Professional experiences Archives

My internship experience as a Counterparty Risk Analyst at Société Générale

December 28, 2025December 28, 2025 by Bryan BOISLEVE

In this article, Bryan BOISLEVE (CentraleSupélec – ESSEC Business School, Data Science, 2025-2027) shares his professional experience as a Counterparty Risk Analyst intern within Société Générale’s investment banking division.

About the company

Société Générale is one of the largest European banking groups, offering retail banking, corporate and investment banking, and specialised financial services in over 60 countries. As of 31 December 2024, the Group had around 119,000 employees, served more than 26 million clients in 62 countries, and reported total assets of EUR 1,573.5bn, with total equity of EUR 79.6bn. In 2024, revenues (net banking income) amounted to EUR 26.8bn and group net income (Group share) reached EUR 4.2bn.

Logo of Société Générale

Source: the company.

Its Corporate & Investment Banking (CIB) branches serve corporates and institutional investors with financing, capital markets, and risk-management solutions on a diverse range of asset classes (equities, fixed income, derivatives…).

The bank is a major clearing member at leading central counterparties (CCPs), acting as an intermediary between clients and clearing houses for listed and cleared OTC derivatives. This activity is supported by a structured process of daily margining, exposure monitoring, and default fund contributions, embedded within risk management and control functions. The chart below helps illustrate the distribution and scale of OTC derivatives activity, and how a CCP simplifies OTC operations.

Chart of derivatives market structure with CCP

Source: Bank Of Australia

During my internship, I worked in the front office counterparty risk team (counterparty risk has also a team in middle office) in Paris, which monitors exposures to central counterparties and major clearing brokers, analyses margin models, and challenges the robustness of CCP risk frameworks used for derivatives clearing.

My internship

Over three months, I focused on cleared derivatives exposures, supporting the team in monitoring house and client portfolios across several CCPs and in assessing whether margin and default fund resources were sufficient under stressed market conditions.

My missions

My main tasks were to analyze house and client risk exposures using Initial Margin (IM), Default Fund (DF), Variation Margin (VM), Value at Risk (VaR) and Conditional VaR (CVaR), to automate DF estimations for two CCPs in Python, to draft annual credit reviews for major central counterparty, and to investigate daily IM and DF breaches together with traders and the wider risk department.

I also implemented an Almgren–Chriss optimal execution model on a client book to better estimate liquidation costs in the Default Management Process, improving the bank’s view on how quickly and at what cost a defaulted portfolio could be unwound.

Required skills and knowledge

This internship required strong quantitative skills (statistics, VaR/CVaR, optimisation), solid understanding of derivatives and CCP mechanics, and programming abilities in Python to automate risk calculations, as well as proficiency with Excel and internal risk systems.

On the soft-skill side, I had to communicate complex risk topics clearly to traders and senior risk managers, work accurately under time pressure when margin breaches occurred, and be proactive in proposing model improvements or new monitoring dashboards.

A good example of how I applied these skills is when my manager asked me to create a dashboard available for key managers that could show the historical exposition and an estimate of this exposition on a specific CCP. After my internship ended, the team decided to implement the model used for the estimation as well as the dashboard for all the CCP where Société Générale was a clearing member.

What I learned

I learned a lot during my internship: how CCPs use margin models, default funds and stress tests to ensure they can withstand the default of major clearing members, and how a bank as a clearing member independently challenges those frameworks to protect its balance sheet.

This experience also taught me to question model assumptions, to combine quantitative analysis with qualitative judgement on CCP governance and transparency, and it confirmed my interest in pursuing a career in quantitative risk management. I also learned how to work with colleage from different countries and different backgrounds which is a soft skills that can really be helpful in a professional environment.

Economic, financial, and business concepts related to my internship

I believe these are three financial concepts related to my internship which are very important: central counterparty default waterfalls, initial margin models, and the Almgren–Chriss optimal execution framework.

Central counterparty default waterfall

The CCP default waterfall is the sequence of financial resources used to absorb losses when a clearing member defaults: the member’s IM, then its DF contribution, then the CCP’s own capital (“skin‑in‑the‑game”), and finally the mutualised default fund and any additional loss-allocation tools.

Understanding this waterfall was crucial in my role, because my analyses assessed whether Société Générale’s exposures and contributions at each CCP were consistent with its risk appetite and with regulatory “Cover‑2” stress-test standards.

Initial margin models (VaR / SPAN)

CCPs typically compute IM with either VaR-based models or SPAN-style scenario approaches, which aim to cover potential losses over a margin period of risk at high confidence levels (often 99% or more).

In my reviews of multiple CCPs, I compared how their IM methodologies capture product risk, concentration risk and wrong-way risk, and how model choices translate into the level and procyclicality of margin calls for the bank and its clients.

Almgren–Chriss optimal execution

The Almgren–Chriss model provides an optimal schedule to liquidate large positions by balancing market impact costs against price risk, typically leading to front‑loaded execution for risk‑averse traders.

By calibrating this model on client portfolios, I helped the team estimate realistic liquidation costs that would arise in a CCP default management auction, improving the calibration of IM add‑ons and internal stress scenarios.

Why should I be interested in this post?

For a student in finance, counterparty risk at a global investment bank like Société Générale, offers a great opportunity on how derivatives markets, CCPs and regulation interact between each other, and shows how quantitative models directly influence daily risk decisions and capital usage.

This type of internship is particularly valuable if you are interested in careers in market risk, XVA, clearing risk or quantitative research, because it combines modelling, coding and discussions with trading desks on real portfolios and real constraints. Overall it is a great internship to have a first step in the trading floor.

Useful resources

Financial regulation

European Securities and Market Authority (ESMA) Clearing obligation and risk mitigation techniques under EMIR.

Bank of International Settlements (BIS) (April 2012) Principles for financial market infrastructure.

Bank of England (November 2025) Central Counterparty (CCP) policy and rules.

Boudiaf, I., Scheicher, M., Vacirca, F., (April 2023) CCP initial margin models in Europe, Occasional Paper Series, European Central Bank (ECB).

International Swaps and Derivatives Association (ISDA) (August 2013) CCP Loss Allocation at the End of the Waterfall.

Academic research

Almgren, R., Chriss, N., 2000. Optimal execution of portfolio transactions, Working Paper.

Duffie, D., Scheicher, M., Vuillemey, G., 2014. Central Clearing and Collateral Demand, Working Paper.

Pirrong, C., 2013. A Bill of Goods: CCPs and Systemic Risk, Working paper, Bauer College of Business University of Houston.

Berndsen, R., 2021. Fundamental questions on central counterparties: A review of the literature, The Journal of Futures Markets, 41(12) 2009-2022.

About the author

The article was written in December 2025 by Bryan BOISLEVE (CentraleSupélec – ESSEC Business School, Data Science, 2025-2027).

▶ Read all articles by Bryan BOISLEVE .

My Experience as a Wealth Management Intern at Nextam Partners

December 30, 2025December 26, 2025 by Alberto BORGIA

In this article, Alberto BORGIA (ESSEC Business School, Global Bachelor in Business Administration (GBBA), Exchange student, Fall 2025) shares his professional experience as a Wealth Management Intern at Nextam Partners.

About the company

During the summer between my second and third year of my Bachelor’s degree, I had the opportunity to join the Nextam Partners team for two months. Founded in 2001 by a group of professionals with decades of experience behind them and billions under management, Nextam is currently a family office that also provides financial advisory and wealth management services for Ultra High Net Worth Individuals and private foundations, with over 6 billion in assets under management. The company used to operate in the asset management sector as well, before being acquired by Banca Generali and then was partly taken back over by the founding partners, with regard to the segments that are still active.

Logo of NEXTAM.

Source: Nextam Partners.

My internship

I joined Nextam in June 2025 as a Summer Analyst in order to pursue my interest in wealth management and finally obtain a concrete experience that would allow me to learn first-hand both the more technical and the more practical concepts of the sector that are not covered in university lectures. and my role consisted mainly in supporting the various team members in their analysis and research functions for the development and modification of multi-asset portfolios through market screening, Bloomberg-based analysis and portfolio risk simulation using Windham.

My missions

During that months my duties as an intern were varied and I had the opportunity to work with almost all the member of the team.

I contributed to high-level asset allocation decisions as well as shorter-term portfolio repositioning, shaped by market movements, interest rates trends and specific requirement of each client. For example, since the clientele was made uo of foundations that required constant inflows of capital, I produced bond portfolios that would allow for a balanced and steady coupon return.

I also had the opportunity to participate on the buy side in IPOs of small and mid-cap companies, developing in-depth financial analyses for the firm’s clients. By taking part in various meetings with the sell side, I thus had the opportunity to fully understand how these types of transactions are really managed.

In addition to client-focused tasks, I took part in producing documents containing technical information about the asset in the portfolio, ensuring compliance with our customers’ regulatory requirements. This allowed me to work with assets of every type, understanding the risks and benefits of each of them.

Required skills and knowledge

The skills required were both technical and non-technical. It was necessary to have a deep knowledge of the various types of existing assets and of the concepts of strategic and tactical asset allocation, construction of multi asset portfolios, notion of portfolio theory and the ability to analyze and understand informational documents. However, the fundamental part was a strong familiarity with tools such as Excel and platforms like Bloomberg or FactSet, as well as internal ones. Bloomberg is the leading financial information platform in the world, allowing users to obtain any type of data on assets and companies in real time, while also integrating the opinions and forecasts of various financial analysts. FactSet offers a similar service; however, in my experience, it has mainly been used, together with internal datasets, for the analysis of asset data whose information is not available to all investors. It is therefore essential to understand how to make the best use of these platforms and the full range of their functionalities, including those features that are less well known to most analysts, in order to be as precise and reliable as possible. These tools formed the basis for a solid analysis and speed in completing tasks. An excellent knowledge of the regulations one works with is also necessary to ensure that one’s work is truly useful for the client and does not lead to further issues.

As for soft skills, it is instead extremely important to already possess and further improve one’s communication abilities, particularly with regard to simplifying complex concepts for the client, as well as precision and a high level of confidentiality. To be efficient you also need to be highly adaptable, adjusting your work to market conditions and changing client preferences. On a more operational level, strong organizational skills and effective time management are required to handle several tasks and projects at the same time to deliver results in a fast-paced environment.

The combination of these skills together with all the things that one will learn during working hours, makes for an excellent analyst in the Wealth Management sector.

What I learned

The “size” of the team and the firm was probably one of my main strokes of luck during the internship, in fact I had the opportunity to work closely with the partners and founders, learning as much as possible from people with decades of experience in the industry. The opportunity to be by their side taking notes during meeting or client appointments allowed me to find myself in contexts and situations that I would hardly have encountered in a large firm and from which I was able to truly understand and learn what it means to work in the Wealth Management industry and how to navigate it in order to become a recognized and respected professional. Understanding how a company operating in the sector today can be managed and improved, the tricks and the various “unwritten rules”, as well as its structure and organization, by exploring in depth the functions, objectives and issues that may rise in the back, middle and front office.

In addition to this I had the opportunity to delve into and revisit fundamental technical concepts, particularly with regard to the regulations one had to deal with and complex and uncommon financial valuation tools, understanding their real usefulness in various circumstances.

I strengthened my technical foundation in fund analysis by learning how to evaluate performance, risk exposure, and investment style. By studying portfolio allocations and reviewing managers’ communications, I became more confident in identifying the drivers behind results and in understanding the strategies applied across different products. Beyond improving my analytical approach, the experience gave me a clearer view of the mechanisms and interconnections that shape financial markets and guide investment decisions.

Also. I had the chance to further develop my skills with essential tools, such as excel, on a daily basis. I worked with data to structure and standardize information, run comparison across funds and benchmarks and support reporting activities. This helped me become quicker and more precise with formulas and efficient analytical workflows.

Overall, the internship expanded both my knowledge and my practical skill set, providing concrete exposure to the realities of operating in a complex and highly regulated industry.

Financial and business concepts related to my internship

I present below three financial concepts related to my internship: valuation multiples, Ultra-High-Net-Worth individual (UHNWI), and risk profiling & suitability.

Valuation multiples

The thing I worked on the most during the internship were valuation multiples, for the valuation of a company and its peers it is essential to be able to build them and understand them as well as possible, adapting to every context, using the right ones for each type of analysis and market under review. The multiples I came across most often are also the ones most widely used by all analysts in almost every area of finance, P/E and EV/EBITDA. As mentioned before, both are used for valuation and for estimating a company’s implied value, particularly in relation to its peers. However, EV/EBITDA values the company from an operating perspective before interest, depreciation and amortization and taxes, allowing companies with different capital structures to be compared. The P/E is used to understand whether the stock is overpriced or not relative to expected earnings and growth. They do, however, have some drawbacks: P/E is affected by accounting policies and leverage while EV/EBITDA can be misleading if EBITDA does not reflect capex or margin quality.

Ultra-High-Net-Worth Individual (UHNWI)

Investors are generally divided into various categories based on their investment capacity and each of these requires specific services. First, we find the mass affluent segment; this category represents a large portion of the population with significant investment capacity, controlling a substantial share of global wealth. Individuals belonging to this category have investable assets exceeding USD 100 k but below USD 1 million and they exhibit more advanced needs compared to traditional retail investors. According to the UBS Global Wealth Report 2024, this individuals represent a large and expanding segment of the global population, benefiting from rising incomes and asset appreciation. While precise figures vary by region, this group accounts for a significant share of global investable wealth and represents a key growth driver for wealth management services. Subsequently, we can find High Net Worth Individuals, subjects with assets exceeding USD 1 million, who are among the main clients of private banking and investment advisory services. According to Capgemini researcher the global population of this category is increasing each year, reaching 23 million individuals with a total wealth of 86 trillion. Individuals with an investment capacity above 30 million euros fall within the category of Ultra-High-Net-Worth Individuals. Despite been less than 1 million this fraction control an extremely high amount of the global wealth and that’s why this is the segment that wealth management refers to, providing complex and tailored services. Usually, these individuals do not limit themselves to needing simple portfolio management, but rather require services dedicated to them, such as estate planning, tax optimization and long-term wealth protection.

Risk profiling & suitability

In order for the client’s portfolio asset allocation to be as suitable as possible, it is necessary to assess the client’s risk profile and the suitability of the investments, with the aim of ensuring that the assets and the portfolio are consistent with the client’s objectives, time horizon, and risk aversion. To obtain the necessary information, firms are required to use a set of procedures known as the “Know Your Customer” (KYC) process, which make it possible to understand the client’s identity, personal and financial situation, as well as the origin of the funds and the client’s objectives. More broadly, the KYC process is a regulatory requirement designed to ensure transparency and integrity within the financial system. It is mandatory by law, because by requiring firms to verify clients’ identities and assess their financial backgrounds, KYC procedures can help prevent money laundering, terrorist financing and other types of illicit activities. Once the necessary information has been obtained, through internal tools the team is able to calculate the most efficient way to allocate the available resources. Such an assessment must then be updated continuously based on the individual’s needs and the various changes in their profile.

Why should I be interested in this post?

This post may be useful for anyone who wants to pursue a career in the wealth management sector or simply understand its structure. Today and in the near future, private banking represents a huge and constantly growing sector, capable of offering great opportunities to anyone who wants to dive into it. Just in Europe assets under management reach about €32.7 trillion by late 2024, supported by both market performances and new money inflows. This growth is also fueled by structural trends such as the constant rising share of passive investing and the increasing access to the private markets.

Useful resources

Nextam Partners S.I.M.

Klaus P. (2022) What matters most to ultra-high-net-worth individuals? Exploring the UHNWI luxury customer experience (ULCX) Journal of Product & Brand Management, 31(3):368-376.

Cap Gemini (2025) World Wealth Report

Altrata (2024) World Ultra Wealth Report 2024

Douglas Elliman (2024) 2024 Wealth Report: Global Number of Ultra-High-Net-Worth Individuals Up 4.2% in 2023

EY (2024) 2024 EY Global Wealth Management Industry Report

Pimco Education Understanding Asset Allocation and its Potential Benefits

About the author

The article was written in December 2025 by Alberto BORGIA (ESSEC Business School, Global Bachelor in Business Administration (GBBA), Exchange student, Fall 2025).

▶ Read all articles by Alberto BORGIA.

2025: The 10 Most Read Professional Experience Posts on the SimTrade Blog

December 23, 2025 by Prof. François LONGIN

One of the distinctive features of the SimTrade blog is the systematic and continuous sharing of professional experiences by SimTraders. These contributions go beyond simple testimonials: they provide structured, first-hand insights into internships, entry-level positions, and early career paths in finance, banking, asset management, consulting, and related fields. By documenting their experiences, SimTraders transform individual learning trajectories into transferable knowledge.

Importantly, these posts also serve a practical career-development function. They are frequently used by students to prepare internship applications, refine interview strategies, identify target institutions or roles, and, last but not least, gain access to informal networks and insider contacts that facilitate their job search.

▶ Louis DETALLE My experience as an Audit intern at PwC

▶ Max ODEN Leveraged Finance: My Experience as an Analyst Intern at Haitong Bank

▶ William ARRATA My experiences as Fixed Income portfolio manager then Asset Liability Manager at Banque de France

▶ Suyue MA Expeditionary experience in a Chinese investment banking boutique

▶ Rohit SALUNKE My professional experience as Head of Data Modelling

▶ Alisa-Arifa AGALI ABDOU TOURÉ My Experience at DHL- Bremen in the HR department

▶ Anouk GHERCHANOC My Internship Experience as a Corporate Finance Analyst in the 2IF Department of Inter Invest Group

▶ Basma ISSADIK My experience as an M&A/TS intern at Deloitte

▶ Rohit SALUNKE My professional experience as Business & Data Analyst at Tikehau Capital

▶ Hongting LIU My internship experience at Forvia (Faurecia): A unique blend of corporate and start-up culture

Do not hesitate to contribute by sharing your professional experience. Such contributions not only enhance the collective knowledge of the SimTrade community, but also represent a concrete opportunity to increase your digital visibility and expand your professional network.

My internship experience as a Finance Intern at Gerresheimer

December 21, 2025 by Tibor HAUER

In this article, Tibor HAUER (ESSEC Business School, Global Bachelor in Business Administration (GBBA), Exchange semester 2025) shares his professional experience as a Finance Intern at Gerresheimer.

About the company

Gerresheimer is a globally operating partner for the pharmaceutical, biotech and cosmetics industries and plays an important role in the international healthcare value chain. As a specialist in primary packaging and drug delivery solutions, the company develops and manufactures products such as vials, syringes, ampoules, inhalers and innovative digital health applications that support safe and reliable treatment for patients worldwide. These products must meet strict regulatory requirements, and Gerresheimer combines decades of manufacturing expertise with continuous technological development to meet these standards. In the 2024 financial year, the company generated a consolidated revenue of around € 2.04 billion, underscoring its strong position in the global healthcare market.

With more than 40 production sites and development centers across Europe, the Americas and Asia, the company serves a broad and diverse customer base ranging from global pharmaceutical corporations to emerging biotech firms. This international footprint allows Gerresheimer to operate close to its customers, ensure stable supply chains and respond efficiently to market needs. In addition to its manufacturing capabilities, the company places strong emphasis on quality management, process reliability and long-term partnerships, which form the foundation of its reputation as a trusted industry partner.

Logo of Gerresheimer.

Source: the company.

Within the group, I worked in the Treasury, Tax & Insurance function at Gerresheimer’s Regensburg site. The department is responsible for managing liquidity, financial risks and insurance topics across the company. It also supports tax related processes. Its core activities include cash and liquidity management, monitoring foreign exchange risks, handling payment processes and supporting selected tax and insurance matters. In addition, I worked in the Plant Controlling team at the production site in Pfreimd. This team supports the financial management of manufacturing operations. Its work focuses on cost controlling, performance monitoring and reporting at plant level.

My internship

I joined Gerresheimer from March to July 2025 as a Finance Intern. During my internship, I worked in different finance-related teams and gained practical experience in both central finance functions and a production oriented controlling environment. From the beginning, I was integrated into the daily work of the teams and supported ongoing processes as well as ad hoc tasks. I worked independently on defined responsibilities while closely collaborating with experienced colleagues. This allowed me to quickly understand internal processes and apply theoretical knowledge in a practical setting. The internship combined recurring operational tasks with analytical work. I was involved in daily and weekly finance activities, but also supported analyses and reports that were used for internal decision making.

My missions

My responsibilities covered a broad range of tasks across Treasury, Controlling and Tax. In Treasury, I supported liquidity related activities by preparing cash overviews and maintaining rolling liquidity forecasts. I also analyzed foreign exchange exposures using SAP data. SAP is an enterprise resource planning system that is widely used by large organizations to manage and integrate financial and operational data. In addition, I supported the preparation and follow up of hedging activities. Through my involvement in payment processes and selected credit related topics such as guarantees and fees, I gained insight into how financial risks are managed in an international environment.

In addition, I worked closely with the Controlling function, where I contributed to weekly revenue planning and prepared blocked stock reports to improve transparency regarding inventory risks. I supported forecasting and planning activities. Moreover I assisted in analyzing the management profit and loss statement by cost categories. This work helped me understand how financial planning and performance monitoring support managerial decision making.

Beyond recurring tasks, I prepared financial models and scenario analyses for internal investment related questions and supported ad hoc analyses requested by management. I also assisted in the preparation of monthly and quarterly reports and supported management meetings by drafting clear and structured summaries. In the area of Tax, i supported VAT related topics, electricity and energy tax refunds, as well as transfer pricing documentation and tax audits.

Required skills and knowledge

This position required a combination of technical and analytical skills. A strong command of Excel was essential for working with financial data, preparing forecasts, building models and performing analyses. Regular use of SAP and planning systems supported the handling of large datasets and reporting processes. A solid understanding of finance and controlling concepts was necessary to interpret financial figures, analyze performance and support planning and decision-making processes.

On the soft skills side, accuracy and a structured way of working were particularly important, especially when dealing with liquidity data, forecasts and reports. Strong communication skills were required, as I regularly coordinated with colleagues from different finance related functions and prepared summaries for management. In addition, a proactive and reliable working style helped me adapt quickly to new tasks, manage parallel responsibilities and contribute effectively in a dynamic finance environment.

What I learned

Through this internship, I gained a comprehensive understanding of how finance functions support the operations and decision-making processes of an international industrial company. I learned how liquidity is managed in practice and how financial data is used to monitor risks and ensure financial stability across different entities. In addition, I developed a solid understanding of planning, forecasting and controlling processes and their role in operational and strategic steering.

On a personal level, I became more confident in working independently with complex financial data and presenting results in a clear and structured way. I learned how to prioritize tasks, manage parallel responsibilities and communicate effectively with colleagues from different finance related functions. Overall, this internship confirmed my strong interest in finance and motivated me to pursue further roles in this field.

Financial concepts related to my internship

I present below three key financial concepts related to my internship: liquidity management and forecasting, rolling planning and forecasting, and foreign exchange risk management.

Liquidity management and forecasting

Liquidity management is a core responsibility of the Treasury function and is essential to ensure that a company can always meet its financial obligations. It involves monitoring cash positions, forecasting future cash flows and managing short- and medium-term liquidity needs. During my internship, I supported liquidity management by preparing cash overviews and maintaining rolling liquidity forecasts. This helped me understand how liquidity planning supports financial stability and enables companies to react to changing cash flow situations in a timely manner.

Rolling planning and forecasting

Rolling planning and forecasting is an important concept in controlling and financial steering. Unlike a static annual budget, rolling forecasts are updated regularly to reflect the latest business developments. During my internship, I supported the rolling revenue planning process, including forecasts, budgeting and strategic planning in the GRIPS planning system (an internal corporate planning tool used to consolidate, analyze and manage financial plans across different business units). This approach allows management to respond more flexibly to changes in market conditions and provides a more reliable basis for operational and strategic decision making.

Foreign exchange risk management

Companies operating internationally are exposed to foreign exchange risks, as revenues, costs and cash flows often occur in different currencies. Foreign exchange risk management aims to identify these exposures and reduce their impact on financial results. During my internship, I analyzed foreign exchange exposures using SAP data and supported the preparation and follow up of hedging activities. This experience gave me practical insight into how currency risks are monitored and managed in order to stabilize cash flows and protect margins.

Why should I be interested in this post?

If you are a business or finance student interested in roles in finance, treasury or controlling, this experience provides valuable insight into how financial processes support an international industrial company. The internship offers exposure to both central finance functions and a production focused controlling environment, combining analytical work with operational relevance.

You gain practical experience in areas such as liquidity management, forecasting, risk management and reporting, while working closely with different finance related teams. This combination helps develop strong analytical skills, a structured way of working and a solid understanding of how finance contributes to informed decision making in practice.

Useful resources

Business

Gerresheimer AG

Gerresheimer Job postings

Gerresheimer Annual Reports and Investor Presentations

European Association of Corporate Treasurers

Academic articles and books

Bragg, S. M. (2017) Treasury Management: The Practitioner’s Guide 1st ed., Hoboken (NJ), Wiley.

Brealey, R. A., Myers, S. C., & Allen, F. (2025) Principles of Corporate Finance, 15th ed., New York (NY), McGraw-Hill Education.

Ernst, D., & Häcker, J., 2015. Corporate Risk Management: A Case Study on Risk Evaluation Cham (Switzerland), Springer.

Aretz, K., Bartram, S. M., & Dufey, G., 2007. Why hedge? Rationales for corporate hedging and value implications, The Journal of Risk Finance, 8(5), 434–449.

About the author

The article was written in December 2025 by Tibor HAUER (ESSEC Business School, Global Bachelor in Business Administration (GBBA), Exchange semester 2025).

▶ Read all articles by Tibor HAUER.

My professional experience as an intern at Bowery Properties, private real estate investment firm

December 29, 2025December 21, 2025 by Noa AZRIA

In this article, Noa AZRIA (ESSEC Business School, Master in Finance (MiF), 2025–2026) shares her professional experience as an intern at Bowery Properties.

About the company

Bowery Properties is a Miami-based multifamily investment and real estate firm active across Florida. The firm invests in and manages residential and commercial properties and has completed several notable acquisitions in South Florida, especially in the multifamily segment. Its focus on value-add assets – properties that can be improved through renovations and better management – created an ideal environment for me to understand how value is created in real estate private equity, both on paper and on the ground. In recent years, for example, Bowery has bought Buena Vista Gardens, an 89-unit portfolio in Miami’s Little Haiti, and Windward Vista Apartments, a 352-unit complex in Lauderhill acquired for 44.1 million dollars.

My internship

I joined the Acquisitions team in Miami and reported directly to the Vice President. From day one, I was involved in real transactions rather than just observing. My missions included analysing new investment opportunities, working on Excel models, preparing market studies and supporting my manager during calls.

During the internship, I realized how demanding and stimulating this role is. It requires analytical skills to underwrite deals and assess risk–return, but also communication and negotiation abilities to present new projects in an environment where all stakeholders are closely interconnected, from brokers and investors to banks.

My missions

One of the key missions of my internship was my involvement in the acquisition of Sunset Apartments, a 130-unit multifamily property valued at approximately $28.5 million. I had the opportunity to follow the transaction from the underwriting phase and contribute directly to the investment analysis, which gave me a comprehensive view of the acquisition process. The investment thesis was based on a value-add strategy, meaning that the asset had improvement potential that could be unlocked through renovations and more active asset management. The objective was to increase rents, attract better-quality tenants, reduce vacancy, and ultimately enhance the exit value of the property. My role focused mainly on financial modelling. I worked on the Excel model by integrating Capex per unit, building a phased renovation plan over one to two years, and modelling rent increases as units were renovated and tenants turned over. This allowed me to understand how Capex assumptions and rental growth directly impact key return metrics such as the internal rate of return (IRR), which measures the annualized return generated by the investment based on its future cash flows and exit value.

To support these assumptions, I also prepared a comprehensive market study. This involved identifying comparable multifamily properties in the same area, collecting data on rents, amenities, and occupancy rates, and benchmarking them against Sunset Apartments. This analysis was included in the investment package sent to banks and investors and therefore required a high level of rigor, accuracy, and clarity, as the work was subject to external scrutiny.

Beyond analytical work, my missions also included on-site asset analysis. I regularly accompanied the Vice President on property tours for both multifamily and retail assets. One particularly significant visit was to Parc Place, a large shopping center valued at approximately $71 million. During these visits, I contributed to the qualitative and operational assessment of assets, focusing on accessibility, visibility, parking, tenant mix, vacancy levels, and operational signals observed on site.

Finally, I was exposed to the structuring of transactions with banks and investors. I attended numerous calls with brokers, banks, and investors. Discussions with banks mainly revolved around debt terms such as loan-to-value ratios, interest rate structures (fixed or variable), amortization profiles, and covenants including debt service coverage ratio (DSCR) and minimum occupancy requirements. With investors, I worked on models presenting different capital structure options, ranging from simple profit-sharing arrangements to more complex waterfalls with preferred returns and thresholds. These missions gave me a concrete understanding of how real estate transactions are structured and how risk and return are allocated in private equity.

Required skills and knowledge

This internship required a strong ability to adapt and learn quickly. At the beginning, I mainly worked on clearly defined tasks such as updating financial models, collecting market data, and formatting analytical documents. These missions required rigor, attention to detail, and a solid understanding of basic financial concepts.

As my responsibilities increased, the role demanded greater autonomy, analytical thinking, and organizational skills. I was required to conduct full market studies, build acquisition analyses from scratch, and manage tasks with a higher level of responsibility. Being able to structure analyses, prioritize information, and deliver accurate work under time constraints was essential in this environment.

What I learned

From this experience at Bowery Properties, I developed and strengthened several skills.

On the technical side, I improved my financial analysis of real estate assets (net operating income (NOI), capital expenditures (Capex), rent roll, internal rate of return (IRR), equity multiple), my ability to conduct market studies based on comparable assets and local fundamentals, and my understanding of debt financing (loan to value (LTV), debt service coverage ratio (DSCR), interest structures) and equity structuring (straight splits, waterfalls with hurdles).

On the personal and professional side, I gained autonomy and a sense of responsibility. I also strengthened my rigour and attention to detail, knowing that a simple mistake in an assumption can change the conclusion of a deal. Finally, I progressed in stress management, communication (knowing when and how to speak up with an idea or a concern) and confidence in my own judgement when I had analyzed a file in depth.

Financial and business concepts related to my internship

I present below three financial and business concepts related to my internship: investment horizon, qualitative analysis through on-site due diligence, and the importance of qualitative relationships with stakeholders.

Investment horizon

A fundamental concept in real estate private equity is the investment horizon. Unlike liquid financial assets, real estate investments are illiquid and require a medium- to long-term holding period to fully realize value. During my internship, acquisition decisions were systematically assessed with a clear investment horizon in mind, particularly for value-add strategies where renovations, tenant turnover, and operational improvements take time to materialize. Understanding this concept was essential to align Capex plans, cash-flow projections, and exit assumptions with a realistic holding period.

Qualitative analysis through on-site due diligence

Another key concept I learned was the role of on-site due diligence in real estate investment decisions. Through property tours and site visits, I understood that visiting an asset is not only a formality, but a critical step to assess risks and opportunities that cannot be fully captured in financial models.

On-site analysis allowed us to evaluate concrete elements such as the physical condition of the property, tenant behavior, maintenance issues, accessibility, visibility, and the overall environment. These observations were essential to validate renovation budgets, leasing assumptions, and the feasibility of the value-add strategy. This experience showed me that on-site due diligence plays a central role in confirming the realism of the business plan and reducing execution risk before acquisition.

Importance of qualitative relationships with stakeholders

Finally, my internship emphasized the importance of qualitative relationships with key stakeholders in real estate private equity. Beyond technical analysis, deal execution relies heavily on trust-based relationships with brokers, banks, investors, and operating partners. I observed that effective communication, credibility, and long-term relationships facilitate access to deals, improve negotiation dynamics, and enhance the efficiency of the investment process. This concept showed me that, even in a highly analytical field, human relationships remain a central component of successful investment strategies.

Why should I be interested in this post?

This post may be particularly useful if you are considering a career in real estate private equity or real estate investment and you want to know what an acquisition role really looks like beyond the job description. It can also help you understand how multifamily and commercial deals are analyzed and structured in practice, and how an internship can clarify your career project by exposing you to real decisions and real transactions.

By sharing this experience, my goal is to offer a concrete and honest picture of what it means to work in real estate private equity at an early stage in your career: the analytical dimension, the fieldwork, the pressure, but also the learning curve and the satisfaction you feel when your work contributes directly to a deal.

About the author

The article was written in December 2025 by Noa AZRIA (ESSEC Business School, Master in Finance, 2025-2026).

▶ Read all articles by Noa AZRIA.

My internship experience in Investor Relation at Eurazeo

December 19, 2025 by Adam MERALLI BALLOU

In this article, Adam MERALLI BALLOU (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026) shares his professional experience as Investor Relations at Eurazeo.

About the company

Eurazeo is one of the leading European investment groups specialized in private markets. Listed on Euronext Paris, the group has a market capitalization of approximately €3.62 billion. As of 2024–2025, Eurazeo manages around €37 billion in assets under management, investing on behalf of institutional investors, sovereign wealth funds, pension funds, insurers, family offices and high-net-worth individuals. Eurazeo supports a portfolio of more than 600 companies and relies on a team of over 400 investment professionals across Europe, North America and Asia.

The group operates a highly diversified private markets platform, covering a broad range of non-listed strategies. These include buyout funds, growth equity, venture capital, secondary funds, as well as private debt, infrastructure debt and real estate. Through these strategies, Eurazeo supports a wide range of companies, for example Aroma-Zone, Ozone and Eres in buyout; Vestiaire Collective and Doctolib in growth equity; and Deezer, Swile and JobTeaser in venture capital. This diversification allows Eurazeo to address different investor objectives, risk-return profiles and investment horizons across the private markets universe.

Logo of Eurazeo

Source: Eurazeo

My internship

I worked within the Investor Relations / Product Specialist team. This team plays a central role between the sales teams, whose responsibility is to maintain relationships with Limited Partners (LPs) and lead fundraising discussions, and the investment teams, which focus on sourcing, executing and managing investments.

The Product Specialist team acts as a bridge between these two functions. Its role is to translate investment strategies, portfolio construction, performance and market insights into clear, accurate and investor-ready materials. This positioning requires constant coordination with multiple internal teams to ensure consistency between what is communicated to investors and what is implemented by investment teams.

My missions

My missions were primarily centered on fundraising support and investor due diligence processes. I collaborated closely with all internal teams to respond as quickly and efficiently as possible to LPs’ Requests for Proposals (RFPs) and due diligence questionnaires. This involved collecting information from investment teams, coordinating with legal and compliance teams, and consolidating responses to meet institutional investors’ requirements. I was also responsible for managing and updating several fundraising data rooms using Intralinks. This included organizing documentation, ensuring version control, maintaining up-to-date information and supporting transparency throughout the fundraising process, which is essential for investor confidence.

In parallel, I contributed to the production of high-quality marketing materials such as fund presentations, teasers and fundraising documents. Producing these materials required a deep understanding of each fund’s investment thesis, portfolio composition, value creation strategy and track record, as well as the ability to present complex information in a clear and compelling way for institutional investors.

Finally, I conducted a competitive analysis of the European Private Equity, Private Debt and Real Assets markets. This analysis focused on peer fund strategies, fundraising trends, market positioning and competitive dynamics, and was used to support the sales and product teams in positioning Eurazeo’s funds relative to other major European players.

Required skills and knowledge

This internship required a strong combination of technical, analytical and interpersonal skills. From a technical perspective, a solid understanding of financial markets was essential, particularly across equities and fixed income. Beyond theoretical knowledge, closely following financial markets on a day-to-day basis was a key part of the role, in order to understand market movements, macroeconomic developments and their impact on asset prices.

I needed to be comfortable with portfolio management principles such as asset allocation, diversification, benchmarking and active management in order to contribute effectively to investment proposals and portfolio monitoring.

Proficiency in financial tools was also critical. I regularly used Bloomberg and FactSet to access market data, analyze securities, monitor portfolios and support performance and benchmark analysis. These platforms were essential for understanding market dynamics, tracking asset allocation and assessing portfolio positioning across different asset classes. Advanced Excel skills were used to consolidate data, build allocation summaries, perform basic performance calculations and prepare clear and accurate reports for internal use and client-facing deliverables, ensuring consistency and reliability across analyses.

Beyond technical skills, soft skills played a central role in my day-to-day work. Given the level of autonomy involved in preparing investment proposals for new clients, rigor, attention to detail and strong organizational skills were essential. Clear communication was also key, as I interacted frequently with private bankers, portfolio managers, middle office and management teams. This required the ability to translate complex financial analysis into clear and actionable insights adapted to different stakeholders. This internship required a solid understanding of private markets and institutional fundraising mechanisms. Knowledge of private equity, private debt, infrastructure and real assets was essential to accurately understand investment strategies and respond to investor inquiries.

Strong analytical skills were necessary to conduct competitive market analyses and synthesize complex information into concise and relevant messaging. Writing and presentation skills were also critical, given the importance of producing investor-facing materials that meet high professional standards.

In addition, the role required strong organizational skills, attention to detail and the ability to work under time pressure, particularly during active fundraising phases. Soft skills such as communication, responsiveness and adaptability were essential, as the role involved constant interaction with sales, investment, legal and management teams.

What I learned

This experience provided me with a deep understanding of how private market fundraising operates within a large European investment platform. I learned how institutional investors evaluate funds, what they expect during due diligence processes and how investment strategies are assessed beyond pure financial performance.

Working at the interface between sales and investment teams highlighted the importance of internal coordination and message consistency in fundraising success. I gained insight into how investment strategies and track records are translated into investor-ready narratives, and how responsiveness and data quality play a critical role in building long-term LP relationships.

Overall, this internship strengthened my interest in private markets, investor relations and investment products, and complemented my previous experience in portfolio management by providing a broader perspective on the asset management value chain.

Financial and business concepts related to my internship

I present below three financial and business concepts related to my internship: private market fundraising and LP relations, product positioning and information asymmetry in private markets, and competitive dynamics in European private markets.

Private market fundraising and LP relations

Fundraising in private markets relies on long-term relationships between General Partners (GPs) and Limited Partners (LPs). Institutional investors conduct extensive due diligence before committing capital, assessing governance, risk management, team stability, operational infrastructure and alignment of interests.

My involvement in RFPs and due diligence processes illustrated how transparency, consistency and responsiveness are essential to maintaining investor trust. The Investor Relations and Product Specialist function plays a key role in reducing information gaps and ensuring that investors receive accurate and timely information throughout the fundraising process.

Product positioning and information asymmetry in private markets

Private market funds are characterized by a high degree of information asymmetry, as investment strategies, portfolio composition and value creation processes are not publicly observable. Effective product positioning is therefore crucial to help investors understand how a fund fits within their broader portfolio.

Through the preparation of fund presentations and marketing materials, I learned how complex investment strategies are translated into structured narratives supported by data and track records. Clear positioning helps differentiate funds in a competitive environment and facilitates investor decision-making.

Competitive dynamics in European private markets

European private markets have become increasingly competitive, with a growing number of fund managers competing for institutional capital. Differences in fund size, sector focus, geographic exposure and investment style play a major role in investor allocation decisions. The competitive analyses I conducted highlighted how Eurazeo positions its strategies relative to peers across private equity, private debt and real assets. Understanding these dynamics is essential for adapting fundraising strategies and maintaining competitiveness in evolving market conditions.

Why should I be interested in this post?

This experience offers valuable insight into the fundraising and investor relations side of private markets, which is often less visible than the investment process itself. For students interested in private equity, private debt or alternative investments, this role provides a unique perspective on how funds are raised, how investors evaluate strategies and how investment products are positioned in competitive institutional markets.

Useful resources

Eurazeo Official website

Eurazeo (2025) White Paper on why Investing in Europe

Invest Europe

About the author

The article was written in December 2025 by Adam MERALLI BALLOU (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026).

▶ Read all articles by Adam MERALLI BALLOU.

How networking helped me land a Transaction Services internship in Paris

December 18, 2025 by Daniel LEE

In this article, Daniel LEE (ESSEC Business School, Global Bachelor in Business Administration (GBBA) – 2023-2027) explains how to network to land internships.

Introduction

Finance is a highly competitive industry, whether it is investment banking, private equity or consulting roles. In 2025, Goldman Sachs’ summer internship acceptance rate was 0.7%. Candidates must stand out with prior internships, extracurricular activities or a referral. According to Dustmann et al. (2016), around 33% of workers obtained their jobs through personal networks, such as referrals from friends or family.

During my own internship search, networking played a decisive role, as it helped me secure a Transaction Services (TS) internship in Paris in a small boutique that also have other activities like audit and M&A. Over the past two years, I’ve contacted over 250 professionals, which led to 50+ coffee chats and four interview opportunities and 1 offer. If I had this offer, it is not because I had the strongest CV or the best grades. I was referred to by a senior because I networked with him and built a genuine relationship. Networking was not something I was born good at, I learned step by step.

In this article, I will share my vision of networking, even if I am not an expert, I simply want to give tips that worked for me and that you guys could use.

Why is networking important in finance?

In finance, analysts are close to each other. Often you will spend a lot of hours working on materials late at night. Being able to chat and laugh is important to keep a good atmosphere at work. Imagine working insane hours with someone who is grumpy, boring and unreliable. That is why your human side is more important than you think. Moreover, if someone who is trusted in the company refers to you during a hiring process, the firm will make sure to interview you. Yet, many students don’t dare to reach out to professionals.

What are the common mistakes?

Networking must not feel transactional. The person must be the one who is asking if you want an internship, not the contrary. Sending a message “Hi can you refer me for this role?” or just a generic application mail with your CV will make the person feel “used”. Sending a message that is personal and genuine will be much more appreciated.

On the other hand, I think that targeting analysts or associates is the best strategy. You will be around the same age, and they will have tips and information that are up to date. Moreover, seniors often don’t have time, but you can still try to contact them!

The method.

Obviously, the first step is to choose which field you want to break in: Mergers & Acquisitions (M&A), Private equity (PE), Asset Management (AM), etc. Then:

Use LinkedIn and your Alumni directory (using ESSEC alumnis increased 40% of my response rate compared to non-ESSEC professionals) to identify people you want to contact.
Send a short message that is simple and arrange a call. For example: Hi [Name], I’m a student at ESSEC currently exploring opportunities in Transaction Services. I saw that you are currently working at [firm] and I would love to learn more about your experience. Would you have 10–15 minutes for a quick call this week? I’d really appreciate your insights.
Prepare for the coffee chat: look at his LinkedIn profile, prepare some questions and smile! Being nice and kind is the bare minimum! The coffee chat is not an interview but a discussion, follow-up on what he says and be genuinely interested in the person and what he says. At the end of the discussion, always thank the person for their valuable time.
Never ask for a referral directly! If the conversation goes well two things can happen: 1) At the end of the call, he asks you directly if you are looking for an internship OR; 2) You can kindly ask if they are recruiting anyone now.

If they don’t mention anything about sending your CV or contacting another person, you can consider that the person won’t give you a referral. And that’s okay! You can still try with another person.

Conclusion

You now have an idea of how to network properly. Again, I am not an expert, and I do not claim that this method will work 100% but that is what I used to do for the past 2 years, and it worked well. Don’t forget that networking is a skill that you can learn, don’t be discouraged if the first calls are bad, that’s totally normal!

Useful resources

Dustmann, C., Glitz, A., Schönberg, U. & Brücker, H. (2016) Referral-based job search networks. The Review of Economic Studies, 83 (2) 514–546.

FoxBusiness (27/06/2025) Goldman Sachs’ Summer Internship Acceptance Rate

Scott Keller (24/11/2017) Attracting and retaining the right talent McKinsey.

About the author

In this article, Daniel LEE (ESSEC Business School, Global Bachelor in Business Administration (GBBA) – 2023-2027).

▶ Read all articles by Daniel LEE.

My internship experience in Portfolio Management at Mirabaud

December 19, 2025December 18, 2025 by Adam MERALLI BALLOU

In this article, Adam MERALLI BALLOU (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026) shares his professional experience as Portfolio Management at Mirabaud.

About the company

Founded in 1819, Mirabaud is an independent international banking group with strong Swiss roots and a long-standing presence in Europe. The group operates across private banking, asset management and investment services, serving private clients, families, entrepreneurs and institutional investors, and manages CHF 32.4 billion in assets under management. Mirabaud is recognized for its long-term investment philosophy, disciplined risk management and strong focus on capital preservation.

With offices in major financial centers such as Geneva, Zurich, Paris, London, Luxembourg and Madrid and more than 700 employees worldwide, Mirabaud combines local expertise with a global investment perspective. The group offers a wide range of investment solutions, including discretionary and advisory portfolio management, structured products, alternative investments and private market solutions, enabling clients to access diversified sources of return across market cycles.

Logo of Mirabaud

Source: Mirabaud

My internship

I joined Mirabaud in July 2024 as a Portfolio Management Analyst and remained in the team until January 2025. My role consisted in supporting portfolio managers in the construction, monitoring and analysis of client portfolios within a multi-asset framework. This included traditional asset classes such as equities and bonds, as well as exposure to alternative assets, including private equity through dedicated investment vehicles and funds. Working at the interface between portfolio management and private banking provided a comprehensive view of how investment decisions are translated into concrete client portfolios. I was exposed both to strategic asset allocation decisions and to more tactical adjustments driven by market dynamics, interest rate environments and client-specific constraints.

My missions

My missions covered a broad range of responsibilities within a multi-asset portfolio management framework. I was in charge to draft investment proposals for all new clients. These proposals were designed to reflect each client’s financial objectives, risk tolerance and specific investment preferences. The construction of these portfolios required the careful selection of appropriate underlying instruments, including investment funds and direct securities across equities, fixed income and alternative assets. In this process, I had to simultaneously integrate client-specific requirements, the portfolio managers’ convictions on asset classes and sectors, and the group-level strategic recommendations. This experience highlighted the importance of aligning top-down asset allocation with bottom-up security selection.

In parallel, I was involved in the execution of orders for discretionary and managed mandates, using both internal tools and external platforms such as Bloomberg. This allowed me to gain practical exposure to trade execution processes, market liquidity considerations and operational constraints.

I also contributed to the monitoring of portfolio managers’ strategies, focusing on portfolio performance analysis and deviations from benchmarks. This work helped assess the impact of allocation decisions and active management choices over time.

Finally, my role required close interaction with multiple internal stakeholders. I worked regularly with private bankers, middle office, marketing and management teams to ensure the smooth implementation of investment decisions and to provide both administrative and commercial support. This cross-functional exposure gave me a comprehensive view of how investment solutions are delivered within a private banking organization.

Required skills and knowledge

What I learned

This internship provided me with a comprehensive understanding of how multi-asset portfolio management operates within a private banking environment. I learned how investment strategies are built from both a top-down and bottom-up perspective, combining group-level strategic views, portfolio managers’ convictions and client-specific requirements.

One of the most valuable lessons was understanding how theory translates into real investment decisions. Concepts such as diversification, asset allocation and benchmarking became concrete through the construction and monitoring of client portfolios. I also gained practical exposure to trade execution and operational processes, which highlighted the importance of liquidity, timing and coordination between front and middle office teams.

In addition, working on structured products deepened my understanding of how customized investment solutions can be designed to respond to specific market conditions and client objectives. Overall, this experience strengthened my analytical skills, increased my autonomy and confirmed my interest in asset management, private banking and investment solutions.

Financial concepts related to my internship

I present below three financial concepts related to my internship: asset allocation and diversification in a multi-asset framework, benchmarking and active portfolio management, and structured products in wealth management.

Asset allocation and diversification in a multi-asset framework

Asset allocation refers to the distribution of investments across different asset classes such as equities, bonds and alternative assets, including private equity. In a multi-asset framework, this allocation is the primary driver of portfolio risk and long-term performance. Diversification aims to reduce portfolio volatility by combining assets with different risk, return and correlation characteristics.

During my internship, I observed how strategic asset allocation provides a long-term investment framework, while tactical adjustments allow portfolio managers to adapt to changing market conditions. The construction of investment proposals for new clients clearly illustrated how allocation choices are aligned with investment horizons, risk profiles and return objectives.

Benchmarking and active portfolio management

Benchmarking plays a central role in portfolio management, as it provides a reference framework to assess portfolio performance and risk. By comparing portfolios to appropriate benchmarks, portfolio managers can evaluate the impact of asset allocation and security selection decisions and determine whether performance deviations are driven by active management choices or market movements.

During my internship, I contributed to the monitoring of portfolio managers’ portfolios, focusing in particular on deviations from benchmarks. This analysis helped identify sources of over- or under-performance and assess the consistency of investment strategies over time. It also illustrated the trade-offs involved in active portfolio management, where deviations from benchmarks are necessary to generate alpha but must remain controlled to stay aligned with clients’ risk profiles and investment mandates.

Structured products in wealth management

Structured products are investment instruments that combine traditional securities, such as bonds, with derivatives to create customized risk-return profiles. In wealth management, products such as autocallables and capital-protected notes are used to offer conditional returns, yield enhancement or capital protection depending on market scenarios.

My exposure to these products helped me understand how structured solutions can complement traditional assets within diversified portfolios. Analyzing their payoff structures and underlying assets highlighted both their potential benefits and their risks, emphasizing the importance of suitability analysis and clear communication when integrating them into client portfolios.

Why should I be interested in this post?

This experience illustrates how multi-asset portfolio management operates within a private banking environment and how investment strategies are translated into tailored solutions for clients. For students interested in asset management, private banking or investment solutions, this experience provides valuable exposure to real-world portfolio construction, market analysis and cross-team coordination within a financial institution.

Useful resources

Business

Mirabaud

Bloomberg

Factset

Others

Kahlich, M. and co-authors (2025) Global Wealth Report 2025 BCG.

About the author

The article was written in December 2025 by Adam MERALLI BALLOU (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026).

▶ Read all articles by Adam MERALLI BALLOU.

Inside retail banking: My apprenticeship at Crédit Agricole des Savoie

December 17, 2025 by Mathilde JANIK

In this article, Mathilde JANIK (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025) shares her experience as a two-year apprentice in the retail banking sector at Crédit Agricole des Savoie.

Introduction

This article is aimed at presenting my apprenticeship as a personal banker within Crédit Agricole regional bank Crédit Agricole des Savoie and what it taught me. This apprenticeship at Crédit Agricole des Savoie represented a pivotal, two-year immersion into the complexities of mutualist retail banking, offering a unique platform to translate academic financial concepts into tangible professional practice. My experience was situated at the dynamic intersection of local development and high-demand client services, specifically within the demanding, fluctuating environment of the French Alpine ski economy. This role not only provided hands-on experience in portfolio management and commercial goal achievement but also served to rigorously develop my adaptability, regulatory compliance expertise, and client advisory capabilities across diverse economic cycles.

About the company

To give a bit more context I’m a fifth-year BBA student at ESSEC Business School , and I have been completing a two-and-a-half-year apprenticeship at Crédit Agricole des Savoie. This bank is an institution that’s been historically the oldest bank in the sector, deeply woven into the economic and social fabric of Savoie and Haute-Savoie departments. France’s largest mutual banking group (54 million clients), CASA operates on principles of proximity, responsibility, and solidarity, channeling its financial results back into local development projects. Established historically in 1894 to support the agricultural sector, the bank has long evolved into a universal bank, serving over half the local population with 716k clients for about 1.3M inhabitants in Savoie and Haute-Savoie, maintaining a leading position in supporting the region’s diverse economic activities, from tourism and industry to agriculture and cross-border workers. Even though those numbers tend to decrease with the surge of neobank and younger generations moving to digital establishments instead, Crédit Agricole still holds an important place in the local economy and people’s financial habits.

Logo Credit Agricole des Savoie.
Logo of Crédit Agricole des Savoie
Source: the company.

My apprenticeship was specifically within the retail network, where I served in two distinct local offices: Bozel and Courchevel. This placement provided a unique immersion into seasonal banking operations. Located in or near major ski resorts, these offices experience immense fluctuations in client volume and needs, adapting rapidly from high-demand winter seasons, catering to seasonal workers, holiday-home owners, and tourists, to the quieter periods of the off-season. This required a constant re-evaluation of customer relationship management (CRM) strategies and a heightened ability to handle diverse financial situations across different client segments (local residents, high-net-worth individuals, and professional clients tied to the tourism industry).

My apprenticeship

My tasks each day were dependent on the projects I was assigned to and the portfolio I was taking care of. Initially, my mission focused on establishing a solid operational foundation. I managed all routine banking operations and provided first-level customer assistance, responding to the daily needs of account holders. At the same time, a significant portion of my time was dedicated to ensuring the regulatory security of the branch portfolio, including performing KYC (Know Your Customer) updates across four portfolios, encompassing approximately 1,600 clients. This phase allowed me to master compliance imperatives and develop an initial commercial approach through targeted outbound calls, aiming at client prospecting and scheduling appointments to transform routine service interactions into business opportunities.

Afterwards, my responsibilities evolved toward the structured support of client projects. I conducted detailed credit analysis for financing consumer projects and home ownership (real estate loans). This expertise was complemented by accelerated skill development in the insurance sector: following specialized training, I obtained the necessary certification to market and advise on property and personal insurance. Every client interaction required a rigorous analysis and evaluation of risks inherent to the retail clientele, thereby ensuring the financial viability of proposed solutions while protecting the bank’s interests. I took full ownership of the entire advisory cycle, from the preparation to the actual execution of client appointments.

Finally, the experience led to access to more complex financial engineering missions. I actively participated in financial investment advisory, assisting clients, from general public profiles to the so-called high-net-worth clientele, in optimizing their savings. The most enriching dimension was the wealth advisory and asset analysis conducted in tandem with the sector’s dedicated wealth manager. This collaboration exposed me to strategies for tax and inheritance optimization, as well as the selection of sophisticated placements, confirming my ability to mobilize cross-functional knowledge to propose tailored, high-value-added solutions.

Financial concepts related to my internship

I would like to focus on three financial concepts I learnt during my apprenticeship: credit risk analysis, regulatory compliance and financial product suitability, and portfolio segmentation.

Credit risk analysis

The first one is the retail credit risk analysis, the systematic analysis is foundational to a banker’s role, ensuring long-term solvency of the portfolio. My task of analyzing both consumer and real estate loan applications required applying a 5Cs framework (Character, Capacity, Capital, Collateral and Conditions) specifically tailored for retail customers. It goes beyond calculating simple debt ratios; it involves a qualitative assessment of the client’s financial stability such as employment history, savings behavior and the project’s feasibility. This direct exposure to the underwriting process provided practical knowledge on mitigating default risk and managing the bank’s capital adequacy requirements at the individual level.

Regulatory compliance and financial product suitability

The second concept is regulatory compliance and financial product suitability with MiFID regulation and AMF directives. My role, particularly in investment advisory and insurance sales (supported by my new certification; the AMF Certification), centered entirely on the concept of suitability. This mandated thoroughly assessing the client’s risk tolerance, financial knowledge, investment horizon, and objectives to ensure that any product recommendation, whether a life insurance contact (“assurance vie” in French) or a specific investment fund was appropriate, ethically sound, and legally compliant. This principle forms the bedrock of customer protection in modern finance.

Portfolio segmentation

The third concept was portfolio segmentation. In fact, managing a portfolio of 300 clients across diverse profiles necessitated a disciplined approach to client portfolio segmentation. This concept involves classifying clients (e.g., mass market, affluent, high-net-worth) based on their assets under management, complexity of needs, and perceived Client Lifetime Value (CLV). This segmentation guided my commercial strategy: targeting high-potential clients for outbound calls and wealth advisory, while reserving complex financial engineering (done in tandem with the senior advisor) for high-net-worth clients. Segmentation ensures that the branch allocates its limited advisory resources efficiently, maximizing both commercial returns and the depth of client relationship management.

Why should I be interested in this post?

If you are a student aiming for a career in Wealth Management, Private Banking, Portfolio Management, or Asset Management, this post is highly relevant. While many students focus exclusively on capital markets or institutional roles, they often overlook the foundational importance of retail banking as the starting point for true client relationship expertise and core financial risk analysis.

My apprenticeship at Crédit Agricole des Savoie demonstrates how the local branch provides unparalleled, holistic exposure to the core mechanics of a financial institution. You gain hands-on knowledge of credit risk assessment for individuals and SMEs, navigate direct AMF/ACPR regulatory compliance on suitability, and master the art of client relationship management and advisory sales. These are all essential skills for building and managing complex portfolios and high-net-worth relationships, providing a robust, client-centric view of finance that is invaluable in these careers.

Useful resources

Banks

Crédit Agricole des Savoie – Site Officiel

Le Groupe Crédit Agricole

La BNP, la Société Générale, CIC, et le Crédit Mutuel vont déployer des distributeurs d’argent communs

AMF : Certification professionnelle des acteurs de marché

Les métiers de l’accueil clientèle dans le secteur bancaire

Le Crédit Agricole se veut « plus conquérant », plus international et passe à l’offensive en Allemagne

Un euro numérique à l’ère numérique – Banque Centrale Européenne

Responsabilité sociale des banques : enjeux et initiatives

Management methods

Qu’est-ce que la méthode des 5 C ?

Méthode CROC : définition et exemples pour l’entretien téléphonique

About the author

The article was written in December 2025 by Mathilde JANIK (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025).

▶ Read all articles by Mathilde JANIK.

My internship experience in a Multi-Family Office

December 17, 2025 by Jules HERNANDEZ

In this article, Jules HERNANDEZ (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025) shares his professional experience as Financial Analyst in a Multi-Family Office.

About the company

I worked two years in a Multi-Family Office (MFO) as a Financial Analyst. The purpose of this wealth management firm is to support families and executives across multiple dimensions of their wealth. Their comprehensive wealth management approach offers highly personalized, long-term service focused on objective advice, with a broad scope of expertise spanning legal, tax, financial, and real estate matters.

What is a MFO ?

According to the AFFO (The French Family Association), a Family Office is a advisory structure designed to support one or several families in the management, organization, and long-term preservation of their wealth. Its mission extends across all dimensions of patrimonial oversight and is carried out in close alignment with the family’s objectives, values, and governance framework. Acting solely in the interest of the families it serves, a Family Office adheres strictly to the principles of independence, confidentiality, and full alignment of interests. It typically operates as a multidisciplinary coordinator, bringing together and overseeing the work of various external advisors and partners, including lawyers, notaries, chartered accountants, financial and real estate asset managers, and insurance specialists. The role of a Family Office (FO) or a Multi-Family Office (MFO), who supports several families instead of one, delivering services to each on a strictly individualized and confidential basis, is to cover a broad spectrum of responsibilities, ranging from financial advisory and asset management to wealth strategy and structuring. Where relevant, it also integrates the personal values and convictions of its clients into wealth management decisions. For instance, when a family seeks to invest with an environmentally responsible or impact-driven approach, the Family Office will orient investment choices toward solutions that meet these specific criteria. The financial advisors leading a FO or a MFO must manage their clients’ wealth with a 360-degree vision, as emphasized by Charles-Henri Bujard, President of the AFFO, in his perspective on the Family Office model.

My internship

In January 2024, I joined the team as a financial analyst as part of a two-year work-study program. This experience consisted of two six-month full-time periods at the office, a university exchange, and a period of academic coursework. I worked closely with the Head of Investments on various assignments. Although I was attached to the investment division, I had to fully immerse myself in the firm and understand the role played by each department. The back office, the tax division, and the financial division are highly interconnected and must work hand in hand to ensure efficient and effective wealth management for clients.

My missions

Working in a small structure meant that the tasks were highly varied, and I had the opportunity to take on a wide range of responsibilities. To present this more clearly, let’s divide these tasks into three main categories: Front Office, Middle Office, and Reporting & Sales/Marketing.

Front-Office missions

My front-office responsibilities were multifaceted. The first focused on designing the allocation of our clients’ listed portfolios. This involved identifying the best investment opportunities in public markets, deciding where to invest and selecting the most suitable investment funds in order to capture the highest possible performance. These funds were UCITS available through life insurance contracts. According to the European Fund and Asset Management Association (EFAMA), UCITS (Undertakings for Collective Investment in Transferable Securities) are EU-regulated investment funds designed to protect investors through strict rules on diversification, liquidity and transparency. In simple words, Insurance companies provides a list of EU-regulated investment funds in which a contracted client can invest in. These allocations were reviewed and adjusted regularly, which required carrying out portfolio rebalancing operations (the process of modifying a portfolio’s allocation by divesting from certain holdings and investing in new ones). As part of my role, I was therefore also responsible for executing these rebalancing transactions across clients’ accounts. In addition, in the pursuit of increasingly efficient diversification, I was tasked with conducting due diligence on several ranges of fixed-maturity bond funds with the objective of building a “buy-and-hold” bond strategy for our clients. This due diligence process gave me the opportunity to analyze multiple funds from different asset managers, both from a quantitative and qualitative perspective.

Middle-Office missions

Middle-office responsibilities mainly involved investment continuity management and portfolio monitoring tasks. As some clients were invested in private equity or private debt funds, it was necessary to respond to capital calls issued by fund managers, ensuring that clients’ accounts held sufficient cash to meet these capital requirements. I was also responsible for verifying portfolio data on tools such as Quantalys in order to accurately calculate and present performance results to clients. Quantalys is a tool used mainly by wealth managers (but also asset managers) to back test and build hypothetical portfolios, in order to analyze what would have been the performance over time. We used it to build portfolios and to track their associated performance. Each time we made allocation decisions, we had to update the portfolio data in the tool. This tool is also a huge database gathering all the funds available in the world.

Reporting & Marketing

I was responsible for producing client reporting. This involved preparing portfolio reports using various portfolio management and analytics tools such as FactSet, a leading financial data and analytics platform widely used by investment professionals to access market data, company financials, fund analytics, and performance metrics (basically a concurrent of Bloomberg, which is more known), and Quantalys, which I already mentioned previously. I then led a reporting automation project, streamlining and significantly accelerating the production process. Initially, reports were produced manually using Excel; we transitioned the reporting framework to Power BI, Microsoft’s business intelligence and data visualization tool, which enables the automation of data processing and the creation of interactive dashboards and dynamic reports. Within this framework, I fully developed both the quantitative data models and the visual reporting architecture, improving both accuracy and usability of client reports. In addition, when we conducted webinars or presentations for clients and prospective investors, I was responsible for producing ad hoc analyses on a range of topics, including macroeconomic developments, in-depth analysis of investment funds within our portfolios, and performance presentations supported by detailed charts. Finally, with the aim of demonstrating to potential prospects what their returns could have been if they had invested with us from a given starting point, I built an Excel-based model tracking the performance of the proposed model portfolio.

Required skills and knowledge

In this profession, and particularly within this firm, the required knowledge primarily relates to financial markets. We must have a solid understanding of a wide range of financial investments (equities, bonds and different bond structures, private markets such as private equity, private debt including secondary markets, infrastructure, specialized investment funds such as semi-liquid evergreen funds, structured products, etc.). It is also essential to be comfortable with economic and geopolitical news, as well as macroeconomic analysis, in order to build the most suitable portfolios for clients. In terms of skills, strong data analysis capabilities and a high level of rigor are required when interpreting financial information. Finally, strong communication skills are essential: being comfortable speaking with clients, demonstrating active listening, and providing tailored analysis to meet each client’s specific needs.

What I learned

First, I strengthened my knowledge of financial markets. Being attached to the investment management team, I discovered numerous asset classes that I had not previously been familiar with. I then gained an understanding of how investments work in practice and which vehicles are available in France to invest. Taxation plays a central role in wealth management, and I learned to understand its constraints in order to grasp how it impacts an individual’s overall wealth. Finally, I learned how to work cross-functionally with multiple teams, an essential aspect of the financial advisor’s role. This experience also allowed me to develop key professional qualities: rigor, analytical thinking, autonomy, as well as collaboration and a strong sense of collegiality.

Financial concepts related to my internship

I present below three financial concepts related to my internship: investment horizon, diversification, and the importance of a qualitative relationship with clients.

Investment Horizon

As a financial advisor, wealth manager or even a regular investor, before building a portfolio or making any investment, it is essential to define a key parameter, a parameter that even takes precedence over the client’s risk aversion: the investment horizon. According to the French Regulator (Autorité des Marchés Financiers or AMF), the investment horizon corresponds to the period during which an investor plans to hold a financial product. In other words, the investor identifies their liquidity needs beforehand and ensures they will not need to unwind their positions before the end of that period. This concept matters because there is a significant difference between the ease of selling an asset and the speed at which cash can be withdrawn without loss. Consider an equity portfolio, for example. While stocks are known for being liquid, meaning investors can buy or sell them with relative ease, it is risky to invest in equities with a short investment horizon. John Maynard Keynes often reminded us that no one, ever, was and will be able to time the market consistently. Because of this structural uncertainty, an investor may suddenly face substantial losses, as it happened during the subprime crisis. It took roughly five years for the S&P 500 to recover its pre-crisis levels and erase the losses caused by the collapse of the U.S. housing market. If an investor had needed liquidity only two years after the crisis, they would have locked in heavy losses. But had they waited longer, exiting after the recommended 7 to 8-year horizon for an equity portfolio, they would not only have recovered from the 2008 downturn, but also benefited from strong capital gains. Therefore, it is crucial for any client to understand their investment horizon and anticipate potential liquidity needs. With this mindset, they can better protect themselves against the inherent uncertainty of financial markets.

Diversification

Diversification is one of the fundamental principles of portfolio management. Throughout this experience, I realized that it goes far beyond simply spreading investments across several assets: it involves building an allocation capable of withstanding various market scenarios. To diversify is to accept that we can never predict with certainty which asset will outperform, but that we can significantly reduce risk by avoiding dependence on a single source of performance. Diversification can be applied at multiple levels. Within an equity portfolio, for example, it can be beneficial to gain exposure to different geographical regions (US, Europe, Asia, Emerging Markets, etc.), to different currencies (EUR, USD, GBP, etc.), and to various economic sectors (healthcare, financials, industrials, etc.). But diversification must also be executed on a broader scale, across the entire wealth base. It is essential to split the overall assets into several relatively small investments across different vehicles. To ensure efficient diversification, it is crucial to explore and invest in multiple asset classes. Part of the portfolio should be dedicated to growth, invested in riskier assets with higher return potential (equities, structured products, private equity, venture capital, cryptocurrencies, commodities…). Another portion should be allocated to defensive assets to preserve wealth (income-producing real estate, bonds, private debt, or precautionary cash reserves). This approach to diversification achieves several objectives: first, it breaks down wealth into multiple sources of income that do not depend on one another. Second, it helps dilute risk by investing in assets that are uncorrelated. Finally, it allows for a strategic allocation of resources across different investment goals: income generation, growth, and capital preservation.

Importance of a qualitative relationship with clients

To conclude this article, I would like to highlight the importance of the relationship between the advisor and the client. Beyond the technical aspects of investing, this relationship forms the true foundation of successful wealth management. An allocation can be perfectly constructed, a portfolio ideally diversified, and an investment horizon carefully respected… but without a relationship built on trust, no strategy can truly succeed. I understood that this relationship relies above all on attentive listening and a deep understanding of the client’s objectives: their projects, constraints, personal situation and family situation. An advisor is not only a financial technician, he or she is a reliable source of support in whom the client can place their trust. The advisor must also demonstrate strong pedagogical skills to help clients navigate a complex and time-consuming financial environment. In 2023, Danielle Labotka, a behavioral scientist, conducted a study for Morningstar involving a large sample of clients working with financial advisors. The study revealed that 21% of respondents (3,003 respondents) consider the quality of the relationship with their advisor to be the most important factor, surpassing all other aspects shown below :

Importance of concepts among financial advisors’ customers

Source: Morningstar, April 2023, Danielle Labotka, “Why Do Investors Fire Their Financial Adviser?”

Why should I be interested in this post?

The world of wealth management and financial advisory is experiencing strong growth, particularly in France, a country where financial literacy is steadily increasing and where individuals are increasingly aware that putting their savings to work is essential to building long-term wealth. According to the CNCGP (the national chamber of financial advisors, “Chambre Nationale des Conseils en Gestion de Patrimoine”), and their last report in 2025, called Baromètre 2025, France was counting in 2023, 23,16 structures providing financial advisory services to French customers. In 2024, this number rose to 2,439, which represents a +5,3% increase. This number is expected to grow, since according to studies made by Statista in October 2025, the number of assets under management by wealth managers in France should rise at a rate of +1,6% per year until between 2025 and 2029. This means that they will have that wealth managers will have to deal with more and more clients and therefore, investments. Certain structural issues in France, such as the pension system, are beginning to reveal their limitations, making it important for individuals to no longer rely solely on the State to finance their post-career years. As a result, the wealth management industry presents significant opportunities for the future. This profession also represents a balance between market finance, corporate finance, and client relationship management, fields that are deeply interconnected in the day-to-day practice of the role.

Useful resources

Labotka, D. (2023) Why do investors ‘break up’ with their financial adviser? Morningstar.

Autorité des Marchés Financiers Horizon de placement

European Fund and Asset Management Association (EFAMA) UCITS

Macrotrends S&P 500 Historical chart

French Family Office Association (AFFO) Family Office : Definition and Mission

Leclerc C. (26/09/2025) Les family offices au service des patrimoines sophistiqués ClubPatrimoine.

Chambre Nationale des Conseils en Gestion de Patrimoine (CNCGP) Baromètre 2025, état des lieux de la profession.

Statista (October 2025) Wealth Management – Data for France

About the author

The article was written in December 2025 by Jules HERNANDEZ (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025).

▶ Read all articles by Jules HERNANDEZ.

My work-study experience in the Middle Office at Amundi

December 17, 2025December 15, 2025 by Clara COMBELLES

In this article, Clara COMBELLES (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025) shares her professional experience as a Middle Office analyst at Amundi, Europe’s leading asset manager.

About the company

Amundi is the largest asset manager in Europe and among the top ten worldwide. Created in 2010 through the merger of Crédit Agricole Asset Management and Société Générale Asset Management, Amundi now manages more than €2,000 billion in assets for retail, institutional and corporate clients.

Logo of Amundi.

Source: the company.

Amundi offers a wide range of investment solutions including active management, passive strategies, responsible investment, real assets, and advisory services. The group operates in over 35 countries with more than 5,000 employees and is listed on Euronext Paris.

Within Amundi, I worked in the Middle Office Department, which plays a crucial operational role by ensuring the accuracy, reliability, and daily monitoring of all portfolio transactions. It acts as a bridge between portfolio managers, operations teams, accounting, risk management, and institutional clients.

My work-study program

My one-year work-study program immersed me in the operational heart of asset management. Working in the Middle Office gave me a transversal view of financial markets, portfolio management, and the full lifecycle of a transaction. I learned to manage time-sensitive tasks, handle large volumes of data, and collaborate with teams from different domains.

My missions

My daily tasks included several key responsibilities essential to the proper functioning of portfolios.

✔ Daily cash flow monitoring
Every morning, I reviewed all cash movements to ensure they aligned with portfolio expectations. This work prevents valuation errors and helps anticipate liquidity needs.

✔ Monthly securities position analysis
I carried out detailed monthly reconciliations between internal systems and accounting data to ensure that positions were accurately reflected and discrepancies were identified.

✔ Resolution of discrepancies and anomaly analysis
Whenever inconsistencies appeared — unexpected movements, trade errors, incorrect positions — I investigated their origin by liaising with operational teams such as trading, subscriptions/redemptions, fees, and accounting.

✔ Support to portfolio managers
I provided portfolio managers with operational insights, including historical flows and position analyses, to support their investment decisions.

✔ Production of client reporting
I contributed to the preparation of periodic reports sent to institutional clients, including asset allocation, performance, and risk indicators.

Required skills and knowledge

This role required strong analytical skills, attention to detail, and the ability to work under time pressure. On the technical side, I used portfolio management systems, Excel, and internal monitoring tools. Soft skills such as communication, teamwork, and problem-solving were essential to collaborate with multiple departments and resolve anomalies efficiently.

What I learned

This experience gave me a concrete understanding of the full lifecycle of a financial transaction, from order execution to final accounting. I developed strong operational and analytical skills, improved my ability to manage risks, and gained a transversal vision of asset management. I also learned the importance of precision, reliability, and responsiveness in the financial industry.

Financial concepts related to my internship

I present below three financial concepts related to my internship and explain their relevance to my missions: the lifecycle of a financial transaction, Net Asset Value (NAV), Operational risk management.

The lifecycle of a financial transaction

Every trade goes through several steps: order initiation, execution, settlement, booking, reconciliation and final reporting. My role in the Middle Office was directly linked to the final steps of this lifecycle, where accuracy and consistency are essential to ensure proper valuation of portfolios.

Net Asset Value (NAV)

Accurate valuation of funds depends on precise cash balances, up-to-date positions, and correctly recorded transactions. My checks on cash flows and monthly reconciliations ensured NAV reliability, which is crucial for investment decisions and client reporting.

Operational risk management

Operational errors—missing trades, incorrect positions, or inconsistent data—can lead to significant financial and reputational risks. By identifying anomalies, coordinating with teams, and resolving breaks, I actively contributed to reducing operational risk within the portfolios.

Why should I be interested in this post?

Students interested in finance often focus on front-office roles, but the Middle Office offers a unique opportunity to understand the full operational framework behind investment decisions. It is an excellent entry point into asset management, providing exposure to financial instruments, risk control, portfolio valuation, and cross-team collaboration. This experience builds a solid foundation for future careers in investment management, risk, operations, or financial analysis.

Useful resources

Amundi – Official Website

Basel Committee on Banking Supervision (2011) Principles for the Sound Management of Operational Risk.

About the author

The article was written in December 2025 by Clara COMBELLES (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025).

▶ Read all articles by Clara COMBELLES.

My internship experience at HSBC

December 9, 2025 by Lang Chin SHIU

In this article, SHIU Lang Chin (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2024-2026) shares her professional experience at HSBC in Hong Kong.

About the company

HSBC (The Hongkong and Shanghai Banking Corporation) is one of the world’s largest banking and financial services organisations, serving millions of customers through Retail Banking, Wealth Management, Commercial Banking, Global Banking and Markets, and other specialised businesses.

In Hong Kong, HSBC plays a key role as a leading provider of corporate and investment banking, trade finance, and wealth management products, making it a central player in the regional and global financial system.

Logo of HSBC.

Source: the company.

My internship

During my internship in the Wealth and Personal Banking team in Hong Kong, I assisted with daily operations supporting client relationship managers and investment advisors. My work involved preparing client onboarding documents, updating records in the bank’s management system, and ensuring compliance with Know Your Customer (KYC) and internal policy requirements. I also helped compile client portfolio summaries, draft investment proposals, and conduct market research to support financial planning and investment recommendations.

Beyond these tasks, I gained exposure to a wide range of wealth management products including mutual funds, equity and bonds, structured products, and insurance solutions. I participated in internal meetings to observe how product specialists, compliance officers, and relationship managers collaborate to deliver integrated services for clients. Additionally, I contributed to the preparation of client presentations and market updates, which strengthened my understanding of how macroeconomic trends influence individual investment strategies.

My missions

My missions included supporting relationship managers and product managers with the preparation of client materials, such as simple financial summaries and presentation slides for internal and external meetings. I also assisted with internal reports, helped update client information in our internal systems, and observed calls and meetings to understand client needs and identify follow-up actions.

Required skills and knowledge

This internship required strong analytical skills, attention to detail and a solid foundation in finance and banking concepts, such as understanding financial statements, basic risk metrics and common banking products. At the same time, soft skills such as communication, time management, and professionalism were crucial, as I had to collaborate with different team members, handle confidential information carefully, and deliver work under tight deadlines.

What I learned

Through this experience, I learned how front-office and support teams interact to serve clients and manage risks within a large universal bank. I developed a more concrete understanding of how theoretical concepts from corporate finance and financial markets are applied in real transactions and client discussions, and I improved my ability to structure quantitative information clearly in reports.

Financial concepts related to my internship

Three financial concepts related to my internship: relationship banking, risk-return and capital allocation, and regulation and compliance. These concepts help explain how my daily tasks fit into the broader functioning of the bank.

Relationship banking

Relationship banking refers to building long-term relationships with clients rather than focusing only on individual transactions. In practice, this means understanding clients’ businesses, industries and strategic priorities to provide tailored solutions over time. By helping prepare client materials and following up on information requests, I contributed to the relationship-building process that supports client retention and opportunities.

Risk-return and capital allocation

Banks constantly balance risk and return when they grant loans, underwrite deals or hold assets on their balance sheet, subject to capital and liquidity constraints. Internal analyses, credit information, and financial ratios are used to assess whether the expected return of a client or transaction justifies the associated risk and capital consumption. My exposure to simple financial analysis and internal reporting showed how data and models support these risk-return decisions.

Regulation and compliance

Banking is a highly regulated industry, with strict rules on capital, liquidity, anti-money laundering (AML), know-your-customer (KYC) and conduct. Many processes in the bank, from onboarding to reporting and product approval, are shaped by these regulatory requirements. During my internship, I observed how documentation, data accuracy, and internal controls are integrated into daily workflows to ensure that business growth aligns with regulatory expectations and internal risk appetite.

Why should I be interested in this post?

An internship at HSBC offers exposure to a global banking environment, sophisticated financial products and real client situations. It also provides a strong platform to develop quantitative skills, professional communication and an understanding of how large financial institutions create value while managing complex risks—skills that are highly transferable to careers in banking, consulting, corporate finance and risk management.

Useful resources

HSBC – Official website

HSBC Internships for students and graduates

HSBC Financial Regulation

About the author

The article was written in December 2025 by SHIU Lang Chin (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2024-2026).

▶ Read all articles by SHIU Lang Chin.

My Apprenticeship Experience at Capgemini Invent

December 9, 2025 by Zineb ARAQI

In this article, Zineb ARAQI (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025) shares her experience as an apprentice at Capgemini Invent within the Data & AI practice for Financial Services, where she contributed to major digital transformation programs across global banking institutions.

About the company

Capgemini Invent is the digital innovation, design and transformation brand of the Capgemini Group. Created in 2018, it combines strategy, technology, data, and creative design to help organizations reinvent their business models. Capgemini Invent operates in more than 30 countries and brings together over 10,000 consultants, data scientists, designers, and industry experts.

Capgemini Invent works at the intersection of strategy and execution, supporting clients through their end-to-end transformation journeys. Its expertise spans digital transformation, artificial intelligence, cloud modernization, sustainability strategy, customer experience, and data-driven operating models.

Within the wider Capgemini Group (over 340,000 employees worldwide), Invent plays a critical role in bridging management consulting with advanced technological execution. This unique positioning allows consultants to work on strategic topics while staying close to the technical realities of implementation, particularly in fast-evolving domains like AI, data governance, and digital banking.

Logo of Capgemini.
Logo Capgemini
Source: Capgemini Invent

About the department: Data & AI for Financial Services

I completed my apprenticeship within the Data & AI Financial Services practice, the division supporting major French and international banks in their data strategy and AI-driven transformation. This department works closely with Chief Data Officers (CDOs), Chief Analytics Officers, and executive committees to design, deploy, and govern enterprise-wide data architectures and AI solutions.

During my apprenticeship, I worked on strategic missions covering Europe, Middle East, and Africa, the Americas, and Asia-Pacific. Our team addressed high-impact topics such as data governance, regulatory compliance and Environmental, Social, and Governance reporting, customer intelligence, risk modelling, AI use-case acceleration, cloud migration, and the operationalization of large-scale data platforms. The practice serves flagship clients across retail banking, corporate & investment banking, insurance, and payments.

My apprenticeship experience at Capgemini Invent

My Missions

Throughout my apprenticeship, I contributed to large digital transformation programs for top French banks. My work spanned across all regions, EMEA, the Americas, and Asia reflecting the global scale of modern banking operations and the cross-regional governance challenges faced by CDOs.

My missions included:

Supporting Chief Data Officers in defining and implementing enterprise-wide data governance frameworks (metadata, lineage, quality, operating models).
Designing AI use-case portfolios, including prioritization matrices, feasibility assessments, and Return on Investment evaluations for retail and corporate banking.
Analyzing cross-regional data issues across APAC, the Americas, and EMEA to harmonize data standards and reporting structures.
Contributing to ESG & sustainable finance reporting, helping banks adapt to emerging CSRD (the EU’s new mandatory sustainability reporting directive), TNFD (the global framework for nature-related risk disclosures) and ESRS (the detailed European sustainability reporting standards) requirements using improved data pipelines.
Supporting cloud transformation initiatives by assessing data migration readiness and defining new operating models for data platforms.
Supporting cloud transformation initiatives by assessing data migration readiness and defining new operating models for data platforms.
Building dashboards and analytics tools using SQL, PowerBI, and Python to transform raw data into clear insights that support risk, compliance, and business teams in their decision-making.

These projects exposed me to the complexity of financial data ecosystems, the challenges of legacy infrastructures, and the role of AI in reshaping operational models at scale.

Required skills and knowledge

Working at the intersection of consulting, data governance, and financial services required a combination of analytical, technical, and communication skills. On the technical side, I relied on knowledge of banking business lines (retail, Corporate & Investment Banking, payments), data modelling fundamentals, SQL, cloud concepts, and AI/ML logic. Understanding regulatory frameworks and risk data aggregation standards was essential, especially when advising CDOs on compliance or data lineage workflows.

Soft skills were equally important: client communication, structured problem-solving, stakeholder management, and the ability to translate complex data topics into actionable recommendations. Working across multiple regions strengthened my adaptability and cross-cultural communication, as I collaborated with teams in Europe, the U.S., and Asia.

What I learned

This apprenticeship taught me how central data has become to the competitiveness and resilience of financial institutions. I learned how banks leverage data to enhance customer experience, reduce risk, improve compliance, and accelerate digital transformation. I also gained firsthand exposure to how global banks structure their operating models, from governance to platforms to analytics, and how AI can be responsibly integrated into decision-making processes.

Most importantly, working with CDO organizations helped me understand the strategic importance of data leadership and the challenges of transforming legacy institutions into data-driven organizations. This experience reinforced my interest in financial technology, analytics, and sustainable finance.

Business concepts related to my internship

I present below three financial, economic, and management concepts related to my apprenticeship. These concepts illustrate how data strategy, regulatory expectations, and AI-driven transformation shape the operating models of large financial institutions and how my work experience aligned with these challenges.

Data Governance and Regulatory Compliance (BCBS 239, CSRD, ESRS)

During my missions, the concept of data governance was central. Financial institutions operate under strict regulatory expectations such as BCBS 239 (risk data aggregation), CSRD (corporate sustainability reporting), and ESRS (European sustainability standards). These frameworks require banks to demonstrate full control of their data including lineage, quality, documentation, accessibility in order to produce reliable regulatory reports. My role consisted in helping banking groups structure governance models, build data quality controls, and harmonize data definitions across regions. This concept is at the heart of banking transformation, as regulatory pressure and data modernization are now inseparable.

AI Use-Case Prioritization and ROI Evaluation

A second concept I applied throughout my apprenticeship is the prioritization of AI use-cases based on business value, feasibility, and risk. Banks often have dozens of potential AI initiatives, but only a fraction deliver measurable Return on Investment (ROI). My work involved constructing prioritization matrices, evaluating data readiness, estimating financial impact, and supporting executive committees in building realistic AI roadmaps. This required balancing quantitative evaluation (cost savings, efficiency gains) with qualitative factors (regulatory risk, bias mitigation, ethical constraints). This concept is fundamental to ensuring that AI programs are scalable, responsible, and aligned with strategic objectives.

Operating Model Transformation for Data Platforms and Cloud Migration

The third concept closely linked to my missions is the transformation of operating models for data platforms migrating to the cloud. Banks are progressively replacing legacy infrastructure with modern cloud-based architectures to improve scalability, reduce costs, and accelerate analytics capabilities. My work consisted in assessing migration readiness, defining roles and responsibilities, and designing new governance processes adapted to cloud environments. This concept is essential because technology alone cannot transform an organization, it must be accompanied by clear processes, change management, and redesigned workflows.

About the author

This article was written in December 2025 by Zineb ARAQI (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021–2025).

▶ Read all articles by Zineb ARAQI.

My apprenticeship experience as a Junior Financial Auditor at EY

December 9, 2025 by Iris ORHAND

In this article, Iris ORHAND (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026) shares her professional experience as a Junior Financial Auditor at Ernst & Young.

About the company

EY (Ernst & Young) is one of the “Big Four” professional services firms, supporting companies across audit, consulting, strategy, tax, and transactions. In audit, EY’s mission is to provide reasonable assurance on financial statements, bringing together financial analysis, an understanding of risks, internal control review, and clear, structured documentation to back audit opinions and reinforce stakeholder trust. Today, the firm brings together nearly 400,000 professionals across more than 150 countries and generated around USD 51.2 billion in revenue in its 2024 fiscal year.

Logo of EY

Source: the company.

My internship

In 2024, I joined EY in Paris La Défense as a Junior Financial Auditor on a 12-month apprenticeship. This experience gave me hands-on exposure to the audit cycle, from planning to fieldwork to final deliverables, and helped me understand how auditors balance technical rigor, deadlines, and client interaction.

My missions

Over the year, I worked on the financial analysis of seven companies, ranging from €10 million to €1.5 billion in revenue. I was part of a business unit focused on associations and the public sector, which allowed me to discover organizations with very different missions and financial setups. My largest and longest engagement was with Universal, where I really had the chance to follow a full audit cycle and understand how such a large structure operates. On a daily basis, I reviewed financial statements like the P&L, balance sheet and cash flow, identified unusual trends, dug into variances, and tried to understand the story behind the numbers. I also prepared financial analyses and draft audit conclusions for internal teams as well as for client discussions.

Even though my main focus was on the non-profit and public sector, EY gives motivated juniors the chance to work with other business units from time to time, and I really wanted to take advantage of that. Thanks to this, I was able to join a mission in the defense sector for Thalès, which was a completely different environment and pushed me to adapt quickly and broaden my understanding of industry specific risks.

Throughout the year, I relied a lot on audit tools and automation, using audit software, macros and advanced Excel to structure testing, make our work more traceable, and gain efficiency during busy periods. I was also involved in internal control assessments and risk management topics, which helped me understand how processes and day to day workflows can directly impact the reliability of financial reporting. I also participated in reviewing management forecasts, comparing them with historical results, challenging assumptions and pointing out areas where further evidence was needed. Overall, this experience helped me build a strong analytical mindset and gave me a much clearer view of how different types of organizations operate behind their financial statements.

Required skills and knowledge

This role required a combination of both hard and soft skills, and I quickly realized how important it was to balance the two. On the technical side, I relied a lot on advanced Excel, basic automation and macro logic, and a structured approach to financial analysis. A solid understanding of accounting fundamentals was essential, as well as developing strong documentation habits to keep our work clear, traceable, and easy for reviewers to follow. But beyond the technical knowledge, soft skills mattered just as much, if not more. Attention to detail was key, as was maintaining a sense of professional skepticism without falling into mistrust. Clear and calm communication helped a lot, especially when dealing with tight deadlines or last-minute requests during busy periods. I also learned how important it is to be pedagogical and professional with clients. Sometimes, audit questions can make clients feel like they are being challenged or judged, even when that’s not the intention. Taking the time to explain why we need certain information, reassuring them, and keeping the conversation constructive made the whole process smoother and helped build trust. Overall, this mix of technical rigor and human sensitivity was at the core of the role.

What I learned

This apprenticeship strengthened my ability to turn raw financial data into meaningful audit insights. Over time, I became much more comfortable linking business reality to accounting outcomes, understanding why a number moved, what it implied, and what kind of evidence was needed to support it. I also learned to think with a risk-based mindset, focusing my attention on the areas that had the greatest impact on the reliability of the financial statements. Finally, working under tight deadlines taught me how to stay organized and efficient while still maintaining high quality standards and keeping my work clear and ready for review. This combination of technical understanding, prioritization, and discipline is something I really developed throughout the year.

Financial concepts related to my internship

I present below three financial concepts related to my internship: financial statement analysis, internal control and audit risk, and forecasts, assumptions and professional skepticism.

Financial statement analysis

Audit work involves understanding not only the numbers, but also the story behind them and the operational reality that drives financial performance. Financial statement analysis played a central role throughout my apprenticeship. Trend analysis, ratio analysis, and variance explanations were essential tools to detect anomalies, identify risks, and guide the direction of our testing. By comparing periods, analyzing shifts in key indicators, and questioning unusual movements, I learned to form a more accurate picture of how an organisation truly operates.

This analytical process goes far beyond reading figures. It requires understanding the client’s business model, the context behind certain decisions, and the internal processes that ultimately shape the financial statements. Through this approach, I learned to prioritize the most sensitive areas, challenge assumptions that did not align with expectations, and connect accounting outcomes to the real functioning of the organisation. This ability to translate raw numbers into meaningful insights became one of the most valuable skills I developed during the apprenticeship.

Internal control and audit risk

Internal control quality plays a key role in shaping audit strategy. Throughout my apprenticeship, I saw how understanding a client’s processes, identifying where the risks lie, and evaluating the controls in place helps determine the likelihood of misstatements. When controls are strong and consistently applied, the risk is lower, which allows auditors to adjust their testing. When controls are weak or not operating as intended, the audit must be more detailed and rely on additional evidence.

In practice, this involved mapping processes, speaking with client teams, and observing how transactions were handled on a daily basis. It also required professional judgment to identify the areas where real vulnerabilities might exist. This experience helped me understand how internal control and audit risk are linked, and how this relationship influences the entire audit approach.

Forecasts, assumptions and professional skepticism

Comparing forecasts with historical figures is a practical way to assess the reasonableness of management’s assumptions, whether they relate to growth, margins, or cash generation. This exercise helps identify when projections are aligned with past performance and market dynamics, and when they seem overly optimistic or require stronger supporting evidence. It is also a direct application of professional skepticism, since the auditor must question the logic behind the assumptions without falling into mistrust. Over time, this analysis strengthens judgment and helps determine what is reasonable, what needs to be challenged, and where additional documentation or explanations are necessary.

Why should I be interested in this post?

This experience is especially valuable for anyone interested in audit, accounting, corporate finance, risk, or advisory. It gave me a strong understanding of financial statements, but also taught me discipline, structure, and a more analytical way of thinking. Throughout the year, I learned how to interpret numbers in a real-life context, how to stay organised under pressure, and how to communicate clearly with both clients and team members. What I liked is that these skills are not limited to audit. They can be applied in many areas such as transaction services, FP&A, or even banking. Being able to analyze financial data, understand risks, and form a well-reasoned judgment is useful in almost any finance role, which makes this apprenticeship a great foundation for whatever comes next in a finance-related career.

Useful resources

EY Official website

L’Expert-comptable.com La méthodologie d’audit : Les assertions

Wikipedia EY (entreprise)

Wikipedia Big Four (audit et conseil)

About the author

The article was written in December 2025 by Iris ORHAND (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026).

▶ Read all articles by Iris ORHAND

My apprenticeship experience as an Executive Assistant in Internal Audit (Inspection Générale) at Bpifrance

December 8, 2025December 8, 2025 by Iris ORHAND

In this article, Iris ORHAND (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026) shares her professional experience as an Executive Assistant in Internal Audit (Inspection Générale) at Bpifrance (January – December 2025).

About the company

Bpifrance is France’s public investment bank, created in 2012 through the merger of several state-backed institutions, and today it plays a central role in financing and supporting French companies at every stage of their development. With around €60 billion deployed in 2024 and a workforce of roughly 2,300 employees, Bpifrance combines public policy objectives with financial expertise to help businesses innovate, grow, and expand internationally. Its mission goes far beyond lending, as it also provides guarantees, equity investments, innovation funding, export support, and advisory services, making it a one-stop partner for entrepreneurs. Because it operates at the intersection of public funds and financial markets, strong governance and a solid control environment are essential, which is why functions such as Risk, Compliance, Internal Control and Internal Audit play a crucial role in ensuring responsible decision-making, transparency and the long-term protection of public interests.

Logo of Bpifrance

Source: the company.

My internship

In 2025, I completed a 12-month apprenticeship as an Executive Assistant in the Internal Audit Department, known at Bpifrance as “Inspection Générale”. This department is responsible for independently assessing the quality of the bank’s processes, controls and risk management, and for providing recommendations to strengthen the organization’s overall governance. My role combined operational coordination, process improvement and analytical support, which gave me practical exposure to how an internal audit function prepares and delivers missions, follows strict methodologies and ensures the consistency and quality of its work. Through this experience, I had the opportunity to see how internal auditors challenge processes, analyze risks, and help the organization operate more securely and efficiently.

My missions

During my apprenticeship, I contributed to the strategic optimization of internal audit processes, participated in internal audit missions, developed indicators and reporting tools, and implemented and executed a new internal audit quality review process, which is now used to assess the work of more than 30 internal auditors at each end-of-mission review period.

Required skills and knowledge

What I learned

During the year, I contributed to several projects aimed at improving both efficiency and audit quality within the Internal Audit Department. I worked on initiatives that strengthened the organization and standardization of internal audit processes, which helped teams work more consistently across missions. I also took part in internal audit assignments, supporting the different steps of the mission lifecycle and helping prepare and structure the deliverables. Another part of my work involved developing indicators and reporting tools to give management better visibility over activity levels, deadlines and key metrics. Finally, I helped implement and run a new internal audit quality review process, now used by more than thirty internal auditors, which significantly improved consistency, clarity and review readiness across the department.

Financial concepts related to my internship

I present below three financial concepts related to my internship: credit risk and portfolio quality, liquidity risk, and market risk.

Credit risk and portfolio quality

Credit risk refers to the possibility that a borrower may be unable to meet its obligations, which makes it one of the core risks for any bank. In internal audit, the objective is not to take or challenge credit decisions, but to assess whether the credit process itself is robust and well controlled. This involves reviewing how credit approvals are granted, whether delegation levels are respected, and whether all required documentation is complete, coherent and properly justified. Internal Audit also examines how exposures are monitored over time, looking at the quality of follow-up procedures, the detection of early warning indicators and the responsiveness of teams when a situation starts to deteriorate. Together, these elements help determine whether the bank’s credit processes provide a reliable framework for managing risk and maintaining a healthy loan portfolio.

Liquidity risk

Liquidity risk refers to the possibility that a financial institution may not be able to meet its short-term obligations when they fall due. In traditional banks, this risk is often linked to customer deposits, which can fluctuate and create sudden funding pressures. At Bpifrance, liquidity risk exists as well, but in a different form. The organisation does not rely on retail deposits and instead operates with stable funding sources such as the State, the Caisse des Dépôts or long-term market issuances. This structure makes liquidity risk generally less acute than in commercial banks. However, it remains a critical area because Bpifrance must still manage significant cash outflows related to loans, guarantees and investment operations, and must ensure that its funding plans and liquidity buffers remain robust and aligned with its long-term missions.

Market risk

Market risk is the risk of losses arising from changes in market variables such as interest rates, exchange rates or the value of financial assets. In many banks, it is closely linked to trading activities and exposure to volatile financial markets. At Bpifrance, market risk is present but within a much narrower scope. The institution does not operate trading desks and does not take speculative positions. Instead, its exposure comes from treasury management, the valuation of certain financial instruments and, more importantly, the evolution of the value of its equity investments. For this reason, market risk at Bpifrance is less about short-term volatility and more about the prudent management of long-term financial assets and the stability of the institution’s balance sheet over time.

Why should I be interested in this post ?

This role is highly relevant for students interested in risk, governance, internal control, compliance, audit or operational excellence. It provides a concrete view of how financial institutions identify vulnerabilities, strengthen their control environment and improve resilience over time. Working at Bpifrance also adds a meaningful dimension to the experience, because the organisation supports the french economy and operates with a clear public mission. It is also known as a responsible employer with strong working conditions and a culture that values collaboration, learning and employee wellbeing. Altogether, this makes the experience both professionally valuable and personally rewarding.

Useful resources

Bpifrance Official website

About the author

The article was written in December 2025 by Iris ORHAND (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026).

▶ Read all articles by Iris ORHAND

My internship experience at HKTDC

December 8, 2025December 8, 2025 by Lang Chin SHIU

In this article, SHIU Lang Chin (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2024-2026) shares her professional experience as a summer intern in the Exhibition and Digital Business Department at the Hong Kong Trade Development Council (HKTDC) in Hong Kong, China.

About the company

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. It serves as the international marketing arm for Hong Kong-based traders, manufacturers and service providers, with a strong focus on supporting small and medium-sized enterprises.

HKTDC operates a global network of around 50 offices, including multiple offices in Mainland China, to position Hong Kong as a two-way global investment and business hub. Through international exhibitions, conferences and business missions, it creates business opportunities for companies by connecting them with partners and buyers worldwide.

Logo of HKTDC.

Source: the company.

My internship

I joined HKTDC as a summer intern in the Exhibition and Digital Business Department in Hong Kong, which is responsible for organising large-scale trade fairs and public exhibitions. During my internship at the Hong Kong Trade Development Council (HKTDC), I joined the Exhibition and Digital Business Department, which is responsible for organising large-scale trade fairs and public exhibitions connecting global enterprises and Hong Kong’s business community. The HKTDC is a statutory body that promotes Hong Kong as an international business hub, with over 30,000 exhibitors and 400,000 trade buyers participating in its annual exhibitions.

The department I served in manages both B2B and B2C events, such as the Hong Kong Book Fair, Sports and Leisure Expo, and World of Snacks, which together attracted over 1 million visitors in 2024. These fairs not only generate significant foot traffic and publicity but also foster cross-sector collaboration and cultural exchange. For instance, the Hong Kong Book Fair alone featured more than 760 exhibitors from 30 countries and regions, drawing over 990,000 visitors across seven days at the Hong Kong Convention and Exhibition Centre (HKCEC), with estimated sales revenue exceeding HK$50 million in direct transactions and book sales.

My missions

My main missions were to assist in organising three of HKTDC’s public exhibitions — the Hong Kong Book Fair, World of Snacks, and the Hong Kong Sports & Leisure Expo. I supported the planning, coordination, and on-site execution of these events, including exhibitor liaison, logistics management, and handling visitor enquiries. My responsibilities also involved preparing fair materials, checking booth setups, coordinating with contractors and internal teams, and ensuring each exhibition zone operated smoothly throughout the event period.

In addition to operational tasks, I assisted in marketing and promotional efforts, such as preparing sponsorship materials for the Book Fair Lucky Draw and helping the marketing team create social media posts and reels to attract younger visitors. I also served as an emcee for public seminars and workshops, enhancing event engagement and communication between speakers and the audience. Through these assignments, I gained valuable exposure to event management processes, from preparation to live execution, and developed a deeper understanding of how the HKTDC integrates marketing, logistics, and stakeholder relations to deliver large-scale exhibitions.

Working at an exhibition

Required skills and knowledge

This internship required a combination of soft and hard skills. On the soft-skills side, communication, teamwork, adaptability, and customer orientation were essential, as I interacted with colleagues from different units, exhibitors from diverse backgrounds, and a high volume of visitors within tight time constraints. On the hard skills side, I benefited from having a basic knowledge of marketing and event management, as well as an understanding of how trade fairs support business development and branding.

What I learned

During the internship, I learned how large exhibitions are structured from planning stages to on-site execution and post-event follow-up. I also gained confidence in handling operational issues under pressure, prioritising tasks and communicating clearly with stakeholders who have different expectations and constraints. Ultimately, the experience deepened my interest in marketing, events, and digital business by demonstrating how well-designed exhibitions can create value for both companies and the general public.

Business and economic concepts related to my internship

I present below three business and economic concepts related to my internship: market matching and platforms, experiential marketing, and capacity/operations management. Each helps to understand how HKTDC create value for participants and how my daily tasks are connected to broader economic mechanisms.

Market matching and platforms

HKTDC is a platform that facilitates matching between buyers and sellers, particularly for SMEs looking to reach new markets. Trade fairs reduce search and transaction costs by concentrating information, products and potential partners in one place. In my missions, supporting exhibitor coordination and visitor flow contributed to making this matching process smoother and more efficient.

Experiential marketing

The Hong Kong Book Fair, World of Snacks and the Hong Kong Sports & Leisure Expo are strong examples of experiential marketing in practice. These fairs are not only about selling products; they create immersive experiences through themed zones, demonstrations, workshops and special programmes that engage visitors emotionally and physically. By helping with on-site operations and visitor interactions, I saw how layout, signage, activities and staff behaviour influence the customer journey and can strengthen brand perception and purchase intention.

Capacity and operations management

Large exhibitions require careful capacity and operations management to handle fluctuating visitor numbers while maintaining safety and service quality. Concepts such as peak-load management, queuing, crowd control, and resource allocation are evident in the way entrances, halls, and activity zones are organised. My tasks related to monitoring visitor traffic, guiding flows and coordinating with different teams were directly linked to these operational decisions, which ultimately affect exhibitors’ satisfaction and the overall performance of the event.

Why should I be interested in this post?

For a business student interested in careers related to marketing, events, consulting or trade promotion, an internship at an organisation like HKTDC offers a unique combination of public and private sector exposure. You can observe how strategic objectives are translated into concrete event formats and marketing actions, while developing practical skills in project management, communication, and data-driven decision-making. This type of experience can be a strong asset when applying for roles in event management, business development, corporate marketing or international trade-related positions.

Useful resources

Hong Kong Trade Development Council

HKTDC Hong Kong Book Fair

HKTDC World of Snacks

HKTDC Hong Kong Sports & Leisure Expo

About the author

The article was written in December 2025 by SHIU Lang Chin (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2024-2026).

▶ Read all articles by SHIU Lang Chin.

My Internship as a Junior Consultant in Marketing & Finance Studies at Eres Gestion

December 7, 2025 by Emmanuel CYROT

In this article, Emmanuel CYROT (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026) shares his professional experience as Junior Consultant in Marketing & Finance Studies at Eres Gestion.

About the company

Eres Gestion is a leading independent player in the French employee savings (épargne salariale) and retirement savings (épargne retraite) markets. The company is part of the Eres Group, which offers a unique open-architecture approach, allowing them to select and combine the best investment funds from various management companies. With over €7 billion in assets under management (as of 12/31/2024), Eres is known for its expertise in designing and implementing profit-sharing schemes, employee share ownership plans, and individual retirement solutions (Plan Epargne Retraite or PER). Eres Gestion places a strong emphasis on socially responsible investing (SRI) and solidarity funds.

Logo of Eres Gestion

Source: the company.

My internship

I worked as a Junior Consultant in charge of Marketing & Finance Studies at Eres Gestion from September 2024 to February 2025 in Paris. I was within the company’s dual-focused research team, bridging the gap between deep financial analysis and market strategy. My role involved quantitative modeling, competitive benchmarking, and the creation of strategic content aimed at supporting sales and marketing efforts. I was reporting to Mirela Stoeva, Head of Studies and Offer at Eres Gestion.

My missions

My primary technical mission involved comprehensive Regulatory Intelligence and Data Analysis, specifically leading the update of the L’Observatoire Européen des Retraites study. This required consolidating data to quantify the evolution of retirement savings assets focusing on the post-Loi Pacte growth of the PER (Plan d’Épargne Retraite). I also conducted crucial Competitive Benchmarking by analyzing various third-party funds based on their retrocession rates to optimize Eres’s offerings. Finally, I supported the firm’s thought leadership on Employee Share Ownership (SBF 120 companies) by drafting expert articles and maintaining all key analytical supports, including the Le panorama de l’actionnariat salarié. I was tasked by the Marketing Director to conduct an internal study on the Retail’s Structured Product Environment in France.

Required skills and knowledge

My experience as a Junior Consultant in Marketing & Finance Studies at Eres Gestion was characterized by a high degree of autonomy and a constant curiosity, which were essential for navigating the complex sector of employee savings (épargne salariale) and employee share ownership. The role required me to conduct in-depth studies on the Pacte Law (Loi Pacte), fund performance analysis, and the valuation of unlisted companies. The intensive work on Excel to model these assets and flows cultivated methodical rigor and discipline, enabling me to become perfectly fluid with numbers and ensure the accuracy of strategic deliverables for the teams.

What I learned

This experience provided me with a comprehensive understanding of the French employee savings and retirement ecosystem, particularly the strategic implications of the Loi Pacte and the development of value-sharing initiatives. I significantly enhanced my skills in quantitative market analysis, competitive benchmarking, and translating complex financial information into accessible, strategic content for both internal and external stakeholders. Working closely with both the finance and marketing teams offered invaluable insight into the product life cycle, from regulatory impact assessment to market positioning.

Business and financial concepts related to my internship

I present below three business and financial concepts related to my internship: The French Retirement Savings Reform (Loi Pacte), Employee Share Ownership Plans (ESOPs), and Structured Products.

The French Retirement Savings Reform (Loi Pacte)

The 2019 Pacte Law (Plan d’Action pour la Croissance et la Transformation des Entreprises) is a major French reform aimed at simplifying the country’s complex retirement savings landscape. Its main component is the creation of the Retirement Savings Plan (Plan d’Épargne Retraite or PER), a unified and portable product replacing previous schemes. The law aimed to channel more of the French population’s savings into long-term investments, including unlisted assets like private equity, to support corporate financing and economic growth.

Employee Share Ownership Plans (ESOPs)

Employee Share Ownership Plans (ESOPs) are incentive programs that allow employees to acquire shares in their company. In France, this is a key component of the employee savings system (épargne salariale). The benefits include aligning the interests of employees and shareholders, increasing organizational commitment, and strengthening the company’s capital structure. Recent French legislation also focuses on developing and simplifying various value-sharing and profit-sharing schemes.

Structured Products

Structured products are complex financial instruments whose performance is linked to an underlying asset, index, or basket of assets. They are typically issued by banks and are essentially a combination of a “riskless” bond (to provide capital protection) and one or more derivative instruments (like options) (to provide market exposure and enhance return). They are customized to offer a specific risk/return profile, but their complexity necessitates thorough internal analysis, which was a core part of my mission.

Why should I be interested in this post?

The experience provides unique Business Intelligence training: you won’t just be supporting one study but rather working on at least two of the four major annual publications, such as the L’observatoire Européen des Retraites or the Le panorama de l’actionnariat salarié. This direct involvement gives you a unique, 360-degree insight into the strategic data, market trends, and competitive landscape of French employee savings and share ownership that few junior roles offer. Furthermore, the requirement for high autonomy and rigorous Excel work on fund benchmarking and asset modeling forces the development of methodical discipline and fluency with numbers necessary for demanding quantitative roles after graduation.

Useful resources

Blog Eres Gestion

H24 Finance

About the author

The article was written in December 2025 by Emmanuel CYROT (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026).

▶ Read all articles by Emmanuel CYROT.

My Internship as a Product Development Specialist at Amundi ARA

December 29, 2025December 4, 2025 by Emmanuel CYROT

In this article, Emmanuel CYROT (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026) shares his professional experience as a Product Development Specialist within the marketing team at Amundi ARA under the Senior Product Development Specialist and the Director of Marketing and Communication.

About the company

Amundi Alternative & Real Assets (ARA) is a specialized business line within the Amundi Group dedicated to private market investment solutions, managing approximately €66.1 billion in assets as of late 2025. Formally established in 2016 to consolidate the group’s capabilities, ARA employs a team of roughly 330 professionals operating across eight European investment hubs (including Paris, London, Milan, and Zurich). The division provides institutional and retail investors with access to the real economy through a diverse range of products, including real estate (its largest segment), private debt, private equity, and infrastructure, as well as fund of funds strategies and Hedge Funds UCITS (Undertakings for Collective Investment in Transferable Securities) which are a liquid versions of hedge fund strategies to a broad base of retail investors in Europe.

Logo of Amundi Investment Solutions.

Source: the company.

The Marketing team at Amundi ARA, comprising approximately 15 members (including a robust cohort of interns and apprentices), acts as a specialized bridge connecting Clients with the Sales team. Their primary mandate is to translate complex private market strategies into commercially viable investment solutions tailored for both institutional and retail investors. The team utilizes a highly structured support model where every specific area of expertise is represented by a dedicated “Investment Specialist,” each of whom is directly supported by an assigned intern.

My internship

The internship lasted 6 months between March and August 2025 and was reporting directly mostly reporting to the Senior Product Development Specialist in the team and monitoring new fund launches across to all teams within ARA: Sales, structuring, Investments Teams, Business Development, etc.

My missions

My primary mission was to participate in the conception, structuring, and launch of two new funds within the ARA range. To support this, I conducted detailed market analyses and competitive studies, specifically benchmarking French and Luxembourgish evergreen funds using professional terminals like Preqin, Pitchbook, and Bloomberg, which provided access to crucial data on performance, management fees, Assets under management, redemption gates, lock-up periods, etc.

I was also responsible for the collection, analysis, and dissemination of sectoral Business Intelligence data. I produced reports designed for the Sales, Marketing, Management teams to aid in decision-making for meetings internally and externally.

Another major part of my mission was the creation and updating of marketing materials, including pitchbooks, brochures, and product sheets. This ensured that the sales teams had accurate and compelling documentation to promote the funds to investors.

Required skills and knowledge

This role required strong communication and organizational skills to coordinate effectively across diverse teams and manage product launch deadlines. Intellectual curiosity and discipline were essential for synthesizing complex market studies without external AI assistance, alongside the ability to filter relevant business intelligence from general noise. Finally, technical proficiency in Excel and data providers (Bloomberg, Preqin, Pitchbook) was critical, coupled with a rapid understanding of the specificities of Private Assets vehicles.

What I learned

Through the benchmarking and product launch support, I gained a systematic understanding of how private asset funds are structured and positioned in a competitive market. I developed the ability to assess market needs and translate them into product features.

My contribution helped streamline the flow of Business Intelligence between the structuring and sales teams. I also deepened my understanding of the regulatory and commercial requirements for launching funds in the European market. Overall, this internship strengthened my skills in market analysis, product marketing, and strategic communication.

Financial concepts related to my internship

I present below three financial concepts related to my internship: Evergreen funds, UCITS hedge funds, and Private Equity funds.

Evergreen Funds

Unlike traditional closed-ended Private Equity or Private Debt funds with finite terms and J-curve effects, evergreen funds function as semi-liquid open-ended vehicles allowing for continuous capital recycling. My work focused on benchmarking the liquidity management mechanisms of French and Luxembourgish vehicles such as ELTIF 2.0, which is the European Long-Term Investment Fund regulation designed to increase retail and institutional investor participation in long-term, illiquid assets. I analyzed key technical features including NAV (Net asset Value) calculation frequency, the calibration of redemption gates, notice periods, and the implementation of liquidity sleeves to mitigate the asset-liability mismatch inherent in offering liquidity on illiquid underlying assets.

UCITS Hedge Funds

Alternative UCITS (often referred to as “Liquid Alts”) democratize access to hedge fund strategies (e.g., Long/Short Equity, Global Macro) by wrapping them in a regulated UCITS framework. My benchmarking work involved analyzing how these funds offer weekly or daily liquidity and high transparency to investors, unlike their offshore Cayman or BVI counterparts which often impose lock-up periods and gates.

Private Equity Funds

A central part of this role involved the strategic overhaul and tailoring of investor pitchbooks and marketing materials. This required translating complex fund structures and performance data into clear, compelling narratives for both institutional and retail investors. In that context, I learned the key concepts of Private Equity Funds alongside helpful formations that were provided by Amundi. This allowed me to familiarize well with metrics used to analyze PE funds (DPI, TVPI, J-Curve…) and different strategies (Mid-market, Impact).

Why should I be interested in this post?

This post is for you if you want to be at the forefront of asset management, specializing in the growing world of Private Markets (Private Equity, Infrastructure, Impact). It’s an excellent chance to learn deeply about product structuring and the commercial lifecycle of funds, all within a honestly great, supportive environment that ensures you gain hands-on experience and valuable strategic insight.

Useful resources

Opalesque Alternative Market Briefing

Citywire

France Invest

About the author

The article was written in December 2025 by Emmanuel CYROT (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026).

▶ Read all articles by Emmanuel CYROT.

My internship Experience at Bloomberg

December 8, 2025November 28, 2025 by Zineb ARAQI

In this article, Zineb ARAQI (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025) shares her professional experience as a Summer Intern at Bloomberg LP within the Sales & Analytics department

About the company

Bloomberg L.P. is a leading global provider of financial data, analytics, media and software services. The firm was co-founded on October 1, 1981 by Michael Bloomberg along with Thomas Secunda, Duncan MacMillan and Charles Zegar. Headquartered in the Bloomberg Tower at 731 Lexington Avenue, New York, the company has expanded massively since its founding, as of 2025, it operates globally with over 26,000 employees across roughly 159 offices in more than 69 countries.

One unique aspect of Bloomberg L.P. is that it is a privately held company. It has never gone through an IPO and remains majority-owned by Michael Bloomberg. Being non-public allows Bloomberg to focus on long-term strategic goals rather than quarterly earnings pressure, reinvesting heavily in data innovation, infrastructure, and client service.

Bloomberg’s flagship product is the Bloomberg Terminal, a real-time financial data and analytics platform that remains central to the workflows of banks, asset managers, hedge funds, and other institutional investors worldwide. The Terminal enables users to access live market data, historical price series, fixed-income yield curves, equity and credit analytics, news feeds, messaging.

Fun fact: The Bloomberg terminal pioneered real-time communication in financial markets with the launch of IB Chats.

Over time, Bloomberg has diversified beyond terminals. The group now encompasses a broad media and information-services ecosystem: a global news agency, television and radio networks, newsletters, and research & analytics services for legal, tax, government, and energy sectors.

Financially, Bloomberg remains a powerhouse in its industry. The company’s main competitors in the financial information & analytics industry include Refinitiv, FactSet Research Systems, Dow Jones & Company, and other specialized vendors such as Capital IQ. However, the terminal has been deeply embedded in financial institutions for decades. It’s breadth of data, analytics, and real-time functionality make it the most comprehensive and indispensable platform in the industry

Thanks to its combination of real-time data services, analytics platforms, global media reach, and multi-asset coverage, Bloomberg L.P. occupies a central place in financial markets infrastructure powering investment decisions, regulatory research, corporate finance, media coverage and more.

Beyond its core business, Bloomberg is also recognized for its major contribution to global philanthropy through Bloomberg Philanthropies. Founded by Michael Bloomberg, the foundation donates billions of dollars to public health, climate action, education, the arts, and government innovation. It is one of the largest philanthropic organizations in the world. In 2024, Bloomberg Philantropies invested $3.7 billion around the world. Over his lifetime, Mike has so far given $21.1 billion to philanthropy.

Logo of Bloomberg.

Source: the company.

I completed a 10-week internship in Bloomberg’s Sales & Analytics department, at the very heart of global capital markets. Sales & Analytics departments, are often called the bread and butter of the company

This division sits at the heart of Bloomberg’s business model, as it supports clients using the Bloomberg Terminal and ensures they can fully leverage its data, analytics, and market intelligence. During my internship, I rotated between the Sales and Analytics teams, which allowed me to understand both the technical problem-solving side and the commercial relationship-building side of the job. We also followed intensive finance and product courses, giving all interns, regardless of previous background, a strong foundation. One of the aspects I loved most was the diversity of profiles in the cohort: many interns came from humanities or non-quantitative degrees and had never touched a terminal before, yet the team valued curiosity, communication, and adaptability just as much as financial knowledge. This made the experience dynamic, collaborative, and intellectually stimulating.

My internship experience as a summer intern at Bloomberg HQ, London

My Missions

From day one, I was immersed in a fast-paced, data-driven environment where real-time information, market microstructure, and client strategy intersect. The internship, ranked among Glassdoor’s Best Internships for 2025, gave me direct exposure to the workflows of traders, portfolio managers, and investment strategists across multiple asset classes.

Throughout the summer, I supported clients across Fixed Income, Equities, and FX, analysing their use cases to optimise workflows on the Bloomberg Terminal. I handled incoming requests, troubleshot data discrepancies, mapped liquidity fragmentation across venues, and helped clients interpret complex analytics such as yield curve construction, fair-value curves, relative-value screens, and multi-factor equity models. Working in real time with market participants strengthened my ability to think fast, communicate clearly, and translate technical concepts into actionable insights for users.

I also worked on several technical initiatives. I placed second in the BQuant project by engineering a Python model to forecast dividend behaviour using historical regimes, percentile-based distributions, volatility clustering patterns, and price-dividend spread diagnostics. With my team, I also developed a UN SDGs portfolio alignment tool, building a scoring engine that maps holdings to SDG targets using company-level disclosures, sector baselines, and ESG controversy filters helping portfolio managers assess the sustainability profile of their books.

On the product side, I pitched a feature enhancement for the Terminal: an audio-pronunciation function for client names to support global coverage teams and reduce communication friction. The proposal was selected for implementation after technical feasibility review. I additionally explored workflow gaps between Sales and Enterprise Solutions, analysing how data pipelines, entitlement systems, and API usage influence client onboarding and retention.

Beyond the technical work, the internship offered unforgettable moments: meeting Mike Bloomberg, attending senior leadership sessions on data, AI, and market evolution, and joining client visits to observe how relationships are built at scale in a highly competitive industry. This experience placed me at the intersection of analytics, markets, and client strategy, sharpening both my technical capabilities and my commercial intuition.

Required skills and knowledge

My role required a combination of hard and soft skills. On the technical side, a strong understanding of capital markets was essential particularly yield curve mechanics, equity valuation logic, and the functioning of foreign exchange markets. I relied heavily on analytical skills to diagnose client issues, read market diagnostics, and navigate complex datasets across functions like YAS (bond pricing), EQS (equity screening), and FXFM (FX forwards). In parallel, I needed strong communication skills to articulate solutions clearly, ask precise diagnostic questions, and adapt technical explanations to traders, PMs, or analysts under time pressure. The role also required resilience, curiosity, and the ability to build trust quickly with clients. This combination of market knowledge, fast problem-solving, and client-centric communication was central to succeeding in Sales & Analytics.

What I learned

The internship taught me the importance of deep technical knowledge when speaking to clients, especially traders who rely on speed and accuracy. I learned how the Bloomberg Terminal integrates data, analytics, and market infrastructure into a seamless workflow, and how small optimizations can materially improve a client’s decision-making process. I also discovered the strategic role of Sales & Analytics in connecting client needs with product development, which reinforced my interest in financial technology and market analytics.

Financial concepts related to my internship

I present below three financial concepts related to my internship. These concepts reflect the analytical tools and market mechanisms I interacted with daily, and demonstrate how my work required understanding both financial theory and real-world applications.

Yield Curves and Term Structure of Interest Rates

A major part of supporting Fixed Income clients involved helping them analyse the term structure of interest rates. I frequently used the Bloomberg function YCRV, which constructs and visualizes sovereign yield curves using benchmark bonds or swaps. Understanding the shape of the curve upward sloping, flat, or inverted allowed clients to assess market expectations for inflation, monetary policy, and recession risk. My role was to explain how yield curves are calibrated, why certain instruments are used as pillars, and how shifts in the curve affect duration, convexity, and bond valuation. This concept was central to my interactions with rates traders and portfolio managers.

Relative Value Analysis in Equities

Equity clients often asked about screening methods to identify mispriced securities. I worked extensively with EQRV (Equity Relative Value), which compares companies across valuation metrics such as EV/EBITDA, P/E ratios, or free-cash-flow yield. Mastering this concept was essential to explain how traders and analysts use relative value strategies to detect pricing discrepancies within a sector or region. My work involved guiding clients through constructing peer sets, interpreting valuation z-scores, and integrating forward earnings revisions into their screens, illustrating how quantitative equity analysis informs investment decisions.

FX Forward Pricing and Interest Rate Parity

In FX, one of the most frequent topics was the pricing of forward contracts. Using functions like FXFW and FXFM, I helped clients compute forward points, measure carry, and understand deviations from covered interest rate parity. The concept links interest rate differentials to expected currency movements and determines the fair value of forward exchange rates. My role required explaining how forward curves are built, how central bank rate expectations feed into pricing, and why liquidity varies across tenors. This concept was crucial when assisting FX traders and corporate clients in hedging currency exposures.

Useful resources

About the author

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

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My internship experience as an analyst assistant at China Bond Rating

December 29, 2025November 23, 2025 by Tianyi WANG

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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).

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My missions

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