Day One
I was asked to report on April 12, 2018, but even before my arrival, my mentor and I used to discuss on the possible topics that could be covered under my project, streamline the ideas and made sure we were on the same page.
As this was my first internship, I was filled with mixed emotions not knowing what to expect and whether I would fit in. There was also the fact that my mentor was a free market proponent, whereas I was more inclined towards regulations. So, this added another dimension to my dilemma.
Eventually, all my worries were allayed once I met my mentor for the first time, who immediately made sure I was at ease and said, “we are chilled out”. There was a sigh of relief, and then we discussed what Non-Banking Financial Companies (NBFC) generally do, their business models, and certain issues specific to the treasury department, such as what are their sources of funds, where do they get deployed, and so on.
Then he introduced me to the treasury department’s front office and the back office, and this made me feel more comfortable. After all the meet and greet, I was asked to familiarize myself with the surroundings, so I started by trying to operate the Bloomberg Terminal.
The Bloomberg Terminal is the Google for finance professionals, providing you with a holistic God-like view of how the world's markets are functioning with the touch of a button. This immediately fascinated me, and I couldn’t stop exalting about it to everyone. You can find any sort of information you can think of: from the weighted average cost of capital of a company to the forecasts of fluctuations in a pair of currency for the future.
We are One LTFS
In the treasury department, you can see people rushing from one end to the other end, giving instructions to others on the way, and talking on two phones at the same time to get the best deals for the company. But, at the same time, there are times when they gather around, the air will be filled with people laughing and making merry. That’s when I realised that they are ultimately one, big family; just separated by the corporate terminology of the front and back office and staying true to their motto “We are One LTFS (L&T Financial Services)”.
They were always ready to help and guide me on things I failed to understand and helped me approach the project from various perspectives.
Day 35
As the days passed by, I got more accustomed to using the Bloomberg Terminal and was still in awe of its capabilities. I decided to use its “financial omnipresence” to enhance my project. Since there were other interns working in the treasury department, I made it a point to help them as much as possible, and not restricting myself to my project only, as knowledge is meant to be shared.
Until I joined as an intern I never fully understood what treasury does, but frequent interaction with those around me helped me understand its functions.
The treasury is responsible for finding sources from which they can raise funds, paying the lowest possible interest rate to keep the borrowing cost low, and then lend it at attractive rates. The difference between the rate at which they lend and the rate at which they borrow is the Net Interest Margin.
June 15, 2018
June 15, 2018, was my last day as an intern at L&T, and it ended on a good note. The treasury team was happy with my project, and my mentor was amazed by what I had achieved. With this I would like to state a few key suggestions for future interns:
- Do not be afraid to clarify your doubts, no matter how silly you presume them to be; since the overarching theme of an internship is “learning”
- Always be ready to help those around you, even if your job doesn’t require you to
- Be obedient and open-minded to new perspectives since what you believed to be true may not be so
- Show your mentor, and those concerned, that you are willing to learn
- There are bound to be moments when you are unable to make a break-through, but always make it a point to discuss and address such issues with your mentor
- Work hard from the beginning and it will always pay off
- Always be humble. This is applicable regardless of your achievements and your designation
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About the Author:
Rajan Mithra
MBF
2017-2019