Internship at ING
|Date:||09 June 2019|
|Author:||dr. Auke Plantinga|
Want to know what it is like to work at a global bank? What is a ‘typical day at the office’? Would I feel at home? What is it like to experience the financial turbulence from nearby?
These questions will be answered when you do your internship with ING Bank, in the Amsterdam dealingroom. We are looking for a strong candidate to do a 6-month internship with the team that manages the bank’s interest rate risk. The intern would be part of the team, just like any regular employee.
The internship is not meant to write your master thesis, but to learn on the job. Of course, you will receive a remuneration, but we believe that the higher goal is to gain experience. You will be surrounded by professional quantitative staff, that will help you to tremendously boost your knowledge of managing financial risks and a bank’s balance sheet.
INTRODUCTION TO TREASURY
Group Treasury is the department that operates in the very heart of the bank. Its purpose is to safeguard a healthy balance sheet, such that commercial units can support clients in their finance. Treasury advises the Management Board of the bank in which direction to move the balance sheet, keep a sound risk-return and be sufficiently robust to ‘weather the storm’.
Market risks originated at commercial units (retail & wholesale) are internally transferred to Treasury, where it is managed. Think about interest rate risk, basis risk and liquidity risk. Treasury can then decide how to manage the risk: hedge it in the financial markets or keep it. Treasury also holds the mandate to effectuate strategic view on interest rates.
Treasury deals with many other departments. Risk Management measures our risk independently and is a sparring partner to discuss what risks are acceptable or unacceptable. Finance reports our results and can help us to apply accounting rules in such a way that results correctly reflect our true economic position. The commercial units are our internal clients that hand over their risks and we regularly team up to discuss how to do this best. And Treasury is the party that externalizes any unwanted risks and therefore is dealing with the financial markets.
Group Treasury is a global organisation with teams all over the world (about 250 FTE), to support the business in each location. The largest team, say around 35 FTE, is located in the Amsterdam head office. More specifically: in the dealingroom of ING. This is probably the most exciting environment in the bank, where you can sometimes ‘feel’ the tension in the financial markets.
INTEREST RATE RISK MANAGEMENT & CAPITAL HEDGING TEAM
Within Group Treasury, the ‘Interest Rate risk Management & Capital Hedging’ team is the spot where we have an opportunity for interns to learn all about the core of banking. Quite a mouthful, but it reflects a little bit the many responsibilities of the team:
- Manage the interest rate risk for ING Bank NV (Netherlands, France, Spain, Portugal, Italy), including the management of a strategic interest rate position for the bank;
- Be globally responsible for interest rate risk management: improve the way we are working and support treasurers across the globe on interest rate risk matters (from New York to Sydney);
- Manage the investments of the bank and group capital (several tens of billions of Euros);
- Manage the FX risk of ING Bank (exposures of many billions).
The risks at stake are high. The Dutch balance sheet is over EUR 150 billion, capital invested is many ‘tens of billions’ and the FX positions add up to ‘tens of billions’ in a series of currencies. Our contribution to the bank’s profits ranges to ‘many hundred million Euros’ (sorry for being so vague, but we cannot disclose the numbers in more detail – this at least provides you with a bit of feel on the size of the portfolios at hand). This all requires an in-depth understanding of the risks at hand and the various approaches to manage it. Any improvement we initiate pays off significantly in terms of risks of results.
You will be part of a high performing team (7 FTE in Amsterdam), that is at the forefront of improving the way we work. Intensive, complex, but very, very exciting! Our ambition is to set the example for other ING teams. The Dutch team embraces the so-called agile way of working, where ING is at the forefront compared to competitors world-wide.
WHAT’S IN IT FOR YOU?
Nice, the responsibilities of this team, but what’s in it for me? First of all, we treat you like a regular employee. You will be involved in day to day business, but also into any of the many improvement projects we are working on.
You will be closely coached by your direct manager. On a continuous basis, since this team started a few years ago, we have trainees or interns in the team, so we think we could say that we know the drill.
You will be surrounded by professional quantitative staff; experts in the field. They are happy to support you in gaining knowledge of managing financial risks and better understand the bank’s balance sheet. Wherever your future within the financial world is, this will be a very valuable experience!
But perhaps better to hear from other trainees / interns. The following feedback was received from intern Mariya Yankova:
“Doing an internship at bank treasury gives you the chance to gain more knowledge in many different sub-divisions of finance (accounting, economics, econometrics, etc.).You will be working in a very dynamic environment so it is essential that you are able to apply critical thinking and always challenge the given assumptions. Don’t expect doing tasks that only require mechanized work- you really have to think. This makes the internship a great opportunity for students who have the required motivation and enthusiasm. The most important thing that I learned here is that you should not be afraid to share your opinion and ideas because they will be always taken seriously. If you’re not right, then you have learned something new and if you turn out to be right, then you can really make a change!”
The following feedback was received from trainee Anna Hrisztov:
“I spent 6 months at the IRRM team as my first rotation in the finance traineeship and had a great time there. I have learnt a lot about the interest rate risk management process and the inter-relation between finance and risk, mostly by applying hedge accounting and analysing the ICG report. The team is very supportive and helped me to get on track by giving challenging yet doable tasks and involved me in decision making. Being trusted made me motivated and I felt being part of the team from the beginning. Besides the professional aspects I really enjoyed the Friday lunches together, where I could get to know everyone in a more informal setting. I am always impressed by people who are not only clever, but doing fun and exciting things (running marathons, climbing mountains, dancing, motor cycling, mountain biking etc.) I am very happy that I met three of such people in the IRRM team!”
And lastly, the feedback from intern Marlieke Ruissaard:
“An internship at the IRM & CH desk is the perfect way to get to know how it is to work for one of the biggest banks in the world. You get the opportunity to learn everything about how the bank is managing its market & liquidity risk, FX exposure and capital investment positions. The content is challenging, but the team is always willing to help you moving forward. You will get your own responsibilities, which makes that there are enough opportunities to come up with your own ideas and to share your opinion. Being part of Group Treasury also gives you the chance to learn about the operations of the other Treasury departments. This internship has definitely been a valuable experience for me and of course, the dealing room is the most exciting place to do an internship!”
WHAT CANDIDATE ARE WE LOOKING FOR?
To qualify for the internship, we are looking for a candidate with the following qualifications:
- last year bachelor or in masters of econometrics / economics / finance (or alike); for doing an internship, it is a hard requirement to still be subscribed to university and not have your studies finished;
- clearly above average grades;
- strong in analytics but also in communication (making complicated matters look easy);
- fluent in English (Dutch is not required).
- show ‘orange behaviour’: you take it on and make it happen; you help others to be successful; you are always a step ahead.
For questions on the internship and submitting your curriculum vitae, list of grades if available, plus a short motivation (half a page, stating why you fit ING and ING fits you), please contact Sander Boogmans, head of the team, at: sander.boogmans ing.com.
Looking forward to welcoming you to our team!