Off-Cycle Internship - Assistant Sell-Side Analyst, Midcap Paris. January 2027 start

161 TP ICAP (Europe) SA; Paris; On-site; EUR 13,000 - 20,000; Full time

Job summary

TP ICAP (Europe) SA, Midcap Equity Research, Paris is offering a full-time 6-month off-cycle internship. You will gain hands-on experience, receive daily guidance from sell-side analysts, and interact with company executives and professional investors in an international setting.

You will develop skills in valuation, modelling, and communicating insights through client-ready notes, with direct exposure to European equity markets and leading market data platforms.

Qualifications

• Master’s degree in finance (business/engineering school or university).
• Solid foundation in valuation: DCF, multiples, and comparables.
• Advanced Excel & PowerPoint; FactSet preferred; coding knowledge a plus.
• Fluent French and English (written/spoken).
• Desireable experience in financial analysis or equity research (internship), 6+ months.

Responsibilities

• Market & Earnings Monitoring: Track newsflow and prepare morning call materials.
• Issuer Meetings: Attend earnings presentations and draft notes.
• Sector Research: Build analyses, identify KPIs, and perform screening.
• Modelling & Valuation: Update financial models, run DCF, comps, and scenarios.
• Writing: Contribute to flash notes and analyst reports.
• Production: Ensure publish-ready formatting and adherence to standards.

Skills

Financial analysis

Equity research

Excel

PowerPoint

FactSet

Bloomberg

Refinitiv

Coding

Fluent French

Fluent English

Rigor

Synthesis

Prioritization

Clarity

Education

Master’s degree in finance

Tools

Excel

PowerPoint

FactSet

Bloomberg

Refinitiv

Coding knowledge

Job description

Group Overview

The TP ICAP Group is a world leading provider of market infrastructure. 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.

Location

France - Rue Washington - Paris

Work with us

Joining TP ICAP puts you at the heart of markets that matter.

You’ll have the freedom to innovate and act on your initiative.

We’ll train you and build your abilities in your specialist area, so that you can become an expert in your field.

And all within a connected network that’s there to set you up for success.

More about us

TP ICAP Group is a collection of premium brands each with a distinct, client‑focused offering. Underpinning and connecting these client‑facing brands is the financial security, operational strength and know‑how we have as a Group. Connections are at the heart of what we do. We combine our people’s know‑how with the latest technology to improve price discovery, trade execution and liquidity flow. Connections create strength. Through them, we help our clients to manage risk, realise investment strategies and expand the scope for growth. And connections act as a catalyst. Sparking richer solutions for our clients to break new ground, modernising markets for future performance, and creating dynamic careers for our people. Our capacity to connect builds trust, supports communities and gives us the power to anticipate and respond to change, whatever direction the world takes. It’s what makes TP ICAP a mainstay in the global markets, now and in the future. TP ICAP. We connect.