Summer Analyst Review

Global Markets consists of 8 weeks' worth of rotations, with a new rotation every week. Realistically the last two weeks are meant to be with your "final" team, however if you don't find a team within the first 6 weeks, you will still rotate around weekly in the last two. Weekly workload consists of projects and networking (would say networking forms the bulk of your day as you need to figure out which desk you will rotate with the week after)

Coming from a corporate finance background I learnt a lot of options maths / theory as well as about delta hedging / gamma scalping. A lot of Excel pricing work e.g. options on vol target indices, FRA pricers, swaps pricers. Sometimes you can also be staffed on live deals depending on the desk (this is more often the case with Structuring desks as you need licenses to trade / make sales). Definitely get out what you put into it

In terms of responsibility there was not much given you need a license to trade / for sales, mostly you are given project work so they can evaluate and benchmark your work for the same project vs other interns. So I would say that intellectually it is an interesting experience, but the amount of responsibility you are given is limited given you need to take FCA exams etc. in order to actually do the job properly.

HR is incredible for this internship, we had weekly catch ups to discuss next steps as to what desks we would like to try, what we were enjoying etc. I would say that usually HR is not really part of the internship process / as involved, in the GM internship they are actively involved in the process and are integral to you getting a job. The people are also very open to being asked questions especially if they are technical

The GM division is super competitive and there's quite a bit of competition amongst both the desks and the interns. Generally I think this is a good thing because there's more clarity if a desk likes an intern and vice versa, so there's more of an indication as to whether you are likely to get an offer. I found it super intellectually stimulating and people are very open to being asked questions (although sometimes you have to catch them when they are not busy given markets hours)

I enjoyed the internship a lot, intellectually it was great as you can explore lots of different asset classes and there is a desk for everyone (e.g. if you like flow trading, there are lots of flow desks, and vice versa if you like something more project-based). I also think the structure of the internship is quite different in comparison to other Markets internships as they pack in quite a bit more rotations, meaning you can explore lots of different desks.

Yes

I would say the most important thing is to apply early, and to make sure you have good work experience (or related work experience if you don't have "brand names" on your CV). I would also suggest thinking of trade ideas to pitch during your interviews as this shows market awareness and interest, and also means you can kind of value add and show that you have ideas during the interview. Also know every line on your CV well