Summer Diaries 2018

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Summer Diaries 2018

 

Which organization did you intern in for the summer?

Shannonside Capital

What was the role offered?

Equity Research Analyst

Tell us about the GD and interview process for the company.

There was no GD, instead, we were asked to do a small project in which a question was given about a particular company. We were required to study the assigned company and the study the aspect which was asked in the question and submit the report. The interview shortlist was based on the quality of the report.
The interview was a video call with the portfolio manager of Shannonside Capital. Majority of the questions were designed to gauge our interest in finance, in general, and in equity research especially. Also, since the internship was to be work from home, the manager tried to test our ability to work under those circumstances.

What was your approach towards preparing for the SIP? Was there anything specific you did for this company?

Before SIP, I focused primarily on clearing the basics of accounting and finance, as it was a pre-requisite for the internship. Besides, the concepts were also helpful in the preparation of the project which relied heavily on accounting concepts.
Another important thing was to gain an understanding of the process and investment philosophy of Shannonside Capital which helped me to represent my project in a manner in which they would want their full-time employees to work.

Describe the project/assignment allotted to you as a part of your summer internship. (Mention the objective, goals, timeline, deliverables)

During the internship, my project was to analyze a Car Rental Company based in the U.S. and identify investment opportunities in the company.
The internship was basically divided into parts equivalent of 1 week, and at the end of the week, we were required to submit the deliverables. Weekly deliverables formed different parts of the final report and constituted both quantitative and qualitative analysis of the Car Rental Industry and the company assigned.

What was your preparation before you headed for your summer internship? (Homework that was expected to be performed or any specific effort that was undertaken by you)

The internship preparation started in the third term wherein we were required to read about the valuation from the book prescribed by the mentor. The preparation phase also required us to submit weekly assignments on the topics that were to be studied in a particular week. Apart from the above, there wasn’t much preparation required as most of the workings were taught during the internship.

How relevant was classroom learning (concepts taught in the first year) at your workplace? Were there any specific subjects which helped you?

There wasn’t any subject that was relevant, however, the following things helped during the internship:
• case solving techniques learned while solving numerous cases in all subjects,
• analyzing various situations in a case from various aspects, and
• decisions to be taken after analyzing the case.
Also, one thing that would be very helpful is to have experience in studying the annual reports of the company, part of which was covered in MANAC last year.

What were the key challenges faced by you during the internship? (Both in and out of the workplace)

The only major challenge was to adapt to the work from home style in the first week. Also, another issue was the adjustment to US work timings as the assigned company was the U.S. company and we were required to contact the stakeholders. Also, given the work culture differences in our style and the U.S. and Europe work culture, there were some instances where it led to miscommunication. However, the mentor was very helpful and understanding.
Other than that there will be proper guidance at each and every step.

What was your key-learning from the internship?

Analyzing anything is more about studying the people behind it, their ethical standing and their motivation. Numbers can be manipulated to show what one needs to show. While taking a decision, try to form a mosaic by talking to different stakeholders rather than getting info from a single source.
Through primary research, you will get to uncover info that the company is trying to hide.

Did you have past work-experience? If yes, did you find any significant change in experience during your summer internship?

Yes, I have past work experience, but it wasn’t relevant to the concerned role.

How did you find the culture of the company? (Mention the contribution of your guide/mentor/any other members from the organization)

Shannonside is a very flat organization wherein we were under the direct mentorship of the founder and portfolio manager (PM) of the fund. The PM is very helpful not only in the work-related matters but also if you have doubts regarding other aspects of the career. He strives for perfection and pushes the interns to be full-fledged analysts. He himself conducted a session every week for around 5-6 hours to give us a better understanding of the industry. Additionally, outside speakers from the different aspects of the finance world were invited to share their experience with us.

What suggestions/advice would you like to give to the juniors? (Mention specific preparation strategy)

Focus on analyzing the qualitative data properly. Don’t get too much involved on small impact things, focus on the bigger picture.

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