
Babak Hakimi: »It cannot be a coincidence«
Nine persons tells how difficult it is getting into the Swedish finance industry if you have a foreign background, and that advancing in your career is just as hard. Babak Hakimi is one of them. »You must dare to speak about the elephant in the room«, he says.
Babak Hakimi was born and raised in Stockholm, his parents come from Iran. Early on he understood the importance to stand out. In parallel with his master’s in finance at the Gothenburg School of Economics, he worked voluntarily in the student union, periodically worked full- or part time at SEB and got involved in Unga Aktiesparare. During his education, he also got an internship at SEB Market Sales in Gothenburg, where he traded currencies.
After graduating in the summer of 2019, he thought it would be quite easy to get a job. The dream job was in investment banking, especially in corporate finance. On the other hand, he was fine with a »normal entry-level job«, that is, an internship or a junior position at a major bank or a smaller firm.

Eight times higher unemployment rate among foreign born
– I didn’t have an internship during the summer and I understood that it would be required to compete for the prestigious positions. At the same time, there is a lower level than the major banks at the smaller firms that I definately would have been satisfied with. I was prepared to work for free if that was the case, just to get my foot in the door, he says.
But he didn’t get a job in the autumn. Babak Hakimi applied for all sorts of jobs, but only got a handful of answers. After 100 applications he stopped counting. At the same time, many of his old classmates from the university got jobs straight away. Even less qualified people he knew from the student union or Unga Aktiesparare got the jobs Babak applied for.
– I’m at a crossroads.
– Those who wanted to work in finance all succeeded in their own way. There got jobs in markets, there were those who landed jobs in investment banking and those who started at smaller firms. But there were also others who were much younger who got the internships and job interviews that I’d applied for.
The real wake-up call came a year later when the scenario repeated itself, he says.
– Then I had still only gotten a handful of interviews that were relevant, and I got half of them by chasing the recruiter. It struck me that this cannot be a coincidence.
The time after graduation has been tough, he says. The hardest part is not getting an explanation as to why he won’t get any calls-backs.
– You don’t want to take the easy route and say that it’s straight up discrimination. Because the finance sector is highly competitive, not everyone can get these jobs. But at the same time, it is so difficult for me to accept those who say that the competition is on equal terms.
Others Finansliv have spoken to have a similar experience. One of them is Eddie Gustafsson, who today works as a trader at Swedbank. He was a strong candidate on paper, but for a long time the door was shut. After years with no call-backs, he changed his name from Luquene – to Eddie – and got an interview right away.
Babak Hakimi says he has considered doing the same thing many times.
– I constantly ask myself that question, but always circle back to if I get a response, how does it help me? In a way, I think it would make the sadness, pain and frustration that much more real.
– You hope it’s about the merits, but at some point someone has to choose. Some people are preferred as colleagues over others, that hurts but at the same time it’s reality.
Babak Hakimi is part of a minority with an immigrant background who do not feel completely at home in Sweden among the majority culture, but also not completely at home where their parents come from, he says. At the same time, he sees no short-term solutions to the problem.
– I don’t think it would help to tell employers that they must keep an eye on the diversity in the candidate pool. Exaggerated justice only leads to greater friction, I think. But you must dare to speak about the elephant in the room. In Sweden, the culture is consensus-seeking and many are afraid to speak up. You have to dare to speak about the fact that some are selected while others are left behind.
I will continue to try to get a job in Sweden, but at the same time I am definitely considering a career abroad.
Three years after graduation Babak Hakimi works at Ernst & Young as a consultant. However, the job is not particularly meritorious for work in the financial industry, he says. Instead, he is now considering a career abroad, where the response previously has been better.
– I’m at a crossroads. I will continue to try to get a job in Sweden, but at the same time I am definitely considering a career abroad. I have always wanted an international career, but the idea was always to start and to be based in Sweden.
Why is it important to tell your story?
– If anyone recognizes themselves in me, I want them to know that there are others who have had the same experience. If I had known this in school, my tactics would have been different. Maybe I would have dared to process the mental part of it more, change my name or add a temporary name.