My IIP experience

ABSTRACT:

Industry Internship Program is an integral component of the curriculum in IFIM Business School. Industry Internship Program (IIP) plays and important role in helping the students to overcome the gap of the theoretical knowledge and practical Industry experience by utilizing their skills and knowledge in the industry for a given period of time. It helps the students in obtaining an understanding about their field of interest, through which they can decide the career path they would like to pursue in the future. Unlike other colleges, we have the internship program after our seventh term and right before the completion of our course so one can directly indulge in his or her career without any interruption. IIP is designed to make professionals for tomorrow and adds to the vision of IFIM Business School of ‘Beyond Tomorrow’. The program gives students the opportunity to experience the activities that takes place in an industry as well as to work and research on a given project that helps them to gain practical experience and showcase their capability in the given time span.

In Industry Internship Program, we get reasonable time to work for a company, learn about the projects that are undertaken by the company and the typical activities that takes place for the same. We start with understanding workflow of a company, its history, its position in market and the financial health. We share our findings with both the parties and explain the project assigned to us to the college. Afterwards, we work on the project and are required to make a report and a whitepaper which we need to submit to the college for our grading alongside a viva assessment regarding our IIP experience is conducted by the college.

BACKGROUND:

Monetary innovation (abridged fintech or FinTech) is the innovation and development that expects to rival customary monetary strategies in the conveyance of monetary administrations. It is an arising industry that utilizes innovation to improve exercises in account. The utilization of cell phones for versatile banking, contributing, acquiring administrations, and digital currency are instances of advances meaning to make monetary administrations more open to the general population. Monetary innovation organizations comprise of the two new businesses and set up monetary establishments and innovation organizations attempting to supplant or upgrade the use of monetary administrations given by existing monetary organizations.

 Fintech new businesses all throughout the planet have been noted for their advancement, inventiveness, and front-line work styles, and accordingly these angles have worked their way into every work environments' way of life. This accentuation on joint effort and coalition has brought about work environments where evening office glad hours happen each Friday, in-office yoga classes are offered to help diminish representatives' pressure, and other connecting with exercises are facilitated. These conditions are a good time for representatives as well as assemble a more gainful and agreeable work environment that upgrade organization execution. What makes fintech's working environment culture particularly one of a kind is the techniques used to save this unique climate, which is through the recruiting cycle. There are three keyways fintech new companies keep up this cutting-edge culture through their recruiting interaction: including the entire group, being predictable, and explaining their central goal. By permitting various divisions to have a say in who is recruited and making their main goal clear to every planned representative, new companies can pull in possibilities who hold similar qualities and objectives as the actual organization. The exceptional work environment culture fintech new companies work around gives fintech an edge over customary banking and clarifies why fintech is the eventual fate of the monetary business.

 The guts behind monetary innovation shifts from one task to another, application to application. Probably the most up to date propels, be that as it may, are using AI calculations, blockchain and information science to do everything from measure credit dangers to run multifaceted investments. Truth be told, there is currently a whole subset of administrative innovation named "regtech" intended to explore the perplexing universe of consistence and administrative issues of ventures like, you got it, fintech.

 Account is viewed as one of the business' generally helpless against disturbance by programming on the grounds that monetary administrations, similar as distributing, are made of data as opposed to solid merchandise. Blockchains can possibly decrease the expense of executing in a monetary framework. While money has been safeguarded by guideline as of not long ago and endured the website blast without significant commotion, another rush of new companies is progressively "disaggregating" worldwide banks. Notwithstanding, forceful requirement of the Bank Secrecy Act and cash transmission guidelines addresses a progressing danger to fintech organizations. Accordingly, the International Monetary Fund (IMF) and the World Bank mutually introduced Bali Fintech Agenda on October 11, 2018 which comprises of 12 strategy components going about as a rule for different governments and focal financial foundations to embrace and convey "fast advances in monetary innovation".

 Notwithstanding settled contenders, fintech organizations frequently face questions from monetary controllers like giving banks and the Federal Government. Information security is another issue controller are worried about because of the danger of hacking just as the need to ensure touchy buyer and corporate monetary information. Driving worldwide fintech organizations are proactively going to cloud innovation to meet progressively severe consistence guidelines. Numerous FinTech advancements have exceptionally high beginning up costs yet extremely low negligible expenses for adding extra clients, successfully requiring numerous FinTech’s to go about as regular imposing business models.

PROJECT OBJECTIVES:

As an Associate my responsibilities were as follows:

• Fund Accounting
• Reconciliations against brokers and administration
• P&L Validation
• Managing Trade Settlement issues,
• Providing Business Analysis for various initiatives for our clients. There is ended to end reconciliations which is delivered daily, irrespective of the volume of the trade. 

KEY TAKEAWAYS:

  The project enabled me to understand the nature of activities and business that is undertaken by a typical financial firm. Also, it enabled me to understand how the different transactions and activities that takes place in the client’s country. Apart from the client, I also developed a fair understanding of the various parties that are involved with our client and the kind of work they do for our clients and other typical financial firms which are in similar business.

The project also enabled me to understand the typical processes that are followed by fintech firms with respect to reconciliations and how the deliverable projects are executed. It also enabled me to understand the software that is used by the firm to complete the deliverable.

It enabled me to understand how the communication flow takes place in the big fintech firms. What are the different departments in the firm that need to be approached when any issue arises for us, what are the different aspects that must be communicated to the client and other related party.

Since, the files that are received by us from the client are in the form of excel spreadsheet, knowledge of Microsoft excel is an important requirement for these type of job roles, the project enabled me to improve and enhances my Excel skills and improved my efficiency. 

Conclusion:

I would like to thank JAGSOM (Formerly known as IFIM Business School) and my faulty mentor Dr Swapan Kanti Chaudhuri sir for guiding me throughout my internship course. The IIP experience helped me a lot in terms of developing my communication skills, building self-confidence which enabled me to make contribution towards the teamwork and helped me in understanding the work culture of the organization. The training that was provided to me helped me in my work which deals with several broker and company reports and most importantly it helped me in gaining knowledge about the activities that occur in a typical Fintech company.