Internship Archives

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 7, 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).

▶ Read all articles by Zineb ARAQI.

My Internship Experience at ISTA Italia as an In-House M&A Intern

November 26, 2025 by Ian DI MUZIO

In this article, Ian DI MUZIO (ESSEC Business School, Master in Finance (MiF), 2025–2027) shares his professional experience as an In-House M&A Intern within the Corporate Development team at ISTA Italia in Milan (May–July 2025).

Introduction

Joining ISTA Italia placed me at the intersection of energy efficiency, smart metering, and consolidation strategy in a sector undergoing deep regulatory and technological transformation. Over twelve demanding weeks, I supported live buy-and-build workstreams — screening targets, reconstructing trial balances, reclassifying financials, building valuation files, and drafting investment notes for the CEO and Board. The mandate was clear yet challenging: sharpen our thesis on distributed energy services and translate market complexity into clear, numbers-backed recommendations. This post recaps the journey — how we framed the Italian energy-efficiency landscape, which analytical approaches proved most useful, what I built and learned, and why in-house M&A provides a uniquely entrepreneurial vantage point within an operating company.

About ISTA

ISTA is a leading provider of sub-metering, heat cost allocation, and building-level energy services. The company equips multi-apartment and commercial buildings with systems and data platforms that measure and manage consumption of heat, water, and electricity, enabling fair billing, reduced waste, and compliance with European directives. In Italy, ISTA collaborates with condominium administrators, facility managers, and energy service companies (ESCOs) to modernize metering infrastructure and digitalize building operations.

Logo of ISTA Italia.

Source: the company.

Industry Context: Energy Efficiency, Data, and Regulation in Italy

Italy’s building stock is among the oldest in Europe, making energy efficiency a national priority. European initiatives such as the “Fit for 55” package and the recast of the Energy Performance of Buildings Directive drive the transition toward sub-metering, remote reading, and transparent billing. At the same time, municipalities are deploying smart-city technologies using NB-IoT and LoRaWAN networks to collect real-time data. To analyze this complex environment, I applied a PESTEL framework — mapping Political, Economic, Social, Technological, Environmental, and Legal forces. Success in this market depends on combining reliable hardware, user-friendly software, and strong financial discipline — integrating technology with capital efficiency.

From Thesis to Pipeline: Market Research and Strategic Filters

Within this context, I helped refresh ISTA’s acquisition thesis around smart metering and energy analytics. Together with a senior manager, I developed a structured screening funnel to evaluate nearly 180 potential acquisition targets across Italy. We then shortlisted 24 firms based on governance, service mix, and integration potential. Each company profile became a strategic decision tool, anticipating negotiation levers such as margin structure, contractual terms, and capital requirements. This process taught me how strategy, finance, and market intelligence converge during the earliest stages of M&A execution.

Hands-On Experience

My tasks were diverse and highly practical. I reclassified over one hundred sets of financial statements into a standardized format to achieve comparability across targets. I reconstructed several trial balances from incomplete ledgers, validated earnings adjustments, and built valuation models including discounted cash flow (DCF) analyses, trading and transaction multiples, and scenario testing. I also produced concise investment notes for management, synthesizing quantitative findings into strategic insights — identifying the drivers of return, integration pain points, and KPIs for potential earn-out mechanisms. This hands-on exposure to data reconstruction and financial storytelling strengthened my ability to produce decision-grade analysis under time constraints.

Analytical Tools and Live Workstreams

During my internship, I developed several analytical frameworks that improved the rigor of our evaluations. A churn-adjusted DCF captured contract decay and renewal patterns, while a working-capital flywheel model clarified how billing and collection cycles affected liquidity. I designed route density metrics to measure field efficiency, translating operational realities into quantitative signals of profitability. Finally, risk normalization models allowed us to calibrate warranty provisions in small-sample contexts. These frameworks converged in a live acquisition project — internally called “Project Hydra” — which involved a Northern Italian operator with 120,000 meters and a strong service base. I built revenue bridges, synergy trees, and preliminary integration plans, directly contributing to the non-binding offer and subsequent strategic blueprint.

Competitive Landscape

The competitive landscape combined OEM-affiliated service providers, ESCOs and facility managers, and regional “hidden champions”. Our benchmarking highlighted that long-term advantage stems less from product design than from operational density, data integration, and disciplined capital allocation. ISTA’s hybrid model — combining hardware-agnostic technology with robust field operations — positions it strongly within a fragmented yet consolidating market.

Beyond the Model: Stakeholders and Storytelling

In-house M&A is not a spectator role but an immersive process in which numbers must meet narratives. I joined vendor calls, prepared Q&A scripts, and defended assumptions before operational leaders. Two insights stood out. First, translating finance into field terms matters: a two-point margin improvement only gains meaning when expressed as time saved or service calls avoided. Second, stakeholder empathy is critical: condominium administrators prioritize reliability and transparency as much as pricing. Learning to align financial rationale with human incentives was among the most valuable aspects of the experience.

What I Learned

The internship taught me to build financial models that withstand operational scrutiny and to integrate compliance, interoperability, and human factors into acquisition planning. I learned that synergies materialize not in spreadsheets but in coordinated execution and communication. Ultimately, working within an operating company reshaped my understanding of M&A: the challenge is not merely valuing an asset but ensuring it thrives after acquisition.

Conclusion

My time at ISTA Italia deepened my appreciation for how valuation, strategy, and integration interlock in practice. I left with a sharper eye for recurring-revenue quality, a stronger grasp of energy-efficiency economics, and a greater respect for the intersection between regulation, technology, and field execution. Above all, I learned how to transform complex, fragmented data into clear, actionable insights that drive real-world decisions.

Why should I be interested in this post?

This post offers business students a concrete view of how corporate development operates within a dynamic, regulated industry. It demonstrates how in-house M&A blends strategy, operations, and finance, and how analytical precision translates into strategic advantage. For students interested in corporate finance, private equity, or industrial strategy, it illustrates the value of bridging numbers with narrative, and modeling with execution.

Useful resources

ISTA Official Website

European Commission Fit for 55 Package

ARERA – Italian Regulatory Authority for Energy

Initial Learn With Me (2024) Understanding Advanced Metering Infrastructure (AMI) in Smart Grid System

About the author

The article was written in November 2025 by Ian DI MUZIO (ESSEC Business School, Master in Finance (MiF), 2025–2027).

My internship experience as an analyst assistant at China Bond Rating

November 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).

My internship experience at BearingPoint – Finance & Risk Analyst

November 22, 2025 by Julien MAUROY

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

Overview of BearingPoint

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

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

Logo of BearingPoint.

Source: the company.

My experience and service

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

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

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

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

Explanation of the hierarchy

At BearingPoint, positions are organized around a clear hierarchy:

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

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

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

Required skills and knowledge

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

What I learnt from this experience

This internship was particularly educational. I learned how to:

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

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

Financial and Business concepts related to my internship

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

Detailed financial analysis by cost category

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

Commercial proposals and pricing for assignments

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

Strategic approach and barriers to financial performance

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

Why should I be interested in this post?

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

Useful resources

BearingPoint

About the author

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

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

November 21, 2025 by Nicolas SCHULZ-SEMBTEN

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

About the company

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

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

Logo of Munich Re.

Source: the company.

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

My internship

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

My missions

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

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

Required skills and knowledge

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

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

What I learned

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

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

Financial and economic concepts related to my internship

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

Risk-return profile of investments and portfolio diversification

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

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

ESG integration and EU Taxonomy alignment.

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

Why should I be interested in this post?

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

Useful resources

Munich Re – Official website

MEAG – Asset management of Munich Re and ERGO

EU Taxonomy for sustainable activities

GRESB – ESG benchmarks for real assets

About the author

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

My internship at Valori Asset Management

November 21, 2025November 17, 2025 by Roberto RESTELLI

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

Introduction

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

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

About Valori Asset Management

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

Logo of Valori AM.

Source: the company.

What I did during my internship

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

ESG macro research and reporting

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

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

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

Two macro‑quantitative models

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

Required skills and knowledge

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

What I learned

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

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

Financial concepts related to my internship

The role of AT1

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

The importance of balancing an ESG portfolio

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

The key role of financial news

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

Why should I be interested in this post?

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

Conclusion

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

Useful resources

Bloomberg

International Monetary Fund (IMF)

Morningstar Sustainalytics

Valori Asset Management

About the author

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

My internship experience at Bpifrance – Finance Export Analyst

November 17, 2025November 16, 2025 by Julien MAUROY

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

Overview of Bpifrance and Bpifrance Assurance Export

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

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

Bpifrance organizational chart as of December 31st 2023.

Source: the company.

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

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

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

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

My experience and service

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

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

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

During this internship, my tasks were varied and demanding:

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

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

Macroeconomic vision, economic diplomacy and geopolitics

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

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

What I learnt from this experience

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

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

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

Useful resources

Business

bpifrance

OECD

Direction générale du Trésor

Academic articles

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

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

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

About the author

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

My Internship Experience as a Financial Analyst at Ophéa

October 21, 2025October 21, 2025 by Anis MAAZ

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

Introduction

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

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

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

About Ophéa

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

Logo of OPHEA.

Source: the company.

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

My Internship

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

Budget Monitoring and Profit & Loss Commissions

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

Balance Sheets and Income Statements

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

Property Tax Analysis and Compliance Audits

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

Required Skills and Knowledge

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

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

What I Learned

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

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

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

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

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

Financial Concepts Related to My Internship

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

Budget Variance Analysis

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

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

Accrual Accounting

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

Working Capital Management

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

Why Should You Be Interested in This Post

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

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

Conclusion

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

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

Useful Resources

Academic references

Ophéa website

Academic references

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

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

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

About the author

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

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

October 14, 2025October 8, 2025 by Dawn DENG

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

About the company

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

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

My internship

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

My missions

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

Required skills and knowledge

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

What I learned

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

Financial concepts related to my internship

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

Corporate restructuring and the role of trust companies

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

Charitable trust

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

Real estate trust registration

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

Why should I be interested in this post?

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

Useful resources

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

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

What Is a Charitable Trust & How Does it Work?

About the author

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

My Internship Experience at Alstom as a Market Research Intern

October 19, 2025October 2, 2025 by Rishika YADAV

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

Introduction

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

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

About Alstom

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

Logo of Alstom.

Source: the company.

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

Industry Context: Indian Railways and the Push for Modernization

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

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

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

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

Market Research and Strategic Outlook

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

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

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

Competitive Analysis in the Hydrogen-Powered Engine Market

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

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

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

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

Conclusion

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

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

Business concepts related to my internship

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

Total Cost of Ownership (TCO)

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

Public Procurement Economics

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

Benchmarking & Competitive Advantage

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

Why Should You Be Interested in This Post?

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

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

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

Useful resources

Alstom — official website

Indian Railways Official portal

Press Information Bureau of India Government announcements and policy updates

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

International Energy Agency (IEA) The Future of Rail Report

About the Author

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

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

September 29, 2025 by Niclas WALGENBACH

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

Daimler Truck AG

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

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

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

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

Economists in the Financial Industry: Specialists in a Complex Organization

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

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

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

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

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

Economists in the Corporate Sector: Generalists with a Broad View

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

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

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

Economic Growth

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

Inflation

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

Energy Economics

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

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

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

Key Takeaways from My Internship – Career Implications

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

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

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

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

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

Why should I be interested in this post?

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

Useful resources

Daimler Truck AG

European Central Bank (ECB)

Federal Reserve (Fed)

Eurostat Data

Federal Reserve Economic Data

International Energy Agency (IEA)

About the author

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

My internship experience as a Financial Controller at Talan

September 26, 2025September 25, 2025 by Samuel BRAL

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

About the company

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

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

Logo of Talan.

Source: the company.

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

My internship

My missions

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

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

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

Required skills and knowledge

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

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

What I learned

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

Financial concepts related to my internship

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

Variance Analysis

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

Working Capital

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

Margin Optimization

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

Why should I be interested in this post?

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

Useful resources

Talan website

Microsoft Power BI

Jedox EPM platform

About the author

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

My internship experience at Partner plus Investments Limited

August 3, 2025July 12, 2025 by Annie YEUNG

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

About the company

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

Partnerplus Investments logo.

Source: Partnerplus Investments.

My internship

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

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

My missions

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

Required skills and knowledge

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

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

What I learned

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

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

Financial concepts related to my internship

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

Efficient market hypothesis

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

Client Relationship management

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

Sharpe ratio

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

Why should I be interested in this post?

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

About the author

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

About the company

My internship

My missions

Required skills and knowledge

What I learned

Financial concepts related to my internship

Relationship banking

Risk-return and capital allocation

Regulation and compliance

Why should I be interested in this post?

Related posts on the SimTrade blog

Useful resources

About the author

About the company

About the department: Data & AI for Financial Services

My apprenticeship experience at Capgemini Invent

My Missions

Required skills and knowledge

What I learned

Business concepts related to my internship

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

AI Use-Case Prioritization and ROI Evaluation

Operating Model Transformation for Data Platforms and Cloud Migration

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About the author

About the company

My internship

My missions

Required skills and knowledge

What I learned

Financial concepts related to my internship

Financial statement analysis

Internal control and audit risk

Forecasts, assumptions and professional skepticism

Why should I be interested in this post?

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Professional experiences

Financial techniques

Useful resources

About the author

About the company

My internship

My missions

Required skills and knowledge

What I learned

Financial concepts related to my internship

Credit risk and portfolio quality

Liquidity risk

Market risk

Why should I be interested in this post ?

Related posts on the SimTrade blog

Professional experiences

Financial techniques

Useful resources

About the author

About the company

My internship

My missions

Required skills and knowledge

What I learned

Business and economic concepts related to my internship

Market matching and platforms

Experiential marketing

Capacity and operations management

Why should I be interested in this post?

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My internship

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The French Retirement Savings Reform (Loi Pacte)

Employee Share Ownership Plans (ESOPs)

Structured Products

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