Bachelor of Commerce/Advanced Studies and Dalyell Scholar student Lachlan Zhou shares his experience of the Local Industry Placement Program.
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| Lachlan Zhou |
What is the Local Industry Placement Program?
The Local Industry Placement Program (IPP) connects students with partner firms who provide a 10-week internship over the course of a semester. The program is particularly valuable to students who are looking for their first corporate experience and acts as a great springboard into future internships, graduate programs, etc.
How do you apply for the program?
You apply early in the semester before the IPP and go through a few rounds of assessment. First is the written application, followed by an assessment centre (AC) stage. The AC consists of a non-technical case study that you complete in a small team. If you are successful after the AC stage, the university will pair you up with a partner firm. For most, the process ends here however some firms will require an additional interview. In my case, the partner firm I worked with interviewed 4 candidates and selected 2.
Where did you work and what did you do?
I worked at CPE Capital which is a mid-market, growth private equity firm. The bulk of my work was commercial due diligence which involved researching the various target companies or industries that CPE Capital had identified. Key information compiled could be, for example:
- transaction comparables for similar acquisitions,
- profiles of competitors and industry dynamics,
- analysing KPIs and operational metrics, and
- identifying key drivers across a value chain.
How did the program help your career?
Having studied topics such as valuations and mergers & acquisitions at university, the placement was the perfect opportunity to try to apply theory in a real-world, industry-relevant context. Having a strong technical background in finance is important but there's no substitute to professional experience when it comes to developing nuance and deep and meaningful insights. The program and experience with CPE Capital have given me confidence as I move into my next role.
What was the best part of your placement?
The best part of the placement was getting to know the team. The team from CPE Capital is a star-studded cast of seasoned professionals who come from the top financial and legal firms. Many have also worked overseas for several years. The chance to spend a semester working, talking and learning with them was such a genuinely enjoyable experience. Beyond work, it was also just interesting to hear about their experiences and tips for life and career.
What was the biggest challenge and what did you learn from it?
A challenge was sometimes simply not knowing how to approach a task at all, particularly more technical tasks. It was made more difficult by COVID and being online meaning I couldn't just swing past someone's desk and ask for clarification. The big takeaway is simply to ask questions. To reach out and organise a follow-up call, or an email. Everyone at CPE Capital wants you to succeed and are happy to accommodate you. You're there to learn but not spoon-fed, so make sure to speak up when you're struggling a little.
What advice would you give to other students?
The best piece of advice I could offer is to be curious and be hungry. It's not every day that a student can be in such an information-rich and expert environment. There's always something more you can learn from the professionals around you but they're not there to constantly prompt you, so make sure you're proactive with your own learning and training. It's also a huge factor in showing motivation and a good work ethic in the workplace.
Asking for more tasks if you're free, spending spare time to learn, being genuinely curious about the work of those around you - it's an extremely positive reflection of your desire to grow as a professional and contribute to the work of the firm. This kind of attitude will be appreciated and will open more opportunities for you during your placement and career overall.
Learn more about the Local Industry Placement Program.
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