Stillstand bedeutet Rückschritt. Sie perfektionieren Techniken, analysieren Gegner und passen ihre Strategien laufend an. Die Fähigkeit, sich auf das Umfeld und den Wettbewerb anzupassen, ist in der heutigen Unternehmenswelt essenziell. 

Der digitale Wandel, disruptive Innovationen und künstliche Intelligenz verändern Märkte schneller als je zuvor. Spitzensportler:innen sind es gewohnt, aus Misserfolgen zu lernen, diese objektiv zu analysieren und sich kontinuierlich zu verbessern. Eine agile Denkweise ist ein entscheidender Vorteil in der heutigen Geschäftswelt. Unternehmen, die auf datengetriebene Strategien setzen und flexibel bleiben, sind langfristig erfolgreicher – genau wie Athlet:innen, die ihre Performance mit Zahlen messen und daraus Optimierungen ableiten. 

Die aktive Sportkarriere ist zeitlich begrenzt. Wer sich der Veränderung stellt und frühzeitig in seine Zukunft investiert, legt den Grundstein für eine erfolgreiche zweite Karriere. Neben praktischer Erfahrung sind akademische Qualifikationen und wirtschaftliches Know-how entscheidend, um den Übergang in die Geschäftswelt reibungslos zu meistern und langfristig beruflich erfolgreich zu sein.

## Die Zukunft aktiv gestalten

Standard-Weiterbildungen greifen oft zu kurz, wenn es um den Karrierewechsel von Spitzensportler:innen geht. Sie sind meist nicht darauf ausgelegt, die besonderen Herausforderungen und Bedürfnisse von Athlet:innen zu berücksichtigen. Zwar bringen Sportler:innen wertvolle Soft Skills wie Disziplin, Durchhaltevermögen und Teamgeist mit, doch der direkte Übergang ins Management erfordert praxisnahe und gezielte Schulungen, die speziell auf ihre Situation abgestimmt sind.

Massgeschneiderte Weiterbildungsprogramme mit flexiblen Lernformaten und praxisorientierten Inhalten bieten hier einen entscheidenden Vorteil, um ihre einzigartigen Fähigkeiten strategisch einzusetzen und mit fundiertem Managementwissen zu kombinieren. Disziplin, strategisches Denken und Resilienz – Eigenschaften, die sie in ihrer Sportkarriere perfektioniert haben – werden so zur Grundlage, um langfristigen Erfolg in der Geschäftswelt zu haben.

## Möchten Sie mehr erfahren über massgeschneiderte Weiterbildungsprogramme für Sportler:innen?

Die [Executive Education der Wirtschaftswissenschaftlichen Fakultät der Universität Zürich](https://www.executive-education.uzh.ch/static/ee-web/de/) unterstützt Schweizer Spitzensportler:innen dabei, ihre wirtschaftlichen Kenntnisse auszubauen. Gemeinsam mit dem [Athletes Network](https://www.athletes-network.com/), gegründet vom ehemaligen Fussball-Nationalspieler Benjamin Huggel und unter der Leitung von Dave Heiniger, werden Programme entwickelt, die Athlet:innen optimal auf ihre Zukunft in der Geschäftswelt vorbereiten. Mehr Informationen finden Sie auf der [Website](https://www.athletes-network.com/education-uzh/). 

Zudem bietet die Executive Education zahlreiche Diplomprogramme und Kompaktkurse an, die nicht nur für Sportler:innen interessant sind. Zur [Übersicht](https://www.executive-education.uzh.ch/static/ee-web/de/offers/). 

*(﻿Quelle zu den in der Einführung genannten Daten: Schmid, M. J., Örencik, M., Schmid, J., & Conzelmann, A. (2022). Linking sports-related and socio-economic resources of retiring Olympic athletes to their subsequent vocational career. International Review for the Sociology of Sport, 58(5), 809–828.)*

Spitzensportler:innen sind auf Höchstleistung programmiert – sie trainieren diszipliniert, handeln strategisch und setzen sich ambitionierte Ziele. Kein Wunder, dass viele von ihnen nach der aktiven Karriere den Sprung ins Management schaffen. Eine aktuelle Studie zeigt, dass rund 23% der ehemaligen männlichen und 7% der ehemaligen weiblichen Schweizer Olympiateilnehmer:innen später im obersten Management tätig sind. Auf was kommt es in der Geschäftswelt an? Text: Dr. Daniel Fasnacht

Vom Spitzensport ins Management: Wie Athlet:innen mit Weiterbildung in der Geschäftswelt durchstarten 

## The goals of the Paris Agreement on climate change seem unattainable. Why?

This is partly due to how incentive structures are set up. Companies will act within the regulatory framework and based on business logic. Even though economists agree that a carbon tax would incentivize companies to significantly reduce CO2 emissions, there is currently no such tax at a global level, or if it is there, it is set too low.

## Why is there no carbon tax?

One answer is lobbying. We have just posted a paper in which we show that US companies are spending large 
amounts of money to prevent stricter climate regulation. Interestingly, we also document for the first time that
companies that spend a lot on such anti-climate lobbying constitute an investment risk for investors. The reason is that anti-climate lobbying implies large reputation and transition risks. I hope our findings lead to more investors challenging their portfolio companies on these lobbying activities. Eventually, this is in the long-term interest of investors, their companies and the planet.

## Are there other financial mechanisms that could incentivize more long-term thinking by companies?

One mechanism is the cost of capital channel. Companies need financial capital to run their operations and grow. Research shows that the cost of capital, that is the cost of equity and debt, is higher for businesses with a negative impact on climate change and biodiversity. It is therefore rational for companies to reduce emissions and their impact on biodiversity because it reduces the cost of capital. This creates shareholder value.

## Do investors really care about the climate?

Some investors have an intrinsic incentive to care about climate change, especially those that are exposed to the entire market, such as big pension funds. Why? Because these investors will be paying the bills of climate change down the road. For example, many pension funds own real estate in coastal areas or areas affected by landslides. They have therefore a strong interest in fighting climate change. One way to do this is to use the power of capital, for example by engaging portfolio companies to become more climate-friendly. 

## What is the role of Environmental Social Governance (ESG) ratings in the investment process?

ESG ratings are important because they try to quantify companies’ ESG risks. Investors can use these assessments to measure, manage and price these risks. Important to note is that ESG ratings typically do not reflect to what extent companies are improving the world. It is crucial to understand this difference because it implies that simply buying mutual funds or stocks with high ESG ratings does not necessarily make the world a better place. 

## We are currently seeing a backlash against ESG criteria. Why?

Some people believe that ESG-based investing is a part of “woke capitalism”, which arguably pushes companies to
do leftish things that are not really in their interest. But that is not what ESG investing is about. ESG investing is not an ideological flavor but an important tool that helps investors manage ESG-related risks. And there are plenty of them.

## Singapore and other Asian countries are intensely promoting academic research in sustainable finance. What is their goal?

There is enormous competition in terms of making capital markets future-proof by offering investors financial instruments that entail solutions to the climate or biodiversity crisis. Think of green bonds, carbon
certificates, or biodiversity finance. Several financial centers across the globe have started to adapt their market infrastructures and developed these instruments. Several Asian capital markets in particular have moved forward at fast speed, putting plenty of money into these developments. Interestingly, this includes significant funds to promote research that helps us better understand how to green the financial system.

## And Switzerland?

Switzerland has recognized the importance of integrating sustainability issues into financial markets to remain competitive. My professorship in sustainable finance is part of these efforts. One goal of my research is to provide fundamental insights that benefit the Swiss financial marketplace. In this way, I hope to contribute a bit to Switzerland remaining a global leader in finance.

## Finance is a global topic; does sustainable finance research need to be done in Zurich?

Yes, local research really matters. Think of the pharmaceutical sector. To retain leading pharmaceutical companies in Switzerland, you need to provide fundamental research in medicine or pharmacology in Switzerland. And you need to off er cutting edge education and training to the Swiss labor force. The same logic applies to the financial sector. The Swiss Federal Council’s Sustainable Finance Strategy clearly states that Switzerland wants to be a leader in sustainable finance. So, we need world class research on sustainable finance in Switzerland. Me and my colleagues at UZH try to do exactly this, thereby providing the latest insights to policy makers and the industry.

## How does your work contribute to this goal in practice?

One dimension is to make our research and the data we generate available as a public good. To illustrate, we have developed a novel approach to measure companies’ climate risks and opportunities by analyzing the transcripts of 10'000+ earnings conference calls by companies. In these calls, managers and their investors discuss current and future developments that companies face. We measure how often climate-related topics were discussed in these calls, and whether the discussion focused on risks or opportunities. We have made our data publicly available and dozens of research teams have already started to utilize them for their own work, for example to understand how climate risks are priced in financial markets. Such data provides complementary information to commercial ESG ratings.

## C﻿alls to action for companies, investors and the government

* **Transparent climate lobbying:** Companies should openly disclose their policy engagement, lobbying expenditures and alignment with climate action goals as these impact investment risks for investors.
* **Challenge portfolio companies:** Investors should scrutinize their portfolio companies’ lobbying activities and ESG impact to protect long-term value for stakeholders and the environment.
* **Local research in sustainable finance:** Switzerland aims to lead in sustainable finance, as outlined in the Federal Council’s strategy. To achieve this goal, we need to provide cutting-edge research and education in sustainable finance for the Swiss financial market.  

## M﻿ore about Climate Lobbying

.﻿..can be found [here.](https://www.df.uzh.ch/en/sustainable-finance/research-areas/climate-and-biodiversity-finance/corporate-climate-lobbying.html)

**Zacharias Sautner** is a professor of sustainable finance at the Department of Finance UZH and a senior chair at the Swiss Finance Institute (SFI). Through his research on ESG topics such as climate change or biodiversity, he provides insights on how finance can contribute to a more sustainable future.

He teaches the following courses at Executive Education: [eCorporate Finance Basic](https://www.finance-weiterbildung.uzh.ch/de/programs/single-courses/ecorporate-finance-basic.html), [Sustainable Investing](https://www.finance-weiterbildung.uzh.ch/de/programs/single-courses/sustainable-investing.html) and [Current Trends in Sustainable Investing](https://www.finance-weiterbildung.uzh.ch/de/programs/single-courses/current-trends-in-sustainable-investing.html). The courses are part of the [CAS in Corporate Finance](https://www.finance-weiterbildung.uzh.ch/de/programs/cas/cas-corporate-finance.html), [CAS in Sustainable Finance](https://www.finance-weiterbildung.uzh.ch/en/programs/cas/cas-sustainable-finance.html), [DAS Banking](https://www.finance-weiterbildung.uzh.ch/de/programs/das/das-banking.html), [DAS Finance](https://www.finance-weiterbildung.uzh.ch/de/programs/das/das-finance.html), [DAS Sustainable Finance](https://www.finance-weiterbildung.uzh.ch/de/programs/das/das-sf.html), [MAS Finance](https://www.finance-weiterbildung.uzh.ch/de/programs/mas/mas-finance.html) and [MAS Sustainable Finance](https://www.finance-weiterbildung.uzh.ch/de/programs/mas/mas-sf.html).

S﻿ource: Oec. Magazine issue #22

Prof. Zacharias Sautner from University of Zurich is a leading expert in sustainable finance. From examining the impact of corporate lobbying on climate action to developing innovative tools for measuring climate risks, his work exemplifi es the vital connection between academic research and practical application. Text: Victoria Watts, photo: Sho Naito

On the Path to Greener Financial Markets

Humans are inherently social creatures. Thus, social networks have always been fundamental in shaping human behaviors, values, beliefs and cultures – and in creating a dynamic environment where individuals can influence one another. Through their ability to connect people and spread new norms and habits, social networks are therefore crucial in promoting widespread behavioral changes that underpin social change. For social change to be impactful, behavioral shifts must not only be adopted by a majority but also sustained over time. The rise of digital platforms like Instagram and LinkedIn has amplified these dynamics. Since 2014, increased screen time and reduced face-to-face interactions have led to denser digital networks, enhancing participation and creating complex, hard-to-predict network effects. These evolving interactions highlight the importance of understanding and leveraging social networks to drive collective behavioral shifts.

## Insights from 12 years of research

Understanding the impact of social networks on behavioral shifts was the primary goal of the University Research Priority Program (URPP) “Social Networks”, led by Prof. René Algesheimer from the Department of Business Administration. For 12 years, an interdisciplinary team across the University of Zurich combined behavioral laboratory and field experiments as well as qualitative surveys to simulate collective behaviors and test scenario predictions. The research revealed that understanding connections within networks is vital to comprehending both
individual and collective behaviors. On an individual level, for example, change in behavior only happens if people have also changed their values and opinions beforehand. This leads to the important realization that driving 
social change requires key people – so-called influencers – who encourage the followers in their network to change not only their values but also their behavior. As these micro-level interactions spread across the network,
they lead to the emergence of macrolevel patterns and collective behaviors. As an outcome, the research team
defined several frameworks: one to measure the stability of human values during childhood, another to understand how values develop and spread through networks, and a third for designing social change interventions that integrate individual and collective behavior models. The team also identified mechanisms that facilitate or hinder the success of interventions in social networks. The findings were applied through network interventions in Swiss schools, experiments on digital platforms to increase sustainable consumption and seeding programs promoting sustainable behaviors among cocoa farmers in Côte d’Ivoire.

## Continuous research and impact

After 12 years of research and over 330 scientific papers, the [URPP Social Networks](https://www.socialnetworks.uzh.ch/en.html) has concluded. However, the
impact of the program extends beyond its formal end. The researchers aim to leverage their insights to develop
concrete policies for politics and the economy by starting a competence center for social change – The Change
Lab – for which they are currently seeking sponsors.

**René Algesheimer** *is a professor of marketing for social impact at the Department of Business Administration UZH. His research interests lie in studying human values, consumer well-being and social (influence) processes for a sustainable living.* *He teaches at Executive Education in the [Marketing Management](https://execed.uzh.ch/de/management/module/marketing.html) module of the [CAS in General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html).*

Source: Oec. Magazine issue #22

How do social networks influence people to change their values and behavior? From 2013 to 2024, an interdisciplinary research team led by Prof. René Algesheimer conducted research to better understand the impact of social networks on social change. Text: Janine Hammer

The Impact of Social Networks

## When did you first become interested in management?

In my career to date, I have managed extensive projects, which has gradually moved me away from pure research work. Research has changed a lot over the years, which has led me to move further and further away from data analysis. I can still have a well-founded say and understand the various methods, but practical implementation is no longer my focus. Through my experience in project management, I have now realized that I am particularly good at controlling complex processes and managing different requirements. This has prompted me to continue on my path towards management.

## How did you hear about the CAS in General Management?

I had already completed a further education course in “Statistics for Social Sciences” at the University of Zurich. It was therefore obvious for me to research suitable further education courses there again. I then compared these with other providers. It was important to me that the place of study was close to where I live, as I am very busy at work and have two children.

## Why did you decide to take up this offer from the University of Zurich?

I already have a connection to the University of Zurich through my studies. I was also very impressed by the [degree program](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html) itself. I find it particularly attractive that it consists of core modules and offers the flexibility to select additional relevant topics as required. I also like the pragmatic approach of the program, as it allows me to gain the knowledge I need quickly and efficiently.

## What was your first impression of the CAS program and the first modules?

In my first course, [Strategic Management](https://execed.uzh.ch/de/management/module/strategie.html), I was particularly struck by the balance between theory and practice. This mixture seemed to me to be extremely sensible and suitable for our group of participants. We received valuable input from theoretical models at the beginning before quickly moving on to concrete use cases. As a result, I quickly realized that what we had learned was very useful. This approach made a lasting impression on me and this impression continued in the following modules.

## What topics have you found most relevant to your professional practice so far?

It was most tangible for me in the area of [marketing](https://execed.uzh.ch/de/management/module/marketing.html). Although I still remembered a lot of it from my studies, I particularly appreciate the fact that I now have a comprehensive reference work to fall back on. The course offered a broad spectrum of models and approaches so that you know exactly where to look the next time you need something. You have an idea of which model can be used in which situation. I now have valuable resources to guide me in my day-to-day work.

## Do you already have ideas on how you can apply the new knowledge you have learned?

Yes, I can see many concrete applications and have already used the new knowledge. I recently had to give a presentation and used information from the [Marketing](https://execed.uzh.ch/de/management/module/marketing.html) course directly.

## Is there anything you have particularly liked so far?

I really appreciate receiving input again instead of having to constantly produce it myself. It's also refreshing to immerse myself in a completely new group of people, far removed from my usual environment. What I find particularly fascinating is that all the participants are at a similar point: They have already gained a lot of experience and now want to develop further.
In terms of content, I particularly enjoyed working on the case study in [Strategic Management](https://execed.uzh.ch/de/management/module/strategie.html). It was exciting to get to grips with the case study on the American online drug distributor “Cost Plus Drugs” in a short space of time. 
What I also like is the sequential structure of the program. You dedicate yourself intensively to a topic and can also complete it in a timely manner.

## How have you experienced working with your fellow students so far?

Our cohort is very diverse, which I find extremely exciting. There are participants with very different backgrounds who bring interesting perspectives and topics that I have never come into contact with before. This often leads to fruitful discussions. What's more, everyone is extremely committed and highly motivated, which is noticeable. You can tell that these are people who want to make progress and behave accordingly. Even when working in groups with people you've never met before, collaboration always works smoothly.

## In what way does the CAS promote your personal and professional development?

My professional development is already running in parallel with this further training, it goes hand in hand. And personally, the knowledge I have gained has given me a lot of self-confidence. I now have an understanding of these new subject areas and know how to navigate them and where to find the information I need. The specialist vocabulary that I have acquired is also very helpful.

## What is the biggest challenge of this CAS?

For me, it's a challenge to find time for the exams alongside work and family. I also had a lot of respect for the exams at the beginning. I'm used to writing papers and giving presentations, but I hadn't written an exam for ages. Fortunately, that has now changed. 
The financial topics were an additional challenge for me, as I had hardly had any contact with them before, neither in my studies nor in my professional life. But even though this area is not my top priority, it is still important for me to understand this world to some extent.

## What are your expectations for the remaining modules of the CAS?

I am now looking forward to topics such as [Leadership](https://execed.uzh.ch/de/management/module/leadership.html) and [Communication](https://execed.uzh.ch/de/management/module/leadershipcommunication.html), which I can apply very specifically in my work. I am therefore hoping for a direct benefit for my professional activity. I am also looking forward to the [Digital Transformation](https://execed.uzh.ch/de/management/module/digitaltransformation.html) module. In my research career, I have always contributed the digitized part of research and pushed this area forward - I have brought digital transformation to our dataset, so to speak. Now I'm excited to find out what that looks like in theory.

## Would you recommend this training to others and if so, to whom?

Yes, I have already inspired some people around me to find out more. This [CAS](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html) is suitable for anyone who needs to combine work and family life, as it works very well in this context. The course is very pragmatically structured and the content can be implemented directly. The cost-benefit ratio is also right. In addition, the management content appeals to a large target group and the [CAS](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html) offers plenty of scope for personal focus.

## Many thanks, Isabelle Waser!

(Here you can find more information about the [CAS in General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html).)

T﻿ext: Linda Betschart

Isabelle Waser, 48, lives with her family in Zurich. She works as Head of Marketing & Communications for Mediapulse AG for media research. She studied sociology, journalism and constitutional law at the University of Zurich. She has worked in media research ever since and now has over 30 years of research experience. Isabelle Waser began her career at Swiss Radio DRS and Swiss Television (SF) - the predecessors of today's SRF - before joining Mediapulse, where she built up the online research department, among other things. She has now been Head of Marketing & Communications for six months and is in the middle of the transition from research to management. With the CAS in General Management, which she is completing alongside her job, she is creating a knowledge base for the new tasks that her role entails.

Isabelle Waser, CAS in General Management

In today’s age of digital disruption, the dynamics of leadership are evolving faster than ever. The business world is driven by interconnectedness and rapid technology adoption. While many Western companies persist in their traditional practices, the time has come for executives to think outside the box – embracing disruptive technologies not merely to run the business but to fundamentally change it.

## The impact of digital transformation

Digital transformation, driven by increasing dynamism and complexity, is a process and not a project. It impacts organizations across four key dimensions: strategy, organization, culture, and technology. 

### 1﻿. Strategy

* **Evolving Business Models:** Businesses must rethink value propositions as traditional models are disrupted by platforms, ecosystems, and subscription-based services that prioritize customer engagement.
* **Data-Driven Decisions:** Real-time insights from AI and analytics enable faster, more informed decisions, integrating data into strategy.
* **Speed and Innovation:** Shorter product life cycles and constant advancements require rapid innovation to stay competitive.
* **Collaboration:** Cross-industry partnerships and ecosystems drive value creation at the intersection of sectors.

### 2﻿. Organization

* **Agile Structures:** Traditional hierarchies are replaced by agile, cross-functional teams to reduce silos and boost responsiveness.
* **Workforce Evolution:** Roles increasingly demand digital skills and adaptability, balancing human creativity with automation.
* **Governance:** Reliance on technology brings challenges in cybersecurity, compliance, and ethical oversight.

### 3﻿. Culture

* **Innovation-First:** A culture of experimentation and tolerance for failure is crucial to adapt and thrive.
* **Openness to Change:** Leaders and teams must embrace continuous transformation, driven by clear communication and leadership.
* **Customer-Centricity:** Aligning operations with customer outcomes enhances loyalty and satisfaction.

### 4. T﻿echnology

* **Disruptive Technologies:** AI, IoT, augmented reality, blockchain, cloud and quantum computing drive scalability, automation, and efficiency, demanding investment and expertise.
* **Legacy Systems:** Outdated infrastructure can hinder transformation, requiring a balance between modernization and continuity.
* **Cybersecurity:** Expanding ecosystems increase vulnerabilities, necessitating robust security measures.
* **Scalability:** Dynamic markets require infrastructure capable of rapid adaptation to changing demands.

## Openness and lifelong learning

A﻿s organizational boundaries collide, industries converge and the pace of innovation accelerates, leaders need more than expertise in their core areas – they must develop the ability to connect across disciplines, navigate ambiguity, and foster cross-industry collaboration. Traditional Western firms, while deeply rooted in their expertise and heritage, are challenged by a rapidly shifting landscape where agility, innovation, and technological skills are the cornerstones of success. 

Leadership in the digital age requires a mindset that transcends borders. Being open to learn means embracing other cultures, staying curious, and thinking beyond traditional frameworks. 

At the heart of Chinese leadership lies the influence of Confucius. His teachings on balance, harmony, and continuous learning are particularly relevant in today’s complex business world. It can help to adopt this mindset of humility and openness to learning – not just from industry peers, but from diverse disciplines and cultures. 

Accordingly, we should emphasize: 

* **Adaptability:** Understanding the constant flux of business dynamics and embracing change as an opportunity for growth. 
* **Collaboration:** Fostering harmony across teams and industries to create synergy.
* **Curiosity:** Staying open to new ideas, technologies, and perspectives.

## Discovering the future of leadership

Confucius emphasized the importance of education and lifelong learning as a transformative and continuous self-cultivating process. Such values increase employability and remain relevant today. Confucian wisdom is deeply embedded in Chinese business practices and enables leaders to navigate complexity with agility. Chinese firms are adopting digital technologies and disruptive business models at a pace that often leaves their Western counterparts stunning. The rise of platforms like Alibaba, WeChat or TikTok illustrates this dynamic, as these companies thrive in environments of rapid experimentation, cross-functional collaboration, and experience-oriented customer journeys. They apply a trial-and-error mindset, iterating and pivoting swiftly to meet the needs of an ever-changing market. 

*“Acquire new knowledge whilst thinking over the old, and you may become a teacher of others.”* 
Confucius, Chinese philosopher, 551-479 BCE

Shanghai’s business ecosystem offers a masterclass in this approach. From the seamless integration of e-commerce and entertainment (as seen with livestream shopping) to the fusion of finance, healthcare and social commerce, successful leaders are breaking silos and rewriting the rules of value creation.

## Do you w﻿ant to learn more?

The [Executive Education](https://www.executive-education.uzh.ch/static/ee-web/en/) of the University of Zurich covers all aspects of digital transformation in [degree programs](https://www.executive-education.uzh.ch/static/ee-web/de/offers/), [compact courses](https://www.executive-education.uzh.ch/static/ee-web/de/offers/) or [custom programs](https://www.executive-education.uzh.ch/static/ee-web/en/customPrograms/). Further, we organize a [study trip](https://execed.uzh.ch/executive-education/de/executive_experience) for executives to Shanghai from 17 to 25 May 2025. This exclusive learning experience offers an unparalleled opportunity to reimagine digital leadership and increase your employability. 

Apply [here](https://execed.uzh.ch/executive-education/de/executive_experience) for the study trip.

## A﻿bout the author

D﻿r. Daniel Fasnacht is an expert in digital transformation, open business models and open and digital ecosystems, focusing on the convergence of industries and technologies that impact business and society.

Author: Dr. Daniel Fasnacht

Confucius: Lifelong learning as a mindset for leadership

## When did you first become interested in management?

My interest in management began when I realized that technical expertise alone was not enough to successfully lead teams and drive projects forward. Especially in my role as a product owner at Swisscom, I realized that I needed in-depth knowledge in areas such as strategy, marketing and finance in order to work effectively with different departments and stakeholders.

## How did you find out about the CAS in General Management?

By researching the websites of universities and universities of applied sciences that offer further education in the field of management.

## Why did you choose this program offered by the University of Zurich?

The modular structure of the program allows me to design my further education flexibly and to deepen exactly those topics that are relevant for my professional development. I find the opportunity to choose from various modules such as [Strategic Management](https://execed.uzh.ch/de/management/module/strategie.html), [Marketing Management](https://execed.uzh.ch/de/management/module/marketing.html), [Leadership](https://execed.uzh.ch/de/management/module/leadership.html) and [Corporate Finance](https://execed.uzh.ch/de/management/module/ecorporatefinance.html) particularly interesting. Furthermore, UZH's reputation as one of the leading universities in Switzerland was a decisive factor for me. 

## What was your first impression of the CAS program and the first modules?

My first impression of the [CAS program](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html) and the first modules was consistently positive. 
I was particularly impressed by the first module [Strategic Management](https://execed.uzh.ch/de/management/module/strategie.html). The practical orientation enabled me to link the theoretical concepts directly with real business situations. In the second module, [Marketing Management](https://execed.uzh.ch/de/management/module/marketing.html), I was able to deepen my understanding of customer-oriented strategies. The content was very insightful for me as a software developer, as it gave me new perspectives on product development and market positioning.
What particularly impressed me was the expertise of the lecturers. Their ability to convey a large amount of theoretical knowledge in the limited time available and at the same time back it up with practical examples was remarkable. This combination of theory and practice made what I learned particularly tangible for me.

## Was there anything that particularly surprised you?

Although nothing particularly surprised me, I was very impressed by the depth and quality of the teaching. The lecturers managed to present complex management concepts in a way that was easy to understand and relevant, even for someone like me with a technical background. 

## How will you apply the newly acquired knowledge?

The knowledge I learned in the CAS program opens up new perspectives for my current position at Swisscom and for future career steps. I feel better equipped to bridge the gap between technological innovation and business value. I look forward to bringing these new perspectives to my daily work and contributing to both my personal development and the success of Swisscom.

## Was there anything you particularly liked so far?

I found the [Corporate Finance](https://execed.uzh.ch/de/management/module/corporatefinance) module the most exciting, even though I have little direct contact with it in my current position at Swisscom. I am fascinated by the complexity and strategic importance of the topic. The insights into strategic financial decisions, company valuation and risk management as well as capital structure and financing options were particularly interesting. This knowledge complements my technical know-how and prepares me for possible future management roles. In addition, I can now better assess the financial impact of technology decisions and perhaps even come up with ideas that make technological and financial sense.

## How have you experienced working with your fellow students so far?

Working with my fellow students has been extremely enriching so far. I really like the diversity of backgrounds and expertise in our group. The mix of experienced managers and younger talents creates a dynamic learning environment in which we learn from and inspire each other.
One particular moment that sticks in my mind was a group assignment in the [Corporate Finance](https://execed.uzh.ch/de/management/module/corporatefinance) module. We had to carry out a company valuation as part of an M&A scenario. The discussions about synergy potentials and risk assessments were intense and showed me how complex such decisions are in practice.

## To what extent does this CAS promote your personal and professional development?

Overall, I see the [CAS](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html) as a crucial step in my development from a technical expert to a leader who successfully combines technology and management. This will expand my career opportunities and prepare me for future leadership roles, whether as a technical director or in a position that integrates technology and business decisions.

## What is the biggest challenge of this CAS?

The biggest challenge is probably coping with the complexity and variety of topics covered in a relatively short time, as the course covers a wide range of business disciplines. Finally, the integrative approach of the program requires students to look beyond their previous professional expertise and develop a holistic understanding of business management.

## What are your expectations for the remaining modules?

I have high expectations of the upcoming modules. I am particularly looking forward to the practical content and the exchange with the lecturers and fellow students. I expect that the modules will deepen my understanding of modern leadership ([Leadership](https://execed.uzh.ch/de/management/module/leadership.html)), sustainable corporate management ([Corporate Governance & Corporate Social Responsibility](https://execed.uzh.ch/de/management/module/corporate-governance-and-corporate-social-responsibility.html), [Corporate Entrepreneurship](https://execed.uzh.ch/de/management/module/entrepreneurship.html)) and digital transformation. 

I am particularly looking forward to the [Digital Transformation](https://execed.uzh.ch/de/management/module/digitaltransformation.html) module. I expect the module to help me better understand the impact of digitalization on existing business models and to drive digital transformation in my area of work.

## Would you recommend this course to others and if so, to whom?

Yes, I would definitely recommend the [CAS in General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html) at the University of Zurich. It is particularly suitable for experts like me who want to expand their management skills and prepare themselves for leadership roles. The course is also valuable for people from different industries who are looking for a comprehensive overview of business management topics. The flexible, modular structure makes the program attractive for working professionals who need to combine study and work. Overall, the CAS is ideal for anyone who is looking for a practice-oriented further education program with academic standards and wants to take their career to the next level. 

## Many thanks, Roman Blum!

(Here you can find more information about the [CAS in General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html).)

T﻿ext: Linda Betschart

Roman Blum, 31, lives in Altendorf SZ and has been working for Swisscom as a DevOps Engineer and Product Owner for the blue TV app, since completing his Master's degree in Computer Science at Rapperswil University of Applied Sciences. What he particularly appreciates about his joe atb is the opportunity to help shape it and develop personally. In his free time, he pursues his passion for the world of wine. He can often be found at tastings, exploring wine regions or in his kitchen, where he prepares culinary creations with wine pairings. As a physical balance, he integrates jogging and strength training into his everyday life. Thanks to the CAS in General Management, he feels better equipped to bridge the gap between technology and management and also optimally prepared for future career steps.

Roman Blum, CAS in General Management

It has never been so cheap and easy for creative people to disseminate cultural works such as music, books or videos. This is made possible, on the one hand, by digital programs and tools that are readily available to many people today. Open digital platforms, on the other hand, enable works to be made accessible to the entire world at little expense. “Today you really need only a smartphone or a laptop to record music and upload it to YouTube or Spotify,” says Luis Aguiar, who is a DSI professor of management and economics of digital transformation at UZH.

This evolution has led to a boom in music production. For listeners, this is a blessing, on one hand, because no record store in the world can even come close to carrying such an extensive offering of music in stock as streaming platforms do. On the biggest platform alone – Spotify – 100 million songs are currently available, by the company’s own account. However, that abundance is also a curse: “We have so many songs and music tracks at our fingertips that we can’t pay attention to them all,” Aguiar explains. Who determines, then, which ones receive more or less of our attention?

## Playlists steer attention

Up until a few years ago, music was distributed by and brokered through very different operators such as radio stations and record stores. “Today most music gets listened to on the big streaming platforms,” Aguiar says. This means that the big record labels, which still exist, have to bring their music to listeners via the streaming service Spotify which, with its 236 million subscribers, dominates this market in the West. Most of the music gets streamed on the platform from playlists, to which users can subscribe. The 25 playlists with the most users are all controlled by Spotify. “That gives the company opportunities to exert tremendous influence over which music gets heard,” Aguiar explains.

Those 25 playlists are all curated, with one exception. This means that their content is not determined by algorithms, but by Spotify editors who deliberately select tracks for them. The only uncurated list in that group is the Global Top 50 playlist of the fifty most frequently streamed songs worldwide. 

The curated playlists have a sizeable impact on whether songs get streamed or heard frequently, Aguiar has proven. If a song appears on the most popular curated playlist worldwide – Today’s Top Hits –, its number of streams increases by an average of 20 million, or by almost 25%. By comparison, a song featured on the uncurated Global Top 50 playlist notches only 3% more streams. “So, Spotify really does have the possibility to determine what music we hear,” Aguiar infers.

Spotify also wields enormous influence when it comes to discovering new music tracks. The platform provides New Music Friday playlists for that purpose. Every Friday, new tracks from established artists and little-known ones are added to the country-specific playlists. Aguiar has demonstrated that they have a big impact on the dissemination of new tracks: songs ranked number one on the New Music Friday playlist in the USA, for example, rack up 13 million more streams as a result.

Spotify also uses personalization algorithms to suggest new music tracks to its users based on their prior preferences. What influence those recommendations have cannot be determined on the basis of the data available. However, it can reasonably be assumed that the information on users’ listening preferences informs editorial decisions when compiling playlists. “Spotify can closely observe our behavior, giving it a gold mine of information,” Aguiar explains. “It seems only logical to integrate it into editorial recommendations.”

The curated playlists accounted for 12% of all music streaming of the 200 most popular songs on Spotify in 2017. That share has since increased to 16%. Approximately 80% of those streams originate from playlists controlled by Spotify. This means that the playlists put together by Spotify have gained influence over listening habits. “That’s a good sign for everyone,” Aguiar says, “except for the big record labels.” That’s because for its playlists, Spotify favors music not from the big labels, but from smaller, independent ones.

Aguiar says that Spotify deliberately uses its numerous playlists to audience-test promising music from indie labels in order to afterwards promote it more prominently on its flagship playlists. The share of indie music on Spotify playlists continually increased between 2017 and 2020, enabling Spotify to steer users’ attention more toward lesser-known independent music. In Aguiar’s opinion, Spotify thus has in fact brought about a kind of democratization of access to music.

## Greater benefits, lower costs

However, Spotify hasn’t done that for purely idealistic reasons, but has been motivated largely by economic self-interest. “Music from big record labels generally costs Spotify more money,” Aguiar says, because the major labels use their market power to squeeze higher royalties per song from Spotify than indie labels receive. “By offering more music from indie labels, Spotify can lower its costs while creating added value for its users at the same time,” he explains.

Even though Spotify has taken over the role of gatekeeper in the music world and its curated playlists exert a big impact on what music gets listened to a lot, the platform nonetheless relies on the big record labels because they still produce most of the music that gets streamed.

By Spotify’s own account, around three-quarters of the content streamed in 2023 originated from the four labels Universal Music Group, Sony Music Entertainment, Warner Music Group and Merlin, an independent digital content licensing network. This means Spotify needs that music to stay attractive for users. “If Spotify loads its flagship playlists with music that users don’t like as much, they will stop subscribing to them,” Aguiar explains.

He has analyzed the quantitative effects that Spotify’s curated and algorithmically assembled playlists have on music consumption, but has not examined their qualitative effects on music production. “Some claim that certain genres like hip-hop, for example, have grown tremendously with streaming,” Aguiar explains, but that assertion isn’t backed by formal research, he adds. The Spotify playlists with the most listeners can gives clues about the popularity of respective genres: the non-genre-specific Today’s Top Hits and Global Top 50 playlists are followed sequentially in terms of number of listeners by playlists featuring rap, Latin music and reggaetón.

## Disadvantage for long intros

Aguiar brings up another impact that streaming platforms may potentially have on the actual structure of music tracks: “Spotify only pays for songs that are streamed for a least 30 seconds.” This means that musical compositions must grab listeners within the first half-minute to keep them tuned in. Songs with long intros, for example, would have a harder time doing that given users’ short attention spans. This means that the way in which Spotify compensates artists for streams of their music can exert an effect on the compositions themselves. “That’s not surprising,” Aguiar says. “Even artists follow economic incentives."

T﻿ext: Theo von Däniken, Translation: Mark Rabinowitz, originally published in [UZH Magazin](https://www.news.uzh.ch/de/articles/news/2024/Musikplattform.html)

Over 80% of recorded music today is listened to on streaming platforms. Even though one big player – Spotify – dominates the Western market, that has led to wider and more diverse music offerings for the public, economist Luis Aguiar says. Text: Theo von Däniken, Translation: Mark Rabinowitz

Gatekeeper of the Music World

## When did you first become interested in the topic of management?

In your professional life, you always come across business or personnel decisions that affect you directly or indirectly. I have always scrutinized these decisions and done my best to understand and comprehend them. In doing so, I realized that while my studies provide a valuable technical foundation, there is also room for further learning and growth in terms of business aspects.

## How did you find out about the CAS in General Management?

When I decided to tackle further education, I carried out a traditional online search for management and business administration courses. I quickly came across the courses offered by the University of Zurich on the topics of [Corporate Management](https://execed.uzh.ch/de/management/studiengaenge/unternehmensfuehrung.html) and [General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html). These courses appealed to me because they covered all the areas relevant to me, such as [Finance](https://execed.uzh.ch/de/management/module/financeformanagers.html), [Marketing](https://execed.uzh.ch/de/management/module/marketing.html) and [Leadership](https://execed.uzh.ch/de/management/module/leadership.html).

## Why did you choose a course offered by the University of Zurich?

It was important to me to attend a course with a broad scientific basis, which is why only a university institution came into question. It was also important to me that the course was taught in German.

## What was your first impression of the CAS program and the first modules?

The first face-to-face event I attended was the [Business Simulation](https://execed.uzh.ch/de/management/module/unternehmenssimulation.html) module. This module proved to be extremely exciting and intensive. Over three days, we simulated the entire value creation process of a company in the form of a board game, including marketing, research and development and HR issues. It was fascinating to experience how all aspects of the value chain can be realistically depicted and communicated in a playful environment. It was particularly interesting to see how the different groups pursued different strategies and the results they produced. At the end of the module, I was exhausted but very satisfied with my choice of study program and this course.

## Is there anything you have particularly liked so far?

In the modules I have attended so far, I particularly liked the balanced mix of scientific principles, practical examples and case studies. Although there was only a short amount of time available per module and there was a lot of content to cover, the lecturers knew how to make the link to practice and explain suitable examples. This was particularly helpful in the [Strategic Management](https://execed.uzh.ch/de/management/module/strategie.html) module, in which we were allowed to work on an extensive case study on a company such as Uber, NIO or Roche as part of a group project. This enabled us to understand the company's past strategic decisions on the one hand, but also to develop and formulate our own strategy with regard to the company's future development.

## How have you experienced the collaboration with your fellow students so far?

In the modules so far, the collaboration has been extremely fruitful and lively. Due to the different professional backgrounds and experiences, all participants bring a variety of aspects to the discussions. This has given me the opportunity to reflect on my own experiences and level of knowledge and to gain new insights.

## What is the biggest challenge of this CAS?

For me, the lack of prior knowledge was the biggest challenge. My engineering studies contained very little management-related and business administration content, so I am more or less breaking new ground with this CAS. I find this extremely challenging, but also extremely enriching. The modules are designed in such a way that even the basics are taught in an understandable and practical way. As a result, I was able to build up a good basic understanding of the topics in a relatively short space of time and implement them in my first applications.

## Would you recommend this course and if so, to whom?

I would recommend the [CAS General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html) without reservation. This course is the right choice for anyone who wants to deal with management issues in the future and would like to gain a good overview of the key aspects of this field and attach importance to the scientific foundations.

## Thank you very much, Ronny Meglin!

(Here you can find more information about the [CAS General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html).)

T﻿ext: Linda Betschart

Dr. Ronny Meglin, 38, lives in Zurich and is completing a CAS in General Management while working. He is currently a Senior Consultant at pom+ Consulting for sustainable and circular construction. Born in Germany, he has lived in Switzerland for over 12 years and recently became a naturalized citizen. He holds a bachelor's degree in civil engineering and a master's degree in building materials engineering from the Bauhaus University in Weimar. After graduating, he worked in a building materials testing laboratory and as a consultant in real estate and infrastructure management. He then carried out research and completed his doctorate at ETH Zurich and the University of Applied Sciences OST on the topic of a regional circular economy in the building materials industry. He finds it very rewarding to break new ground with management-related topics and constantly build up new knowledge.

Dr. Ronny Meglin, CAS in General Management

Taxi rides, childcare, domestic cleaning, food deliveries – lots of services are arranged via online platforms nowadays. They’re provided by people who work on call. Like many musicians who perform from one gig to the next, these digital workers in the gig industry survive from job to job. The gig economy originated in the USA, where the transport service provider Uber became well known as one of the first such companies in 2009. The market has been expanding ever since – including in Switzerland. In the EU, around 23.8 million people worked for digital job platforms in 2022. Forecasts suggest the figure will rise to almost 43 million by 2025.

“When they first emerged, these digital platforms promised great freedoms,” says Karin Schwiter, “namely being your own boss and working whenever you can and want to.” The geography professor works with her team at UZH to research what it’s like to work in the gig economy, among other topics. This promise of freedom is not entirely misplaced: people who don’t rely on gig work for their livelihood and just earn a bit of extra income with a few odd jobs can really benefit from it. For example, lots of students work for online providers while studying at university. This easy way to pick up work on digital platforms can also present an opportunity for newly arrived migrants, says Schwiter. “The gig work enables them to actually get a foothold in the labor market when other doors remain closed to them.”

## Waiting for the next job

It’s more difficult for people who earn their living entirely from gig work. “They often live in precarious circumstances and have hardly any other way of picking up work,” says Karin Schwiter. They rely on receiving enough jobs to make ends meet. That’s why they’re more or less constantly on call, with their cellphone always available to accept the next job. “We really notice this level of nervousness, waiting for the next job, when we meet gig workers for our research,” says the academic, “there’s not much evidence of a sense of freedom here.” There’s a particular risk of them not getting enough jobs to enable them to pay their bills at the end of the month. This is because the companies that arrange jobs digitally don’t provide any guarantee that workers will earn enough income to support themselves.

## Controlling and monitoring

Until now, Uber and similar companies have taken little responsibility for the people who work for them. They regard themselves primarily as a mediator between service providers and customers, but not as an employer with all the obligations that entails. The risks – of not getting a sufficient monthly wage, for instance – are borne entirely by the gig workers. “This is why there’s currently such a controversial debate around the question of how much responsibility these companies should take for their workforces,” says Schwiter, who is a professor of labor geography.

Providing an answer to this question is not so easy, says the geography professor. That’s because digital job postings define the work and lives of gig workers to different degrees. For example, there are simple websites that put babysitters in touch with parents who are looking for someone to babysit their children. They then negotiate the terms under which this happens independently among themselves. “In this case, the platform operators are barely involved at all and have little influence over the work pattern,” says Karin Schwiter.

By contrast, other gig companies define in great detail how and under what conditions people work and how the jobs are allocated. “This is where the work is controlled and monitored to a much greater extent,” says the academic. The crucial question is therefore when an intermediary platform actually becomes an employer that must then also accept more obligations and make social security contributions or provide sickness pay, for example. Another controversial issue is whether transport costs and travel time should be covered, says Schwiter. This is because the platforms generally only provide remuneration for the actual services, but not the full cost of delivering them. “This can mean that a person only gets paid for a few hours, even though they’ve been working for a full day.”

## Gig economy in court

In recent years, there have also been multiple court cases examining the conditions of employment in the gig economy in Switzerland. For example, this spring the company Batmaid, which arranges cleaning staff, had to pay compensation to a former employee whom it dismissed without notice following a ruling at the labor court in Lausanne. And it had to pay outstanding travel time and transport costs. Batmaid was effectively required to meet its obligation as an employer. The EU has now adopted directives that should improve the rights and working conditions in the gig economy and provide better protection for those working in it. Among other things, it’s assumed that gig workers who work for a platform have the status of employees. If this isn’t the case, the companies must provide the evidence to support this.

Switzerland does not yet have such regulations in place. “The Swiss Federal Council still considers gig work to be a marginal phenomenon that primarily enables people to earn some extra income,” says Schwiter, “it hasn’t recognized that some people are actually attempting to earn a living from it.” However, the new EU directives are an opportunity to broaden discussion of this issue in Switzerland as well. It’s inevitable that more binding working conditions in the gig economy will also be required in Switzerland in the future – the academic is very sure of this. She hopes that her research and analyses will help to spark a differentiated debate about platform working in the future. 

*This article comes from the dossier ‘With brains and AI’ from [UZH Magazin 3/2024](http://www.news.uzh.ch/en/magazin.html)*

Text: Roger Nickl, Editor [UZH Magazine](https://www.news.uzh.ch/en/magazin.html)

## Are you interested in the topic of Uber and corporate strategy?

In the module [Strategic Management](https://execed.uzh.ch/de/management/module/strategie.html) you will have the opportunity to discuss an exciting case study on Uber and you will acquire helpful knowledge on strategy development. The module can be credited to the degree programs [CAS in General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html), [CAS in Leadership](https://www.executive-education.uzh.ch/de/management/studiengaenge/leadership.html) and [DAS in Unternehmensführung](https://execed.uzh.ch/de/management/studiengaenge/unternehmensfuehrung.html).

Digital platforms arrange jobs at short notice and promise people the chance to work independently at their own pace. But what many of these digital gig workers really need are steady employment conditions. Text: Roger Nickl; Translation by Michael Jackson

More Obligations for Uber & Co.

## When did you first become interested in management?

In terms of my career, I have slipped into management, so to speak. I will now be leading a team of five people. I already have leadership experience from previous positions, but I am now looking forward to learning from the leadership modules ([Leadership](https://execed.uzh.ch/de/management/module/leadership.html) and [Leadership Communication](https://execed.uzh.ch/de/management/module/leadershipcommunication.html)). Leading organizations and people is complex, multifaceted and challenging. Accordingly, I find it important to update my knowledge in this area.

## How did you hear about the new CAS in General Management program?

As a real estate expert with over 25 years of experience in the industry, I wanted to expand my knowledge and broaden my management skills. I was looking for further training at a renowned institution that could provide both the theoretical foundation for management and leadership challenges and impart practical knowledge. This would allow me to apply the knowledge I had acquired in a variety of ways. Hence “General Management” at the University of Zurich.

I had often researched what courses were available in this area. Often these were courses with a rigid program, where certain courses did not appeal to me. When I discovered that the [CAS in General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html) has a modular structure and that you can put together the exciting content individually, I decided to apply to Executive Education.

Originally, I was only interested in individual modules. After an informative consultation with the program director, it was suggested to me that the modules as a whole could be credited towards a CAS degree. After that, I quickly decided that I wanted to do the CAS in General Management.

## Why did you choose an offer from the University of Zurich?

It was important to me that I could complete further training at a renowned university. I did some research and talked to friends and colleagues both inside and outside my industry. I learned that the University of Zurich, especially the Faculty of Business Administration and Economics, is a leader in the field of management and economics. It was also important to me that a theoretically sound institution can also build a bridge to practice. I would like to use the continuing education program to learn from the experiences of other managers from various sectors and to develop personally. This is a welcome broadening of horizons.

## What is your impression of the CAS program so far?

Really very good! I am positively surprised at how widely you can apply the knowledge you have learned.  

Even in my first classroom module, [business simulation](https://execed.uzh.ch/de/management/module/unternehmenssimulation.html), I was completely flabbergasted - in a positive sense. When I read in advance that it was based on a board game, I was expecting something along the lines of Monopoly. We were allowed to playfully analyze the entire value chain of a young company and simulate it over several rounds (years). The game offered deep insights into complex leadership and management decisions that can later have a massive impact on the health and performance of a company. Over the course of two days, we dealt with essential analyses and decisions in the areas of strategy, production, logistics, marketing and finance. I was impressed by how this method can be used to run through the whole reality.

In [Strategic Management](https://execed.uzh.ch/de/management/module/strategie.html), I liked the fact that theoretical elements were shown, linked to practice and then placed in a larger context with real case studies of well-known successful organizations. My group was allowed to solve the Harvard case study on Uber. Uber struggles with regulatory hurdles, intense competition and safety issues, while at the same time having to ensure long-term profitability and driver satisfaction. Interesting discussions ensued with the other groups, who were allowed to work on case studies on companies such as NIO, Manchester City, Roche, etc.

University is normally associated with theoretical and analytical content, but I was pleasantly surprised by the realism and practical relevance of the modules so far. In this respect, the level and pace were always very high. The learning curve was extremely steep. On the one hand, we learned the theoretical foundation behind the various frameworks and models for strategic management. On the other hand, the models were applied directly using real practical examples.  

I also thought it was great that the lecturers and their backgrounds were visible in the module descriptions. I could already guess that many people from the field would be sharing their knowledge. But I hadn't expected the link between theory and practice to be so strong. And the theoretical background is also taken care of with the teaching materials and literature references that are provided.

## Which topics from the first modules did you find particularly interesting for your professional work?

In the [Business Simulation](https://execed.uzh.ch/de/management/module/unternehmenssimulation.html) module, I was made very aware of the importance of liquidity and long-term planning in addition to the topics of strategy, production, logistics and marketing. In large companies with thousands of specialized employees, the topic can quickly slip into the background in everyday life. However, it is omnipresent and of the utmost importance. In my job, I rely on little outside capital and have finance specialists who closely monitor liquidity requirements. But if you are responsible for liquidity planning yourself, you realize during the simulation what a bottleneck means.

What I take away from the “[Strategic Management](https://execed.uzh.ch/de/management/module/strategie.html)” module is that a framework or model is not a tight corset, but that these frameworks help us to structure our analyses and thoughts clearly in order to derive solutions for the company. In addition, dealing with the numerous models has helped me to apply the findings in my job when developing real estate portfolio strategies.

## How have you experienced working with your fellow students so far?

I was positively impressed by the diversity of the participants: I was able to work on strategic solutions in a class with (prospective) managers from a wide range of sectors and industries. Our cohort consists of people with master's and doctoral degrees or with many years of experience - a harmonious mix. You could tell that the program management had deliberately thought about the composition of the participants so that a diverse exchange could take place.

What challenges have you encountered?

With my family, job and further training, I don't have much free time. I have resolved to pay attention to time management and to organize my time well. I need to develop a sense of how I can organize everything.

What are your expectations or hopes for the rest of the training?

Expectations are very high after the first modules! (laughs) My hope is that the content will continue to strike an ideal balance between a theoretical foundation and real, practical implications in everyday business life. But based on my experience so far, I am very confident. In addition to the leadership modules, I'm also eagerly awaiting the [AI for Business](https://execed.uzh.ch/de/management/module/artificialintelligence) module, because now is the time to get involved in the topic and help develop it.

Would you recommend this training to others and if so, to whom?

I've already done it several times.

The [CAS in General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html) is for anyone who appreciates practical training and doesn't just want dry theory. The modular structure is perfect for people with a practical background. For example, I recommended the business simulation module to a colleague who had founded a start-up. Anyone who founds a start-up should complete the module - the insights are worth their weight in gold.

People who want to continue their training on a selective basis can easily do so thanks to the modular structure. And you can continue spontaneously and book further courses at any time. So you might start with a single course and even complete an MAS at the end. Exciting content is available in any case.

T﻿hank you very much, Murat Saydam!

(﻿Here you will find more information about the [CAS General Management](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html).)

T﻿ext: Linda Betschart

Murat Saydam, 41, lives with his family in Birmensdorf and is completing the new CAS in General Management course alongside his job. He has been working as a portfolio manager at a Swiss bank for over 10 years. He has been loyal to the real estate industry since his apprenticeship over 25 years ago. As an expert at the Real Estate Association, he also writes theses and oral examinations and develops case studies for a Real Estate Master's course at a university of applied sciences. What he likes about his work with real estate is its versatility. In his free time, he seeks balance in the mountains: on his mountain bike in summer and on skis in winter. He was pleasantly surprised by the practical relevance of this further education course and the helpful lessons he has learned from the modules he has attended so far: strategic management, business simulation, accounting and corporate finance.  Translated with DeepL.com (free version)

Murat Saydam, CAS in General Management

## C﻿orporate Governance: Gute Absichten allein reichen oft nicht aus

Ein – oder sogar der wichtigste – Pfeiler des Geschäftsmodells einer Bank ist das Vertrauen in sie. Aus diesem Grund nutzt man deshalb in der Kommunikation oder im Logo von Banken oft eine längst vergangene Jahreszahl oder eine mittelalterliche Burg oder Festung – etwas also, das Beständigkeit und Sicherheit vermittelt. Nicht zuletzt vertraut man diesem Institut ja sein Geld an, respektive begibt man sich mit der Aufnahme von Krediten teilweise in dessen Abhängigkeit. 

Logos und Jahreszahlen sind Reminiszenzen an vergangene Zeiten und bei einer (Vertrauens-)Krise in der Gegenwart nur wenig hilfreich. Beispiele wie die Banca Monte dei Paschi di Siena, ein seit 1472 bestehendes Finanzinstitut, das jedoch nur dank einer Beteiligung des italienischen Staates dem Konkurs entkam, oder die 1856 gegründete und heute in die UBS integrierte Credit Suisse zeigen dies exemplarisch auf. In der heutigen Zeit machen immaterielle Werte, wie beispielsweise die Reputation, die Patente oder die Marke eines Unternehmens,
bis zu 90% der Marktkapitalisierung kotierter Unternehmen aus. Vor dem Hintergrund, dass insbesondere die
Reputation und die Marke sehr sensibel und schnell auf Nachrichten in traditionellen Medien wie Zeitungen oder neuen Medien wie X oder Instagram reagieren können, ist klar, dass ein beachtlicher Teil des Marktwertes eines Unternehmens konstant «at risk» ist. Banken sind davon überproportional betroffen, da immaterielle Werte wie Reputation, intellektuelles Kapital, Kund:innennetzwerke und technologische Innovationen entscheidende Treiber
des Geschäftsmodells sind und sie im Gegensatz zur Industrie über relativ wenig reale Vermögenswerte oder Patente verfügen, die im Notfall als Sicherheit herangezogen werden können. 

Gerade kleinere und mittlere Banken, die in einem oft intensiven Wettbewerb um Kund:innen und Marktanteile stehen sowie geographisch – und meist auch, was die Kundensegmente angeht – wenig differenziert sind, sind in besonderem Masseauf ihre Reputation angewiesen. In einem Sektor, in dem ein kleiner Vertrauensverlust schnell zu einem kritischen «Bank Run» führen kann, ist der Ruf eines Finanzinstituts dessen zentrales Kapital. 

Entsprechend ist eine solide und aktiv gelebte Corporate Governance in diesen mittleren bis kleinen Banken unverzichtbar. Dies, auch wenn man aufgrund der Eigentümerstruktur – sei dies der Kanton, eine Familie oder eine Partnerschaft – nicht direkt dem Druck des Kapitalmarkts ausgesetzt ist wie die grossen, kotierten Institute. Corporate Governance beschreibt das grundlegende Regelwerk und die Prozesse, nach denen ein Unternehmen geführt wird und dieses Rechenschaft ablegt. Gerade wenn man, wie eingangs erwähnt, stark von immateriellen
Werten und dem Vertrauen der Öffentlichkeit abhängig ist, ist es entscheidend, dass Governance-Prinzipien nicht nur auf dem Papier existieren, sondern in der Praxis vom Verwaltungsrat (VR) aktiv gelebt werden. Dazu gehört insbesondere, dass sich der VR regelmässig selbst hinterfragt und herausfordert. Haben wir die richtigen Erfahrungen und Kenntnisse im VR, um die verfolgte Strategie glaubwürdig umzusetzen und der Geschäftsleitung ein wertvoller Sparringspartner zu sein? Arbeiten wir effizient genug zusammen und nutzen wir die beschränkte Zeit im Gremium mit den richtigen Themen? Sind wir offen für neue Impulse und ausreichend mit den globalen Entwicklungen vertraut? Oft ist es nicht ganz einfach, sich im Gremium objektiv diesen Fragen zu stellen. Eine Möglichkeit und zunehmend angewandte Methode, dies systematisch zu tun, ist eine extern begleitete
VR-Evaluation. Dabei werden mit Hilfe einer unabhängigen Drittpartei diese Fragestellungen individuell und objektiv eruiert und dann im Gesamtgremium diskutiert.

Der VR und das Management von mittleren und kleineren Banken sind aufgrund der grossen Herausforderungen
gefordert, aktiv in eine gute Governance zu investieren. Dazu gehört nicht nur, das eigene Wirken möglichst effektiv zu gestalten, sondern auch, die Interessen der verschiedenen Stakeholder – darunter
Aktionär:innen, Kund:innen, Mitarbeitenden und Gesellschaft – in Einklang zu bringen, um gemeinsam, mit sprichwörtlich «geballter Kraft», auf die strategischen Ziele und den Purpose, also die «Raison d’être», des Instituts hinzuarbeiten.

## G﻿esetzliche Vorgaben stehen am Anfang, nicht am Ende der Governance

Auch die schweizerische Finanzmarktaufsicht (FINMA) ist sich der Bedeutung einer soliden Corporate Governance
bewusst und macht Finanzinstituten deshalb zusätzliche Vorgaben betreffend Unternehmensführung. Diese gehen
über die allgemeinen Bestimmungen des Obligationenrechts hinaus und umfassen spezifische Anforderungen an
die interne Organisation, das Risikomanagement und die Unabhängigkeit der Überwachungsfunktionen. Ziel dieser zusätzlichen Vorgaben ist es, die Stabilität des Finanzsystems zu sichern und das Vertrauen der Öffentlichkeit in die Governance der Banken zu stärken.

Aber auch, wenn die FINMA-Anforderungen weitreichend sind, stellen sie lediglich Mindestanforderungen dar. Oft werden sie von Finanzinstituten als eine Art «Checkliste» angesehen, die es abzuarbeiten gilt. Diese Compliance-basierte Herangehensweise mag den gesetzlichen Anforderungen zwar genügen, greift jedoch oft zu kurz, wenn es darum geht, immaterielle Werte wie Reputation und Vertrauen langfristig zu schützen. Die meisten Governance-Strukturen von gescheiterten Finanzinstituten waren auf dem Papier mindestens konform mit einer «Best Practice». Aber eine «Abhak-Mentalität» führt meist dazu, dass zwar formale Anforderungen erfüllt werden, die dahinterliegende Philosophie von Corporate Governance jedoch nicht in die tägliche Praxis integriert wird.

Um die Reputation eines Finanzinstituts nachhaltig zu schützen, ist es deshalb notwendig, Corporate Governance als integralen Treiber und Pfeiler der Unternehmensstrategie zu begreifen. Corporate Governance muss aktiv und
vorausschauend gelebt werden. Dies erfordert vom VR, dem Management und dem Unternehmen generell hohe Ambitionen hinsichtlich Transparenz, ethischen Handelns und der Bereitschaft, Verantwortung zu übernehmen. Durch eine proaktive und verantwortungsvolle Unternehmensführung kann das Vertrauen der Kunden:innen und der Öffentlichkeit aufgebaut werden.

## F﻿okus auf Eigentümer:innen ist wichtig, aber nicht ausreichend

Eigentümer:innen spielen für kleine bis mittelgrosse Banken eine zentrale Rolle, da diese oft weniger stark diversifiziert und deshalb oft weniger resilient sind als ihre grösseren Kontrahenten. Der traditionelle Fokus auf die Eigentümer:innen, also die Interessen der (Haupt-)Aktionär:innen, allein reicht nicht aus, um langfristig das Vertrauen in eine Bank zu sichern und eine nachhaltige Unternehmensführung zu gewährleisten. Es ist vielmehr unerlässlich, dass die Interessen aller relevanten Stakeholder berücksichtigt und in die Corporate- Governance-Strategie eingebunden werden. Wer sind diese Stakeholder, warum sind sie relevant und wie kann ein effektiver Dialog mit ihnen geführt werden?

Kund:innen sind ohne Zweifel eine der wichtigsten Stakeholder-Gruppen für eine Bank. Für kleine und mittlere Banken, die oft auf eine lokale oder regionale Kundschaft angewiesen sind, ist die Pflege der Kund:innenbeziehungen essenziell. Kund:innen vertrauen der Bank nicht nur ihre finanziellen Mittel an, sondern oft auch ihre Zukunftsplanung oder unternehmerischen Ziele. Die Reputation der Bank hängt massgeblich davon ab, wie gut diese die Bedürfnisse ihrer Kund:innen versteht und erfüllt. Ein Verlust des Kund:innenvertrauens kann sich unmittelbar auf die Geschäftstätigkeit auswirken und, aufgrund der lokalen Fokussierung, im Extremfall existenzbedrohend sein.

Regionale oder auf eine bestimmte Kund:innengruppe fokussierte Finanzinstitute müssen deshalb nicht nur die eigenen Risiken, sondern insbesondere auch die Risiken ihrer grössten Kund:innensegmente im Auge haben. Ist beispielsweise eine Region oder ein Industriezweig besonders anfällig für höhere Zinsen oder für geopolitische oder auch klimatische Veränderungen? Langfristig denkende Oberleitungsorgane versuchen frühzeitig, zusammen
mit den Kund:innen Lösungen zu suchen, die eine höhere Resilienz gegenüber solchen Veränderungen und damit eine langfristige Geschäftsbeziehung ermöglichen. 

Die Mitarbeitenden einer Bank sind nicht nur deren «Gesicht nach aussen», sondern auch wichtige Träger:innen der Unternehmenskultur. In kleinen bis mittelgrossen Banken hat die Mehrheit der Mitarbeitenden, geschäftlich wie auch privat, oft direkten Kontakt zu den Kund:innen und trägt daher massgeblich zur Wahrnehmung der Bank in der Öffentlichkeit bei. Ein motiviertes, gut geschultes und aktiv eingebundenes Team ist deshalb der Schlüssel zum Erfolg.

Der Dialog mit den Mitarbeitenden sollte auf einer Kultur der Offenheit und des gegenseitigen Vertrauens basieren und, soweit möglich, proaktiv erfolgen. Eine transparente Kommunikation mit den Mitarbeitenden kann helfen, Unsicherheiten und Gerüchte zu vermeiden. Zudem kann die Einbindung der Mitarbeitenden in die Entwicklung des Unternehmens-«Purpose» – oder können Initiativen zu dessen Umsetzung – dazu beitragen, ein starkes Engagement für das Unternehmen und eine enge Anbindung an dessen Identität zu fördern.

Die Einhaltung gesetzlicher und regulatorischer Vorgaben ist im Bankensektor von grosser Bedeutung. Aufsichtsbehörden wie die FINMA sorgen für Stabilität im Finanzsystem und schützen die Interessen der Anleger:innen. Für kleine und mittlere Banken können die Anforderungen der Regulatoren eine besondere Herausforderung darstellen, haben sie doch oft weniger Ressourcen als Grossbanken, um komplexe Compliance-Vorschriften umzusetzen. Gleichzeitig ist eine gute Beziehung zu den Aufsichtsbehörden unerlässlich, um das Vertrauen in das Finanzinstitut und dessen Glaubwürdigkeit zu wahren.

Der Dialog mit Aufsichtsbehörden sollte regelmässig, transparent und konstruktiv geführt werden. Auch bei dieser
Stakeholder-Gruppe hilft dies zur Vermeidung von Missverständnissen oder gar Sanktionen und zeigt, dass die Bank ihre Verpflichtungen ernst nimmt. Es ist wichtig, dass die Bank proaktiv über ihre Geschäftstätigkeit und Compliance-Anstrengungen berichtet und im Gegenzug die Anforderungen und Erwartungen der Aufsicht klar versteht.

Kleine und mittlere Banken sind, wie erwähnt, oft stark in ihrer lokalen Gesellschaft verankert. Sie tragen zur wirtschaftlichen Entwicklung der Region bei, schaffen direkt und indirekt Arbeitsplätze und bieten, den lokalen Bedürfnissen entsprechende, finanzielle Dienstleistungen an. Ein Finanzinstitut, das als verantwortungsvoller Teil der Gemeinschaft gesehen wird, wird auch in Krisenzeiten auf das Vertrauen der Bevölkerung zählen können. Ein Teil dieser Verantwortung betrifft zunehmend auch die Nachhaltigkeit, also soziale und ökologische Themen.

Der Dialog mit der Gesellschaft sollte deshalb insbesondere auf lokaler Ebene stattfinden. Bei einer fehlenden öffentlichen Wahrnehmung des gesellschaftlichen Engagements kann die lokale Gemeinschaft zum Schluss kommen, dass die Bank wenig für die Region tut und dadurch einen Ruf als «abgehoben» und zu wenig regional verankert erwirbt. 

Auch wenn sie nicht die einzige relevante Stakeholder-Gruppe sind, spielen Aktionär:innen natürlich eine zentrale Rolle in der Corporate Governance, stellen sie doch das Kapital für die Geschäftstätigkeit der Bank zur Verfügung. Daher haben sie auch ein legitimes Interesse daran, dass die Bank verantwortungsvoll geführt wird und langfristig Erträge erwirtschaftet. Einen besonderen Balanceakt stellen dabei Abwägungen zwischen kurzfristigen Gewinnen und langfristiger Stabilität dar. 

Dazu sollte mit den Aktionär:innen ein transparenter und ehrlicher Dialog geführt werden. Regelmässige direkte Gespräche mit den grössten Aktionär:innen – bei mittleren und kleinen Banken oft auch kantonalen Vertretungen – über Governance-Strukturen und die langfristige Strategie der Bank sind wesentlich, um Vertrauen zu schaffen. Wichtig ist auch, dass dieses Vertrauen in guten Zeiten aufgebaut und ein Kontakt nicht erst in Krisenzeiten gesucht wird.

## D﻿as sollten Sie mitnehmen

Eine solide Corporate Governance ist für kleine und mittlere Banken nicht nur ein gesetzliches Erfordernis, sondern
auch ein wichtiger Wettbewerbsfaktor. Sie schafft die Grundlage für den Aufbau von Vertrauen und hilft, den Ruf der Bank zu schützen. Dem VR kommt dabei eine wichtige Rolle als aktiver Treiber einer stabilen und zukunftsorientierten Governance zu. Er ist aufgerufen, sich nicht nur regelmässig selbst auf eine
effiziente und effektive Arbeitsweise zu überprüfen, sondern sollte auch bemüht sein, eine Zusammensetzung zu erreichen, die es ermöglicht, aktuelle und anstehende Herausforderungen professionell und mit dem nötigen Know-how anzugehen.

Zudem sollte sich die Governance nicht nur auf die Aktionär:innen fokussieren, sondern eine breitere Gruppe von unterschiedlichen Stakeholdern einbeziehen. Jede dieser Gruppen – von Kund:innen über Mitarbeitende bis hin zu Aufsichtsbehörden und der lokalen Gesellschaft – trägt auf ihre Weise zum Erfolg und zur Stabilität einer Bank bei. Ein offener, transparenter und aktiver Dialog mit diesen Stakeholdern ist notwendig, um Vertrauen aufzubauen und zu erhalten. Nur durch den Einbezug dieser Interessen in die Entscheidungsfindung und das Risikomanagement sowie durch eine vorausschauende Kommunikation kann die Reputation der Bank langfristig geschützt und das Unternehmen erfolgreich geführt werden.

## Ü﻿ber den Autor

Dr. Christoph Wenk Bernasconi ist Dozent an der [Executive Education Finance](https://www.finance-weiterbildung.uzh.ch/de.html) und Programmleiter des [CAS in
Stakeholder Management and Stewardship](https://www.finance-weiterbildung.uzh.ch/de/programs/cas/cas-stakeholder-management-and-stewardship.html) an der Universität Zürich sowie Partner bei SWIPRA Services und bei
Trusted Board Advisors (TBA). Seine Fachgebiete sind die Corporate Governance und die Nachhaltigkeit. Er kombiniert mehr als ein Jahrzehnt angewandter und akademischer Arbeit in diesem Bereich. In seiner Tätigkeit bei SWIPRA und TBA berät er Verwaltungsräte und Geschäftsleitungen zu unterschiedlichen Corporate Governance-Themen.

## Ü﻿ber den Artikel

D﻿er Artikel ist ursprünglich erschienen in "Recht relevant. für Verwaltungsräte 4/2024"

Reputation und Vertrauen sind entscheidend für den langfristigen Erfolg und eine aktiv gelebte Governance ein Schlüsselfaktor dafür. Kleine und mittlere Banken stehen vor der Herausforderung, regulatorische Vorgaben nicht nur formal zu erfüllen, sondern auch als Basis für eine proaktive und verantwortungsvolle Unternehmensführung zu nutzen. Damit können sie das Vertrauen der Kund:innen und anderer Stakeholder dauerhaft sichern und langfristig erfolgreich im Markt bestehen.

Governance von Banken: Mehr als nur Compliance

## How did you come to work for a bank as a computer scientist?

I studied computer science in Germany, Finland, the Czech Republic and Spain and graduated with a degree in engineering. It was in Finland that I met my future wife. After studying IT, I worked for a smaller company in Germany for a year and then moved to Switzerland because of my wife. Shortly afterwards, I started working for ZKB, where I have been employed since 2008. Fun fact: I didn't even apply for the job, but was recruited by a headhunter.

## Why did you decide to do further training?

Internally at ZKB, we had a great department with numerous good further training courses, which I regularly attended. Because I was hungry for more knowledge. I wanted to understand how a bank works. In my early days at ZKB, I worked in a risk team where we developed and operated rating, operational risk and market risk systems. I was very interested in this area, but no courses on risk were offered internally. I therefore decided to enrol on the [CAS Risk Management for Banking and Finance](https://www.finance-weiterbildung.uzh.ch/en/programs/cas/cas-risk-management-for-banking-and-finance.html) at the University of Zurich. 
In the meantime, an internal course had awakened my interest in investment topics, which is why I subsequently registered for the [CAS Derivatives](https://www.finance-weiterbildung.uzh.ch/en/programs/cas/cas-derivatives.html). After I had also completed this, a lecturer advised me to go straight for the [MAS in Finance](https://www.finance-weiterbildung.uzh.ch/de/programs/mas/mas-finance.html), as I didn't need many more credits. And that's exactly what I did a short time later.

## Why did you choose a program offered by the University of Zurich?

Our internal department recommended the University of Zurich to me and referred me to the high-quality range of [continuing education courses in finance](https://www.finance-weiterbildung.uzh.ch/en.html). I have to say that I was not disappointed. 

## What did you particularly like about the MAS Finance?

I really enjoyed the program in general! 

Firstly, I found the compatibility of work and study ideal. I always worked full-time and studied at the same time, which worked wonderfully. I found it particularly practical that all the information could be found on the OLAT platform and that you could do a lot of things at home, at your own pace and when it suited you. There were plenty of references and tutors who you could ask at any time. I found it ideal that interest was aroused at home and then you met on site to discuss any questions. Just sitting in school and listening would not have appealed to me.   

Secondly, I thought it was great that the content was very business-oriented. There were many experts from banks and financial institutions who lectured on their specialist areas. In general, the lecturers and professors were all very knowledgeable in their fields. I was impressed that they were even able to answer all kinds of specialized questions in detail and classify them. One of my highlights was the [Behavioral Finance](https://www.finance-weiterbildung.uzh.ch/en/programs/single-courses/behavioral-finance.html) module - since then I've viewed everything as a real option: buying a car, buying an apartment, etc., that's stayed with me.
It was also great to broaden my horizons and meet people from other disciplines and industries.

## What was the biggest challenge?

Fortunately, I didn't have any problems, neither in terms of content nor organization. Everything went very smoothly. I studied for a total of six years, from the first CAS to the completion of the [MAS](https://www.finance-weiterbildung.uzh.ch/de/programs/mas/mas-finance.html), and the credits remained valid during this time. 
The most challenging part was definitely the Master's thesis. I found it extremely interesting, but also very extensive. One positive aspect, however, was that I was able to write a large part of the thesis on the beach in Portugal when I was visiting relatives. That was easy to combine.

## What topic did you write your Master's thesis on?

The topic is in the field of corporate finance, it was about financial market data. It is known how much this market data costs, which we buy from providers such as Reuters or Bloomberg. However, it is unclear what the value of this data is. As part of my work, I set up a company analysis and anonymized the metrics so that people could talk about them. I had a lot of fun doing that - only my wife didn't after reading through it for the fourth time! (laughs) 

## What were your key takeaways from the MAS?

Firstly, I personally gained a lot from learning what the core business of a bank is and how the banking industry works. That broadened my perspective enormously.

My second key takeaway is that there is an urgent need for more knowledge about investing in society. I come from East Germany and the attitude towards investing there is extremely defensive; people are very risk-averse. I know the same thing from Portugal. At most, money goes into the bank account and is saved for less interest than inflation. People do not invest profitably. In Switzerland, on the other hand, or at least in the greater Zurich area, things are very different. You can talk to a lot of people there about investment issues. It seems important to me that people know about their own pension situation and that they protect themselves. Unfortunately, I don't see many people in eastern Germany and Portugal doing that at all. I think it would make sense for there to be more investment literacy.  

## What did you gain from the further training?

A degree from the University of Zurich definitely gives you credibility. There are plenty of people who do a great job in the field of IT but don't know what's happening to the left and right of it. With an [MAS Finance](https://www.finance-weiterbildung.uzh.ch/de/programs/mas/mas-finance.html), you also understand other specialist areas in the bank and are therefore taken seriously. The training also helped me to find new approaches to certain tasks and problems.

## You regularly attend our alumni events, what do you like about them?

On the one hand, I enjoy meeting up with contacts from my student days. There are colleagues that I only see at these events and it's always nice to bump into people you haven't seen for six months.
On the other hand, it's also exciting to catch up with new people who have just started further training, for example. I'm interested in finding out their motivation for the course. In general, I find it exciting to discuss problems from the job and get new input. I've been with the same employer for so long, at some point you get tunnel vision. The exchange gives me new perspectives.

## What advice would you give to current MAS students?

If you are planning to complete an MAS from the outset, I would recommend completing it in a relatively condensed form. With hindsight, I wouldn't let my studies “drag on” for six years, but would complete them in a shorter period of time.

## How was your experience with the finance team?

Positive across the board. From the tutors to the professors, you could always tell that they knew exactly what they were talking about. They were also always well prepared, which was noticeable.

## Would you recommend the MAS in Finance and if so, to whom?

For anyone who works in a bank or a large insurance company, the whole [MAS](https://www.finance-weiterbildung.uzh.ch/de/programs/mas/mas-finance.html) definitely makes sense. I think the effort and return are really very positive. And the [CAS programs](https://www.finance-weiterbildung.uzh.ch/en/programs/cas.html) or [single courses](https://www.finance-weiterbildung.uzh.ch/en/programs/single-courses.html) on investment and derivatives can really be recommended to anyone and everyone, this knowledge is generally very useful. 

## Thank you very much, Thomas Büttner!

([Here](https://www.finance-weiterbildung.uzh.ch/de/programs/mas/mas-finance.html) you will find further information on the MAS Finance.)

T﻿ext: Linda Betschart

Thomas Büttner, 41, lives with his family in Stäfa, practises martial arts as a hobby and makes his own furniture in his spare time. He works at ZKB as a Solution Architect. In this position, he combines technical and banking expertise. The computer science graduate has been working for the bank for 16 years. Thomas Büttner originally intended to complete a single CAS, but in the end it became the entire “MAS in Finance”, which he successfully completed in 2017. Now he takes a look back at his studies with us. In addition to his joy at being able to take out his old calculator once again for further education and indulge his passion for mathematics, he was also impressed by the expertise of the lecturers and the practical relevance of the content.

Thomas Büttner, MAS Finance

## Der Markt für Elektrofahrzeuge

Das Marktvolumen in der weltweiten Automobilproduktion lag im Jahr 2023 knapp über 2.5 Billionen US-Dollar. Wobei Volkswagen (349 Mia. USD), Toyota (312 Mia. USD), Stellantis (205 Mia. USD), Ford (177 Mia. USD), General Motors (175 Mia. USD), BMW (168 Mia. USD), Mercedes-Benz Group (164 Mia. USD), Honda (141 Mia. USD), Hyundai (125 Mia. USD) und SAIC (103 Mia. USD) die umsatzstärksten Hersteller waren.

Der Markt für Elektrofahrzeuge wird 2024 auf über 540 Milliarden US-Dollar geschätzt, über die Hälfte aller Elektrofahrzeuge werden in den USA und in China (gefolgt von Deutschland, Frankreich und Norwegen) abgesetzt. Weltweit führend ist dabei der chinesische Hersteller BYD (2.9 Mio. verkaufte Fahrzeuge), gefolgt von Tesla (1.8 Mio.) und BMW (0.5 Mio.). 

## Eine Vision für die Zukunft

NIO wurde mit der Vision gegründet, die Mobilität der Zukunft zu revolutionieren. Das Unternehmen fokussiert sich auf Elektrofahrzeuge, die nicht nur umweltfreundlich sind, sondern auch durch innovative Technologien und ein ansprechendes Design überzeugen. NIO positioniert sich als Premium-Marke und zielt auf eine wohlhabende Kundschaft ab, die Wert auf Qualität und Leistung legt. 2023 lag der Umsatz von NIO bei 8.5 Milliarden US-Dollar.

## I﻿nnovative Technologien

Ein herausragendes Merkmal von NIO ist die Entwicklung von Batteriewechselstationen. Anstatt die Batterien in den Fahrzeugen aufzuladen, können NIO-Fahrer:innen ihre leeren Batterien in wenigen Minuten gegen voll aufgeladene austauschen. Dieses Konzept hat das Potenzial, die Reichweitenangst zu verhindern, die viele potenzielle Elektroautokäufer:innen plagt. Darüber hinaus investiert NIO in stark autonomes Fahren und künstliche Intelligenz, um seinen Fahrzeugen fortschrittliche Funktionen zu verleihen. 

## M﻿arkteintritt und Expansion

N﻿IO startete seinen Verkauf in China, wo die Nachfrage nach Elektrofahrzeugen aufgrund staatlicher Anreize und eines wachsenden Umweltbewusstseins stark ansteigt. Das Unternehmen hat sich schnell einen Namen gemacht und konnte in kurzer Zeit eine treue Kundenbasis aufbauen. Mit sechs Modellen hat NIO eine breite Palette von Fahrzeugen entwickelt, die unterschiedliche Bedürfnisse und Vorlieben abdecken. 

I﻿m Jahr 2021 wagte NIO den Schritt auf den europäischen Markt, beginnend mit Norwegen, einem der führenden Märkte für Elektrofahrzeuge. Diese Expansion zeigt das Bestreben des Unternehmens, seine Präsenz über China hinaus auszubauen und sich als globaler Akteur zu etablieren.

## H﻿erausforderungen und Zukunftsperspektiven

N﻿IO hat sich auch der Nachhaltigkeit verschrieben. Das Unternehmen verfolgt eine umweltfreundliche Strategie, die nicht nur die Produktion von Elektrofahrzeugen umfasst, sondern auch die Entwicklung von Recyclingprogrammen für Batterien. Diese Initiativen sind entscheidend, um den ökologischen Fussabdruck zu minimieren und das Vertrauen der umweltbewussten Verbraucher:innen zu gewinnen.

I﻿n der Zukunft plant NIO, seine Produktpalette weiter auszubauen und neue Modelle zu entwickeln, die den unterschiedlichen Bedürfnissen der Kund:innen gerecht werden. Das Unternehmen hat auch angekündigt, in die Entwicklung von Wasserstofftechnologie zu investieren, um eine breitere Palette von umweltfreundlichen Fahrzeugen anzubieten. 

## W﻿as wird anhand dieses Cases aufgezeigt?

N﻿IO ist ein faszinierendes Beispiel für einen modernen Automobilhersteller, der sich in einem sich schnell verändernden, kompetitiven Markt mit sehr hohen Eintrittsbarrieren und Investitionskosten behauptet. Mit einer klaren Vision, innovativen Technologien und einem starken Fokus auf das Gesamtkundenerlebnis hat das Unternehmen das Potenzial, eine führende Rolle in der globalen Automobilindustrie, insbesondere im Luxussegment, zu spielen.

Anders als seine Konkurrenten versucht NIO ein ganzheitliches Kundenerlebnis zu schaffen. Dafür hat NIO im Vergleich zu traditionellen Herstellern auch ein direktes Vertriebsnetz und eine starke Community aufgebaut. Die kundenzentrierte Herangehensweise zeigt sich auch im Ökosystem, das NIO über die letzten Jahre aufbauen konnte. Neben den Elektrofahrzeugen gehören dazu die austauschbaren Batterien und die dazugehörigen Batteriestationen, Community-Events und zahlreiche Lifestyle-Services.

Die Herausforderungen, denen NIO gegenübersteht, sind nicht zu unterschätzen. Einerseits möchte NIO international wachsen. Hier muss das Unternehmen in bisher unbekannten Märkten ähnliche ganzheitliche Kundenerlebnisse bieten können und lokale Communities aufbauen. Andererseits stellt die Bereitstellung einer weltweiten Batterie-Wechselstations-Infrastruktur eine grosse Herausforderung dar, da hauptsächlich das Luxussegment bedient wird. 

Die nächsten Jahre werden entscheidend sein, um zu sehen, ob NIO seine globalen Expansionsambitionen im Luxussegment verwirklichen kann und ob es gelingt, sich als einer der Hauptakteure im Bereich der Elektrofahrzeuge zu etablieren.

I﻿nsgesamt zeigt der Fall von NIO, wie wichtig es ist, in einer sich schnell verändernden Branche flexibel und anpassungsfähig zu bleiben. Die Automobilindustrie steht an einem Wendepunkt und NIO könnte eine Schlüsselrolle in der Gestaltung der Zukunft der Mobilität spielen.   

## S﻿ind Sie interessiert am Thema Strategisches Management?

Strategisches Management ist die zentrale Aufgabe der Unternehmensführung. Unser gleichnamiger [Kurs](https://execed.uzh.ch/de/management/module/strategie.html) führt in die Grundsätze, Konzepte und Instrumente des strategischen Managements ein und soll zukünftigen Manager:innen das Verständnis des internen und externen Umfelds eines Unternehmens, die Wettbewerbspositionierung, das Schaffen und Erhalten von Wettbewerbsvorteilen, die Strategieformulierung  und -umsetzung vermitteln. Anhand von Praxisbeispielen und Fallstudien haben die Teilnehmenden die Möglichkeit, das erlernte Wissen direkt an realen Unternehmensbeispielen, wie dem oben vorgestellten Fall von NIO, anzuwenden. 

[H﻿ier](https://execed.uzh.ch/de/management/module/strategie.html) finden Sie weitere Informationen zum Kurs "Strategisches Management". Der Kurs ist anrechenbar an die Studiengänge [CAS in General Mangement](https://www.executive-education.uzh.ch/de/management/studiengaenge/generalmanagement.html), [CAS in Leadership](https://www.executive-education.uzh.ch/de/management/studiengaenge/leadership.html) und [DAS in Unternehmensführung](https://execed.uzh.ch/de/management/studiengaenge/unternehmensfuehrung.html).

Zudem bietet auch unser [Executive MBA](https://www.emba.uzh.ch/de.html) Studiengang ein Modul zu Strategischem Management.

Weiter wird auch im Kurs "[Future Business Models](https://www.finance-weiterbildung.uzh.ch/de/programs/single-courses/future-business-models.html)" der spannende Case von NIO diskutiert.

T﻿ext: Dr. Anil Özdemir und Linda Betschart

In den letzten Jahren hat sich die Automobilindustrie rasant verändert. An der Spitze dieser Transformation steht NIO, ein chinesischer Hersteller von Elektrofahrzeugen. Gegründet im Jahr 2014, hat sich NIO schnell zu einem der führenden Akteure im Bereich der Elektroautos entwickelt und bietet eine spannende Fallstudie über Innovation, Marktstrategien und die Herausforderungen der globalen Automobilindustrie.

NIO: Der Aufstieg eines chinesischen Elektroautoherstellers

## A new milestone: science and practice in harmony

With its integration into the University of Zurich in 2009, [CUREM](https://www.curem.uzh.ch/de.html) took an important step towards raising the quality of real estate management training to an even higher level. UZH was the first university in Switzerland to offer a Master of Advance Studies in Real Estate. To this day, the program brings together the most renowned experts from Switzerland and abroad as lecturers. The Center is now looking forward to the next phase of its development: with the new professorships, CUREM is building a bridge between excellent research and practice-relevant further education. This is an important moment for CUREM and the entire Swiss real estate industry.

## New impetus for research: Prof. Dr. Christian Hilber and Dr. Francisco Amaral

The newly created professorships will be held by two outstanding academics, both of whom have in-depth expertise and international recognition in their fields. The professorships are based at CUREM and the Department of Finance at the UZH Faculty of Business, Economics and Informatics. 

**Prof. Dr. Christian Hilber** (pictured above right), who is taking up a part-time professorship ad personam (20%) at the University of Zurich, is an internationally renowned real estate economist and Professor of Economic Geography at the London School of Economics (LSE). His research focuses on housing supply and urban development, topics that are also highly relevant in Switzerland. *“It is a particular pleasure for me to be able to contribute my experience in Zurich. Switzerland is facing major challenges in the area of housing policy, and I am convinced that together we can develop solutions that are both economically and socially sustainable,”* says Prof. Hilber. In addition to his academic work, Prof. Hilber has extensive consulting experience for governments and international organizations such as the OECD and the Asian Development Bank.

**Dr. Francisco Amaral** (pictured above left) will join the University of Zurich as Assistant Professor (100%) in October 2024, bringing with him extensive expertise at the interface between financial and real estate economics. His research focuses on the question of how risk and return develop on the housing markets under different macroeconomic conditions. *“In Switzerland, as in many Western countries, the housing market plays a central role in the financial stability and well-being of society. In order to develop effective and sustainable measures to make the housing market more resilient and affordable, it is important to understand which factors influence the risks and returns in this market,”* says Dr. Amaral, who completed his doctorate at the University of Bonn.

## Support from strong practice partners

These important academic positions were created thanks to donations from three leading companies in the real estate industry: EBP, UBS and Wüest Partner. The motivations of the three funding partners show how important building bridges between academia and practice is for the further development of the real estate sector.

 

*"We are committed to sustainable development. Accordingly, it is particularly important to us to create innovative and viable solutions for the challenges in the real estate sector and spatial development. In addition, the two professorships make it possible to build a bridge between science and practice and to further strengthen the training of qualified specialists. “*

**Matthias Thoma, CEO EBP**

 

*"We want to play an active role in shaping change and the further development of the real estate sector. Through our partnership with CUREM, we are investing in the future of the real estate industry by supporting research and teaching at the highest level. In this way, we ensure that the next generation of professionals is well equipped to meet the complex challenges and opportunities of this important sector. “*

**Dr. Daniel Brüllmann, Leiter Real Estate DACH, UBS Asset Management**

 

*"As experts in real estate valuation and consulting, we know how crucial sound knowledge is. We are interested in how real estate valuation methods will develop in the future and how strongly certain factors influence the development of real estate prices and rents. The new professorships are a strong signal that CUREM is a place where scientific excellence and practical relevance go hand in hand. "*

**Dr. Robert Weinert, Partner, Wüest Partner AG**

 

## Zürich as a center for excellence in the real estate industry

The two professorships form the foundation for the further development of CUREM into a comprehensive center of excellence at UZH, which will be realized from the beginning of 2025. The future center of excellence will establish CUREM as a leading institution for real estate research and teaching in Switzerland and internationally. It will focus on four central areas: the promotion of research and knowledge transfer, cooperation with national and international partners, the further development of real estate management training courses and the transfer of knowledge in undergraduate teaching.

## ...learn more about CUREM - Center for Urban & Real Estate Management at the University of Zurich?

The Center for Urban & Real Estate Management (CUREM) offers practice-oriented continuing education, in-depth research and valuable networking opportunities in the real estate industry. Further information and the current range of continuing education courses can be found on the [website](https://www.curem.uzh.ch/de.html) of CUREM.

The Center for Urban & Real Estate Management (CUREM) and the Faculty of Economics at the University of Zurich are about to embark on an exciting new chapter. Since its foundation in 2003, CUREM has developed into a renowned address for continuing education in the real estate industry. Now, more than twenty years later, the center is taking another big step: from autumn 2024, two new professorships in the field of “Real Estate Economics & Finance” will be created with the support of three funding partners. This will not only further strengthen CUREM's scientific base, but also establish Zurich as a leading location for real estate economics research and teaching. 

First real estate professorships at the University of Zurich

## What was your main reason for choosing the MAS in Sustainable Finance?

I chose to attend the [](<>)[MAS in Sustainable Finance](https://www.finance-weiterbildung.uzh.ch/en/programs/mas/mas-sf.html) because the combination of finance, with its emphasis on economic principles and figures, and sustainability, with a touch of idealism, has always fascinated me. As we have seen in recent years, the concept of sustainable finance and its application sometimes exhibit flaws. But that’s what makes it so interesting for me. It has ultimately sparked my motivation to enrol in a program that allows me to gain an in-depth understanding of sustainable finance and use the skills acquired in my professional role. 

## What inspired you to choose this topic for your thesis?

In the courses "[Sustainable Development and Impact](https://www.finance-weiterbildung.uzh.ch/en/programs/single-courses/sustainable-development-and-impact.html)” and "[Sustainable Investing](https://www.finance-weiterbildung.uzh.ch/en/programs/single-courses/sustainable-investing.html)" at the University of Zurich, we learned about the aforementioned SDG financing gap and the immense amount of USD 4 trillion annually that is lacking to cover essential needs, especially in developing countries. This stands in complete contrast to the myriads of “sustainable” investment opportunities that have been issued during the last decade and have attracted trillions of USD. That divergence of capital flows was a puzzle to me, and I wanted to learn more about it and determine if there are ways to address it. 

## What methodologies did you use and what were the findings?

I evaluated whether investing in SDG financing gap-relevant investment funds yields improved risk-return ratios in diversified portfolios. This analysis was based on 40 constructed portfolios covering monthly fund returns from 2019 – 2023 and applying two distinct weighting methodologies. My findings suggest that adding a 5% share of selected impact funds to well-diversified portfolios increases the Sharpe ratio for half of the constructed portfolios. Especially, microfinance and small and medium-sized (SME) finance funds have proven to be well-functioning portfolio diversifiers, as they have reduced standard deviation in most portfolios. This indicates that the addition of investments relevant to the SDG financing gap could benefit risk-adjusted returns at the portfolio level, enticing both impact-oriented and traditional investors. 

## What is the conclusion and practical application of your thesis?

The conclusion of my thesis is that impact investing, specifically in SDG financing gap-relevant investment funds, can potentially play a significant role in bridging the underfunding of the Global Goals. By adding a minor share of selected impact funds to diversified portfolios, investors could not only achieve beneficial risk-adjusted returns but also contribute to the realization of the SDGs. However, it's important to note that high SDG ratings do not always guarantee impactful conduct. Therefore, investors need to exercise due diligence and consider multiple factors when making investment decisions. Overall, my thesis underscores the potential of impact investing as a tool for achieving both financial returns and sustainable development objectives. 

## What were challenges you faced during your thesis writing?

To stay focused on the narrowly defined topic and not get lost by covering too many other exciting aspects around the core part. I needed to maintain the perseverance required when it felt like it would never end. On top of that, before I started working on my thesis, my wife and I became proud parents of a son. This new setting proved challenging in many ways and resulted in a number of short nights. Thanks to the crucial support of my wife, Nora, who took care of so many other tasks during that period, I was able to dedicate the countless hours needed to bring everything on paper.

## Looking back, how has this program shaped your understanding and your perspective of sustainable finance?

The MAS in Sustainable Finance has significantly shaped my understanding and perspective of sustainable finance. Its strong practical orientation allowed me to immediately benefit from some courses and apply what I learned in my professional activities. Above all, I was able to acquire the necessary knowledge to critically assess sustainability in the financial sector. The exchange with classmates from various companies and industries was also invaluable, enriching my learning experience during the almost three years of the program.

## Thank you very much, Philipp Bamert!

Interested in learning more about Philipp Bamert's thesis? Read the [Executive Summary](https://www.executive-education.uzh.ch/static/ee-web-preview/images/uploads/summary.pdf). Further information about the MAS in Sustainable Finance can be found [here](https://www.finance-weiterbildung.uzh.ch/en/programs/mas/mas-sf.html).)

Philipp Bamert,43, works as a reporting analyst at LGT Capital Partners in Pfäffikon SZ and recently completed his Master of Advanced Studies (MAS) in Sustainable Finance at the University of Zurich. Here, he gives us an insight into his final thesis, for which he conducted a detailed analysis of the financing gap for the Sustainable Development Goals (SDGs). He analysed how impact investing can potentially help to close this gap.

Philipp Bamert, MAS Sustainable Finance

## How did you get the idea to pursue continuing education?

I studied Business Administration at the University of Applied Sciences for my Bachelor's and Master's degrees and then looked for further education at university level. The [MAS Finance](https://www.executive-education.uzh.ch/static/ee-web/en/offers/mas_finance/) programme at the University of Zurich quickly caught my eye. I asked the finance team whether it would be possible for me to take part in the programme alongside my ice hockey career. They then drew up a customised plan for me. This meant I could continue to play on the ice alongside my studies. 

## Why did you choose the MAS Finance?

I've always had a flair for and a great interest in finance and figures, even during my studies. That's why I joined Swiss Life in project controlling. My current job in Strategy is also in the area of finance. I was also impressed by the wide range of topics available on the MAS Finance programme. I was particularly interested in those modules that have points of contact with the insurance industry, such as [Future Business Models](https://www.finance-weiterbildung.uzh.ch/en/programs/single-courses/future-business-models.html) or [Insurance for Development](https://www.finance-weiterbildung.uzh.ch/en/programs/single-courses/insurance-for-development.html). For these reasons, I decided in favour of the MAS Finance, which I am still very happy about.

## What did you particularly like about the programme?

Firstly, I liked the numerous options available. Based on my profession and interests, I was able to put together a degree programme that was perfectly suited to me. 

Secondly, I was very pleased to meet so many exciting and different people from very different fields of work. Because I come from a sporting background and have only been working in the professional world for three years, so to speak, I lacked a view from outside the insurance industry. Thanks to my fellow students, who have worked for the federal government or in banks, for example, I now have this perspective. I found this very exciting and enriching for my own professional career.

## What was the biggest challenge of the programme?

It was a challenge for me to juggle work, family and further education. However, with good organisation and support at work and in my private life, anything is possible.

## W﻿hat are you key takeaways from the MAS?

I really liked the whole topic of corporate finance, I was able to take a lot from it for my understanding of the financial world and its interrelationships. I really liked the fact that current topics, such as the current banking crisis, were taken up and discussed straight away and not just going over old material, because the world of finance is changing very quickly. I found it extremely exciting to discuss this with experts.

## What will you remember most from this time?

I thought it was great to get to know the University of Zurich and to be a part of it for four years. It was great to have a coffee or a beer with the professors and talk about business and private matters or exchange different views. Getting to know the many people and their stories and experiences was very valuable for me and I will always remember that fondly. I also think it's great that I'm still in contact with some people.

## Is there a topic in Finance in which you could acquire more knowledge?

I was particularly interested in the M&A topics and I would like to take what I learnt in these areas with me and implement and deepen it in the insurance industry. The fact that experts from the industry gave the lectures made it particularly exciting for me.

## What did you gain from the programme?

It has brought me a lot on various levels. On the one hand, on a human level, as I got to know a lot of people from different sectors. This also benefits my employer. Because in the area of strategy, where I work, it's extremely important to know what's going on with the banks and the other big players on the market.

On the other hand, the specialised knowledge I have acquired has of course also helped me. I can take a lot from topics such as corporate finance for my job, for example when it comes to KPIs and their interpretation for the insurance industry.

Basically, I believe that continuing your education is always a good thing. If you set yourself a goal and achieve it with a lot of discipline, it's an incredibly good feeling.

## Would you recommend the MAS Finance and if so, to whom?

Yes, absolutely, I would recommend it to anyone working in the financial industry. Continuing your education at a very high level, receiving input from experienced lecturers and at the same time continuing to work in your profession is a perfect match. I am also extremely grateful to my employer, Swiss Life, for making this experience possible.

## How would you describe your experience with the UZH Finance Executive Education team?

I found the team to be very professional, very approachable and super organised. I always felt very well prepared thanks to all the tools and information we were provided with. Communication was also exactly as you would want it to be; solutions were always sought and presented for any questions or problems.

## And right at the end: Which is more strenuous - a hockey season or a semester of MAS Finance?

There were always ups and downs during the season and the semester, I think that's part of it. I certainly knew my way around the skates a bit better and knew from experience that things go up again after a low point. I still had to learn that in the MAS. But in both sport and studying, it's possible to achieve something as part of a team, which makes both very exciting and worthwhile.

## T﻿hank you very much, Lukas Flüeler!

(﻿[Here](https://www.executive-education.uzh.ch/static/ee-web/en/offers/mas_finance/) you will find more information about the MAS Finance.)

T﻿ext: Linda Betschart

Lukas Flüeler, 35, works as a Strategy Manager at Swiss Life and lives in Bern. The father of two is well known to all Swiss hockey fans: As a former ZSC goalkeeper, he can look back on a 15-year career with four championship titles. He can now also boast another success: the completion of the MAS Finance programme at the University of Zurich. Thanks to a customised study plan and a great deal of discipline, he was able to successfully complete the course while working full-time - first on the ice and then in the office at Swiss Life. He particularly appreciated the personal contacts and the broadening of his horizons that he gained from his fellow students.

Lukas Flüeler, MAS Finance

A football match in the top European leagues generates over three million data points. On the one hand, optical tracking systems in the stadiums automatically track each player and the ball 25 times per second. On the other hand, trained operators manually collect approximately 1,700 on-ball events such as passes, shots, dribbles and tackles. Performance evaluation of teams is one important area in which this plethora of data can add value for decision-making. Because: Key outcomes in football, like goals and match results, are notoriously unreliable performance measures. 

## T﻿he league table that never lies?

Goals are exceptionally rare events in football. On average, approximately 2.7 goals are scored per match and matches are regularly decided by a single goal. As a consequence, the random component in a match result is substantial. However, only the match results count for the league table ranks. How likely is it therefore that the league table accurately reflects the strength of all teams when the role of luck is considerable? Quite unlikely. To be reasonably confident that the table does not «lie» in this regard, each team would have to play much more than the traditional 38 games per season.

## U﻿sing detailed data as a "lie detector"

The right choice of detailed football data can help to evaluate a team‘s performance more accurately. While many performance metrics have been proven to be widely useless (e.g. distance covered by a team or the number of crosses played), focusing on shots has been promising. Shots are positively correlated with goals and occur much more often. However, because some shots are better than others, each shot must be assigned with a scoring probability. This is the intuition behind the «expected goals» (xG) metric, which gained importance in recent years. The scoring probability of each shot is typically estimated based on the position on the pitch (distance and angle), rule setting (open play, free kick, penalty kick), body part, defensive pressure, and goalkeeper position. These estimates can then be aggregated into xG for each team and match to reflect a performance evaluation metric that is less prone to randomness. 

While this approach is not without limitations, it is very useful to detect «lies», i.e., situations in which good and bad luck played a considerable role in determining match results. Moreover, xG are merely the starting point of a more process-oriented performance evaluation in football. Instead of only evaluating shots, one could evaluate all on-ball events using «expected possession value» models for which tracking data become highly relevant.

## W﻿hy is a "lie detector" useful?

Football clubs and fans are primarily interested in match results and the rank in the league table. This likely leads to outcome bias in the performance evaluation of decision-makers, where the role of good and bad luck in match results is underestimated. Thus, being informed about «lies» in match results helps to avoid many mistakes such as dismissing the coach due to a string of bad luck or changing the strategy of play even though it is not warranted. Outcome bias is a far-reaching phenomenon, and luck in key outcomes is regularly mistaken for skill. 

The resulting implications for performance evaluation extend beyond football: Not only in sports, but also in business and industry, individuals as well as companies can therefore improve their decisions by incorporating data-driven «lie detectors» in their evaluation of past decisions or performance.

Text: Prof. Dr. Raphael Flepp (Assistant Professor of Sports Data Based Management and Economics)

Source: Oec. Magazine issue #18

Nowadays, sports clubs employ entire teams of data analysts. Their analyses help to uncover bias in the performance evaluation of decision-makers – and are therefore crucial for game strategy, the transfer of players or the dismissal of coaches. Text: Prof. Dr. Raphael Flepp

Luck vs. skill –  the role of sports data analytics  

In the current issue you will find summaries of the ten best final theses of the MAS Real Estate 2022/2023. The publication offers you quick access to the latest findings in the fields of **real estate investment**, **real estate** **portfolio and asset management** and **project development**.

[Here](https://vdf.ch/immobilienwirtschaft-aktuell-2023-e-book.html?hrsg_org_id=3093) you can order the book or download the free eBook.

The publication *Immobilienwirtschaft aktuell* appears annually and is published by the Center for Urban & Real Estate Management (CUREM).[Center for Urban & Real Estate Management (CUREM)](https://www.curem.uzh.ch/de.html).

**About CUREM**

CUREM is part of the Faculty of Economics at the University of Zurich and is dedicated to real estate research and continuing education. Its aim is to promote a professional real estate industry in Switzerland. In addition to the RICS-accredited, part-time "[Master of Advanced Studies in Real Estate](https://www.executive-education.uzh.ch/static/ee-web/de/offers/mas_real_estate/)" and the "Certificate of Advanced Studies in Urban Management", CUREM organizes various compact courses, expert workshops and specialist events.

Groundbreaking impulses for the Real Estate industry

"Immobilienwirtschaft aktuell 2024" (in German)

I magine a typical Tuesday afternoon at work. As you work to cross an important item off your to-do list, a member of your team knocks on your office door to ask a question. Ten minutes later, just as you are getting into the flow of the task again, another colleague pings you on Teams to give you an update on a joint project. Just five minutes after that, the next knock happens already – leaving you wondering when you’ll ever actually get to work toward crossing off your goal from your list. 

This kind of scenario may be all too familiar. The modern work environment is full of interruptions that impede progress towards individual goals, causing feelings of lost productivity and frustration – maybe even with well-meaning team members. But while team members can contribute to these interruptions, they also help a person’s productivity toward their own goals by providing feedback, helping resolve roadblocks, and offering morale boosts. 

A team of UZH researchers – including Alexander Lill, André Meyer, and Prof. Thomas Fritz from the Department of Informatics and Prof. Lauren Howe from the Department of Business Administration, along with Prof. Gail Murphy from the University of British Columbia – explored how mindsets can be shifted to encourage team members to perceive their team as supporting individual productivity. In a study with software development teams at
a multinational company, participants were asked to report their feelings of productivity each day. Then, they began a reflection exercise that prompted participants to consider how their team contributes to their productivity
by answering the question “How does your team help you to be productive?” in the daily surveys.

This exercise related to 1.7% higher perceptions of daily productivity on average, with participants reporting up to an 8.8% boost. Participants reported that this reflection led them to be more aware of what everyone is doing for the team, and they began to view their efforts to help the team as productive. However, results depended on initial team cohesion. For teams with high initial cohesion, the exercise further strengthened positive team feelings
and productivity. But in teams with low cohesion, the exercise backfired, potentially undermining both cohesion and productivity.

The research shows how workers can rethink productivity to increasingly recognize the role that other people, like team members, play in helping them to be productive at their jobs. Productivity is not a solo act, but  a multiplayer game.

R﻿ead the [whole study](https://dl.acm.org/doi/10.1145/3610184).

T﻿ext: Lauren Howe

Source: Oec. Magazine issue #20

Research by UZH Professors Thomas Fritz and Lauren Howe suggests that contemplating "How does your team help you to be productive?" helps workers recognize their team's contribution to their productivity, rather than undermining it. Text: Lauren Howe

Rethinking Productivity with a Team Mindset

## Prof. Scherer, why should companies pursue CSR?

Today, the assumption of social responsibility by companies is "taken for granted". The question is therefore no longer whether companies should take on social responsibility, but what exactly they should and can do about it. Due to their resources (i.e. knowledge, people, capital, relationships), companies have a key role to play in tackling social and ecological problems. In addition, compared to state actors, they can also act beyond national borders.

## What problems do companies face?

In an environment of rapid social and technological change, new problem areas are constantly emerging in which companies and their responsible commitment are required without their behavior already being sufficiently pre-regulated by laws or regulations. Public discourse is constantly renegotiating how social problems should be addressed by state, private and civil society players and how they should be tackled based on a division of labor.

## What issues do companies face with regard to CSR?

These could be questions like these, for example: What responsibility do companies have for the physical and mental health of their employees and that of their suppliers or customers during the corona pandemic? How can and should this responsibility be exercised? What responsibility do companies have in the wake of the war in Ukraine? Towards business partners, customers, employees in Ukraine and Russia? How can and should this be perceived? The examples show that there is no ex ante defined answer to each of these questions, but that they must be developed in social discourses involving the various stakeholders. Companies must create suitable structures and processes and develop the ability not only to react appropriately, but also to act proactively with regard to latent or emerging problem areas.

## What role does globalization play in this?

Today, many companies operate in heterogeneous institutional contexts with different political, legal and moral frameworks. Large parts of global value creation are outsourced to states with authoritarian or fragile regimes, i.e. they take place beyond the reach of democracy and the rule of law. We can therefore no longer assume that the law and moral expectations will channel the behavior of profit-oriented companies in such a way that its effects are beneficial to society and future generations. Closing these regulatory gaps is the task of "global governance", in which companies participate and define and enforce rules for the global economy either in the course of self-regulation or in concert with state and non-state actors such as NGOs and civil society groups.

## Which companies do you see as pioneers?

More than 10,000 companies are involved in the United Nations Global Compact (UNGC). They have assumed responsibility and voluntarily committed themselves to protecting human rights, enforcing social and environmental standards and fighting corruption within their sphere of influence, i.e. along the value chains that affect them and also outside their own company boundaries. The UN Global Compact sees itself as a learning platform on which companies can exchange experiences and contribute to institutional change, particularly in regions where state actors do not have the will or capacity to ensure compliance with minimum social and environmental standards. In this context, companies play an important steering role and (co-)develop solutions that must be tailored to the institutional and sector-specific contexts. The UNGC website provides a wealth of information on corporate best practices.

## What is the Faculty of Business Administration and Economics doing in the area of CSR?

The WWF is well positioned in the area of CSR and business ethics research. In terms of citations of relevant publications in scientific journals, UZH is one of the world's leading universities and business schools. In addition, our young academics researching these topics have developed into an "export hit" over the last decade and now hold professorships at top universities in Switzerland and abroad.

## And what about teaching?

In teaching, the WWF pursues a decentralized approach in which it is up to the lecturers and professors to integrate the topics of ethics and responsibility into the respective subject canon. This makes sense insofar as different ethical challenges arise depending on the subject area, e.g. in IT, marketing, accounting, banking, leadership or human resource management. Nevertheless, we are faced with the challenge of pooling existing capacities and expertise in order to achieve greater impact and even greater visibility. The Center for Responsible Finance, for example, is a step in this direction.

## What do you want for the future?

Another overdue step would be the creation of professorships with a dedicated focus on ethics and responsibility. This would enable us to focus more strongly on basic principles and methods, to supplement the existing canon of subjects in teaching and to acquire young, successful talent for the WWF, especially as these areas are currently where the music is being played and an above-average number of publications have been published in top journals with a high impact in recent years.

*(Prof. Dr. Andreas Georg Scherer holds the Chair of Fundamentals of Business Administration and Theories of Entrepreneurship at the Institute of Business Administration at the University of Zurich. In 2020, the University of Hamburg awarded him an honorary doctorate.)*

Text: Jennifer Zimmermann

Source: Oec. Magazine #17

### **.﻿..interested?**

Our compact course [Corporate Governance and Corporate Social Responsibility](https://www.finance-weiterbildung.uzh.ch/de/programs/single-courses/corporate-governance-and-corporate-social-responsibility.html) provides an overview and understanding of the tasks and objectives of the main players in corporate governance. Participants will learn how current environmental and social developments affect the existing corporate governance framework and its actors. Another focus is on the current development of the legal framework and regulation, the key drivers of any corporate governance framework.

Prof. Andreas Scherer has been researching corporate social responsibility for years. In this interview, he reveals where the biggest challenges lie and why companies play a key role when it comes to CSR. Text: Jennifer Zimmermann

"CSR: companies play a key role"

### **Both of you are strongly engaged in shaping the «future of work». What does it actually mean?**

ELODIE LHUILLIER (EL): For us at Google, the future of work describes a change of work paradigms, influenced by technological, generational, and social shifts.

JOCHEN MENGES (JM): On the research side, we think that the future of work actually happens twice: Once today, in our heads – how we think it will happen and how we prepare. And then in reality – how these changes will actually play out.

### **So, how will the world of work change in the future?**

JM: There is a clear shift in how work has developed: from our hands to our heads to our hearts. That’s what the future of work will be about: What we as people do with our hearts when machines do what we used to do with our heads and hands. 

EL: By recentering on the heart, we move from a process-centered to a more human-centered approach to work, supported by technology.

### **Do these findings feed into research on the future of work?**

JM: There is a heavy focus on the technological developments and on macro policy questions. What’s been neglected is the question about the future of work in the here and now: What’s happening in people’s heads and how that relates to how they feel and what they do about the future of work. That’s the unique angle that we take at UZH.

### **Does this research have an impact on the practice of HR?**

EL: Yes, I think research insights come through in all industries and companies as they have to adapt to attract and keep talent. At Google, we base most of our people practices and processes on data and research. We stay very tuned to what’s happening in research and academia, and we have an internal People Innovation Lab that researches people topics.

### **Google invests a lot in people innovation. What is the benefit?**

JM: People innovation brings the scientific mindset to HR, a practice that is largely experience-based – you do what you think has worked. We want to create an HR practice that is evidence-based. That’s where a lot of innovation is going to happen in the future so that we can better understand how people can be their best at work, both from a wellbeing and a productivity side.

EL: People spend such a large part of their lives at work; that work should be an experience that contributes to their happiness, fulfillment, and health. That’s why we believe that a human-centered approach is key, and that research and innovation can help us address the challenges.

### **So, in a nutshell: What skills will be needed in the job market of the future?**

EL: With increasing automation, the focus will be more and more on those skills that are unique to humans, revolving around emotional intelligence, resilience, the ability to strive for self-improvement.

JM: We need STEMpathy – coined by Thomas Friedman in a New York Times article – i.e. both technical and socioemotional skills. How we combine both types of skills will determine the success of people in the future.

### **What should companies do to foster emotional intelligence?**

EL: Fundamentally, it’s about care and respect. Giving people a voice, listening to them, leaving room for emotions. By exposing ourselves more to emotions in a professional context, we will all become a little bit more fluent and increase our collective emotional intelligence.

JM: On the one hand, companies need to focus on emotional intelligence as an individual skill set that employees should have and be able to grow at work. On the other hand, and this is often lacking, companies should build a culture that encourages employees to use and show their emotional intelligence at work and that rewards employees for doing so. We thus need companies to develop into what I call «emotionally intelligent organizations».

### **Some people might be skeptical when  they hear about emotional intelligence. Why should they nevertheless invest in developing those skills?**

JM: Because it benefits them. If we’re better able to deal with emotions so that they can help us reach our goals, we are just better off : our well-being and happiness increase, and we’re better colleagues. Beyond that, evidence tends to show that emotional intelligence relates to job performance, creativity, sick days – to many of the things that matter in businesses and that turn into what we often call the hard results.

EL: Yes, absolutely. I see emotional intelligence as a foundation. Once you have this capability, you have the ability to recognize when you need to adapt or change.

### **How will this change the way we lead in the future?**

EL: Apart from getting things done, the developmental and emotional aspect of management will be important.
A good manager needs to create an inclusive, trusting team environment and show concern for the success and well-being of the team and its members.

JM: When it comes to leadership, two things matter: a concern for people and a concern for results. It’s really important that these dimensions work together instead of prioritizing one over the other.

### **A big change in our daily work life happened just recently due to the pandemic. What impact has it had regarding the future of work?**

EL: It accelerated the change and forced pretty much every industry to think about what the future of work
will look like.

JM: It also shifted attention towards the people-centered approach. On the one hand, technology allowed us to remain productive despite social distancing. On the other hand, it became clear that technology still
leaves a lot of human needs unfulfilled.

### **After almost two years of people working mainly remotely, will there still be a need for physical office sites in the future?**

EL: Well, we’ll need a refresh after the pandemic. The first thing will be to focus on why employees need to be in
the office. A lot of data indicates that the future of the office will be one of interaction and collaboration above all.
The other challenge will be to optimize hybrid types of work, to ensure that every employee can participate in a meeting, no matter where he or she works.

JM: The shift in work design from functional entities to socioemotional spaces will make the office of the future
very different. Spaces are now more thought of as environments that spark emotions to facilitate work. In a next step, we will also have to think about how to get that same kind of experience in the virtual format and ultimately how to blend the two.

### **So, in summary: How can companies prepare for the future of work?**

JM: I’d say, join the [HR Valley](https://www.leadthefuture.org/hr-valley), the people innovation ecosystem that we’re currently developing in Zurich . It will
bring businesses, academia, and others together to co-create the future by jointly working on it. Let’s bundle up and address this issue together – it’s too big for any company to solve alone.

EL: Listening to your employees is crucial: giving them a voice and hearing what’s working, what’s not. Thus, an individual company will learn but also benefit from other companies’ experiences through an open exchange about the challenges and how to tackle them.

### **And what can we do in our own lives to create our version of the future?**

EL: As an individual, I try to be comfortable with my emotions: being able to talk about them and handling them in a productive fashion. And as a mother, I’m trying to help my kids learn to embrace and deal with their emotions from a young age on so that they are able to interact with others in an emotionally intelligent way.

JM: The future is ours to create. We can all shape it, rather than simply await it, through the choices we make every day. Choices that relate to how we inform ourselves, critically think about and ultimately prepare for the future; how we endorse and invest into skillsets and values; and how we relate to, work with and lead others. When my children grow up, I hope that they will find themselves in a world of work that will have embraced the principles of emotional intelligence and that will enable everyone to do what we are best at as people: be human.

*(﻿Professor Jochen Menges holds the Chair of Human Resource Management and Leadership and serves as the Director of the [Center for Leadership in the Future of Work](https://www.leadthefuture.org/) at the University of Zurich. In his research, he focuses on the social dynamics between leaders and followers, and on the role of emotions and motivation in organizational life.*

*As Head of HR for Switzerland, Elodie Lhuillier is responsible for Google‘s HR strategy in Switzerland, with a strong focus on culture, diversity and dealing with unique people challenges locally. The Zurich office is Google‘s largest research and development site outside of the USA and employs over 4500 people of more than 85 nationalities.)*

T﻿ext: Tania Weinfurtner, Photo: Caroline Krajcir

S﻿ource: Oec. Magazine issue #16

When we talk about the future of work, we mainly focus on new technologies and tech-related skills. Prof. Jochen Menges from the University of Zurich and Elodie Lhuillier from Google Switzerland discuss why we should keep an eye on people, as well. Text: Tania Weinfurtner, Photo: Caroline Krajcir

From Head to Heart – Shaping the Future of Work

From automating routine tasks to improving decision making through advanced analytics, the uses of AI in the finance and accounting industry are diverse and have the potential to revolutionize the way these sectors work. According to a [report](https://www.mordorintelligence.com/industry-reports/artificial-intelligence-in-accounting-market) by Mordor Intelligence, the use of AI in the accounting industry is expected to grow by 33.5% annually between 2024 and 2029.  

What specific advantages does artificial intelligence offer and what tasks can it perform?  

1. **Automation of routine tasks:** AI can automate repetitive tasks such as data entry, invoicing and categorizing transactions. This not only saves time, but also reduces human error that can occur in manual processes.
2. **Real-time analysis:** With the help of AI, financial data can be analyzed in real time. This enables companies to react quickly to changes in the market and make informed decisions. By analyzing large amounts of data, trends can be identified at an early stage and appropriate measures can be taken.
3. **Fraud detection:** AI can help detect fraudulent activity by identifying patterns and anomalies in financial data. By using machine learning algorithms, suspicious transactions can be detected and investigated faster.
4. **Forecasting accuracy:** By analyzing historical data, AI can make accurate predictions about future financial results. These forecasts help companies to better plan their budgets and make strategic decisions.
5. **Improved customer service:** AI-powered chatbots can handle financial customer queries quickly and efficiently. By using Natural Language Processing (NLP), chatbots can answer complex questions and support customers around the clock, increasing customer satisfaction.

Artificial intelligence can take on many other tasks in the area of accounting and finance. These include, for example, the automatic classification of documents or the personalization of financial reports. AI can also support portfolio analysis, the identification of investment opportunities and the optimization of trading strategies.

Overall, AI offers numerous benefits to accounting and finance organizations by increasing overall efficiency, reducing errors and improving the accuracy of work - an advantage in a world where skilled workers are increasingly difficult to find. It also allows professionals to focus on those tasks that require higher problem-solving skills and cannot be automated.

T﻿ext: Linda Betschart

Finance & Zentrale Dienste

Artificial intelligence (AI) has had a huge impact on accounting and finance in recent years and there are numerous ways in which AI can be used to good effect in these areas.

What are the benefits of using artificial intelligence in accounting and finance?

Prof. Dr. Claudio Tessone examines fraudulent practices such as wash trading and rug pulling. In wash trading, traders engage in bogus transactions by repeatedly buying and selling the same asset to each other at a progressively higher price, creating the illusion of demand for the asset. This can dupe outside investors into acquiring the asset for an overblown price. Tessone’s research has shown that wash trading is a widespread practice. “This is startling,” the blockchain researcher says, “because most perpetrators don’t even cover their tracks.” This means that a look at the blockchain would show potential buyers that the price was manipulated.

Another form of fraud is rug pulling. In this type of scam, investors are promised high returns if they invest in a crypto project. When enough money has been gathered, the project developers then abscond with all of the liquid funds, pulling the rug out from under the feet of the other investors and leaving them holding worthless shares (tokens) in the project.

Tessone finds it incomprehensible that many buyers and investors don’t do closer due diligence when they purchase digital securities. “They often are naïve and don’t understand that the transparency of the blockchain would enable them to see that they are getting conned.” Tessone is thus advocating for rules for the digital economy analogous to those governing the bricks-and-mortar economy. Switzerland already has such laws in place. “We need them worldwide,” Tessone says. At the same time, though, all of the laws on the books are useless if investors don’t prudently scrutinize who they are entrusting their money to. 

T﻿ext: Thomas Gull (editor UZH Magazine) / originally published on [UZH News](https://www.news.uzh.ch/en/articles/news/2024/Cryptocurrencies.html)

## M﻿ore information

[P﻿rof. Dr. Claudio J. Tessone](https://www.ifi.uzh.ch/en/bdlt/Team/Tessone.html)

[UZH B﻿lockchain Center](https://www.blockchain.uzh.ch/) 

## M﻿atching offer

[C﻿AS in Crypto Compliance](https://www.executive-education.uzh.ch/static/ee-web/en/offers/cas_crypto_compliance/)

Blockchain technology creates complete transparency in the trading of digital assets such as non-fungible tokens (NFTs) or coins. When a unique digital asset of that kind is sold, the transaction is recorded in a blockchain. Despite that, digital trading opens up a wide range of possibilities for fraud.

Fraud in the Digital Economy

## W﻿hat is it all about?

In today's fast-paced business landscape, the spotlight on companies extends beyond profit margins and the bottom line. Companies face a rising tide of expectations from their stakeholders on topics such as environment, people, and corporate governance, increasingly also with a view towards the strategic anchoring of these topics. Navigating this dynamic terrain is no longer a choice but a necessity for companies as the convergence of these elements becomes the cornerstone for every successful long-term business model.

Addressing this development and supporting companies in dealing with the evolving intertwined issues professionally, the University of Zurich’s finance executive education program is launching a [Certificate of Advanced Studies (CAS) in Stakeholder Management and Stewardship](https://www.finance-weiterbildung.uzh.ch/en/programs/cas/cas-stakeholder-management-and-stewardship.html). The curriculum for this course was developed together with the leading professional associations in the field, the Center for Corporate Reporting and exchange operator SIX.

 

*“This CAS combines a unique combination of lecturers from Academia and industry, offering participants insights into the conceptual thinking behind the various stakeholder topics as well as experience reports on the implementation of different approaches."* 

**Dr. Christoph Wenk Bernasconi, CAS Program Lead**

 

## S﻿tructure

Starting from the most established corporate dialogue on financials, the [CAS](https://www.finance-weiterbildung.uzh.ch/en/programs/cas/cas-stakeholder-management-and-stewardship.html) modules, which can be booked individually, expand to increasingly strategically relevant discussions and engagements on board structures, compensation arrangements, climate change impacts, and biodiversity considerations with stakeholders such as institutional investors, employees, customers, NGOs, or governments, all within a constantly evolving legal and regulatory framework.

The [CAS](https://www.finance-weiterbildung.uzh.ch/en/programs/cas/cas-stakeholder-management-and-stewardship.html) makes use of the University of Zurich’s broad offering of disciplines to provide participants with cutting-edge research from the University and ETH Zurich on topics such as business administration, communications, earth sciences, finance, legal, media or public sphere and society. Combined with hands-on views from industry experts, this program not only provides participants with the background knowledge of the stakeholder topic, but also offers guidance on how to implement it. 

 

*“The dialogue with stakeholders is a central element of a listed company’s sustainability efforts. Participants will learn best practices on stakeholder engagement, with a particular focus on the key topics discussed in our [SIX Sustainability Handbook](https://www.six-group.com/en/products-services/the-swiss-stock-exchange/site/investor-relations-handbook.html). This program is a natural next step in our efforts to increase transparency on sustainability matters.”* 

**Vera Sokulskyj, Head Issuer Relations, Primary Markets, SIX Swiss Exchange**

 

## T﻿arget group

The [CAS](https://www.finance-weiterbildung.uzh.ch/en/programs/cas/cas-stakeholder-management-and-stewardship.html) is targeted at professionals working in the field of investor relations, communications, sustainability, finance and legal and shall establish a comprehensive, structure education program for the Swiss market. The first modules will start in August 2024.

 

*"The Center for Corporate Reporting (CCR) has built an international network of experts to support member companies in line with its mission “Enabling Stakeholder Excellence and Value Creation”. The CCR is convinced that interdisciplinary teamwork across functions and hierarchies coupled with integrated thinking is needed to meet today’s challenges of the transformation to a sustainable economy. Therefore, we support the new CAS of UZH since it provides inspiration and tools to meet increasing and diverse stakeholder requirements."* 

**Reto Schneider, Founder, Center for Corporate Reporting** 

 

## I﻿nterested?

[M﻿ore information](https://www.finance-weiterbildung.uzh.ch/en/programs/cas/cas-stakeholder-management-and-stewardship.html) on the program.

[A﻿pply now!](https://www.finance-weiterbildung.uzh.ch/en/registration.html)

Developed with SIX and Center for Corporate Reporting

New program: CAS in Stakeholder Management & Stewardship 

The history of Bitcoin, the first successful cryptocurrency, begins with a white paper-cum-manifesto: in October 2008, a certain Satoshi Nakamoto published a 9-page academic paper titled Bitcoin: A Peer-to-Peer Electronic Cash System, in which he explains how a new, electronic currency that enables direct payments between users without involving banks as relay stations could work. “Satoshi wanted to end governments’ and banks’ monopoly on currencies and monetary transactions,” Claudio Tessone explains, adding, “Instead of them being centrally organized and controlled, Satoshi’s idea was to create and oversee currencies and their value ‘democratically.’ This was an anarcho-capitalist concept: the market should regulate itself without state intervention.” Tessone is a professor of blockchain and distributed ledger technologies at UZH. He researches the economic incentives for cryptocurrencies and the blockchain technology that makes them possible.

## Fostering trust

Satoshi Nakamoto, whose true identity is unknown, put his money where his mouth is and rolled out the Bitcoin software as an open-source code in 2009. He “mined” the first 50 bitcoins and set the rules on how to mine others. Mining is the process through which new bitcoins get minted and brought into circulation.

Nakamoto also defined what it takes to mine bitcoins: proof of work. In the realm of cryptocurrencies, “proof of work” means that participants, called miners, must prove that they have completed the computational work required to verify and validate a block of digital data records, a multiple of which make up a blockchain, and to add it to the existing blockchain as the next block. This work is essential to the blockchain because the blockchain consists of a ledger of all verified transactions. The gapless documentation of those transactions is designed to foster the necessary trust in Bitcoin and to supplant the faith that market participants typically place in institutions like central banks. Nakamoto phrased it this way: “What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.”

In the beginning, bitcoins were practically worthless. Software developer Laszlo Hanyecz went down in history as the person who conducted the first-ever commercial transaction using a cryptocurrency: he paid 10,000 bitcoins in exchange for two pizzas. That would have equated to a sum of more than 600 million US dollars at the peak of bitcoin’s all-time price high. Rumor has it that Hanyecz doesn’t regret his decision. His pizza purchase, in his view, was a crucial step toward establishing cryptocurrencies as a medium of exchange. 

## Few market participants left

In January 2013, the value of one bitcoin surpassed the USD 1,000 mark for the first time. A couple of booms and crashes later, one bitcoin today costs more than 30,000 Swiss francs. “My wife sometimes criticized me for not having bought any cryptocurrencies even though I’ve been studying and researching them for more than a decade now,” Claudio Tessone says. The crypto researcher attributes his personal reluctance toward cryptocurrencies to his aversion to risk. Moreover, and importantly, through his research Tessone is also familiar with the problems facing cryptocurrencies today.

Most cryptocurrencies have evolved quite differently than their founders intended, particularly with regard to the concept of decentralizing power and spreading it among as many participants as possible by involving many different actors in the minting of crypto coins. “What we’re seeing today is exactly the opposite,” Tessone explains. “Today there are only a few giant market participants left that are capable of mining new coins,” he says.

## Incumbents benefit more

Why is that? Given the growth of crypto systems, today it takes an enormous amount of computing power and thus an awful lot of computer hardware and energy to verify and validate data chains. That’s expensive and thus requires a lot of capital. A lone market participant with their computer therefore no longer has any chance of doing this work and earning the right to new coins.

This is why some blockchains require “proof of stake” instead of “proof of work.” Proof of stake requires less computational power, but favors incumbent market participants who already have a greater stake weight. The proof-of-work and proof-of-stake mechanisms both lead to a concentration of power in cryptocurrencies and blockchains. That actually ought to undermine trust because trust is based on collective control by stakeholders who have a mutual interest in everything operating fairly. “If there are only a handful of them left, why should anyone trust them?,” Tessone asks. “Especially if they’re anonymous,” he adds. Concentration of power is dangerous, the blockchain researcher says, because it’s an invitation to malfeasance. “That’s why laws are needed to regulate cryptocurrencies.”

How could it have gotten to this point? Tessone blames it on misplaced incentives. Since it was transparent from the start how to mine new coins, participants worked out how to exploit the system by, for example, acquiring massive computing power to produce proof of work. “Today in the crypto world we are observing the same phenomena that prevail in the real economy: for whosoever hath, to him shall be given, or in other words, the rich get richer,” Tessone says. Moreover, cryptocurrencies usually are not used as a means of payment. Most coins are hoarded as speculative assets.

## Something more useful

According to Tessone, the evolution of Bitcoin and other cryptocurrencies is an example of “what can go wrong despite the best intentions.” That certainly goes for Bitcoin, whose founder wanted everyone with a computer to be able to participate in it. Satoshi Nakamoto’s own thoughts about this are unknown. He issued his last public message in December 2010 on the Bitcointalk online forum and then disappeared without a trace in April 2011.

Do cryptocurrencies have a future? In his analytical research, Tessone has observed that some cryptocurrencies are trying to configure their respective systems in a way that doesn’t as richly reward concentration down to just a small number of participants. It remains to be seen whether that is enough to rectify systems’ current design flaws. Tessone sees the real value of cryptocurrencies lying more in the innovations they have spawned. “Those innovations could be applied to the broader economy to do something more useful,” the crypto researcher sums up.

Thomas Gull is editor of the UZH Magazin / Originally published on [UZH News](https://www.news.uzh.ch/en/articles/news/2024/Cryptocurrencies.html)on 07.02.2024.

## I﻿nterested in the topic?

Our[ CAS in Crypto Compliance](https://www.executive-education.uzh.ch/static/ee-web/en/offers/cas_crypto_compliance/) provides insight into blockchain regulation and blockchain forensics as well as a technical approach to crypto compliance.

Cryptocurrencies like Bitcoin were created to circumvent the monopoly on money held by nation states and central banks. The digital currencies were to function more democratically and be widely disseminated. But the opposite has happened, blockchain researcher Claudio Tessone notes. Text: Thomas Gull / Translation: Mark Rabinowitz / Photo: Jos Schmid

Mining Coins

## When did you first encounter the topic of “further education” or think about the topic?

I first thought about further education in the spring of 2014. At that time, I was already self-employed as a communications consultant. Since I was increasingly providing strategy and marketing services for my clients, it was time to gain new qualifications.

## Why did you choose an Executive MBA?

To be able to set new impulses, I needed entrepreneurial expertise. It should also be training at management level. The decisive factor for the [Executive MBA](https://www.emba.uzh.ch/en/) was the holistic teaching of core entrepreneurial topics as well as the reputation as the best management training.

## What reasons motivated you to complete your Executive MBA studies at the University of Zurich? Motivation?

I already knew the University of Zurich from my journalism studies. However, I also looked at other courses for the [Executive MBA](https://www.emba.uzh.ch/en/). I compared the lecturers, the image of the institution and finally the backgrounds of my fellow students. The EMBA ranking in the Financial Times also played a role. In addition to the University of Zurich, there were three other institutions to choose from at the end. Ultimately, the structure of the modules, the proximity to the office and family and the attractive Learning Expeditions spoke in favor of the UZH.

## What were your impressions during the training? Have your expectations of the EMBA been fulfilled? What do you see critically?

The [EMBA](https://www.emba.uzh.ch/en/) offered me a comprehensive insight into all areas of corporate management and placed the right focus for me as a management consultant in strategic management, corporate finance, and marketing. The insights into foreign markets such as Brazil, Africa and China were also instructive. My expectations were clearly fulfilled in that I now had the relevant tools for sustainable business strategies in my hand. However, I hoped for a little more from an interdisciplinary placement. A concrete “business plan” module in which several company specific aspects would have been considered at the same time would have been helpful.

## Can you already use the knowledge and experience imparted in your everyday professional life? What do you see as the benefit of your Executive MBA degree when you think about your day-to-day business?

The [EMBA](https://www.emba.uzh.ch/en/) program was crucial for me to develop from a communications consultant to a holistically thinking business consultant. The knowledge imparted is now a basic requirement for my work, which involves analyzing our clients’ problems, deriving measures from them, and implementing them.

## What was a particularly nice/special experience? What did you like especially?

The stays abroad in Yale University and Fudan University Shanghai remain unforgettable. While the focus at Yale was on education with “edutaining” speakers, Shanghai impressed with the dynamism of the city. The gala evening on the occasion of the annual briefing by the Swiss Ambassador to China, which took place in Shanghai in 2016, was, along with some very cool events with the class, the highlight of the entire [EMBA](https://www.emba.uzh.ch/en/) supporting program.

## Who would you recommend the EMBA UZH to?

The[ Executive MBA](https://www.emba.uzh.ch/en/) at the University of Zurich is management training at the highest level. I recommend it to managers who have a lot of initiative and can contribute the knowledge to their companies. Technically, the EMBA is aimed at people who would like to bring their business knowledge up to date and/or need to be prepared for working with other cultures and the challenges of digital transformation.

## T﻿hank you very much, Philipp Koller!

Philipp Koller is a business developer and owner of the STRATS Company in Zurich. Together with specialists from various disciplines, he helps SMEs and start-ups develop and implement new business ideas. From strategy (Strats) to marketing and communication to visuals, STRATS covers all relevant aspects to (re)position companies in creative and innovative ways; flexible, pragmatic, personal. Before becoming self-employed, he worked in larger communications and marketing agencies, where the cumbersome overhead bothered him. Philipp Koller studied journalism, constitutional law and history at the University of Zurich and graduated with a Master of Arts (lic. phil.). He is married and lives in Zurich with his wife and four sons.

Philipp Koller, Executive MBA

## How was your start and your first impression?

As expected, the start in September was very intensive. I was able to hold important discussions with the university management, the Executive Board, the Faculty of Business and Economics, our professors and all employees. I also held talks with other faculties at the University of Zurich and, of course, gathered impressions from external stakeholders. My impression was very positive and I am particularly looking forward to working with an ExecEd team that is very open to new ideas and has great ideas for the future development of Executive Education.

## What impressed you the most?

Executive Education was founded as an institute just over two years ago. I am impressed that the team has shown a more than solid result in this short and very crisis-ridden period despite international and national challenges (pandemic). We can build on this and I am very positive about the future. I look forward to mastering the challenges ahead together.

## Where do you see the biggest challenges for the continuing education landscape and Executive Education?

We live in an increasingly complex world characterized by exponentially accelerating technological, economic and social change. These changes require additional skills in order to tackle and, in the best case, solve current and future problems. As part of the largest comprehensive university in Switzerland, at an internationally attractive and competitive location in Zurich, Executive Education at the Faculty of Business, Economics and Informatics can make a major contribution to closing these skill gaps. In order to accomplish this mission, we need to be courageous and lead the way, which is not a given in this day and age. There is a lot to do!

## Which new Executive Education offer are you particularly looking forward to?

Executive Education offers around 30 certification programs in the form of EMBA, MAS, DAS and CAS as well as over 60 courses in the areas of General Management, Finance, Information Technology, Urban & Real Estate Management, Intercultural Management and Medical Leadership. For example, we are the leading provider in Europe in the field of blockchain and rank 3rd worldwide. The Faculty of Business, Economics and Informatics at the University of Zurich has a unique constellation: we teach and research in the fields of management, economics, finance, informatics and computer science. This means that, unlike other universities, we can credibly offer interdisciplinary courses in executive education.

Specifically, I am looking forward to the CAS program in Generative AI, which will be offered from 2024. But also to the upcoming programs in the areas of entrepreneurship, leadership, stakeholder management, technology and innovation. In addition, the modular approach of our programs allows even more flexibility for our participants.

## Thank you very much, Jürgen Brücker!

Under the motto "Are we brave enough to achieve our goals?", Jürgen Brücker drew a positive balance after his first 100 days in office. The good conditions at Executive Education are a good foundation for further developing continuing education at the Faculty of Business, Economics and Informatics with the team and for growing together.

Jürgen Brücker, CEO Executive Education: 100 days in office

Dr. Daniel Fasnacht lectures at the University of Zurich on trends, digital transformation, disruptive technologies and business model innovations. In his third book on the subject, which was published by Springer Verlag in November 2023, he explains why ecosystems promote limitless consumption and why platform business models will become the leading management approach of the next decade. Does transformation go hand in hand with creative destruction, is it a dystopia or an opportunity? What does the future of work in the ecosystem look like and what do managers need to consider?

With a foreword by Selina Yuan, President of Alibaba Cloud, the book combines theoretical concepts with concrete examples from leading companies such as Alibaba, Tencent, NIO, Alphabet, Apple, Amazon and Migros to provide readers with guidance in the new economic paradigm.

Click [here](https://link.springer.com/book/10.1007/978-3-658-42494-7) for the book "Offene und digitale Ökosysteme: Mehrwert durch Branchen- und Technologiekonvergenz, Springer, 2023" (available in German).

O﻿ur compact course matching the topic: "[Financial Services Ecosystems](https://www.executive-education.uzh.ch/static/ee-web/en/offers/course_%20financialservicesecosystems/)".

Open and digital ecosystems help to develop and provide products and services across organizational boundaries. Different technologies are combined, which promotes new and cross-sector value creation. 

Read boldly.

Your search yielded no result