Explore our divisions
The analyst programme is organised into four divisions, each covering a different corner of the markets. A Division Head shapes what their division teaches and trades over the year. Pick a division below to see the work involved.
FICC
FICC is everything outside of equities — government and corporate bonds, interest rates, FX and commodities. It's the most macro-driven part of the markets: central-bank decisions, inflation and the shape of the yield curve are what move prices here, and a lot of the work is spotting when two related instruments have drifted out of line.
What you'll do as Division Head
- Run sessions on rates, credit, FX and commodities.
- Put together trade ideas around central-bank meetings and the data that moves them.
- Walk members through yield curves, carry, duration and relative value.
- Run a mock FICC book using Bloomberg Terminal.
Equities
Equities is fundamental investing — researching a company, working out what it's worth, and building a case you can actually defend. You'll dig into earnings, business models and what's likely to move a stock, then turn that into long and short ideas. It's the most natural way into how professional investors think.
What you'll do as Division Head
- Run stock-pitch competitions and give feedback on members' ideas.
- Teach the core of valuation: DCF, comparables and multiples.
- Split sector coverage across the team so everyone owns a patch.
- Keep track of earnings calls and deals.
- Run a mock equity portfolio using Bloomberg Terminal.
Macro
Macro takes a top-down approach to the markets — economic cycles, central banks, geopolitics and the big themes that move everything at once. The job is to form a clear view on where the world is heading, then work out how to express it across rates, currencies, equities and commodities, the way a global-macro investor would.
What you'll do as Division Head
- Write research reports on the macro themes.
- Explain how a data release feeds through into cross-asset trades.
- Keep a running pipeline of macro ideas through the year.
- Tie geopolitics and policy back to what markets are actually doing.
- Run the annual macro debate.
Quant
Quant is the systematic side of the society — using statistics and code to design, test and judge trading strategies. This is where finance meets programming: you take an idea, backtest it on real data, and find out whether it actually holds up. It's the most technical division, and the skills carry real weight with the most competitive employers.
What you'll do as Division Head
- Teach Python and the core libraries — pandas, scikit-learn, XGBoost and PyTorch.
- Lead a flagship project pricing options with machine learning, benchmarked against Black–Scholes.
- Work through real option-chain data: cleaning it, engineering features and solving for implied volatility.
- Train and compare models on how well they price and hedge against the market.
- Ship the results as an interactive Streamlit dashboard and a portfolio piece for the team.