schaeffler was born in erlangen. from 1986 to 1990, schaeffler studied business and economics at the university of st. gallen, switzerland, and worked within the schaeffler group from 1990 to 1996. he later went on to receive a law degree and a masters from duke university and practised international business law in dallas. he served two years in the german armed forces, reaching the rank of lieutenant in the air force reserves.