Assistant Sell-Side Analyst Off-Cycle Internship (January 2027)

Our purpose is to provide clients with access to global financial and commodities markets, improving price discovery, liquidity, and distribution of data, through responsible and innovative solutions.

Through our people and technology, we connect clients to superior liquidity and data solutions. The Group is home to a stable of premium brands. Collectively, TP ICAP is the largest interdealer broker in the world by revenue, the number one Energy & Commodities broker in the world, the world’s leading provider of OTC data, and an award winning all-to-all trading platform.

Founded in London in 1866, the Group operates from more than 60 offices in 27 countries.  We are 5,200 people strong.  We work as one to achieve our vision of being the world’s most trusted, innovative, liquidity and data solutions specialist.

About Midcap Midcap, a division of TP ICAP (Europe) SA, covers a broad universe of French and European small and mid-cap stocks and publishes daily market commentary, fundamental research, and sector analyses for professional investors.

Role Overview This is a full time, 6-month off-cycle internship opportunity in our Midcap Equity Research Department based in Paris. The successful candidate will receive hands-on experience, daily guidance from sell-side analysts, work reviews, and methodological feedback.

You can expect to receive direct exposure to listed company executives and professional investors, along with experience in an international environment within a leading market infrastructure group.

Role Responsibilities • Market & Earnings Monitoring: Track newsflow (earnings releases, M&A, guidance) and prepare morning call materials. • Issuer Meetings: Attend earnings presentations / CMDs / roadshows and draft actionable meeting notes.

• Sector Research: Build competitive analysis, identify drivers and KPIs, perform screening. • Modelling & Valuation: Update financial models (P&L, balance sheet, cash flow), run DCF, comparables, SOTP, scenarios & sensitivities.

• Writing: Contribute to flash notes, post-publication comments, fundamental studies, and analyst-backed reports. • Production: Ensure publish-ready formatting (tables, charts) and compliance with quality standards, deadlines, and internal procedures.

Experience / Competences Essential • Master’s degree in finance (business/engineering school or university), gap year or end-of-studies internship. • Solid technical foundation in valuation: DCF, multiples, and comparable transactions.

• Tools: Advanced Excel & PowerPoint; FactSet (or equivalent) appreciated; coding knowledge is a plus. • Languages: Fluent French and English (written/spoken).

• Skills: Rigor, synthesis, reliability, prioritization, clarity. Desired • Previous experience in financial analysis or equity research (internship), ideally 6 months or more.

• Good knowledge of European equity markets and financial publications. • Exposure to financial databases (FactSet, Bloomberg, Refinitiv). • Ability to produce clear, client‑ready notes for institutional clients.

Recruitment steps • Process: Two technical interviews with the Equity Research team. • Application: CV + short cover letter or one‑page stock pitch.

Role Band & Level: Support, 1 #LI-Onsite #MIDCAP Not The Perfect Fit? Concerned that you may not meet the criteria precisely? At TP ICAP, we wholeheartedly believe in fostering inclusivity and cultivating a work environment where everyone can flourish, regardless of your personal or professional background.

If you are enthusiastic about this role but find that your experience doesn't align perfectly with every aspect of the job description, we strongly encourage you to apply.

You may be the ideal candidate for this position or another opportunity within our organisation. Our dedicated Talent Acquisition team is here to assist you in recognising how your unique skills and abilities can be a valuable contribution.

Don't hesitate to take the leap and explore the possibilities. Your potential is what truly matters to us. Company Statement We know that the best innovation happens when diverse people with different perspectives and skills work together in an inclusive atmosphere.

That's why we're building a culture where everyone plays a part in making people feel welcome, ready and willing to contribute. TP ICAP Accord - our Employee Network - is a central to this.

As well as representing specific groups, TP ICAP Accord helps increase awareness, collaboration, shares best practice, and holds our firm to account for driving continuous cultural improvement.