I worked in Equity Research on the Utilities Desk. I came up with a suite of auto-update spreadsheets and graphs to assist the senior analysts with their research. Whilst doing this I went to several half year results.
Fantastic experience. Learnt a great deal. There was a 3 week rotation as part of the internship, and I saw all the different front office functions including sales, trading, research, strategy and structuring. I learnt a lot about the utilities sector, and am definitely well placed for a career in equity research based on this.
Very supportive people. Very knowledgeable, with many years of experience. Was fortunate enough to develop a rapport. Piece of advice: buy everyone on your desk coffee all the time!
Was given help with the project I had, and was given a very good overview of the utilities sector in different countries.
Had lots to do at the beginning, but finished my project early after three weeks or so. Difficult to strike the right balance between being keen and asking for work, and being too much of a nuisance to your desk.
My project will be used for future RBS research so it was of significant importance that my graphs were highly accurate. No speaking to clients however!
Fantastic experience. Many transferable skills. Huge amount of in-depth knowledge, which could be of great benefit if I decide to continue in this sector. Learned a lot about finance and politics (about 90% of utilities research is concerned with policy) which should help me with some of my academic modules at university next year. Learnt how to cope with pressure and how to effectively do presentations. Great rounded experience.
Equity research isn't as loud as the trading floor, however there is a very strong culture to dicuss topics in-depth, which traders and sales would be inclined to pass by. Very educationally fulfilling.
Some of my rotations were inappropriate (being placed on desks where they demand you speak foreign languages fluently) but apart from that the internship was very well structured. The induction week had some useful educational days, and we had a charity day which helped the interns to get to know each other. There were regular presentations throughout the internship which further helped the interns to network.
Great education days in the first week. The rotations were effectively an investment as well; we got to see all the parts of the bank and how it fits together. They spent a lot of time and effort ensuring that all the interns knew each other very well by the end of the internship, which is very important to ensure they sign the grad offers and stay on after uni.
Still have 4 days left... but everyone on the desk seems to not mind me too much! The project was well received, but it's important to not be complacent, and work hard till the last day.
Whilst there were some interns who only wanted to focus on the work and forget about the social side of life, there were nonetheless a respectable number of interns who enjoyed the occasional post work drink! Went out one night to a club with them and almost engaged in some fisticuffs over the extent to which the Baywatch themetune was an acceptable dancefloor tune. All in good faith we both agreed later on that week. The HR team at RBS put on some first-class events. There was (literally) at least one event with a free bar each week. Events varied from sending all RBS interns (about 250) to a bowling alley on Brick Lane, to Dragon Boat Racing (which is utterly terrifying when coupled with a free bar).
The RBS offices are located right beside Spitalfields market, which has a variety of mid-price restaurants and cafes, including Wagamamas, Gourmet Burger Kitchen and many others. The intern remuneration did allow us to enjoy such establishments on a regular basis (both lunch and dinner), however there are also an abundance of subways, pret a mangers and a big Tesco to satisfy all budgets. The bars/pubs nearby were on-par with the acceptable london norm (£3 to £3.50 for a pint)
Plenty of post-work gastropubs and winebars to thoroughly quench the thirst of hard working RBS employees. Would especially recommend the water-poet. Lovely outdoor area with barbecue. Just down the road is the nightlife of Shoreditch and Hoxton, which has several trendy (though mostly suit-friendly) bars and clubs. Bricklane is 5 minutes away, and has the cosmopolitan combination of curryhouses, clubs and pubs. Bit rowdy perhaps on thursdays and friday.
We had a charity day where we had to sell sandwiched to the public. Was an interesting experience to say the least!
Internship (1-4 Months)
Central London and City
23rd August 2010
£24,000 - £25,999