In this article, Clara COMBELLES (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025) shares her professional experience as a Middle Office analyst at Amundi, Europe’s leading asset manager.
About the company
Amundi is the largest asset manager in Europe and among the top ten worldwide. Created in 2010 through the merger of Crédit Agricole Asset Management and Société Générale Asset Management, Amundi now manages more than €2,000 billion in assets for retail, institutional and corporate clients.
Logo of Amundi.
Source: the company.
Amundi offers a wide range of investment solutions including active management, passive strategies, responsible investment, real assets, and advisory services. The group operates in over 35 countries with more than 5,000 employees and is listed on Euronext Paris.
Within Amundi, I worked in the Middle Office Department, which plays a crucial operational role by ensuring the accuracy, reliability, and daily monitoring of all portfolio transactions. It acts as a bridge between portfolio managers, operations teams, accounting, risk management, and institutional clients.
My work-study program
My one-year work-study program immersed me in the operational heart of asset management. Working in the Middle Office gave me a transversal view of financial markets, portfolio management, and the full lifecycle of a transaction. I learned to manage time-sensitive tasks, handle large volumes of data, and collaborate with teams from different domains.
My missions
My daily tasks included several key responsibilities essential to the proper functioning of portfolios.
✔ Daily cash flow monitoring
Every morning, I reviewed all cash movements to ensure they aligned with portfolio expectations. This work prevents valuation errors and helps anticipate liquidity needs.
✔ Monthly securities position analysis
I carried out detailed monthly reconciliations between internal systems and accounting data to ensure that positions were accurately reflected and discrepancies were identified.
✔ Resolution of discrepancies and anomaly analysis
Whenever inconsistencies appeared — unexpected movements, trade errors, incorrect positions — I investigated their origin by liaising with operational teams such as trading, subscriptions/redemptions, fees, and accounting.
✔ Support to portfolio managers
I provided portfolio managers with operational insights, including historical flows and position analyses, to support their investment decisions.
✔ Production of client reporting
I contributed to the preparation of periodic reports sent to institutional clients, including asset allocation, performance, and risk indicators.
Required skills and knowledge
This role required strong analytical skills, attention to detail, and the ability to work under time pressure. On the technical side, I used portfolio management systems, Excel, and internal monitoring tools. Soft skills such as communication, teamwork, and problem-solving were essential to collaborate with multiple departments and resolve anomalies efficiently.
What I learned
This experience gave me a concrete understanding of the full lifecycle of a financial transaction, from order execution to final accounting. I developed strong operational and analytical skills, improved my ability to manage risks, and gained a transversal vision of asset management. I also learned the importance of precision, reliability, and responsiveness in the financial industry.
Financial concepts related to my internship
I present below three financial concepts related to my internship and explain their relevance to my missions: the lifecycle of a financial transaction, Net Asset Value (NAV), Operational risk management.
The lifecycle of a financial transaction
Every trade goes through several steps: order initiation, execution, settlement, booking, reconciliation and final reporting. My role in the Middle Office was directly linked to the final steps of this lifecycle, where accuracy and consistency are essential to ensure proper valuation of portfolios.
Net Asset Value (NAV)
Accurate valuation of funds depends on precise cash balances, up-to-date positions, and correctly recorded transactions. My checks on cash flows and monthly reconciliations ensured NAV reliability, which is crucial for investment decisions and client reporting.
Operational risk management
Operational errors—missing trades, incorrect positions, or inconsistent data—can lead to significant financial and reputational risks. By identifying anomalies, coordinating with teams, and resolving breaks, I actively contributed to reducing operational risk within the portfolios.
Why should I be interested in this post?
Students interested in finance often focus on front-office roles, but the Middle Office offers a unique opportunity to understand the full operational framework behind investment decisions. It is an excellent entry point into asset management, providing exposure to financial instruments, risk control, portfolio valuation, and cross-team collaboration. This experience builds a solid foundation for future careers in investment management, risk, operations, or financial analysis.
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Useful resources
Basel Committee on Banking Supervision (2011) Principles for the Sound Management of Operational Risk.
About the author
The article was written in December 2025 by Clara COMBELLES (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025).
▶ Read all articles by Clara COMBELLES .