Professional experiences Archives

My internship experience as an analyst assistant at China Bond Rating

November 23, 2025 by Tianyi WANG

In this article, Tianyi WANG (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2022-2026) shares her professional experience as an Analyst Assistant at China Bond Rating in Beijing.

About the company

China Bond Rating Co., Ltd. (CBR), established in 2010 with a registered capital of RMB 50 million, has grown into one of the core credit rating institutions in China’s fixed-income market. The company employs around 280 professionals and operates under an “investors-pay” model designed to enhance its independence and objectivity. Over the years, it has built a comprehensive analytical framework covering macroeconomic research, sectoral risk evaluation, credit modelling, structured finance, and green finance.

Logo of China Bond Rating .

Source: the company.

CBR provides a wide range of services including issuer credit ratings, bond and ABS credit assessments, credit-risk-based valuation models, market pricing services, and risk monitoring tools. Its clients span local governments, state-owned enterprises, financial institutions, corporates across industries, and institutional investors in the interbank bond market. According to regulatory disclosures, the company issued over 1,180 new credit ratings in a recent year, covering more than RMB 34 trillion in bond issuance. These credit opinions are widely used for investment decisions, regulatory compliance, and bond pricing, making the firm a key contributor to transparency and information efficiency in China’s fixed-income ecosystem.

As part of its methodology, China Bond Rating uses a structured rating grid similar to international rating agencies, ranging from high-grade ratings (AAA, AA, A) to speculative-grade categories (BBB, BB, B, etc.). Credit ratings help investors assess default risk, determine appropriate yield spreads, and monitor changes in an issuer’s financial strength over time.

Grid of China Bond Rating.

Source: the company.

My internship

From August to November 2023, I worked as an Analyst Assistant at the Investment Service Department. The experience allowed me to gain deep exposure to China’s local government financing system and understand how professional credit evaluations are produced from both data and policy perspectives.

My missions

My primary mission was to support the team in building and maintaining credit evaluation databases for local governments and urban investment enterprises. I conducted detailed research on more than 130 companies across the Sichuan and Chongqing regions, analyzing their business structures, investment pipelines, guarantee arrangements, and key financial items. I helped calculate funding gaps and conducted preliminary assessments of repayment risk.

I also created and updated database templates using Excel, SQL, and internal analytical tools to maintain credit evaluation data for local governments, urban investment enterprises, and bond issuance activities. This included compiling statistics on local government bonds and special refinancing bond issuances.

Another major part of my mission was to verify and cross-check corporate operational and financial data to support fundamental research. I helped review over 60 debt financing reports and credit analysis documents, ensuring accuracy and consistency across key metrics. Through this work, I learned how rating agencies ensure data reliability before forming credit opinions.

Required skills and knowledge

This internship required strong analytical thinking, attention to detail, and the ability to manage large volumes of financial data. Hard skills such as Excel modeling, SQL queries, statistical analysis, and familiarity with financial statements were essential. Equally important were soft skills such as communication, logical reasoning, and the ability to organize information from inconsistent disclosures.

Given the diversity of local government financing practices across regions, I needed to quickly understand differences in fiscal structures, reporting standards, and project pipelines. The role required not only technical ability but also a policy-oriented mindset to interpret the implications of debt levels, off-balance-sheet risks, and industry trends.

What I learned

Through the database reconstruction and indicator standardization work, I gained a systematic understanding of credit risk assessment and the financial mechanisms behind China’s local government financing vehicles (LGFVs). I developed the ability to assess repayment capacity based on funding gaps, cash flow projections, and guarantee relationships.

My contribution helped improve the efficiency of data extraction and cross-validation, significantly reducing the time required for report preparation. During the internship, I also discovered several enterprises exhibiting liquidity pressure and implicit debt risks. These findings supported the final credit rating conclusions.

Overall, this internship strengthened my skills in data management, logical analysis, and risk identification. It also deepened my understanding of how rating agencies support bond market stability through standardized evaluation and high-quality information disclosure.

Financial concepts related to my internship

I present below three financial concepts related to my internship: credit risk assessment, local government implicit debt, and refinancing pressure.

Credit risk assessment

Credit risk assessment is the foundation of the bond market. My work involved analyzing financial ratios, debt structures, liquidity indicators, and funding gaps to determine whether an issuer has adequate repayment capacity. These assessments directly influence credit rating outcomes and bond pricing.

Local government implicit debt

Urban investment companies often carry implicit debt obligations on behalf of local governments. Understanding the link between fiscal revenues, government guarantees, and off-balance-sheet debt was crucial to evaluating the financial sustainability of LGFVs.

Refinancing and liquidity pressure

Many LGFV issuers face refinancing pressure as their short-term borrowings accumulate. By tracking debt maturities and analyzing cash flow projections, I learned how rating agencies evaluate the risk of default and identify early signals of liquidity stress.

Why should I be interested in this post?

This post is relevant for students interested in fixed-income research, credit analysis, bond markets, or public finance in China. Working in a rating agency provides exposure to the fundamentals behind bond pricing, the interaction between public policy and financial markets, and the analytical rigor required to evaluate complex debt structures.

Useful resources

China Bond official website

China Central Depository & Clearing Co., Ltd.

About the author

The article was written in November 2025 by Tianyi WANG (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2022-2026).

My internship experience at BearingPoint – Finance & Risk Analyst

November 22, 2025 by Julien MAUROY

shares his professional experience as a Finance & Risk Analyst at Bearingpoint.

Overview of BearingPoint

BearingPoint is a management and technology consulting firm founded in 1997, with European origins and international reach. The firm operates in more than 20 countries and has over 6,000 employees. It supports large companies, financial institutions and public organizations in their strategic, financial and digital transformation projects.

The firm’s unique selling point is its ability to combine strategic thinking with operational implementation. Its consultants are involved throughout the entire process, from defining the strategy to its concrete implementation. BearingPoint also stands out for its strong entrepreneurial culture, based on collaboration, knowledge sharing and continuous skills development.

Logo of BearingPoint.

Source: the company.

My experience and service

I joined BearingPoint France as an intern analyst in the Finance & Risk department. I completed this internship during the first part of my gap year for a period of six months, from September 2024 to February 2025.

The Finance & Risk department supports the finance departments of large international groups (both private and public) in their transformation projects: optimizing management processes, performance management, digitization of financial tools and risk control. I had the opportunity to participate in a variety of assignments, combining financial analysis and strategic analysis. I worked for a company in the energy sector and had the opportunity to participate in the drafting of two commercial proposals.

As part of my client assignment, I worked in collaboration with a junior consultant, a consultant and a senior manager. I participated in all meetings with the client, contributed to the drafting of various deliverables, mainly in PowerPoint and Excel, produced reports and acted as PMO for effective project management. More specifically, I had the opportunity to gain detailed insight into the organization of a large group’s finance department and to understand the economic challenges and structure involved in the financial management of such an organization.

This assignment had a real impact on the company’s financial management in terms of both the budget and projections and actual results. I was able to interact directly with the finance departments and sometimes with members of executive committees, in a stimulating environment.

Explanation of the hierarchy

At BearingPoint, positions are organized around a clear hierarchy:

Analyst/Junior Consultant: participates in analyses, preparing deliverables and structuring data.
Consultant: manages part of the project, sometimes supervises a junior consultant and contributes to client relations.
Senior Consultant: provides technical or sector-specific expertise and leads certain assignments
Manager: coordinates the team, ensures the quality of deliverables and client satisfaction, and begins to work on several assignments at the same time
Senior Manager: a position between operations and assignment management, supporting consultants on assignments and with clients, leading project and steering committees, and structuring the deliverables plan
Director: strategic vision, supports senior managers in client relations and specialises in a sub-sector of the service (e.g. in public institutions in the Finance and Risk department)
Partner: designs the development strategy, supports and manages a portfolio of clients and contacts, defines the firm’s vision and sectors/areas of development

This hierarchical model provides a highly educational learning environment. Each level of responsibility represents a step forward in one’s career progression.

As a trainee analyst, I was able to learn directly from experienced consultants, understand the logic and structure of a project, and observe how managers structure strategic thinking. Consulting thus offers an environment where learning is continuous and skills develop rapidly.

Required skills and knowledge

On a technical level, the assignments I carried out strengthened my advanced mastery of tools such as PowerPoint and Excel for structuring models and analysing complex data. In addition, understanding budgetary processes, forecasting cycles and key financial indicators (KPIs, margins, cash flow) was essential for me to be able to work collaboratively with my teams on assignments. On a personal level, the consulting environment requires a high degree of adaptability, whether in client meetings, when encountering difficulties, or in keeping up with the fast pace of work. Rigour and attention to detail were also essential, as they are integral to the quality of the deliverables expected and the accuracy of the analyses performed. Finally, teamwork is central to BearingPoint. I strengthened my communication skills and my ability to be proactive and solution-oriented. These constant exchanges with my team members were a driving force for learning and progress.

What I learnt from this experience

This internship was particularly educational. I learned how to:

Structure my thinking and present analyses in a clear and concise manner (analysis of complex financial and quantitative models),
Work as part of a team in a demanding and intense environment where collaboration is essential,
Develop the analytical rigor needed to understand a company’s financial performance,
Finally, translate complex issues into concrete, quantifiable solutions tailored to the client.

Beyond the technical skills I developed, this experience confirmed my interest in financial strategy and consulting. It is a field that I found fascinating, where reflection, adaptation and a deep understanding of business issues are complementary.

Financial and Business concepts related to my internship

Here are three financial and business concepts related to my internship experience at Bearingpoint: financial analysis, writing commercial proposals and pricing assignments, and the strategic and analytical approach to barriers to financial performance for a company.

Detailed financial analysis by cost category

During my internship, I worked on a project that required me to examine in detail the cost structure of the company we were supporting. The analysis was based not only on its financial statements but also on those of its SPVs and the distribution of costs throughout the entire structure. It was necessary to distinguish between support and operational items by linking them to the appropriate cost centre to ensure that the allocation of costs was fair. This work required a deep understanding of the employees’ roles, as well as the financial challenges of each financial structure. One of the challenges was therefore to restructure the allocation of the company’s costs to ensure the right balance within the structures and enable them to grow without running out of resources.

Commercial proposals and pricing for assignments

I have had the opportunity to participate in the drafting of commercial proposals. This is a demanding task that is carried out in collaboration with the departments involved in the tender process. It is often an intense exercise, given the tight deadlines and the complexity of creating a convincing response that is tailored to the company. It is also through responses to calls for tenders that we can see the financial structure of a consulting assignment. Depending on the duration and the people who will be assigned to work on the assignment, there will be a price (number of people per grade x the FTE price per grade x the duration of the assignment). An FTE is a full-time equivalent, i.e. the price of one person working for one day.

Strategic approach and barriers to financial performance

During an assignment, I had the opportunity to work on analysing a company’s financial performance. The task was to identify cost items but also to find ways to optimise certain costs, facilitate access to information and improve understanding of revenues within the company. This involved both internal and external work with a strategic vision. Financial management is therefore a key factor in preparing a solid budget and setting targets that reflect the current situation. I had the opportunity to work on these elements and support the teams in implementing a financial management tool.

Why should I be interested in this post?

This position is a great opportunity to discover several sectors of activity while specialising in corporate finance. Consulting assignments allow you to work with a company and learn about its sector, strengths and weaknesses. This position is also challenging in a dynamic environment. You will be very exposed, working directly with the client, which is very educational but also demanding. It is a great way to learn from extremely competent and motivated teams.

Useful resources

BearingPoint

About the author

The article was written in November 2025 by Julien MAUROY (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025).

My experience as a financial analysis assistant in China’s securities market

November 22, 2025November 22, 2025 by Tianyi WANG

In this article, Tianyi WANG (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2022-2026) shares her professional experience as a Financial Analysis Assistant at a leading securities firm in China.

About the company

The securities company where I completed my internship is one of China’s leading investment banks and brokerage firms. Founded in 2005, the CSC (China Securities Company) has expanded over the past two decades. In 2023, the firm reported total operating revenue of ¥232.43 billion, with a net profit of ¥70.34 billion, illustrating its strong financial scale. It operates across a broad range of business lines — equities, fixed income, asset management, wealth management, and structured and derivative products. Its own proprietary trading business generated ¥68.42 billion, a year-on-year increase of ~50.96%, showing the firm’s flexibility and strength in capital markets. On its balance sheet, the firm had total assets of ¥5,227.5 billion at the end of 2023 and a net shareholders’ equity of about ¥975 billion. Its return on equity (ROE) was 8.59%, reflecting relatively efficient use of capital.

Logo of China Securities Company (CSC).

Source: the company.

Within the organization, the Financial Innovation Department occupies a strategic and highly cross-functional position. It integrates market research, product development, and investor education, acting as a bridge between frontline market activities and client engagement. The department monitors market trends daily and collaborates with trading desks to design and structure a broad range of innovative products—including equity-linked notes, autocallable structures, barrier options, total-return swaps, and market-linked wealth-management products. These solutions are tailored to the needs of diverse client groups, ranging from institutional investors such as mutual funds, hedge funds, insurance companies, and corporate treasuries to high-net-worth and retail investors seeking yield-enhancing or risk-controlled strategies. By translating complex market movements into accessible insights, preparing product explanations, and communicating risk–return characteristics, the department ensures that financial innovations are both technically sound and aligned with client objectives.

My internship

My internship allowed me to gain hands-on exposure to China’s fast-evolving securities markets. Working within the Financial Innovation Department, I engaged closely with market data analysis, product evaluation, and investor communication. The role helped me understand how market information shapes investment decisions and how securities firms design and present financial products to clients.

My missions

During my internship at the Financial Innovation Department, my missions covered a wide range of tasks across market research, product analysis, data management, and investor education. These responsibilities gave me a comprehensive understanding of how securities firms operate and respond to market developments.

A core part of my work involved daily market tracking. Using Bloomberg (a global financial data and analytics platform that provides real-time market data, news, trading tools, and research used by investment banks, asset managers and traders worldwide) and Wind (China’s leading financial data platform which offers comprehensive domestic market data, company financials and researches that widely used by Chinese securities firms, asset managers and regulators), I collected and analyzed data from the A-share market (China’s main domestic stock market, where shares of Chinese companies are traded in RMB and mainly listed in Shanghai and Shenzhen), the SSE Composite Index (The main stock index of the Shanghai Stock Exchange, tracking all stocks listed in Shanghai to show how the Shanghai market is performing overall), the SZSE Component Index (A major index on the Shenzhen Stock Exchange, made up of 500 representative Shenzhen-listed companies, used to show the performance of the Shenzhen market), and major ETFs. This required monitoring price movements, macro policy announcements, sector rotations, and liquidity patterns to support internal decision-making. I also assisted in building and maintaining internal market-tracking templates, which later became standard references for training materials and product discussions.

Beyond market research, I supported the team in evaluating and managing a broad set of financial products, including Snowball derivatives, fixed income instruments, trust products, and structured products linked to the CSI 500 Index (A major Chinese stock index that tracks 500 mid-cap companies listed on the Shanghai and Shenzhen stock exchanges. It reflects the performance of China’s mid-sized, fast-growing firms and is widely used as a benchmark for mutual funds, ETFs, and quantitative strategies). My tasks ranged from conducting payoff simulations and reviewing index-linked behavior to preparing model inputs and performing preliminary return estimations. Through this process, I learned how structured products are designed, priced, and monitored under different market conditions.

Another important part of my mission involved contributing to investor training and communication. I prepared financial product training materials, coordinated with private equity and trust companies, and helped explain how market trends affect product performance and applications. This strengthened my ability to translate complex market concepts into accessible explanations for clients.

Additionally, I compiled daily market news, summarized major macro and microeconomic developments, and drafted weekly livestream scripts for investors. This required identifying the most relevant policy signals, analyzing capital flows, and highlighting potential investment opportunities or risks. Over time, I learned how to condense large volumes of information into concise and actionable insights.

Together, these missions enabled me to contribute meaningfully to team projects while building a holistic understanding of the relationship between market dynamics, product structuring, and investor behavior in China’s securities market.

Required skills and knowledge

This internship required strong quantitative and analytical skills, as well as the ability to process and interpret complex financial information. Proficiency in Bloomberg and Wind was essential for collecting, filtering, and analyzing real-time market data. Knowledge of derivatives, structured products, and fixed income instruments was crucial for evaluating product behavior and understanding risk-return trade-offs.

Soft skills were equally important. Effective communication allowed me to collaborate with various stakeholders, including private equity firms, trust companies, and internal product teams. The ability to present market trends clearly and concisely was vital when preparing investor-facing materials. Adaptability and curiosity helped me navigate the fast-paced environment and quickly grasp new market developments.

What I learned

This internship deepened my practical understanding of China’s capital markets and strengthened my ability to analyze how changes in interest rates, volatility, and equity indices influence the pricing, risk, and returns of structured and derivative products. I learned how securities firms structure financial products, evaluate market conditions, and translate market developments into clear investment insights for clients.

I gained substantial hands-on experience using market-tracking tools such as Bloomberg and Wind to monitor equity indices, interest-rate movements, and macroeconomic indicators. This involved cleaning and analyzing data sets, comparing sector performance, and interpreting policy announcements—such as PBOC (People’s Bank of China) rate adjustments or new regulatory guidelines—to understand their market impact. I also learned to evaluate structured products by breaking down their payoff mechanisms, running scenario analyses (e.g., changes in volatility or index levels), and assessing how underlying indices like the CSI 300 or CSI 500 affect expected returns and risk exposure..

Perhaps most importantly, I learned how investor sentiment, liquidity conditions, and macroeconomic policies collectively drive market trends. This holistic perspective strengthened my interest in pursuing further professional opportunities in investment research and product structuring.

Financial concepts related to my internship

Below, I present three financial concepts that are closely connected to my internship experience: market microstructure, derivative payoff structures, and investor behavior.

Market microstructure

Understanding market microstructure—how prices are formed, how information is incorporated, and how liquidity varies across instruments—was essential for interpreting daily index and ETF movements. This concept directly informed my market analyses and helped me anticipate how policy announcements might affect trading behavior.

Derivative payoff structures

Products such as Snowball derivatives or CSI 500–linked structures rely on complex payoff mechanisms that depend on volatility, barriers, and index paths. My internship taught me how these products generate returns, how risks are embedded, and how product suitability changes under different market environments.

Investor behavior and sentiment

Investor sentiment plays a critical role in shaping short-term market movements. By preparing market commentary and livestream scripts, I observed how expectations, policy interpretations, and risk attitudes influence trading flows. These insights helped me understand the psychological dimension of financial markets.

Why should I be interested in this post?

This post is particularly relevant for students aspiring to work in financial markets, investment research, or product structuring. The internship offers hands-on exposure to real-time market analysis, derivative product evaluation, and investor communication—core competencies for many finance careers. It also demonstrates how foundational knowledge from coursework can be applied directly to professional settings.

Useful resources

China Securities Company

China Securities Index Co., Ltd.

Shanghai Stock Exchange

Shenzhen Stock Exchange

China Securities Regulatory Commission

About the author

The article was written in November 2025 by Tianyi WANG (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2022-2026).

My experience as a Working Student in Infrastructure Investment Inhouse Consulting at Munich Re

November 21, 2025 by Nicolas SCHULZ-SEMBTEN

In this article, Nicolas SCHULZ-SEMBTEN (ESSEC Business School, Global Bachelor in Business Administration (GBBA), Exchange semester 2025) shares his professional experience as an apprentice and working student in Infrastructure Investment Inhouse Consulting at Munich Re.

About the company

Munich Re is one of the world’s leading reinsurance groups, headquartered in Munich, Germany. With around 44,000 employees and annual revenues of approximately EUR 60–70 billion, Munich Re is comparable in size to other major global reinsurers, including Swiss Re, Hannover Re, SCOR and Everest Re. Munich Re operates worldwide in the fields of reinsurance, primary insurance (mainly through its ERGO brand), and asset management.

The core of Munich Re’s business model is reinsurance: primary insurers transfer part of their risks and premiums to Munich Re, enabling them to increase their capacity and protect themselves against large or catastrophic losses. Premiums are received upfront, while claims are often paid out years later. The resulting ‘float’ is invested in financial markets by the group’s asset management division, which manages a diversified, multi-billion-euro portfolio including bonds, equities, and alternative assets such as real estate and infrastructure. In this way, Munich Re combines underwriting profit from insurance and reinsurance with investment income from its global portfolio.

Logo of Munich Re.

Source: the company.

Within the group, I worked in the Infrastructure Investment Inhouse Consulting team. The team’s remit includes supporting Munich Re and its asset management arm MEAG (Munich Re’s asset management company) in analysing, structuring and monitoring infrastructure investments. These investments span a range of sectors, including renewable energy (solar and wind), digital infrastructure (data centers and fiber networks) and real estate-related projects, among many others. Acting as strategic advisors within the investment process, the team combines financial modelling, risk analysis, due diligence and ESG (Environmental, Social and Governance) assessments into a unified investment framework for MEAG and Munich Re.

My internship

I first joined Munich Re as an Insurance and Finance apprentice, later continuing as a working student within the Infrastructure Investment Inhouse Consulting team. Over the course of two years, I was involved in various infrastructure transactions and portfolio projects. While my role mainly involved ESG analysis, I also supported the financial and risk analysis of new investments.

My missions

A central part of my role involved conducting ESG analysis. For each potential or existing infrastructure investment, our team assessed the environmental, social and governance risks and opportunities involved. I was responsible for maintaining and developing an ESG questionnaire in Excel, which we sent to project sponsors, operators and asset managers. They provided detailed information on topics such as carbon footprint, energy efficiency, biodiversity, health and safety, community impact, governance structures, and compliance.

Once the questionnaire had been completed, I consolidated and verified the data, clarified any outstanding issues with the counterparties, and converted the qualitative responses into quantitative ESG scores. These scores were then linked to frameworks such as the EU Taxonomy (the European Union’s classification system for environmentally sustainable economic activities). I supported the preparation of ESG scorecards and summaries that fed into the overall investment recommendation. Although I did not make any decisions independently, my analyses were an important input for the team.

Required skills and knowledge

This position required a combination of hard and soft skills. In terms of technical skills, a solid grasp of Excel was essential for handling large datasets, building financial models, and automating parts of the ESG questionnaire. A good grasp of fundamental corporate finance principles such as discounted cash flow, IRR, WACC and leverage was necessary to comprehend and contribute to the valuation process. Knowledge of sustainability regulations (EU Taxonomy, SFDR) and ESG ratings helped me interpret data and understand the importance of certain indicators.

On the soft skills side, attention to detail and a structured approach to work were crucial, particularly when validating ESG data or checking models. Strong communication skills were also important: I often had to coordinate with colleagues from different departments and clarify queries with external partners. Finally, a proactive and curious approach helped me quickly learn about new sectors, such as how a data centre operates or how the revenue of a wind farm depends on weather conditions and power prices.

What I learned

Through this experience, I learned how institutional investors evaluate infrastructure assets from financial and ESG perspectives. I gained practical insight into modelling long-term cash flows, identifying and quantifying risks, and structuring the decision-making process of investment committees. I also realised how central ESG has become to investment decisions, with topics such as carbon emissions, biodiversity and social impact now being systematically integrated into risk-return analysis.

Personally, I became more confident when working with complex Excel models and presenting my results to senior colleagues. I learned how to balance recurring tasks, such as updating ESG questionnaires, with project-based work. Ultimately, this internship has confirmed my interest in finance, infrastructure, and sustainable investing, motivating me to pursue a career in investment-related roles, such as in infrastructure or private equity.

Financial and economic concepts related to my internship

Below, I present two financial and economic concepts related to my internship: risk-return profile of investments and portfolio diversification, and ESG integration in investment decisions.

Risk-return profile of investments and portfolio diversification

Institutional investors such as Munich Re consider infrastructure not only as individual projects, but also as part of a wider portfolio. Infrastructure typically offers long-term, relatively predictable cash flows and may provide an illiquidity premium — an additional return for locking in capital over many years. However, these assets also carry specific risks, such as regulatory, political, construction or technology risks.

In our team, we analysed how new investments fit into the existing portfolio in terms of sector, geography, and risk profile. For instance, adding a fibre network investment to a portfolio heavily exposed to renewable energy can enhance diversification, as the cash flows depend on different drivers. I learnt how the correlation between assets and the effects of diversification are considered when building an infrastructure portfolio that balances risk and return.

ESG integration and EU Taxonomy alignment.

ESG integration means that environmental, social and governance factors are systematically included in the investment process alongside traditional financial metrics. In Europe, the EU Taxonomy provides a classification system that defines which economic activities can be considered environmentally sustainable. For infrastructure investors, this involves assessing whether a renewable energy project, for example, contributes to climate change mitigation and meets specific technical screening criteria.

Why should I be interested in this post?

If you are a business or finance student interested in investment careers, infrastructure investment provides a thrilling blend of finance, strategy, and sustainability. You will work with tangible assets that have a real impact on the economy, such as renewable energy projects that support the energy transition and digital infrastructure that enables data and connectivity.

Useful resources

Munich Re – Official website

MEAG – Asset management of Munich Re and ERGO

EU Taxonomy for sustainable activities

GRESB – ESG benchmarks for real assets

About the author

The article was written in November 2025 by Nicolas SCHULZ-SEMBTEN (ESSEC Business School, Global Bachelor in Business Administration (GBBA), Exchange semester 2025).

My internship at Valori Asset Management

November 21, 2025November 17, 2025 by Roberto RESTELLI

In this article, Roberto RESTELLI (ESSEC Business School, Master in Finance (MiF), 2025–2026) shares key takeaways from a four‑month off‑cycle internship as an Investment Analyst Intern at Valori Asset Management, focusing on subordinated debt within the Fixed Income team.

Introduction

Before starting my Master in Finance at ESSEC Business School, I completed a four‑month off‑cycle internship at a €2.5bn asset management firm. The role developed my skills in credit risk assessment and gave me hands‑on exposure to macroeconomic analysis, performance‑measurement methodologies, the Bloomberg Terminal, and problem‑solving under time pressure. Within the Fixed Income team, I supported a subordinated debt fund through top‑down macro work and bottom‑up credit analysis on AT1 (CoCo), Tier 2, and RT1 bonds: subordinated bank and insurance capital instruments designed to absorb losses and meet regulatory capital requirements, sitting below senior debt in the capital structure and therefore offering higher yields in exchange for higher risk. AT1 (CoCo) and RT1 can be perpetual with discretionary coupons and loss-absorption features (write-down or equity conversion), while Tier 2 is typically dated, less deeply subordinated and only absorbs losses in gone-concern situations (resolution or insolvency). This post summarizes what I did at Valori Asset Management and what I learned—professionally and personally.

This was my first deep dive into fixed income after prior experience in private banking and equities. I learned that fixed income is not only about valuations and ratings; it also requires a macro view, policy awareness, trading considerations, and clear, critical thinking on portfolio positions.

About Valori Asset Management

Valori AM is an investment boutique founded 11 years ago, initially in Luxembourg and later expanding to Milan (Italy) and Chiasso, near Lugano (Switzerland). The SICAV (investment company with variable capital) are managed out of Luxembourg; advisory and family‑office services are in Milan; and the investment team in Chiasso manages nine funds. As of July 2025, assets under management and advisory (AUMA) were €2.5bn, with a target of €3bn by January 2026.

Logo of Valori AM.

Source: the company.

What I did during my internship

My work focused on three areas: ESG (Environmental, Social, and Governance) macro research and reporting; sovereign credit‑risk analysis across EMEA (Europe, the Middle East, and Africa), LATAM (Latin America), and the US; and two macro‑quantitative models.

ESG macro research and reporting

I conducted 30+ ESG country studies across EMEA and LATAM, using the Bloomberg Terminal to gather data and charts, and building Excel models to compare composite ESG scores and rankings. I complemented this with Morningstar Sustainalytics to benchmark carbon footprints and relative positioning. Bloomberg and Morningstar are two essential tools for working in asset management and hedge funds. Through the Bloomberg terminal, you can track real-time news on equities, fixed income, interest rates and all major financial markets, as well as access key economic and macro data for fixed income analysis, financial statements for equity positions, and even route securities orders via brokers. Morningstar is likewise crucial, not only for financial and economic news but also for ESG metrics and fund analytics. I produced concise reports highlighting the strongest ESG profiles—both in absolute terms and relative to the fund’s existing bond exposures. These outputs fed directly into portfolio discussions, ensuring ESG considerations were integrated alongside risk and return.

Sovereign credit‑risk valuation (EMEA, LATAM, US)

I performed 20+ sovereign credit assessments using indicators such as GDP growth, PMI, retail sales, current‑account balance (% of GDP), and unemployment. Sourcing data from Bloomberg and IMF (International Monetary Fund) forecasts, I translated the metrics into comparable Excel scorecards to surface relative value across regions. I then presented actionable ideas—such as Romanian government bonds, U.S. Treasuries, and Spanish bonds—to initiate new positions or reaffirm existing ones, linking macro fundamentals to valuation, liquidity, and timing.

Two macro‑quantitative models

BTP–Bund spread positioning model: an Excel‑based quant‑positioning model using ETF (exchange traded funds) flow data, Z‑scores (statistical measure that indicates how many standard deviations a value is away from the mean of a data set, allowing comparisons across different scales), regression analysis, CDS (credit default swaps), and macro‑financial indicators to generate daily signals and stay updated on the BTP (italian government bond)–Bund spread.
EU (europe) macroeconomic VAR (Vector Autoregression) model: a model for EU countries using key economic indicators and yield curves (GDP, PMI, retail sales, and 2‑ to 30‑year yields). I applied VAR analysis in EViews to forecast future movements of indicators and prices, with outputs aggregated in Excel; This macroeconomic VAR model is used to analyze how shocks to one variable (for example GDP or long-term yields) propagate over time to the other macro and yield-curve variables, and to generate consistent scenario analyses for EU economies. Using EViews, I estimated the VAR and produced multi-period forecasts for all the variables jointly, building different future scenarios and updating these forecasts as new data became available. EViews is a widely used econometrics and time-series analysis software, designed for estimating models, running statistical tests, and generating forecasts in a user-friendly interface.

Required skills and knowledge

The internship demanded both technical and soft skills. Technically, I worked extensively in Excel (modeling and forecasting), Bloomberg (market data and news), EViews (econometrics), and PowerPoint (investment pitches). On the soft‑skills side, I learned to prioritize under tight deadlines, double‑check deliverables, and solve problems independently to deliver high‑quality work.

What I learned

This internship provided practical experience in investment management within a professional, multicultural environment. I learned the importance of active listening: carefully understanding the initial brief and following colleagues’ discussions improves the quality and speed of the work. In a fast‑paced desk environment, acting like a sponge accelerates learning and connects day‑to‑day tasks with the bigger investment picture.

I deepened my fixed‑income knowledge beyond coursework: how rates, the broader debt market, and derivative hedges interact; how to think and debate credit; and how to combine top‑down macro views with bottom‑up analysis to form clear, defensible portfolio decisions. I also gained practical command of execution tools—building and stress‑testing Excel models, using Bloomberg for data and news, preparing pitches in PowerPoint, and applying econometrics in EViews. Altogether, the experience strengthened my analytical discipline and confirmed my long‑term interest in financial markets.

Financial concepts related to my internship

The role of AT1

AT1s typically offer equity‑like yields with bond‑like structures; frequent call features can create pull‑to‑par upside when issuers refinance at the first call. Post‑crisis capital buffers and resilient profitability support coupon sustainability and a steady call culture, improving carry reliability. Dislocations and regulatory risk premia often leave AT1 spreads wide vs. senior/RT1—creating room for outperformance if sentiment, capital ratios, or rates volatility improve.

The importance of balancing an ESG portfolio

Building a well‑diversified portfolio with a robust ESG process can improve long‑term resilience and broaden the investor base, especially among institutional allocators with sustainability mandates.

The key role of financial news

Investors need both analytical depth and speed in reacting to market‑moving news and policy announcements. Consistently reading high‑quality reports and newsflow helps anticipate paths for markets and frame timely responses.

Why should I be interested in this post?

If you are a student interested in business and finance—especially fixed income—this post offers practical, desk‑level insights: how the work is structured, the skills required, and how to grow in a markets‑focused role, based on months on the desk alongside a 15+ person team.

Conclusion

My internship at Valori AM sharpened my analytical abilities and helped me grow personally. Learning from colleagues taught me how to contribute from day one and confirmed my interest in investment management and fixed income. Looking ahead, I aim to pursue a buy‑side role at a fund or bank, focusing on portfolio strategy in financial markets.

Useful resources

Bloomberg

International Monetary Fund (IMF)

Morningstar Sustainalytics

Valori Asset Management

About the author

The article was written in November 2025 by Roberto RESTELLI (ESSEC Business School, Master in Finance (MiF), 2025–2026).

My internship experience at Bpifrance – Finance Export Analyst

November 17, 2025November 16, 2025 by Julien MAUROY

In this article, Julien MAUROY (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025) shares his professional experience as a Finance Export Analyst at Bpifrance.

Overview of Bpifrance and Bpifrance Assurance Export

Bpifrance is France’s public investment bank. Created in 2012 to support businesses at every stage of their development, from start-up to international expansion, through financing, investment, innovation and guarantees.

Here is a chart showing the organization of Bpifrance and its entities in 2023.

Bpifrance organizational chart as of December 31st 2023.

Source: the company.

Today, Bpifrance plays a major role in the French economy. In 2023, the institution supported more than 84,000 companies, mobilizing over €69 billion in financing, guarantees, investment and export support.

Bpifrance currently employs approximately 3 700 people across France, making it one of the largest public financial institutions in Europe.

Since 2017, Bpifrance Assurance Export has been managing public export guarantees on behalf of and under the control of the State (more specifically, the Treasury Department). These guarantees secure and facilitate the international operations of French companies by covering the economic and political risks associated with their export contracts.

Before 2017, the management of public export guarantees was carried out by Coface. The transfer of this activity to Bpifrance aimed at strengthening the alignment between France’s industrial policy, export strategy, and financing tools.

My experience and service

I joined this department as an Export Finance Analyst intern, working at the intersection of three departments: ASR (Administration and Risk Monitoring), ESC (Social Environment and Governance) and NTI (Internal Rating and Pricing). I had the opportunity to work with teams responsible for portfolio monitoring (€69 billion in outstanding loans and nearly 1,500 companies) and teams responsible for analysing and reviewing export insurance applications. This internship had a strong economic, strategic and geopolitical aspect, and working in collaboration with the treasury was very enriching.

Here is a chart showing the distribution of services and the managerial structure of Bpifrance.

Organization of Bpifrance.
Bpifrance network organization
Source: the company.

During this internship, my tasks were varied and demanding:

Participating in the analysis of the financial and non-financial situation of exporting companies and their foreign counterparts,
Carrying out an assignment on the credit insurance portfolio in order to better manage reporting on behalf of the Treasury Department,
Producing benchmarks and memos for the Treasury, participating in various committees (rating, pricing, guarantees commission).

These tasks enabled me to understand the importance of export financing and guarantees in the French economy and in supporting exporters who wish to carry out projects abroad.

Macroeconomic vision, economic diplomacy and geopolitics

Working in this context allowed me to broaden my macroeconomic vision and better understand the interactions between finance, politics and geopolitics. Analysing transactions that sometimes involved governments directly and institutional players made me aware of the challenges of sovereign risk management. I was able to observe how financial decisions are part of a foreign economic policy approach: supporting a strategic project in an emerging country or strengthening a French industrial sector.

I understood that risk analysis is not limited to reading a company’s financial statements, but requires a detailed understanding of the economic, social and political environment of the buyer or the purchasing country.

What I learnt from this experience

This internship was a rich and decisive experience in my career. It taught me to think on a macroeconomic scale and analyze risks from a strategic perspective.

I worked on sometimes complex economic issues between exporting companies and foreign buyers. I developed rigorous analytical skills and a more comprehensive understanding of the challenges of export financing and insurance in the French economy.

Finally, this immersion at the crossroads of finance, strategy and macroeconomics was fascinating. I gained a lot from it and am certain that I want to continue my career in multidimensional roles like this one.

Useful resources

Business

bpifrance

OECD

Direction générale du Trésor

Academic articles

Hayez S. and F. Savel (2018) Bpifrance : entreprises et territoires, Revue d’économie financière, 132(4):179-189.

Gervais F., Guillermain E., Parker D., Venin E., Wagenhausen F., Mayrhofer U., Soathan G.A., Aymard T., Meurier M. B., Varet S., Arzumanyan L. and Ph. Blesbois (2020) Module 22. La gestion du risque de crédit, Exporter – Pratique du commerce international Foucher (27th edition), 22: 332-347.

Alferdo P. (2019) Fiche 15. L’assurance-crédit export, Fiches de droit du commerce international, 215-223.

About the author

The article was written in November 2025 by Julien MAUROY (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025).

My Internship Experience as a Financial Analyst at Ophéa

October 21, 2025October 21, 2025 by Anis MAAZ

In this article, Anis MAAZ (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2023-2027) shares his professional experience as a Financial Analyst at Ophéa.

Introduction

As a Global BBA student at ESSEC Business School, I had the opportunity to join Ophéa as a Financial Analyst Intern during the summer of 2024. This four-month experience gave me hands-on exposure to financial reporting, budget monitoring, and compliance work within the public housing sector.

My missions ranged from participating in profit and loss commissions overseeing €68 million in annual investments, to preparing balance sheets and income statements, and conducting property tax audits. In this post, I will share my professional journey at Ophéa and reflect on how financial analysis supports decision-making in mission-driven organizations.

This experience allowed me to see firsthand how management control systems function in practice. Management control is the process by which managers influence organizational members to implement strategy. At Ophéa, financial analysis was not just about numbers, it was about creating information flows that enabled strategic decision-making in resource allocation, cost optimization, and compliance management.

About Ophéa

Ophéa is a public housing authority (Office Public de l’Habitat) based in Strasbourg, serving the Grand Est region of France. As a social landlord, Ophéa manages thousands of affordable housing units and oversees approximately €68 million in annual investments dedicated to property maintenance, renovations, and new construction projects.

Logo of OPHEA.

Source: the company.

Public housing authorities in France operate under strict regulatory frameworks, balancing social missions with financial sustainability. This requires rigorous budget management, transparent financial reporting, and careful cost optimization, all areas where the finance team plays a central role.

My Internship

During my internship at Ophéa, my missions focused on three main areas: Budget Monitoring and Profit & Loss Commissions, Balance Sheets and Income Statements, and Property Tax Analysis and Compliance Audits.

Budget Monitoring and Profit & Loss Commissions

I contributed to monthly profit and loss commissions, where the finance team reviewed budget execution across all departments. With €68 million in annual investments, tracking variances between forecasted and actual spending was critical. I extracted data from the accounting system, identified significant deviations, and prepared summary reports for management review.

Balance Sheets and Income Statements

A core responsibility was preparing and updating the company’s balance sheets and income statements using Excel. I consolidated financial data from various sources, ensured consistency across accounts, and formatted reports according to public accounting standards. This required attention to detail and understanding how transactions flow through financial statements.

Property Tax Analysis and Compliance Audits

I conducted detailed property tax analyses for Ophéa’s property portfolio, auditing over 150 individual tax assessments. My role was to verify tax calculations, identify discrepancies, and ensure regulatory compliance. Through systematic review, I identified more than €20,000 in annual overpayments across multiple properties, primarily due to outdated property classifications and incorrect square footage assessments. By filing correction requests with tax authorities, I helped recover these funds and optimize ongoing tax expenses by roughly 3% for the affected properties..

Required Skills and Knowledge

This internship demanded both hard and soft skills. On the technical side, I worked extensively with Excel, pivot tables, advanced formulas (VLOOKUP, INDEX-MATCH, SUMIFS), and data validation. I also learned public accounting principles according to French standards.

Beyond tools, discipline and consistency were essential. In financial reporting, small errors compound quickly. I learned to double-check figures, reconcile accounts systematically, and maintain clear documentation. Speed also mattered: closing processes run on tight schedules, and producing accurate reports quickly became a key skill.

What I Learned

This experience gave me a realistic view of financial analysis in practice, especially in a regulated environment.

First, I learned that discipline is the foundation of financial work. When preparing statements that will be audited by public authorities, every line must be traceable and justified. I developed habits around data validation and structured workflows that will serve me throughout my career.

Second, I understood how financial reporting operates as a diagnostic control system, where variance reports don’t just track performance but enable strategic conversations about resource allocation, project prioritization, and operational challenges. Financial data became the language connecting operational reality with strategic objectives.

Third, I gained confidence with Excel as a professional tool, moving beyond basic spreadsheets to building dynamic models and automating repetitive tasks. For instance, I created a pivot-table that reduced my reporting time by approximately 30%, allowing the team to focus on analysis rather than data compilation.

Finally, this internship confirmed my interest in investment-related careers. While operational, it gave me a solid foundation in financial mechanics, how companies track performance, manage budgets, and ensure compliance. These skills are directly transferable to roles in investment analysis or corporate finance.

Financial Concepts Related to My Internship

I present below three financial concepts related to my internship experience: budget variance analysis, accrual accounting, and working capital management.

Budget Variance Analysis

During monthly reviews of Ophéa’s €68 million investment budget, I analyzed variances across 5+ active projects. For example, I identified a renovation project that exceeded its initial budget by 10% (approximately €150,000) due to unforeseen structural issues. By documenting this variance and presenting it to management with supporting data, I helped facilitate timely discussions with project managers about cost controls and timeline adjustments.

Variance analysis is fundamental in public institutions where financial transparency is required, and it is a core skill in investment analysis when evaluating company performance against guidance.

Accrual Accounting

Accrual accounting records revenues and expenses when they are incurred, not when cash changes hands. At Ophéa, if we invoiced rent in December but received payment in January, revenue was still recorded in December. This provides a more accurate picture of financial performance but requires careful tracking. I learned to reconcile accounts receivable and payable, ensuring that transaction timing aligned with service delivery. Understanding accruals is essential for analyzing financial statements in investment decisions.

Working Capital Management

Working capital is the difference between current assets and current liabilities, which measures short-term financial health. Ophéa’s operations required careful cash flow planning: rent collection had to cover ongoing expenses. During property tax audits, I identified €20,000 of overpayments that tied up cash unnecessarily. By correcting these and claiming refunds,we improved cash availability for priority investments. Investors closely monitor working capital trends because deteriorating metrics can signal operational problems.

Why Should You Be Interested in This Post

This post offers a realistic view of a financial analyst internship in a mission-driven organization. If you are considering careers in corporate finance or investment analysis, understanding budget processes, financial reporting, and compliance work is essential.

This internship also highlights the value of foundational skills like Excel proficiency, attention to detail, and working with structured data. For students interested in sustainable finance, the public housing sector shows how financial analysis supports social outcomes.

Conclusion

My internship at Ophéa sharpened my analytical, technical, and organizational skills. Through budget monitoring, financial reporting, and compliance work, I learned how financial analysis translates into strategic decisions.

This experience confirmed my interest in investment-related careers. I now have a solid foundation in financial mechanics and understand the importance of rigor and consistency in financial work. Looking ahead, I want to pursue roles that combine financial analysis with strategic decision-making, whether in corporate finance, equity research, or portfolio management.

Useful Resources

Academic references

Ophéa website

Academic references

Anthony, R. N., & Govindarajan, V. (2007) Management Control Systems (12th ed.). McGraw-Hill.

Horngren, C. T., Datar, S. M., & Rajan, M. (2015) Cost Accounting: A Managerial Emphasis (15th ed.). Pearson.

Drury, C. (2018) Management and Cost Accounting (10th ed.)

About the author

The article was written in October 2025 by Anis MAAZ (ESSEC Business School, Global Bachelor in Business Administration (GBBA) 2027).

Reinventing Wellness: How il Puro Brings Personalization to Nutrition

October 20, 2025 by Emanuele GHIDONI

In this article, Emanuele GHIDONI ESSEC Business School, European Management Track (EMT), 2025-2026) shares his entrepreneurial experience of founding il Puro a startup born from the vision of transforming daily nutrition into a personalized and emotional experience. By combining data-driven personalization with sensory design, il Puro aims to make functional food both effective and enjoyable.

Turning an Idea into a Mission

The idea behind il Puro was born from a simple yet powerful question: how can we help people feel better every day through what they consume? During my studies and professional experiences, I observed a gap between the science of nutrition and the reality of human habits. Many people struggle to meet their daily nutritional needs not because of a lack of awareness, but because healthy choices often feel inconvenient or uninspiring. I wanted to bridge this gap by creating a brand that combined personalization, science, and pleasure, transforming nutrition from a routine task into a daily ritual. That vision became il Puro, a functional food venture built around personalization, emotion, and Italian values.

Logo of il PURO.

Source: The company.

From Concept to Market: Testing and Learning

After shaping the initial concept, the next crucial step was to validate it in the real world. Rather than jumping straight into full production, we focused on building a minimum viable product (MVP) to test the market and understand how potential customers would truly respond. Through this phase, we explored key dimensions such as product–market fit, price sensitivity, and willingness to pay, combining qualitative feedback with quantitative data.

A central part of this process was the use of A/B testing a method where two or more variations of a single element are presented to different groups of users to measure which performs better. For instance, we tested different product formulations, packaging visuals, and website layouts to observe how each influenced user engagement and purchase intent. We also ran price point experiments to identify the threshold at which conversion began to decline, allowing us to estimate optimal pricing and margin trade-offs. Each test generated measurable data, click-through rates, conversion percentages, time-on-page, and cart completion, which we used to make data-driven adjustments.

This structured experimentation reduced uncertainty and transformed creative intuition into quantifiable learning. By systematically measuring what worked and what didn’t, we refined both the product and the brand narrative, ensuring that il Puro evolved through validated consumer insight and real behavioral evidence rather than assumptions alone.

Business concepts related to my project

I present below three financial and business concepts related to my project il Puro, which guided my decision-making during the early development phase of the brand.

BE SIMPLE

I build il Puro on simplicity because simplicity compounds financially. A focused hero lineup (2–3 SKUs) keeps COGS tight, inventory turns high, and the cash conversion cycle short. A clean price architecture (starter, core, subscription) reduces choice friction and lifts conversion while protecting margin. I sell where unit economics are strongest DTC via Shopify plus a selective B2B channel with clear MOQs and prepayment terms to de-risk working capital. Operationally, fewer suppliers, standardized Italian actives, and repeatable fulfillment flows mean lower variability, fewer stockouts, and healthier gross margins from day one.

BE SCIENTIFIC

I treat decisions as experiments with a P&L. Personalization isn’t a story; it’s a retention engine that increases LTV: onboarding quizzes → segmentation → tailored formulations → higher reorder rates. I quantify everything and elasticity tests for pricing; split tests on bundles, claims, and creatives; cohort and payback tracking by acquisition channel. My targets are explicit: LTV:CAC ≥ 3:1, first-order contribution margin positive by order #2, subscription retention ≥ 70% at month 3. Clinical substantiation and transparent labeling aren’t just ethical they reduce returns, build trust, and lower CAC over time.

BE DETAIL-ORIENTED

I run il Puro with a unit-economics dashboard, not vibes. COGS broken down to the gram (actives, flavoring, sachet, carton), freight per parcel, pick-pack, payment fees, and support cost per ticket. I design packaging to ship small and light, negotiate lead times to avoid safety-stock bloat, and lock FX/commodity exposure where sensible. My working metrics: DTC gross margin, B2B contribution margin after CAC, paid payback, monthly churn, inventory turns, NPS. Contract manufacturing keeps CAPEX light; disciplined reorders and rolling forecasts keep cash free for growth.

Why should I be interested in this post?

For someone with an entrepreneurial mindset, the journey of il Puro represents the essence of turning vision into execution. Building a startup in the functional food space was not just about creating a product, it was about identifying a real problem, testing assumptions, and translating insights into a viable business model. Every step, from market validation and financial modeling to branding and investor pitching, demanded both strategic thinking and adaptability. It was a hands-on lesson in how innovation happens: through curiosity, experimentation, and resilience. Above all, il Puro reflects a new kind of entrepreneurship, one that merges health, technology, and purpose to create businesses that are not only profitable, but also meaningful in the lives of people.

Useful resources

il Puro – Official website

World Health Organization Healthy Diet Guidelines

Mintel Functional Food and Beverage Trends

NutraIngredients News on Functional Foods and Supplements

McKinsey The Future of Wellness

About the author

The article was written in October 2025 by Emanuele GHIDONI (ESSEC Business School, European Management Track (EMT), 2025-2026).

The Power of Trust: My Internship Experience in Corporate Restructuring and Charitable Trusts

October 14, 2025October 8, 2025 by Dawn DENG

In this article, Dawn DENG (ESSEC Business School, Global Bachelor in Business Administration (GBBA), Smith-ESSEC Double Degree Program, 2024-2026) shares her experience working at a trust company in China, where she contributed to corporate restructuring projects and the design of charitable trusts. She also reflects on how her understanding of the trust system evolved through comparative perspectives between China and Western countries.

About the company

The trust company where I completed my internship is one of China’s long-established financial institutions specializing in trust and asset management services. Trust companies in China operate under the supervision of the China Banking and Insurance Regulatory Commission (CBIRC), bridging the gap between banking, investment, and wealth management. They manage funds on behalf of clients for purposes such as industrial investment, real estate development, wealth management, and charity.

During the past decade, the industry has experienced a transformation—from traditional capital pooling products to more specialized trust structures that emphasize risk control, compliance, and innovation. My department focused on special asset management and structured design, handling complex projects that combined legal, financial, and social objectives.

My internship

My three-month internship provided me with a comprehensive introduction to how trusts operate as both financial tools and institutional mechanisms. I worked with a professional team on multiple projects, including corporate restructuring, charitable trust preparation, and policy research on real estate trust registration pilots.

My missions

My main responsibilities included drafting due-diligence reports, designing trust structure diagrams, preparing presentation slides, and taking minutes during client meetings. I also conducted research on relevant legal and policy frameworks. These tasks allowed me to understand how trust projects are structured, negotiated, and implemented in practice.

Required skills and knowledge

The internship required a blend of hard and soft skills. On the technical side, I used financial analysis, document drafting, and data verification skills for due-diligence work. On the interpersonal side, attention to detail, professionalism, and clear communication were essential—especially when assisting senior managers in client discussions or internal reviews. I also learned how legal reasoning, financial modeling, and policy interpretation intersect within trust projects.

What I learned

This internship deepened my understanding of finance beyond traditional banking. I saw how trust companies play a vital role in restructuring distressed enterprises, supporting social causes, and facilitating wealth transmission. More importantly, I realized that financial tools, when governed by institutional trust and transparency, can become powerful instruments for both growth and social good.

Financial concepts related to my internship

I present below three financial concepts related to my internship experience: corporate restructuring, charitable trust, and real estate trust registration.

Corporate restructuring and the role of trust companies

When a listed company in China enters bankruptcy reorganization, two types of investors often emerge: industrial investors and financial investors. Trust companies serve as the latter, contributing capital and structuring expertise. Their advantages include risk isolation—trust assets are independent of the company’s liabilities—and structural flexibility, as they can design debt-to-equity swaps or securitization solutions. This mechanism allows trust companies to participate in corporate recovery while safeguarding investor interests.

Charitable trust

A charitable trust is a legal arrangement where assets are entrusted to a trustee—typically a trust company—for public-interest purposes such as education, poverty alleviation, or healthcare. Its institutional structure involves a settlor, trustee, custodian, supervisor, and beneficiaries. Compared with direct donations, charitable trusts ensure transparency, efficiency, and sustainability: funds are professionally managed, periodically disclosed, and can generate lawful returns for reinvestment into charity. This system transforms goodwill into an enduring and accountable mechanism.

Real estate trust registration

In 2024–2025, several pilot cities in China launched the “real estate into trust” registration policy. For the first time, individuals could legally transfer real estate into trusts, with ownership certificates marked “trust property.” This policy innovation strengthens property-rights protection and facilitates wealth inheritance, family planning, and eldercare models such as “housing-for-pension.” It also marks a milestone in institutionalizing the trust framework within China’s civil law system.

Why should I be interested in this post?

This post offers ESSEC students a window into one of China’s most dynamic financial innovations. Trusts combine finance, law, and governance—they are both capital structures and instruments of social value. For students interested in corporate finance, asset management, or financial regulation, understanding the trust industry provides a unique perspective on how institutions transform abstract trust into tangible impact.

Useful resources

What is meant with Restructuring Trust? (MPT Advisory Group)

What is the ownership of trust property in China? (Nature article)

What Is a Charitable Trust & How Does it Work?

About the author

The article was written in October 2025 by Dawn DENG (ESSEC Business School, Global Bachelor in Business Administration (GBBA), Smith-ESSEC Double Degree Program, 2024-2026).

My Internship Experience at Alstom as a Market Research Intern

October 19, 2025October 2, 2025 by Rishika YADAV

In this article, Rishika YADAV (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2023–2027) shares her professional experience as a Market Research Intern at Alstom in India.

Introduction

As a Global BBA student at ESSEC Business School, I had the opportunity to join Alstom India as a Market Research Intern. This experience allowed me to work at the intersection of strategy, policy, and innovation in the transport sector. My missions ranged from analysing the outlook of the Indian Railways industry to benchmarking global players in the hydrogen-powered engine market and delivering data-driven insights for decision-making.

In this post, I will share my professional journey at Alstom, provide an overview of the industry context in India, and reflect on how market research contributes to shaping strategic positioning in a highly dynamic sector.

About Alstom

Alstom is a global leader in sustainable mobility, designing and manufacturing rolling stock, signaling systems, and railway services. Headquartered in Saint-Ouen, France, Alstom operates in more than 70 countries and employs over 80,000 people worldwide. Its portfolio covers a wide range of solutions, from high-speed trains to metro systems and innovative propulsion technologies, including hydrogen-powered engines.

Logo of Alstom.

Source: the company.

The company plays a central role in the modernization of the Indian Railways, where large-scale infrastructure projects and government initiatives are reshaping mobility. Alstom’s presence in India includes major manufacturing plants, research centers, and long-term partnerships with the Indian government, making it a critical player in the country’s transport ecosystem.

Industry Context: Indian Railways and the Push for Modernization

India’s railway network is the fourth largest in the world, transporting more than 8 billion passengers annually and serving as the backbone of both passenger and freight mobility. With urbanization, growing demand for logistics, and sustainability imperatives, the government has launched ambitious modernization projects.

To structure my analysis, I applied a PESTEL framework (Political, Economic, Social, Technological, Environmental, Legal), which helped me capture the multifaceted drivers shaping the industry:

Political: Strong government commitment to railway electrification by 2030 and the development of high-speed rail projects such as the Mumbai–Ahmedabad bullet train.
Economic: Massive infrastructure spending, growing freight demand, and India’s ambition to become a global logistics hub.
Social: Rapid urbanization and rising middle-class demand for safe, reliable, and sustainable transport.
Technological: Deployment of digital signaling, automation in metro systems, and investments in green technologies such as hydrogen propulsion.
Environmental: Climate change policies driving the shift away from diesel and the adoption of zero-emission mobility solutions.
Legal: “Make in India” requirements for domestic production and procurement rules encouraging partnerships between multinational firms and local manufacturers.

For companies like Alstom, this environment presents both opportunities and challenges. Success depends on aligning with government priorities, anticipating regulatory frameworks, and delivering sustainable solutions that address the mobility needs of a rapidly urbanizing population.

Market Research and Strategic Outlook

Building on the PESTEL framework, my primary task was to translate macro-level industry dynamics into strategic insights for Alstom’s marketing team. I applied elements of Porter’s Five Forces to evaluate competitive pressures, particularly the bargaining power of government procurement agencies, the threat of substitute technologies, and the intensity of rivalry among global players.

For instance, the Indian government’s procurement model places strong emphasis on cost-effectiveness and local value creation. This heightened the importance of analyzing procurement cycles and budget allocations, as these factors directly determine entry opportunities. Similarly, the rise of indigenous technology developers suggested a potential medium-term substitution risk for foreign OEMs (Original Equipment Manufacturers).

My contribution was to synthesize these complex dynamics into actionable recommendations for Alstom’s leadership. By mapping government initiatives (such as 100% electrification by 2030) against Alstom’s innovation pipeline, I helped highlight priority areas for investment and partnership. This showed how market research acts as a bridge between public policy directions and private strategic decisions.

Competitive Analysis in the Hydrogen-Powered Engine Market

A key part of my internship involved conducting a competitive benchmarking study on the hydrogen-powered engine market, an emerging field in sustainable transport. My analysis compared Alstom’s positioning with that of leading competitors, including Siemens Mobility (Germany), CRRC (China), and Stadler Rail (Switzerland). The benchmarking exercise focused on three dimensions:

Technological efficiency – energy conversion rates, operational range, and adaptability to existing rail infrastructure.
Regulatory compliance – alignment with safety standards, certification requirements, and government adoption incentives.
Innovation roadmaps – timelines for pilot projects, R&D collaborations, and commercial deployments.

As part of the study, I also examined India’s first hydrogen train initiative, announced under the “Hydrogen Mission” in 2021 and piloted on the Jind–Sonipat route in Haryana. This project provided a reference point for assessing how domestic adoption could influence demand for hydrogen solutions and how foreign players like Alstom might participate in future collaborations.

The outcome of this competitive analysis was a set of strategic benchmarks that highlighted Alstom’s strengths (global experience, proven prototypes in Europe) and areas where adaptation to the Indian context would be critical (local supply chain integration, cost competitiveness).

Conclusion

My internship at Alstom was more than an introduction to the transport sector — it was a formative experience that sharpened my analytical, strategic, and collaborative skills. Through market research, I learned how to transform complex and unstructured data into clear insights that directly supported executive decision-making. By benchmarking global competitors and tracking procurement patterns, I discovered the importance of combining rigorous analysis with an understanding of policy and technology trends.

Equally important, I developed strong stakeholder management skills by working with senior leadership, and I learned to deliver results under tight deadlines in a fast-moving industry. These experiences deepened my interest in strategy and finance, particularly in industries undergoing technological and regulatory transformation. Looking ahead, I aspire to build a career where I can contribute to shaping sustainable and innovative solutions at the crossroads of business strategy, financial decision-making, and global infrastructure development.

Business concepts related to my internship

I present below three concepts related to my internship and explain how they connect to my missions at Alstom: Total Cost of Ownership (TCO), Public Procurement Economics, and Benchmarking & Competitive Advantage.

Total Cost of Ownership (TCO)

Total Cost of Ownership refers to the overall cost of an asset across its life cycle, including purchase, operation, maintenance, and disposal. In railway procurement, decision-makers often evaluate not only the initial price of rolling stock or propulsion systems but also long-term operating costs such as energy consumption and maintenance. During my internship, I integrated TCO considerations into market analyses by comparing the long-run economics of hydrogen-powered versus diesel and electric trains. This helped demonstrate how Alstom could position its products as cost-efficient over their lifetime, even if initial capital expenditure was higher.

Public Procurement Economics

Public procurement represents a large share of railway investment in India. It is shaped by budget cycles, fiscal priorities, and policy objectives such as “Make in India.” Understanding procurement economics was central to my internship, since I analysed over 500 data points on tenders, contracts, and project timelines. By linking procurement patterns with budget allocations, I helped Alstom anticipate periods of high demand (for example, after fiscal budget announcements) and adapt bid strategies accordingly. This ensured better alignment of Alstom’s proposals with the financial and institutional realities of government buyers.

Benchmarking & Competitive Advantage

Benchmarking involves comparing a company’s performance, costs, and capabilities against competitors to identify strengths and gaps. In my competitive analysis of the hydrogen-powered engine market, I benchmarked Alstom’s offerings against Siemens Mobility, CRRC, and Stadler Rail. This comparison focused on efficiency ratios, regulatory readiness, and innovation timelines. By identifying areas where Alstom’s European experience was a strength, and where local cost competitiveness needed improvement, the benchmarking exercise informed strategic positioning in India. It demonstrated how analytical tools can translate into competitive advantage in bidding and partnerships.

Why Should You Be Interested in This Post?

This post offers a first-hand view of how market research bridges the gap between public policy and private strategy in one of the most dynamic transport markets in the world. If you are curious about:

How global companies adapt to government-driven reforms,
How benchmarking and data analysis inform business positioning,
Or how sustainability goals like hydrogen-powered mobility are transforming traditional industries,

…then this post provides a concrete example from inside Alstom’s operations in India. Beyond an internship story, it illustrates how analytical tools and strategic thinking can shape the future of mobility.

Useful resources

Alstom — official website

Indian Railways Official portal

Press Information Bureau of India Government announcements and policy updates

NITI Aayog (Indian government think tank) Reports on hydrogen policy and sustainable transport

International Energy Agency (IEA) The Future of Rail Report

About the Author

This article was written in October 2025 by Rishika YADAV (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2023–2027). Her academic interests lie in strategy, finance, and global industries, with a focus on the intersection of policy, innovation, and sustainable development.

My Internship Experience with the Economic and Market Intelligence Team at Daimler Truck

September 29, 2025 by Niclas WALGENBACH

In this article, Vincent WALGENBACH (ESSEC Business School, Grande Ecole Program – Master in Management, Exchange Student) compares the role of an economic analyst within the financial industry to that in the corporate sector and highlights the associated career trade-offs.

Daimler Truck AG

Daimler Truck is the world’s largest manufacturer of commercial vehicles, selling over 460,000 trucks globally in 2024 and generating €54.1 billion in revenue. Headquartered near Stuttgart, Germany, the company designs, produces, and sells trucks and buses. As of Q2 2025, it employs more than 110,000 people worldwide and operates dozens of production sites. Daimler Truck was established in 2021 as a spin-off from Mercedes-Benz and builds on a long-standing tradition in the industry.

Logo of the company.
Logo of Daimler Truck
Source: Daimler Truck.

A Comparison of an Analyst Position in the Financial and Corporate Sectors

During an internship in the Economic and Market Intelligence Team, the author gained insight into how economists work within a multinational corporation. While economists are often associated with banks, insurance companies, or financial service providers, many large industrial firms also maintain economics departments. Unlike in banks, where teams are highly specialized, corporate economics departments are smaller and require team members to cover a wide range of expertise.

Economists in the Financial Industry: Specialists in a Complex Organization

In banks and other financial institutions, economics teams are typically large and highly specialized. Each economist focuses on a narrow field – such as monetary policy in a specific country, credit risk, or commodity markets. This high degree of specialization reflects the complexity of modern financial markets and the importance of precise analysis.

For example, one analyst might dedicate their entire career to analyzing the U.S. Federal Reserve’s policy decisions and their impact on bond yields, others may focus on niche areas such as energy markets, foreign exchange dynamics, or the effects of fiscal policy on sovereign debt.

Another important aspect of their work is risk assessment. Analysts in banks are tasked with stress-testing portfolios against different macroeconomic scenarios – such as a sudden spike in inflation, a geopolitical crisis, or a global recession.

In summary, these are some core features of the economist’s role within financial institutions:

Focus areas: Interest rates, inflation forecasts, financial market dynamics
Work style: Highly quantitative, model-driven, and often tied to investment decisions
Career tradeoff: Economists gain deep expertise in a niche area but may have limited exposure to broader economic questions

Economists in the Corporate Sector: Generalists with a Broad View

By contrast, economics departments in multinational corporations are usually smaller. At Daimler Truck, the Economic and Market Intelligence Team had only five employees covering a wide range of topics, from global macroeconomic trends to industry-specific market forecasts, and energy markets.

Because the team was small, each member had to be flexible and work across multiple domains. This required not only strong analytical skills but also the ability to communicate insights to non-economists, such as managers in strategy, sales, or procurement. The main responsibility of the team was to provide both quantitative and qualitative insights into the global truck market as well as the macroeconomic outlook of key regions for decision-makers. To this end, the team prepared a weekly briefing for the board and a more extensive report for the CFO, in addition to delivering analyses for the strategy department. Beyond top management, we also supported other departments, for example, providing inflation analyses to procurement or HR to assist them in their ongoing negotiations. In addition to supporting the team with day-to-day requests and briefings, I was also assigned independent projects. These included analyzing potential growth markets and assessing the economic impact of carbon neutrality policies.

The three most important concerns for the team were economic growth, inflation, and energy economics.

Economic Growth

Economic growth, measured primarily by Gross domestic product (GDP), was a key focus due to its strong correlation with truck sales. The company operates on a B2B model, and growth in the broader economy typically encourages firms to invest and expand their vehicle fleets—especially under favorable economic conditions. To assess this, the team relied on data from various economic research institutes and providers such as S&P Global. These datasets were then adjusted and evaluated according to internal standards, with models like Aggregate Supply and Aggregate Demand (AS/AD) serving as analytical frameworks.

Inflation

Inflation – both consumer and producer price inflation – was another critical factor. On one hand, the company runs a large procurement division responsible for sourcing truck components, and inflation plays a central role in supplier negotiations. On the other hand, inflation directly affects the financial department, especially in areas like leasing and financing, where trucks are often acquired through loans or lease agreements. Moreover, inflation influences monetary policy, and interest rate decisions by the ECB and the Fed are highly relevant for investment planning, leasing conditions, and overall demand.

Energy Economics

At the time, Europe was facing significant energy supply challenges and sharp price increases. As a result, energy economics, typically not a core focus for the team, became critically important. This was due both to the fact that trucks primarily run on fuel, which affects customer investment decisions, and because the company’s own operations and production processes consume large amounts of electricity and gas. In fact, the firm operates its own power plants. To navigate this, the team applied classical supply-and-demand analysis and closely monitored geopolitical developments and energy market news.

In summary, these are some core features of the economist’s role within the corporate sector:

Focus areas: macroeconomics, Industry trends, global trade flows
Work style: Broader scope, combining quantitative analysis with qualitative judgment
Career tradeoff: Economists develop versatility but may not reach the same level of technical specialization as in finance

Key Takeaways from My Internship – Career Implications

For those considering an Analyst position, the choice between the financial industry and the corporate sector involves a tradeoff between specialization and versatility.

If you enjoy mastering a narrow field and working with advanced models, the financial industry may be the right fit.
If you prefer applying economics to a wide range of real-world business challenges, a corporate economics department is super interesting.

Economists in financial institutions often occupy a central role at the very heart of the organization. Their analyses directly influence investment strategies, risk management, and overall business performance. By contrast, within multinational corporations, economists tend to hold a more specialized and somewhat “exotic” position. Their insights are primarily directed toward senior management and the board, supporting strategic decision-making rather than day-to-day operations.

This distinction has important career implications. In the corporate world, economists may find it more challenging to climb the organizational ladder, as their role is less integrated with the core functions of the firm. Unlike finance, marketing, or operations, economics is not always seen as a natural pathway to executive leadership. As a result, corporate economists often remain valuable advisors rather than becoming decision-makers themselves.

My internship provided a comprehensive introduction to the wide range of fields an economic analyst can pursue. This broad exposure is particularly valuable for those considering future specialization, as it offers a clear overview of the different domains and helps in identifying which areas may be most rewarding to pursue in greater depth.

Why should I be interested in this post?

This post compares the role of an analyst in an economics team within the financial industry to that in the corporate sector, highlighting key differences in specialization and the career trade-offs involved.

Useful resources

Daimler Truck AG

European Central Bank (ECB)

Federal Reserve (Fed)

Eurostat Data

Federal Reserve Economic Data

International Energy Agency (IEA)

About the author

The article was written in September 2025 by Vincent WALGENBACH (ESSEC Business School, Grande Ecole Program – Master in Management, Exchange Student).

My internship experience as a Financial Controller at Talan

September 26, 2025September 25, 2025 by Samuel BRAL

In this article, Samuel BRAL (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2022-2026) shares his professional experience as Assistant Financial Controller at Talan.

About the company

Talan is a French consulting and IT services firm that supports large organizations in their digital transformation. Founded in 2002, the group now operates in over 15 countries with more than 5,000 employees. Its activities cover business consulting, data & AI, transformation management, and IT systems integration.

The company has experienced rapid growth in recent years, reaching €600 million in revenue in 2023. Talan’s value proposition lies in combining business understanding with technical expertise to create tailored, high-impact solutions.

Logo of Talan.

Source: the company.

I worked within the Group FP&A (Financial Planning & Analysis) department at the Paris headquarters. This central team oversees the performance monitoring and financial reporting for all business units (BU), directly supporting the CFO and COMEX.

My internship

My missions

During my internship at Talan, my missions focused on supporting financial reporting, tool optimization, and performance monitoring across Talan’s international business units. My first responsibility was to assist in producing monthly management reports and P&L statements for each business unit. To do so, I extracted and reconciled financial data from systems such as Kimble, Jedox, and SuccessFactors. I created detailed revenue and margin reports used by the CFO and COMEX during monthly performance reviews. In one instance, I was tasked with explaining a sudden drop in margin for the Iberia BU, which led me to identify under-reported subcontractor costs and propose adjustments that improved margin accuracy by 15%.

In parallel, I was assigned to enhance and maintain our internal reporting tools. I updated Power BI dashboards to reflect changes in budget KPIs, created dynamic filters to allow managers to track performance by project or team, and integrated new reporting metrics requested by HR. A concrete example includes building a resource utilization dashboard that tracked billable vs. non-billable hours across 20+ consultants. This became a key element in weekly performance meetings.

I also contributed to the improvement of the Jedox budgeting model by testing input logic and spotting misalignments between operational forecasts and financial planning. My test case simulation revealed a recurring mismatch between headcount forecasts in SuccessFactors and budgeted salaries in Jedox, this insight helped improve the accuracy of HR cost planning. Lastly, I supported daily project performance follow-up. I maintained Excel trackers for monitoring project delivery rates, billing status, and work-in-progress (WIP). In one project, I flagged €1.2 million in delayed invoices at our UK subsidiary and proposed a process with the project manager and billing team to correct invoice triggers and reduce WIP exposure the following month.

Required skills and knowledge

This internship demanded both technical and soft skills. Technically, I had to master Excel (pivot tables, advanced formulas), Power BI, and become comfortable with integrated tools like Jedox, Kimble, and SuccessFactors. A solid understanding of accounting principles and management control basics was essential to analyze P&Ls and challenge budget assumptions.

But beyond tools and numbers, what really made a difference was my ability to adapt quickly, communicate clearly, and collaborate with different teams: from business unit managers to the finance department. I learned how to handle pressure during closing periods and gained confidence in presenting insights to senior stakeholders.

What I learned

This experience allowed me to apply classroom knowledge to real-world challenges. I saw how data, when properly structured and analyzed, can support strategic decision-making. I also learned the importance of data reliability, reconciling figures between systems and ensuring consistency across dashboards was a daily concern. Finally, I came out of the internship with a clearer picture of what FP&A means in practice: it’s not just about reporting, but about driving performance.

Financial concepts related to my internship

I present below three financial concepts related to my internship: variance analysis, working capital, and margin optimization.

Variance Analysis

Variance analysis was at the heart of my role. Each month, we compared actual figures with the budget and previous year (N-1) to explain key deviations in revenue, costs, and margins. This involved discussions with business unit heads to understand operational reasons behind the numbers: new project delays, staffing issues, or cost overruns. It’s a fundamental tool for financial control and performance steering.

Working Capital

Although I didn’t manage working capital directly, I learned how crucial it is in project-based firms like Talan. Delays in project billing or collection can quickly impact cash flow. Some of our dashboards tracked project completion status vs. invoicing, helping identify WIP (Work in Progress) accumulation. It gave me a concrete view of how accounting flows translate into liquidity risks.

Margin Optimization

One of our KPIs was project margin, calculated using resource allocation, billing rates (TJM), and direct costs. I worked on visualizing these margins in Power BI and exploring scenarios with the team. For example, we modelled the impact of raising the average billing rate or optimizing staffing on low-yield projects. This showed me how financial insight directly supports business decisions.

Why should I be interested in this post?

If you’re an ESSEC student interested in corporate finance, FP&A is a great field to explore. This internship gave me exposure to reporting, performance analysis, budgeting, and tools like Power BI and Jedox. It’s also a great entry point to understand how strategy and operations connect through numbers.

Useful resources

Talan website

Microsoft Power BI

Jedox EPM platform

About the author

The article was written in September 2025 by Samuel BRAL (ESSEC Business School, Global Bachelor in Business Administration, 2022–2026).

My experience at Schneider Electric Singapore as a Finance Intern

November 22, 2025September 20, 2025 by William LONGIN

In this article, William LONGIN (Sorbonne School of Economics, Master in Money Banking Finance Insurance, 2024-2026) discusses his experience as a Finance intern at Schneider Electric Singapore.

About Schneider Electric

Schneider Electric is a French multinational company (MNC) that is specialized in energy management and automation solutions. It was founded in 1836 during the Industrial Revolution in Europe. Its headquarters are in Rueil-Malmaison (France). Schneider Electric develops technologies that help businesses and households optimize energy use. The relevance of the activities of Schneider Electric has increased with the increasing demand for electrical power with the surge in data center and electrical power demand. The company operates in more than 100 countries and is one of the global leaders in electrical equipment and industrial solutions.

Schneider Electric Singapore

After a year of study at Nanyang Business School in Singapore, I joined Schneider Electric’s Singapore office as an intern. As a French citizen, I obtained a Work Holiday Pass (WHP), which allowed me to remain in Singapore for six months. The building itself showcases Schneider Electric’s expertise in energy management and automation, being partly powered by renewable energy and retrofitted with energy-efficient systems.

Schneider Electric Singapore Kallang offices also called “Kallang Pulse”

Source: Schneider Electric Singapore.

Global Supply Chain Finance Manufacturing

Quarterly reporting

During my 6 months internship I integrated the Finance team of the Global Supply Chain (GSC) division of Schneider Electric Singapore. The Finance division plays a central role in the creation of financial forecasts and accurate financial reporting for both internal and external purposes. The primary goal in quarterly reporting is to provide reliable financial data that reflects the performance of operations across regions and business units. The quarterly results are the fruit of the cooperation between the Finance Business Partners (FBPs) and accounting teams of Schneider Electric in several East Asian countries (Thailand, Vietnam, Indonesia, etc.). Finance Business Partners (FBPs) play a coordination role in the process of quarterly reporting and ensure the accuracy of financial statements with regard to manufacturing realities.

Standardization of financial reporting across East Asia

As an intern at Schneider Electric Singapore I contributed to the standardization of financial reporting across East Asia (EA). The process of standardization of financial reporting is key to make comparable metrics. The harmonization of cost centers reduces errors and improves efficiency and was done through direct communication with Finance Business Partners and accountants. Over the course of my internship cost centers were standardized meaning that entities would report similar type costs under the same line item (code number). Overall the work of the Finance team contributed to support more accurate decision-making.

In factory missions

The Schneider Electric Singapore GSC Finance team works closely with the factories/plants of the region. During my internship I had the opportunity to visit plants in Singapore and Indonesia. The proximity with employees on site allowed for more accurate tracking of material flows and stock levels, reducing discrepancies between financial records and actual usage. By monitoring inventories closely, the team maintained a balance between cost efficiency and operational continuity. The finance team places strong value on visits and human contact as part of its role within the Global Supply Chain.

Excel methods

The Finance team relied on advanced Excel techniques. During my internship, I used Power Query to build dynamic spreadsheets that cleaned and transformed large datasets and presented information for easy comparisons. Schneider Electric leverages SAP databases, so I also extracted internal data using Data Format Layout (DFL) to support analysis.

Transversal role

In addition to my core finance responsibilities, I had the chance to explore other parts of the global supply chain, particularly Procurement. In Procurement, the team validates supplier cost structures and reconciles material prices against assumptions. One of my missions was to perform some data analysis on a very large data set. My analysis gave the tools to Procurement to negotiate more effectively with suppliers.

Nomenclature

Purchase Orders (POs): Formal documents issued by a buyer to a supplier to authorize a purchase, specifying items, quantities, and agreed prices. The Global Supply Chain (GSC) finance team is sometimes brought to analyse samples of them.

Consolidated Standard Costing (CSC): A unified costing method that standardizes cost structures across plants or regions, enabling consistent financial comparisons.

Base vs. Variable Costs:

Base costs (fixed costs) remain stable regardless of production volume (e.g., rent, salaries, depreciation).
Variable costs fluctuate with activity or output (e.g., raw materials, utilities, logistics).

Steps of the Purchase Process: Typically include requisition, approval, purchase order issuance, supplier confirmation, delivery, and invoice/payment processing.

Lean manufacturing

Beyond financial forecasting and reporting, the GSC Finance team in Singapore has adopted a systematic philosophy when working on projects. My mentor was an advocate of Six Sigma Lean Manufacturing principles. These principles include reducing variability and defects, relying on data-driven analysis and structured steps such as DMAIC (Define, Measure, Analyze, Improve, Control). The application of lean manufacturing principles increased the efficiency of processes. During my internship I passed some internal training and obtained my green belt of six sigma. An example of six sigma lean manufacturing was a project to create an app that allows to track inventories and makes auditing more reliable and efficient.

Conclusion

My internship at Schneider Electric Singapore was more than a professional experience — it was a learning journey. I discovered how finance is not only about producing figures but also about supporting operations and connecting people across cultures.

Why should you be interested in this post?

If you are curious about how finance operates at the crossroads of global supply chains, this post offers a concrete view from inside Schneider Electric’s East Asia hub. Beyond numbers, it shows how financial teams play a transversal role in harmonizing reporting across countries.

About the author

The article was written in September 2025 by William LONGIN (Sorbonne School of Economics, Master in Money Banking Finance Insurance, 2024-2026)

My Experience at DHL- Bremen in the HR department

August 15, 2025 by Alisa-Arifa AGALI ABDOU TOURÉ

In this article, Alisa-Arifa AGALI ABDOU TOURÉ (ESSEC Business School, Global Bachelor of Business Administration – Exchange student from Germany, 2024-2025) shares her professional experience as an intern at DHL.

About the company

DHL was founded in San Francisco in 1969 by Adrian Dalsey, Larry Hillblom and Robert Lynn. The company’s global headquarters are located in Bonn, Germany. In 1998, Deutsche Post AG began the takeover and fully integrated DHL into the Group in 2002, which today operates under the name DHL Group.

HR DHL
Logo of DHL
Source: the company.

My internship

During my time in the HR department at DHL Bremen, I was able to gain valuable insights, for example, I was able to see and understand the HR processes. The department is responsible for several aspects such as recruiting & onboarding, employee support, payroll accounting and supporting personnel development. In a company as large as DHL, the HR team ensures smooth communication between management and employees within the company.

My Mission

My internship involved a range of responsibilities, including employer branding & engagement, administrative support for employees, and the recruiting process.

Employer Branding & Engagement: Participation in employee events, surveys and employee retention initiatives
Administrative support for employees: planning, maintaining sick notes and absences, master data management
Recruiting process: This includes determining requirements, creating job advertisements and organizing structured onboarding for the successful integration of new employees.

What have I learned

During my time at DHL in Bremen, I was able to get to know important processes that I had already learned theoretically during my studies, but was able to apply practically in my job in the HR department. I was able to get to know processes such as how recruiting, onboarding and personnel administration are developed. I learned how important it is to plan vacation and absence management as accurately as possible and how important it is for the company that everything happens as smoothly as possible. I was also able to expand my knowledge in the areas of personnel budget planning, fluctuation rates and remuneration models. The close cooperation with different departments and employees was particularly valuable for me. I was able to learn a lot of new things and apply and expand my existing skills and knowledge.

Required skills

The position requires communication and organizational skills. To be able to plan and organize employee events as accurately as possible, this requires precise analysis, coordination of surveys to meet the expectations and wishes of the employees. It also requires knowledge in the administration of personnel planning, such as vacation planning, sick leave and absence control. Another important skill for this position is working together as a team to determine requirements, create job descriptions and organize a structured onboarding process. Teamwork and empathy are also very important.

Business concepts related to my internship

Personnel budget planning

An important financial concept in HR activities is personnel budget planning, HR key figures, salary structures and remuneration models. Personnel budget planning is an important component of strategic HR work. Personnel budget planning shows exactly what budget is available to the company in relation to personnel costs. Costs such as salaries, social security contributions, recruiting costs and others are planned and allocated for the year. It is important to plan this as accurately as possible in order to avoid staff shortages and act as efficiently as possible. The HR department works very closely with the Controlling department, the planning of the budget is an important point for an efficient and sustainable personnel strategy.

HR key figures

HR KPIs include the analysis of key figures such as turnover rate. The turnover rate describes the number of employees who voluntarily or involuntarily leave the company in a year. It is also an important aspect, as it reflects the stability and satisfaction of employees. In addition, the turnover rate must always be kept in mind, as a high fluctuation rate can indicate structural problems in the company. If you have this well under control, you can avoid additional costs in the company.

Salary structures and remuneration models

Remuneration must be planned as accurately and appropriately as possible. Salary structures and remuneration models lead to fair remuneration management in the company. The salary structures and remuneration models determine how the employees’ salaries are composed, including aspects such as the employee’s position and function, experience and qualifications. The Salary structures and remuneration model also incorporates active plus points such as awards and bonuses. This serves to increase the motivation of existing employees and to attract new employees for various positions.

Why should I be interested in this post?

As an ESSEC Business School student, the position at DHL can be very interesting, as the company shows you how theoretical knowledge from the areas of HR, controlling and organization is applied in practice in the company. In the company, you gain valuable insights into various areas such as recruiting, personnel budget planning and employer branding, giving you valuable insights into strategic HR work in an international group.

Useful resources

careers.dhl.com/global/en/job/

About the author

The article was written in August 2025 by Alisa-Arifa AGALI ABDOU TOURÉ (ESSEC Business School, Global Bachelor of Business Administration – Exchange student from Germany, 2024-2025).

My internship at the law firm Maître Abouba Aly Maiga et Associés

August 15, 2025August 15, 2025 by Alisa-Arifa AGALI ABDOU TOURÉ

About the company

The law firm was founded in 1990 by Mr. Maître Abouba Aly Maiga. Since then, the firm has provided services in a wide range of legal fields. The areas of law offered by Maître Abouba Aly Maiga and Associes are commercial law, business law, national and international criminal law, administrative law, matrimonial law, labor law and international law. One of the reasons for the firm’s success is that it offers its clients services in various areas of law.

Logo of the law firm Abouba Aly Maiga et Associés.
Logo of Maître Abouba Aly Maiga et Associés
Source: the company.

The firm represents not only civilians but also, for example, ministers, soldiers and large companies and deals with international relations and litigation. Maître Abouba Aly Maiga began his career in Bamako, Mali. In addition to the firm, he is the first Vice President and President Africa of the International Bar Association and Vice President of the A.E.A. (European Bar Association), he is also a former member of the Council of the Order.

My internship

My 6 months of my internship abroad at the law firm was an extremely valuable experience for me and gave me a deep insight into a law firm. During my time there, I was able to take part in many exciting and enriching tasks that not only helped me professionally, but also personally. In particular, the work in the field of corporate law and international law as well as the participation in court proceedings and hearings have shaped me a lot and broadened my view of legal practice.

My missions

During my internship at the law firm, I had a variety of tasks that gave me a deep insight into the day-to-day work of a law firm and showed me what the process in a law firm is like. My tasks included, for example, taking part in client meetings and helping lawyers to develop individual legal solutions. Another important insight was to see how professional client communication works.

Another task I was allowed to take on during my internship at the law firm was to read case files and follow legal processes, especially in the areas of corporate and international law. I regularly attended court hearings, where I was able to experience the lawyers’ argumentation strategies first-hand. Furthermore, I was able to learn the practical handling of complex cases. In addition, I prepared the team meetings and created presentations, took minutes and thus contributed to the internal communication of the law firm.

Required skills and knowledge

Certain skills and knowledge were particularly important for my internship at the Law firm Maître Abouba Aly Maiga. These included basic knowledge of international and corporate law, and a good understanding of legal structures and procedures. Another important point is strong communication skills and intercultural competence to work successfully with colleagues and clients from different backgrounds.

Language skills, especially in French, were also very helpful in order to be able to actively participate in discussions and court hearings. In addition, strategic thinking, initiative, confidentiality in dealing with sensitive information and confident use of digital tools were also important skills.

What I learned

During my internship, I was able to gain valuable insights, such as the internal processes of an international law firm, and I was able to apply my theoretical knowledge from my studies in practice. Especially the work in the area of international and corporate law helped me to better understand the processes. I was also able to improve my French language skills through daily exchanges with colleagues and clients. Overall, I learned to act more confidently in a new environment and to adapt flexibly to different professional and cultural situations.

Financial concepts related to my internship

I present below three financial concepts related to my internship: invoicing and cost management, SWOT analysis for strategic planning, and client retention through advertising and pricing.

Invoicing and Cost Management

During my internship, I was made aware of the importance of structured invoicing for a law firm’s cash flow. Accurate documentation of services rendered, and timely invoicing are crucial to ensure regular income for the law firm. Efficient cost management was a key issue at the law firm, as the firm constantly strives to control and document its expenditure, for example on personnel, technology and office infrastructure. A good cost structure has a direct impact on the profit margin and competitiveness in the market.

Strategic Planning using SWOT Analysis

Another important point is the SWOT analysis. Through the SWOT analysis, I quickly understood how financial opportunities and risks are identified and integrated into strategic planning. Aspects such as investing in technology or recognizing threats from cheaper online law firms play an important role.

Client Retention through Advertising and Pricing

Targeted advertising campaigns and appropriate prices are effective ways of retaining customers in the long term and ensuring financial stability. It was particularly important to adapt the price structure to the target groups’ willingness to pay in order to ensure financial stability.

Why should I be interested in this post?

As an exchange student ESSEC Business School student, I am interested in the position at Maître Abouba Aly Maiga et Associés because it offers a combination of international business law and strategic thinking. The internship at the law firm offers a very deep insight into the areas of legal work and business aspects such as SWOT analyses or cost management. It is particularly interesting to work on real cases, attend court hearings and carry out financial and legal analyses relevant to the firm and make decisions. The internship is ideal for students who are interested in business law or who want to work at the interface of law and business.

Useful resources

Cabinet Abouba Aly Maiga et Associés

About the author

The article was written in August 2025 by Alisa-Arifa AGALI ABDOU TOURÉ (ESSEC Business School, Global Bachelor of Business Administration – Exchange student from Germany, 2024-2025).

My professional experience as Head of Data Modelling

August 11, 2025August 9, 2025 by Rohit SALUNKE

In this article, Rohit SALUNKE (ESSEC Business School, Grande Ecole Program – Master in Management, 2018-2021) shares his professional experience as Head of Data Modelling, leading advanced analytics, AI, and reporting solutions for a global investment organisation.

About the company

Tikehau Capital is a global alternative asset management group headquartered in Paris, France. Founded in 2004, it has become a multi-billion-euro investment house with expertise across private debt, real assets, private equity, and capital markets strategies. The company manages assets for institutional and private investors worldwide, relying on a long-term investment philosophy and strong entrepreneurial culture.

Tikehau Capital is listed on Euronext Paris and operates in over a dozen countries. Its diversified investment strategies and robust risk management have contributed to consistent growth and resilience across market cycles.

Logo of Tikehau Capital.

Source: Tikehau Capital.

About the role

As Head of Data Modelling, I was responsible for the strategic design, architecture, and delivery of the organisation’s enterprise-wide analytics infrastructure. My role bridged technology, quantitative modelling, and business strategy, ensuring that investment, risk, and operational teams had access to powerful, automated, and reliable data-driven tools. I oversaw the entire lifecycle of data and analytics projects—from ideation and design to deployment and continuous improvement—while directly coordinating with C-level executives and department heads to align technology solutions with organisational goals.

My Experience

My core responsibility was managing the architecture of our Databricks and PowerBI/Python reporting ecosystem, making it the central platform for the organisation’s portfolio analytics and operational reporting. I led the data strategy for our IT-Quant Cell, which served as a specialised unit delivering high-value analytics to investment and risk teams across multiple asset classes.

One of my most impactful projects was the full-stack development of an AI assistant for answering investor due diligence questionnaires (DDQs). This system combined Databricks Genie with open-webui, enabling internal teams to query complex datasets interactively. Additionally, I built NLP-based solutions to parse and extract information from unstructured documents—such as contracts, company filings, and financial statements—streamlining internal research and reporting workflows.

On the quantitative modelling front, I developed a bond valuation engine capable of pricing both individual securities and portfolios, as well as default probability models for issuers and securities. These tools allowed risk managers to proactively identify watchlist names, foresee covenant breaches, and anticipate coupon defaults. I also delivered full-stack stress testing and credit spread models for private debt and distressed debt portfolios, enabling portfolio managers to assess market scenarios and security-level risks with precision.

For cash flow management, I designed a forecasting engine tailored to private debt portfolios, integrating it with operational and client service functions to automate forecast reporting for investors. I also led the development of large-scale automated reporting solutions capable of generating PDF, PPTX, Word, and Excel outputs, meeting the regulatory and investor requirements of multiple jurisdictions.

Collaboration and Leadership

My role demanded close coordination with the CTO, COO, CFO, department heads, and technical leads to define priorities, allocate resources, and ensure delivery. I managed multi-departmental projects spanning Risk, Investment, Operations, Sales, and Finance, as well as asset class–specific initiatives in Private Debt and Equity, Fixed Income, CLOs, and Real Estate. This cross-functional exposure ensured our solutions were both technically sound and operationally relevant.

Beyond technical delivery, I implemented interactive dashboards for risk monitoring, fundraising, investor onboarding, and portfolio analytics—empowering top management, risk managers, and portfolio managers with actionable insights. I also provided mentorship to analysts and senior executives, guiding them through the adoption of new tools, processes, and workflows.

Required skills and knowledge

This role required deep expertise in data architecture (Databricks, SQL), advanced analytics (Python, NLP, quantitative finance), and visualisation (PowerBI). The ability to translate complex business needs into scalable, maintainable, and user-friendly systems was critical. Equally important were leadership and stakeholder management skills, enabling me to bring together technical and non-technical teams to achieve common objectives.

What I learned

In this position, I learned how to combine cutting-edge technology with robust quantitative frameworks to address the evolving demands of a global investment business. I developed a stronger appreciation for the balance between innovation and operational stability—ensuring that every model, dashboard, or AI system could be trusted by those making high-stakes decisions. Most importantly, I saw firsthand how data strategy, when aligned with business objectives, can transform portfolio monitoring, risk management, and investor communication.

Financial concepts related to my role

Credit spread modelling

Credit spread modelling is the process of estimating the additional yield or premium investors require to compensate for the credit risk of a bond or loan compared to a risk-free benchmark, typically government securities. This spread reflects the market’s perception of the issuer’s default risk, liquidity risk, and other factors affecting creditworthiness. In my role, I built sophisticated credit spread models that integrated multiple layers of data, including macroeconomic variables (such as interest rates, GDP growth, and inflation), issuer-specific fundamentals (like leverage ratios, profitability, and cash flow stability), and real-time market indicators (credit default swap spreads, bond prices, and trading volumes). These models enabled risk managers and portfolio managers to estimate fair value spreads, detect deviations from expected spreads, and identify mispriced securities. The ability to quantify and forecast credit spreads was critical for pricing, risk management, and strategic asset allocation across private debt and distressed debt portfolios.

Stress testing

Stress testing involves evaluating how a portfolio or individual securities would perform under severe but plausible adverse market conditions. It is a key risk management tool that helps identify vulnerabilities and potential losses in extreme scenarios, such as economic recessions, interest rate shocks, or credit market disruptions. I developed full-stack stress testing models that allowed users to apply shocks and scenario analyses both at the individual security level and the aggregated portfolio level. These models incorporated changes in key variables including interest rates, credit spreads, default rates, and macroeconomic indicators. By simulating various stress scenarios, investment and risk teams could assess the resilience of portfolios, anticipate potential covenant breaches or defaults, and plan mitigation strategies. This was especially important for private debt and special opportunities portfolios, where cash flows and valuations can be highly sensitive to changing market environments.

Default probability modelling

Default probability modelling quantifies the likelihood that an issuer or specific security will fail to meet its financial obligations within a defined time horizon. Accurate default prediction is fundamental to credit risk management, pricing, and portfolio construction. I designed models leveraging a combination of financial statement ratios (such as debt coverage, liquidity, and profitability metrics), market-based indicators (equity volatility, credit spreads), and qualitative industry or sector factors to generate forward-looking default probabilities. These models powered watchlists and early-warning systems, enabling portfolio managers to identify issuers at risk of covenant breaches, coupon defaults, or bankruptcy. By anticipating potential defaults, the investment teams could proactively adjust exposures, engage with issuers, or hedge positions, thereby reducing portfolio losses and improving overall risk-adjusted returns.

Why should I be interested in this post?

This post offers valuable insights for students and professionals keen on the intersection of quantitative finance, data architecture, and AI-driven solutions within the asset management industry. It illustrates how leadership in data modelling and technology can directly impact critical investment functions such as portfolio strategy, risk assessment, and investor communications. Understanding how sophisticated models and automated analytics tools are developed and deployed equips aspiring quants, data scientists, and financial engineers with a clearer picture of real-world applications beyond theory—highlighting the importance of cross-functional collaboration, scalable system design, and continuous innovation in today’s complex financial markets.

Useful resources

Academic articles

Duffie, D., & Singleton, K. J. (2012). Credit Risk: Pricing, Measurement, and Management (illustrated edition). Princeton, NJ: Princeton University Press.

Business resources

Tikehau Capital

Tikehau Capital Solutions

Claessens S., Pazarbasioglu C., Laeven L., Dobler M., Valencia F., Nedelescu O., and Seal K. (2011) Crisis Management and Resolution: Early Lessons from the Financial Crisis, IMF

Preqin Alternative data platform

BlackRock eFront – Portfolio Management Solution

About the author

The article was written in August 2025 by Rohit SALUNKE (ESSEC Business School, Grande Ecole Program – Master in Management, 2018-2021).

My professional experience as Business & Data Analyst at Tikehau Capital

August 11, 2025August 9, 2025 by Rohit SALUNKE

In this article, Rohit SALUNKE (ESSEC Business School, Grande Ecole Program – Master in Management, 2018-2021) shares his professional experience as Business & Data Analyst at Tikehau Capital.

About the company

Tikehau Capital is a public company listed on Euronext Paris and operates in over a dozen countries. Its diversified investment strategies and robust risk management have contributed to consistent growth and resilience across market cycles.

Logo of Tikehau Capital.

Source: Tikehau Capital.

I worked in the Information & Technology (IT) department of Tikehau Capital, and collaborated extensively across various teams within the organisation. My projects focused on building tools and processes that directly supported investment decision-making and portfolio monitoring.

My Experience

As a Business & Data Analyst in the IT department, my role was to design, develop, and deploy technology solutions for the company. I collaborated with several stakeholders such as Investment team, Risk, Operations, Sales and Marketing, Client Services and Top Management. Within the Investment teams I touched on topics across the TKO strategies, Private Debt, Private Equity, Tactical Strategies, Real Assets and Capital Market Strategies. This included working closely with investment professionals to understand their analytical needs and then translating those into scalable, automated systems for data processing, quantitative analysis and reporting.

My missions

As the technical lead and subject matter expert for a major digitisation project in an agile environment, I drove revenue and productivity enhancements through automation, data analysis, and improvements in data quality and reporting. My role involved analysing TKO’s portfolio of private investments, building automated reporting engines, developing quantitative analytics modules for portfolio monitoring, and creating ETL pipelines to consolidate data from multiple internal and external sources. I collaborated extensively across functions—including Sales, Product, Marketing, Finance, Client Services, Fund Operations, Risk, Investment, Private Debt, Private Equity, and Real Estate—to ensure the successful delivery of technology solutions aligned with business needs.

Key projects included: developing quarterly investor reporting automation tools for several business units (Python, Databricks, Microsoft PowerPoint, Word, Excel); leading the private markets data migration to Databricks and introducing company-wide KPI harmonisation, boosting efficiency by 12x; implementing dashboards for use by both cross-functional teams and top management (Databricks, PowerBI); and automating report delivery to clients (Power Automate). I also led analysts through project lifecycles, providing coaching to both junior and senior team members on in-house and external tools.

From an analytics perspective, I delivered asset performance analyses across funds and asset classes, supported fundraising and investor onboarding analytics, conducted risk assessments on asset performance under economic stress, and developed in-house benchmarking for Private Debt funds in collaboration with external partners. On the investor relations side, I handled institutional investor performance reporting requests. For data quality, I monitored internal platforms, managed escalation processes, and mitigated risks, issues, and dependencies to maintain the integrity and reliability of critical datasets.

Required skills and knowledge

In my role at Tikehau Capital, I developed a combination of technical, analytical, and cross-functional skills that enabled me to deliver technology solutions supporting investment decision-making across multiple asset classes. One of the key technical skills I applied was advanced programming in Python and SQL, which I used to design ETL pipelines, automate reporting processes, and integrate data from multiple sources into Databricks. I also gained deep expertise in dashboard creation and visualisation using PowerBI, allowing me to present complex portfolio performance metrics in a clear and actionable format for both senior management and investment teams.

I strengthened my understanding of private markets data structures, particularly within private debt, private equity, and real estate. This included learning how to manage and standardise KPIs across the organisation to ensure consistency in reporting and analysis. My work required strong knowledge of data governance and quality control, as I was responsible for monitoring internal platforms, managing data integrity issues, and implementing processes to improve accuracy and reliability.

On the soft skills side, I honed my ability to gather business requirements from diverse stakeholders and translate them into technical specifications. This meant working closely with colleagues from Sales, Product, Marketing, Finance, Client Services, Fund Operations, Risk, and Investment teams in an agile environment. I also developed leadership skills by guiding analysts through the project lifecycle and providing coaching to both junior and senior professionals on the use of in-house and external tools. Finally, I gained significant experience in investor relations support by preparing data for performance reporting, responding to institutional investor requests, and ensuring clear, professional communication of complex investment information.

What I learned

One of the most valuable lessons I learned at Tikehau Capital was how technology teams can act as strategic partners to investment teams across multiple asset classes, including Private Debt, Private Equity, Capital Market Strategies (CMS), Tactical Strategies, and Real Assets. Working in the IT department while collaborating closely with investment specialists taught me how to align technical solutions with diverse investment strategies and operational requirements. For example, during the digitisation project, I learned how to translate complex business requirements from each asset class into scalable automation, analytics, and reporting tools that directly improved portfolio monitoring, decision-making, and investor communication.

I gained a deeper understanding of asset class–specific analytics: in Private Debt and Private Equity, I worked on performance tracking, KPI harmonisation, and risk analytics; in CMS and Tactical Strategies, I learned how derivative positions and macro-driven strategies required different data models and stress-testing frameworks; and in Real Assets, I helped design systems that tracked physical asset performance alongside market and operational metrics. This cross-asset exposure enhanced my ability to adapt technical workflows to varied investment approaches.

From a technical perspective, I refined my proficiency in Python, SQL, Databricks, and PowerBI, using them to build ETL pipelines, automation workflows, and dashboards that served both analysts and senior management. I also honed my problem-solving skills by identifying bottlenecks in reporting processes and implementing solutions that improved efficiency by more than 10x in some areas. Additionally, I learned the importance of outcome evaluation—ensuring that every dataset, whether for an internal management dashboard or an institutional investor report, was accurate, consistent, and presented in a clear, actionable format tailored to the needs of each asset class.

Financial concepts related to my internship

I present below three financial concepts related to my internship and how they were applied in my work at Tikehau Capital: Portfolio monitoring, Credit risk metrics, and Cash flow forecasting.

Portfolio monitoring

Portfolio monitoring is the ongoing process of tracking an investment portfolio’s performance, risk profile, and compliance status to ensure it aligns with its strategic objectives. This involves assessing metrics such as returns, volatility, drawdowns, asset allocation shifts, and adherence to investment guidelines. Effective portfolio monitoring enables timely decision-making, allowing managers to rebalance, hedge, or adjust positions in response to market movements or changes in portfolio objectives. During my time in the IT department working closely with investment specialists across private debt, private equity, CMS strategies, tactical asset allocation, and real assets, I learned how technology can streamline this process. The reporting engines I built automated large parts of the workflow—integrating data from multiple sources, applying valuation models, and generating performance dashboards—allowing investment teams to access accurate, real-time insights without the delays and potential errors of manual data handling. This experience deepened my understanding of how portfolio monitoring supports not only performance measurement but also risk management, regulatory compliance, and informed strategic decision-making.

Credit risk metrics

Credit risk metrics are quantitative and qualitative measures used to evaluate the likelihood that a borrower will default on their obligations and to estimate the potential loss to the portfolio in such an event. These metrics include probability of default (PD), loss given default (LGD), exposure at default (EAD), credit spreads, and internal credit ratings, all of which help investment teams assess both individual counterparty risk and overall portfolio vulnerability. Accurate credit risk assessment is essential for pricing loans, structuring debt instruments, and determining capital allocation. While working closely with investment specialists across private debt, private equity, CMS strategies, tactical strategies, and real assets, I developed tools that integrated multiple credit risk data feeds into interactive dashboards. These systems consolidated financial statement data, market indicators, and external credit ratings into a unified view, enabling faster and more reliable risk assessments. By automating data aggregation and providing visual, real-time insights, these tools not only improved assessment accuracy but also allowed portfolio managers to respond more proactively to emerging credit concerns.

Cash flow forecasting

Cash flow forecasting is the process of estimating the timing and magnitude of future inflows and outflows for an investment or portfolio. It is essential for assessing expected returns, ensuring sufficient liquidity to meet obligations, and supporting capital allocation decisions. Accurate forecasting allows investment teams to anticipate funding needs, optimise debt schedules, and stress test portfolios under different market conditions. This is particularly important in asset classes such as private debt, private equity, CMS strategies, tactical strategies, and real assets, where cash flows can be irregular and heavily dependent on deal structures, economic cycles, and market events. To support this, I built ETL pipelines that extracted deal-level data from multiple internal and external sources, transformed it into a consistent structure, and integrated it with dynamic forecasting models. These pipelines enabled investment teams to perform real-time scenario analyses, adjusting for variables such as interest rate changes, market shocks, and asset performance trends. By automating data preparation and linking it directly to forecasting tools, the process became faster, more transparent, and more adaptable to shifting market conditions.

Why should I be interested in this post?

For ESSEC students interested in finance and technology, this experience shows how a role in IT within an investment firm can offer direct exposure to financial markets, portfolio analytics, and data-driven decision-making—skills highly valuable in both finance and quantitative career paths.

Useful resources

Academic articles

Altman, E. I., & Saunders, A. (1997). Credit risk measurement: Developments over the last 20 years, Journal of Banking & Finance, 21(11–12):1721–1742.

DeFond, Mark L. & Hung, Mingyi. (2003). An empirical analysis of analysts’ cash flow forecasts, Journal of Accounting and Economics, 35(1):73–100.

Business resources

Tikehau Capital

Tikehau Capital Solutions

Preqin Preqin – Alternative data platform

BlackRock eFront – Portfolio Management Solution

About the author

The article was written in August 2025 by Rohit SALUNKE (ESSEC Business School, Grande Ecole Program – Master in Management, 2018-2021).

My internship experience at Partner plus Investments Limited

August 3, 2025July 12, 2025 by Annie YEUNG

In this article, Annie YEUNG (ESSEC Business School, Global Bachelor in Business Administration (GBBA) – Exchange Student, 2025) shares her summer internship experience at Partner Plus Investments Limited as the Junior Analyst.

About the company

Partner Plus Investments Limited is an asset management company particularly focusing on fund of funds company. Partner plus investments limited operates by intersecting finance and technology and leverages sophisticated financial data analysis and modeling. The company is high-tech, and the team retrieves and develops insights from big data in order to make analytical insights and help our clients make informed investment decision. The company also aims to create and share reports to make investment decisions and specializes in sophisticated financial big data for extract valuable information. Partner Plus Investments limited meticulously curate portfolios and is driven by the exceptional commitment to deliver investment outcomes and value to the company’s clients. With an expertise and financial analysis and strong understanding of market dynamics, the company utilizes cutting edge, tools and technology to extract insights from vast amounts of financial data, which enables the company to make investment decisions and suggestions for clients with confidence and precision by staying on top of market trend and continuously monitoring the funds performance, Partner plus investments, limited strives to adapt their strategies, proactively to capture opportunities and make the best outcomes for clients in face of market dynamics. Therefore, partner plus investments limited focuses on transparency, integrity approaches, and builds long-term relationships with their clients based on trust and efficient communication, whilst always putting their clients first. Therefore, partner plus investment Limited serves its clients as being a trusted partner in achieving its clients’ financial goals.

Partnerplus Investments logo.

Source: Partnerplus Investments.

My internship

As the summer intern, I took on the role of being the junior analyst, contributing to the team with asset management and portfolio monitoring through daily analysis of financial data. At partner plus investments, I went beyond traditional data analysis through the creation of interactive reports that help empower and engage clients to understand macroeconomic environments and how it is related to our own investment decisions.

During the internship, one of my main tasks included conducting macroeconomic research. One of my important tasks included updating macroeconomic indicators on our data base. Based on the conducted research, we compiled and analyzed the data to create reports that not only showcase our findings but also provide a comprehensive summary and overview of our teams’s collaborative decision making and making sure that our investment strategies are reasoned and aligned with our client’s financial goals.

My missions

Hence, during the internship, I was able to combine technological knowledge with financial expertise and contribute to our team. I learned to use softwares and navigate through sophisticated financial data bases, including Bloomberg terminal, to compile data in order to drive insights and conduct interactive reporting. For example, we used graphic model for visualization of the fund performance for our clients.

Required skills and knowledge

In partner plus investments I learned about the skills and knowledge to retrieve vast amounts of financial data in order to analyze them and transform them into our known own knowledge that allow us to make well informed investment choices.

The first skill I learned was portfolio management skills which I understood about how we strategically allocate assets in order to optimize returns and effectively manage risks in our asset allocation. I also learned about performance analysis as I kept track of our companies investment and evaluated the performance of our portfolios by performing benchmark analysis to assess our investment outcomes. I also gained knowledge about fund of funds. During our fun selection I understood how we identified and selected funds in order to construct our diversified portfolios. I also learned about fund monitoring by making informed decisions, and keeping ourselves informed under changing market conditions, and trying to identify market patterns and apply them into our investment strategies. another skill that I learned was client reporting. as part of our daily job, it was important for us to communicate clearly to our clients. For example, we developed and wrote clear client reports in order to communicate effectively our investment strategies and performances to our clients. I learned about presenting complex financial information and to clear and concise formats for our clients. This included visualization of our data through software such as Excel and simplifying our data in order to make it clear to our clients.

What I learned

Another skill that I learned was how to perform financial modeling and utilize problem solving skills to solve and project financial situations. Financial modeling comes in large variety, and one may create models in order to address situations for different financial issues. I understood the importance of employing an analytical mindset.

I learned about problem solving and financial modeling during my internship at partner plus investments for example in one of my financial modeling tasks I learned to identify and manipulate different variables in order to address different investment outcomes as a result of our investment choices this was crucial in understanding and applying investment strategies in order to optimize our portfolio performance. I also learned about understanding the significance of periodic investments. during one of my tasks, I utilized periodic investments as a dependent variable and I saw how they impact overall portfolio growth and how they also allowed us to mitigate risks. I also gained technical proficiency as I was able to hone my skills in using excel and I applied my prior knowledge that I gained in previous academic settings to professional settings. I also honed my analytical thinking, as I was able to understand relationship more skillfully between target returns and investment timelines; I was able to apply this in analyzing for our fun performance metrics. I also learned about outcome evaluation; in our client reporting stages, I learned about analyzing data and scrutinizing the credibility of source of information before we included it in our reports.

Financial concepts related to my internship

I present below three financial concepts related to my internship: efficient market hypothesis, client Relationship management, and Sharpe ratio.

Efficient market hypothesis

The first important financial concept that I learned from my internship was the efficient market hypothesis. This hypothesis explains that share price reflects all available information. Hence, in an efficient market, it would be impossible for invewstors to purchase undervalued stocks or sell stocks for inflated prices; it would be Impossible to outperform market through expert stock selections. Indeed, there are studies that find only 23% active managers were able to outperform their passive peers. With a stock market with such large amount of actors, some investors would outperform the market, and some investors would underperform the market. However, it is important to note that in our current world’s markets, it may be hard to have a completely efficient market. This means that due to other outside factors, some investors may have more information than others, which this leads to an inefficient market. Hence, in inefficient markets, asset prices don’t accurately reflect true value due to info asymmetries, lack of buyers and sellers, and high transaction costs.

Client Relationship management

Another important financial concept that was important to my internship was Client Relationship management. As I refine my skills in evaluating for our investment outcomes through client reporting, I understood the importance of client relationship management. this involved managing our interactions with clients and potential clients which was essential for our company by effectively building relationships we were able to tailor our investment strategies to meet our clients’ needs and help our clients better reach their financial goals. during our client relationship management, it was also important that we we’re able to generate accurate performance assessments in order to report our performance to our clients and provide frequent performance updates and investment recommendations effectively. hence only through ensuring reliable credible and transparent reporting could we provide our clients with detailed insights about our portfolios and enhance our partnership with them.

Sharpe ratio

The third financial concept that was incredibly important to my internship was the Sharpe ratio. The Sharpe ratio is a measure of risk-adjusted return, and it defines as the excess return of an investment compared to the risk free rate per unit of risk. during the internship by calculating and interpreting sharpie ratios we were able to better assess the performance of our investment portfolios, and this could effectively allow us to evaluate the returns generated by our portfolio. a higher ratio indicates better risk-adjusted returns; hence we could use the Sharpe ratio to compare the risk-adjusted performance and better understand how much risk we are taking to achieve a certain level of return.

Why should I be interested in this post?

This post should interest you if you are also looking for gaining valuable professional experience in a fund related company, as it introduces and discusses what it is like to work in one! You will be able to learn many hands-on knowledge about portfolio management and conducting financial research.

About the author

The article was written in July 2025 by Annie YEUNG (ESSEC Business School, Global Bachelor in Business Administration (GBBA) – Exchange Student, 2025).

My internship experience at FTI Consulting

August 3, 2025July 12, 2025 by Annie YEUNG

In this article, Annie YEUNG (ESSEC Business School, Global Bachelor in Business Administration (GBBA) – Exchange Student, 2025) shares her experience as an Intern at FTI Consulting.

About the firm

FTI consulting Is a business consultancy firm and global management advisory company. It is one of the leading global expert firms to help organizations that are facing crisis or transformation. fti consulting is a global company with a great presence in 33 countries and it has become a market leading global consulting firm that has experts to serve and help their clients as the trusted advisor for their clients to cope with challenges and leverage opportunitIes. FTI Consulting Has been recognized globally for their comprehensive services to assist their clients businesses and make a global impact under dynamic business cycles and unexpected crises. Therefore fti consulting is a prominent firm in the financial consultancy and services landscape and the company is largely recognized for its expertise and professionalism offering its clients financial services that are tailored to meet to meet their diverse nfti consulting . Fti consulting advises on risk management as well as it assists organizations on navigating through complex financial challenges and restructuring processes.

FTI Consulting Logo.

Source: FTI Consulting.

FTI consulting operates across various departments and each are specializing in distinct areas of professionalism and expertise to help solve diverse and comprehensive solutions for their clients.

Corporate finance and restructuring focuses on providing financial advisory services to companies who are undergoing financial distress, restructuring processes. Services may include success, debt restructuring, turnaround strategies, financial analysis, which FTI consulting may help optimize their clients’ financial performance.
Forensic and litigation consulting includes investigating and litigation support services which FTI consulting assist their clients in addressing legal challenges, regulate increase, and fraud investigations. FTI consulting acts as the expert to provide analysis and support legal proceedings for their clients.
Economic consulting, help their clients to conduct economic analysis, and provides analysis and insights into complex economic issues. FTI, consulting, economic, and financial consulting, helps their clients to understand more about economic and financial regulatory opportunities, and challenges in order to better support their companies, legal and business decisions.
Technology helps clients to manage and leverage technology and enhance their IT infrastructure as well as security protocols and their businesses.
Strategic communication helps clients to navigate through crisis and manage their reputation through effective communication with stakeholders. Strategic communication helps clients to reduce risk, and specializes in multiple areas, including corporate reputation, crisis communications, financial communications, public and government affairs, transaction communications, communications and insights.
Risk and compliance focuses on helping organizations navigate through regulatory requirements as well as compliance procedures.
Transaction advisory services provides support and advisory services to clients and mergers and acquisitions and other strategic transactions. FTI consulting provides valuation financial advisory services to support their clients in making their informed business decisions.
Health solutions specializes in providing healthcare organizations and management support and helps them address challenges and seize opportunities

My internship

During my internship at FTI consulting as the corporate finance and restructuring summer intern, I was able to gain valuable experience in immersing in a dynamic environment that provided me with invaluable, hands-on experience in financial analysis as well as restructuring procedures. One of the many important rules, I undertook during my internship included conducting detailed company research and delving into various legal papers. I conducted detail company re-and also organized for the adjudication of debts. in conducting from our financial analysis I enjoyed researching through numerous financial data from our clients, reviewing searching, checking sorting and grouping for these data. By organizing transaction data, I was able to learn more about a company and also practice my attention to detail.

Required skills and knowledge

Through my involvement in various tasks during my internship, I understood more about the important skills and knowledge required during my work. For example, I realized it was important important to develop a keen eye for detail and hold a meticulous approach when scrutinizing financial data. The ability to gather interpret understand and organized complex financial data was important. I also realize the importance of effective communication in the field of corporate finance and restructuring while working in FTI consulting. For example, whether if it is engaging in internal discussions with my team or communicating with clients, I realize the importance of delivering clear and concise communication in order to better convey our financial analysis and concepts. It was also crucial in building relationship with our clients as well as facilitating teamwork within our department in order to ensure the process was smooth. Furthermore, for more technical skills I learned how important it was to understand how companies manage their finances to optimize value. my exposure to transaction analysis and financial analysis as well as understanding the transparency and financial reporting processes allowed me to understand How to during restructuring assessments. It is important to evaluate a companies financial health and implement strategic planning to improve its overall financial position.

What I learned

The internship experience was extremely rewarding to me. I learned how restructuring process works, restructuring involves assessing a company’s financial situation and making changes to its structure or capital structure in order to improve on the companies financial health. Incorporate financial and restructuring I learned about the transactional, valuation and advising procedures of FTI consulting. Through taking the role on advising for our clients, I learned how to advise companies in managing their finances in order to maximize their company value and minimize their risks. Furthermore, the internship experience not only gave me exposure to financial procedures scrutiny, but also honed my skills of being attentive to detail, ability gather and interpret complex information, which is a vital skill in financial analysis. I was able to hone my analytical skills, make informative decisions based on multifaceted data.

Financial concepts related to my internship

I present below three financial concepts related to my internship: debt restructuring, financial analysis, and valuation techniques.

Debt restructuring

The first financial concept I gained insight into during my intern internship was debt restructuring. Debt restructuring means modifying the terms of existing debt agreements to alleviate companies financial or improve its financial position. Debt restructuring processes may include various steps such as refinancing debt, extending maturity dates, negotiating interest rates etc. I learned about how companies may effectively manage their debt obligations in order to optimize their financial structure, and ensure their financial position’s health.

Financial analysis

The second financial concept I learned during my intern intern internship was financial analysis. By looking at bank statements and financial reports, I realize how critical financial analysis is to corporate finance and restructuring. I developed a deep understanding of this concept and skills in evaluating financial statements, understanding the meaning behind each number on the financial report as well as understood more about performance metrics in order to assess the companies financial health and performance. By reviewing detailed ledgers and analyzing and identifying significant transactions, I was better able to interpret complex financial data as part of the process in helping our client make better informed business decisions.

Valuation techniques

The third financial concept I learned was valuation techniques, as it is utilized to determine a companies asset or investment value. Not only did I learn more about cash flows, market trends and cash flow, I was also able to hone my skills in learning about valuation models in order to determine the fair value of assets, which was an important procedure in the restructuring process .

About the author

The article was written in June 2025 by Annie YEUNG (ESSEC Business School, Global Bachelor in Business Administration (GBBA) – Exchange Student, 2025).

My Audit Summer Internship experience at KPMG

August 3, 2025July 12, 2025 by Annie YEUNG

In this article, Annie YEUNG (ESSEC Business School, Global Bachelor in Business Administration (GBBA) – Exchange Student, 2025) shares her experience as an Audit Summer Intern in KPMG, as well as the details of what working in audit may be like, and the necessary skills and goals if one wishes to develop a career in Auditing.

About the firm – KPMG

KPMG, as recognized as one of the big four auditing companies alongside Deloitte, PwC, and EY, is one of the world’s leading professional services firms. The company provides professional financial services, and has a wide range of different departments, including audit, tax, and advisory services, facing diverse clients, including large corporations, governments, and even non-profit organizations. KPMG has a strong global presence. First founded in 1987, KPMG came to what it is today as a leading company through the merger of Klynveld Main Goerdeler and Peat Marwick International, and KPMG has excelled in the field of accounting, building trust from its clients.

Logo of KPMG.

Source: KPMG.

KPMG’s audit practice is one of its core components in the firm and plays a critical role in delivering accountable financial reports, in order to support the transparency of global financial systems. In auditing, the team aims to deliver independent, high-quality financial statement audits that allow stakeholders to understand the company through information that is reliable. KPMG focuses on building a strong ethical foundation, and today it leverages advanced data analytics and data intelligence to build a stronger audit practice. For example, the KPMG Clara is a smart audit platform to provide greater insights into the financials of their clients, and is a great tool designed to support the auditing process. In KPMG auditing, teams also ensure that companies meet financial reporting standards, such as the IFRS and US GAAP, and auditors work closely with their clients to gain a thorough understanding of their financials, industry, risks, and operations, to approach the assurance with tailored auditing processes. Furthermore, KPMG has also been proactive in addressing sustainability. The firm focuses on Environmental, Social, and Governance (ESG) reporting to extend their non-financial reporting, ensuring that companies’ sustainability claims are verifiable.

Overall, KPMG is a major player in the global professional accounting services market, and strongly commits to innovation, ethical practices, in order to deliver value to their clients. In the audit sector, auditors in KPMG play a crucial role in safeguarding the transparency of financial reporting and safeguarding public trust.

My Internship Experience

During my internship, I had the opportunity to work as part of the audit team as an Audit Summer Intern. I engaged closely with our client, contributing to the financial reporting during that audit cycle. This experience provided me a comprehensive understanding of how theoretical knowledge that I have gained from my academic studies could be translated into the practical applications in the world of auditing, My internship experience was both very challenging and rewarding at the same time; as the intern, II gained hands-on experience in handling audit tasks and financial statement reviews.

One of my major responsibilities during my internship involved conducting company and market research for our client as part of the audit procedure. For example, when working with our client, I conducted auditing procedures such as comparing company sales prices to market benchmarks. I was able to hone my skill in attention to detail, as I researched industry standards with similar features to our clients to ensure that the values reported by our client were reasonable and consistent with market standards. Through this procedure, I gained the ability to assess the credibility of pricing through benchmarking techniques in auditing, and I gained a more thorough understanding of inconsistencies in valuation, which allowed my seniors to further review. Another key aspect of my work included journal entry testing, where I was tasked with reviewing and vouching the selected entries back to the original supporting documents provided by our clients. This supported the auditing procedure by identifying potential risks of misstatements or irregularities in the financial statements. I also worked on financial statement reviews for numerous subsidiaries of our clients, which included larger corporations. I prepared working papers and learned to maintain audit trails for every assertion tested. Through this analytical review and control testing, I gained a great exposure to the structure of the performance of an external audit.

What I learned during my internship

Apart from the technical skills that I have strengthened during my internship, such as my proficiency in Microsoft Excel and on-the-field communication and collaboration, I was also able to gain a much wider learning experience through my experience in practicing auditing. Auditing is a detailed and structured process that ensures a company’s financial statements are accurate, transparent, and in compliance with industry standards. Hence, it is important to build trust in financial information so stakeholders can take the information and make informed decisions.

For example, I developed a strong sense of professional skepticism and prudence, especially when working on auditing procedures that involved vouching and checking for reasonableness. By examining the details, I understood the importance of attention to detail, and I improved my ability to think critically, as it was an important skill required in auditing in order to protect stakeholders and support the transparency in financial reporting.

Important key takeaways from working in KPMG auditing

Compliance with accounting standards and regulations

One of the primary goal of auditing is to check whether clients’ financial statements are in compliance with accounting standards and regulations. For each financial item and the financial statements, whether if it’s revenue, inventory, or assets, it is important to understand how these items are treated by the company. Hence, during auditing procedures, it could help us better determine if the item is fairly and accurately represented in the financial reports.

Developing professional skepticism

During the auditing process, I also learned the importance of adopting the mindset for professional skepticism, which we learn to question, verify, and ensure the integrity of financial data. Only by adopting this mindset can auditors detect potential misstatements, errors, or even fraud.

Identifying different types of risks

One of the key aspect in auditing involves identifying different types of risks. Business risk is related to the risk that a company might not be able to achieve its objectives; legal risk is about the company’s potential risk in facing legal consequences due to not being able to comply with laws and regulations; financial risks involve the possibility of market volatility etc. Auditing is particularly playing an essential role in helping companies to minimize and avoid legal risks. Only through the auditing processes verifying financial information of a company can we help maintain the integrity and sustainability of the firm.

IFRS vs GAAP in auditing

There are two auditing frameworks that provide guidelines on how financial statements shall be prepared. The two accounting frameworks, IFRS (International Financial Reporting Standards and GAAP (Generally Accepted Accounting Principles) are the two frameworks that is most widely used and known in the world of accounting.

The International Financial Reporting Standards

The IFRS is an international accounting standard that is developed by the International Accounting Standards Board. The IFRS is used by over 140 countries, and it emphasizes on transparency, accountability, and efficiency. The IFRS provides a global framework and guides how public companies should prepare their financial statements to ensure it delivers efficient financial information about the company to investors.

The Generally Accepted Accounting Principles

The GAAP is a standardized accounting guideline that is mainly used in the U.S. for financial reporting. The GAAP is different with the IFRS on some parts. The IFRS may often require more judgement-based decisions from auditors, and often requires a higher level of professional scepticism and judgement. On the other hand, the GAAP has more rigid guidelines, and thus requires less judgement during the auditing process.

About the author

This article was written in July 2025 by Annie YEUNG (ESSEC Business School, Global Bachelor in Business Administration (GBBA) – Exchange Student, 2025).

About the company

My internship

My missions

Required skills and knowledge

What I learned

Financial concepts related to my internship

Credit risk assessment

Local government implicit debt

Refinancing and liquidity pressure

Why should I be interested in this post?

Related posts on the SimTrade blog