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

ICAP; Paris; On-site; EUR 13,000 - 20,000; Full time

Job summary

TP ICAP Midcap Equity Research in Paris offers a full-time, 6-month off-cycle internship. You will gain hands-on experience, with daily guidance from sell-side analysts, exposure to listed company executives and professional investors, and participation in an international environment within a leading market infrastructure group.

The role provides direct involvement in market monitoring, financial modelling, and drafting analyst notes, with emphasis on rigorous research and high-quality output.

Qualifications

• 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.

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.

Skills

Finance knowledge

Equity research

Valuation

Excel

PowerPoint

FactSet

English

French

Communication

Education

Master's degree in finance or related field

Tools

FactSet

Bloomberg

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.

_ Role Band & Level: _ Support, 1

#LI-Onsite #MIDCAP

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