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Equity Research at Berenberg – Week 1 – 4 – Ed

By way of introduction, I’m Ed – an Economics and Finance student at the University of York. I’ve been interning with Berenberg Bank in their Equity Research division this summer.

Firm Overview

Berenberg is a Hamburg-based investment bank founded in 1590, making it the second-oldest bank in the world. Its operations are heavily focused on private wealth management and investment banking, but the firm is currently aggressively expanding its equity research teams in London and New York. So, despite recent financial regulation and the threat of Brexit, the bank is bucking the trend of its competitors and strengthening its positions in these major cities.

Working in Equity Research

Equity researchers write reports analysing the companies they cover and weighing up the companies’ plans with larger market trends. It’s a constantly evolving environment that people who are inquisitive, hardworking and have an eye for detail thrive in.

By creating estimated financial statements for companies in the future, equity researchers calculate estimated stock prices and then publish their research with a recommendation to buy, hold or sell shares. It’s a field that has always interested me because of the analytical thought processes underpinning the work. Each equity researcher covers a specific set of stocks from a sector, so that they can use and hone their expertise on certain companies and provide better analysis over their competitors.

The Internship Experience

The internship began with an induction morning, followed by a 3-hour crash course on Excel shortcuts. From there, we were provided with lunch and immediately began working with our new teams. This meant that we were able to get stuck into work right away, which is something I really enjoyed about the programme.

Berenberg had a summer analyst intake of just 14, so places are highly competitive. Most of the summer analyst cohort was based in the Equity Research department, and we were randomly allocated to different teams to work with. My line manager is the sole food retail researcher at the firm, so I’ve been heavily involved in researching and financial modelling.

My day-to-day work changes depending on what my line manager requires me to do. However, so far, I have been working on one core project, which I’ve enjoyed it immensely. I’ve had the opportunity to see a piece of research come together from start to finish, whereas some other interns have been able to take part in more projects.

Final Thoughts

I have just completed my fourth week of the internship, which marks my halfway point on the programme. The highlight of my experience is that from the day one, I have been given a lot of responsibility and flexibility in the way I approach my tasks, which was unexpected given I’m only an intern.

The office is a great place to work too, it is completely open-plan and everyone at the firm is more than willing to support you and give insights on their experiences. Having colleagues that I enjoy working with is so important for me, particularly when the work is demanding, and this has really helped me feel like a part of the larger retail team.

So far, I have really enjoyed my time at Berenberg, and it has given me an excellent understanding on what working in equity research is really like. If you’re interested in pursuing a certain career path, I definitely suggest doing an internship, whether it is in equity research or not. An internship can help you discover more about the type of work out you enjoy and even if you are not certain on what you hope to do in the future.

Let me know your thoughts and feel free to contact me with questions about Berenberg, equity research or anything else at ed@diaryofanintern.co.uk.

Author Profile

Edward Bottomley
Edward Bottomley
Ed is a third year Economics & Finance student at the University of York. This summer he is interning as an Equity Researcher at Berenberg, a German investment bank. At university, he is the Chief Risk Officer for the Griff Fund - a student run investment portfolio at York. Ed occasionally writes for The Market Mogul, discussing topics such as CFD's and the Bitcoin bubble.

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