Intern (Horizons programme) Review

I really enjoyed that I was able to work within an industry that is so talked about, and yet not so well understood by the general public. As the internship progressed and I was trusted more to think for myself and produce work that was of real value I began to really enjoy my time at UBS. I was also involved in the so called Horizons programme, which is no longer, but the integrated programme was a fantastic way to be welcomed and supported into an industry that different to the sector of my degree background.

I think it was a progressive process, especially in such a regulated industry. Initially I was working in a manner that was basically just doing as I was told, but then as I was able to display that I could produce work independently that was of a high standard, I was allowed to be more creative and make much more of a value added contribution. Once my colleagues had ascertained that I could do this, I felt far more welcomed, especially as I noticed that they were allowing me to do work that was really tailored to me and differed from the other interns.

I was given support in understanding the core role of an investment banker in that there was obviously a great deal of knowledge surrounding me. There were also weekly seminars to explain the roles of the various divisions within CCS which was useful given that we were not on a rotation, but instead in a set division. By contrast, in my individual projects that looked at robotics, modelling etc, I was given more minimal support and guidance as I was often perceived as having the best understanding in these areas. This was actually a good thing as I was given the freedom to be a bit more creative than otherwise might have been the case.

At the beginning we did not have access to a Bloomberg account and in this case we were not very busy at all, with days where I was clockwatching like crazy. Through this time I wandered around asking everyone for work, such that by the time that we got access and people were able to give us work I was a bit overloaded. Also as the understanding of the division increased, we were trusted with more and so now at the end of the placement I am trusted to work more or less independently and plan my own timeframe. In this case, I am as busy as I push myself to be, and with it being the final week the determination to finish projects is kicking in and I am busier than ever.

Again it developed over the course of the internship. In my team I was working closely with members of the team that were very senior, ranging up to global heads of certain divisions. This was great in terms of the exposure and understanding of the career as opposed to solely the role of an analyst. In addition, given my engineering background, I was instantly included in longer term robotics projects that were being initiated. This was fascinating to see the strategy, but also to have been treated as someone that was worth taking to the most senior meetings as well as to be introduced to professors etc that were invited to be involved. This was much more responsibility than I was expecting and brought far more insight, and was a direct result of my being from an unconventional background for the industry, which paradoxically was initially one of my largest concerns.

Actually I have learnt a lot on this placement both technical and more general in terms of working in a formal office environment. On the more technical side I have begun to really understand how debt markets teams work, both in terms of revenue generation and how the different components of the team all fit together. I have also learnt how to use excel - I thought I knew beforehand and confidently had it on my CV but I have learnt so, so much more and can now use VBA proficiently and create models that are complex and involve some degree of creative thinking to produce.

The atmosphere vas very varied, with the number of people in on a daily basis being fluid. There was a lot of holiday taken over the summer as well as constant client meetings, roadshows, collaboration with the teams internationally etc. Generally it was very relaxed, and far more team orientated than I was necessarily expecting. It was not at all cutthroat and was definitely supportive of us and did not feel competitive. I was never shouted at and people always had time to discuss what they do, or provide feedback etc. Overall a very easy environment to work in.

I think that by HR and the official lecture series were well organised, but on the floor it was a bit hit and miss with regards to how busy your team was, or how much they chose to engage with the interns. I was lucky in this as my team was less busy over summer and so was able to dedicate a bit more time to me, as well as having the robotics project that I was able to work in the team for and so was more driven by me. I actually also think that the lack of intense structure meant that I was able to source out what I am interested in within the division, to find my skills and to work more independently than may have otherwise been the case.

We have far fewer interns this year than last which has meant that they want to work with us rather than just assuming that only a small fraction of us will be offered a job. This is great on an individual basis. Also, having done the Horizons project, I had a longer term relationship with the company, and always had people to speak to from the bank if ever I had needed professional advice. This was great as someone who does not come from a directly related university or business area, and made me feel that over the duration of the programme I was well valued.

I have really enjoyed my placement here, and feel that I have gained a real insight into what the industry entails. Leaving, I will not come away feeling negative about the experience although I am not certain that I will pursue a career in the city. This is not because I didn't gain a lot from this placement, but only that I am not sure that it is the thing that I most want to do in the whole world. I will need to go and ask myself that once I leave the internship. I also have concerns that the industry is at threat from rapidly emerging competition, and am concerned that not enough action is being taken to combat this - on one occasion when we met with a very senior member of staff her remarked "we are not in the business of rapidly overhauling our business model", and this approach of banks burying their heads in the sand concerns me a bit. Just because the model has always survived in the past doesn't necessarily mean anything for the future.

I feel that I really got to know the other interns on my floor - It was essential given the long hours and the lack of external social life. There were social events put on such as drinks on the floor and there was the CCS summer party but these were not specific to the interns and so doubled up as networking events. Also there were intern specific events, which were well attended in the introduction week, but perhaps less so after the CCS teams hit the floors just because of time. I think that the back and middle office inters went generally and also know that the traders tended to socialise with one another after work and at the weekends.