Equity Research Summer Intern Review

I had a fantastic internship experience. The program was run virtually despite covid-19 related challenges, with HR communicating all relevant changes in a clear and timely manner. The program was well structured, engaging and thoroughly enjoyable. There were 2 weeks of induction and technical training followed by 8 weeks of individual project work. This involved working on equity research stock pitches, with 8 days to prepare a stock pitch before submitting a research note and delivering a presentation.

I always felt valued by colleagues. This includes by HR, external training companies, my fellow interns, manager, buddy and mentor as well as Portfolio Managers and Research Analysts/Associates involved in the internship and in stock pitches. I was always treated in a kind and respectful manner, with a good mix of praise for progress I made and constructive criticism to help me develop. FIL employees were always supportive and understanding and took time to help interns.

Support and feedback were excellent. FIL employees were always supportive and understanding and took time to help interns. Feedback consisted of regular meetings with buddies, meeting with more experienced mentors, weekly group and individual meetings with my manager and feedback following stock pitches. Stock pitch feedback included that directly from the manager as well as that from other attendees including sector specialists, PMs and research analysts/associates. Feedback was a good mix of praise for progress and constructive criticism.

I was generally very busy on a day to day basis. In the first few weeks there was a lot of "face time", with days full of training sessions on Fidelity's culture and business structure as well as technical training for financial analysis and modelling. Moving further into the internship, there was less scheduled face time, but plenty of work to be done to prepare for stock pitches which required interns to submit the best possible quality research notes they could.

Although the work interns did didn't directly affect business outcomes for FIL or contribute to their clients, work was still meaningful and engaging. I was given the opportunity to join calls with listed companies, including high profile companies and companies from a range of sectors. I was allowed to ask questions at these meetings to company CFOs and CEOs to learn more about the sector and company performance. Stocks given for stock pitches were not covered by FIL, so analysts were genuinely interested to hear the perspectives of interns on these stocks.

The first 2 weeks of the 10 week internship featured soft skills and hard skills training. The included sessions on how to get the most out of the internship, personal branding, teamwork and collaboration, self motivation and work-life balance. Technical training focused on Excel, Bloomberg, reading financial statements, financial modelling and the FIL approach to financial modelling and analysis. The technical training was essential as it allowed me to build models and write research notes, and the soft skills training helped me gain more from my interactions with FIL employees and my fellow interns.

This isn't so applicable as the internship was conducted online due to the Covid-19 pandemic. This meant interns were unable to visit the FIL offices. During previous visits (for first round interviews and the assessment centre) the offices were brand new and modern, with friendly staff who made me feel welcome. Virtually, the office atmosphere was enjoyable, with employees encouraging us to be professional and responsible, but also giving us the opportunity for more informal interactions, especially between the intern cohort.

The placement was fantastically organised, with HR being easily contactable and incredibly helpful, especially as other internships for other firms were cancelled, cut short or delayed. FIL were incredibly supportive throughout. There was a clear structure communicated to us before the internship, with regular goal-setting, reviews and check ins with managers and buddies to ensure we were getting as much as possible out of the program. This gave the program a clear and engaging structure that aided the development of interns.

The firm invested heavily in its interns. There were 2 weeks of technical and soft skill training at the start of the internship. This covered remote self management, networking, personal branding, motivation and addressed weaknesses. Technical training included Excel, Bloomberg, Financial Edge training and training on the FIL model. This was supplemented by Bytesize learning sessions which covered Power BI, other soft skills topics and other technical competencies. We also received ongoing Bloomberg support including for the Bloomberg Excel add in.

Unable to comment on this currently due to Covid restrictions on hiring and HR still making decisions regarding graduate offers. Management are keen to meet interns from the program in the future, in the office and for coffee. Recent graduates have enjoyed their time so far at FIL, quickly being allowed to cover a sector following a training period. Recent graduates have talked about strong exposure early in their careers and strong technical training opportunities.

Despite the virtual nature of the internship, interns strived to stay in touch, having zoom socials most Fridays. FIL organised a quiz in the first week for interns as well as a fun leaving session involving drawing lessons from a London based professional artist. The leaving session included Deliveroo vouchers for interns to allow them to get takeaway. Social opportunities were fun and creative given the restrictions imposed by the pandemic. These socials helped interns relax after tough weeks and get to know eachother better.

Cheap as virtual internship involved working from home. But more expensive if it had been office based.

Central London nightlife around St Paul's in the City of London would be great from experience, with plenty of pubs, bars, theatres, restaurants etc.

Extensive talks and training sessions about FIL outreach and charitable programs, but the virtual nature of the internship made it difficult to directly contribute to these, especially in just a 10 week period.