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

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

About the company

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

Logo of China Securities Company (CSC).

Source: the company.

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

My internship

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

My missions

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

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

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

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

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

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

Required skills and knowledge

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

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

What I learned

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

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

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

Financial concepts related to my internship

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

Market microstructure

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

Derivative payoff structures

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

Investor behavior and sentiment

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

Why should I be interested in this post?

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