The Hungarian economy has become significantly more open since joining the EU in 2004. Hungary made the transition from a socialist economy to a market economy in the early 1990s and is now a member of the OECD and the WTO (Organisation for Economic Co-operation and Development, and the World Trade Organisation).

The switch from a socialist economy to a market one meant that many smaller companies were privatised and larger companies such as Cora, IKEA and Tesco opened offices in Hungary.

Expats working in Hungary will find that their work environment is quite traditional, especially if working for a local company. Multinational companies offer environments similar to those in America and Western Europe. The workweek is generally 40 hours and annual leave tends to amount to 21 days.

A basic knowledge of Hungarian is very helpful when negotiating salaries and can put job applicants a head above the rest when applying for work or specific positions. The minimum wage in Hungary is set at 65 500 HUF per month. On average blue collar workers tend to earn about 370 EUR a month before tax and white collar employees earn double that. Expats working for multinational companies can expect to earn more than their Hungarian counterparts.

The job market in Hungary can be tough, especially in today’s economic climate. Hungary has seen a surplus of economics and marketing graduates but there is a high demand for employees in job areas such as technology, telecommunications and IT, particularly programmers. Other job fields popular with expats moving to Hungary include accountants, auditors and project managers. Finally, many younger inexperienced expats in Hungary work as English teachers. Many of these positions are filled by expats as sub-contractors rather than fully fledged employees.

Other expanding industries in Hungary include those of renewable energy systems, luxury vehicle manufacturing and tourism. There are also a few work opportunities for expats in the fields of engineering and the services industry (particularly transport services as Hungary is at the heart of Central Europe). Many expats wishing to work in Hungary apply with companies in their own countries that have offices or branches in Hungary, this makes it easier to transfer rather than having to wade through the bureaucracy and red tape of visas and work permits.

Business culture in Hungary

Business hours in Hungary are generally from 8am until 4pm from Monday to Friday, although business hours in summer are usually slightly shorter. A hefty portion of patience is required when conducting business in Hungary, as the country's communist legacy means that red tape abounds.

Standard business attire in Hungary is a suit and tie. Greetings take the form of a handshake, and if you find yourself in mixed company, then allow women to initiate the greeting procedure. Hungary is a male-orientated country, particularly in the business world, but being female is not considered a disadvantage in the business world. Always address business people by their title and surname.

Business cards are common, and Hungarians tend to list their surname first. In many business environments it is becoming commonplace to invest more time in building a relationship with business partners. Business relationships are vitally important and a lot of time is taken to build a solid foundation. Socialising is an important part of business relationships and face-to-face meetings are key. Punctuality is incredibly important and cancelling meetings at the last minute is decidedly detrimental to any further business dealings with the company in question.