Author Archives: TBR Team

Coffee Chat with Emma McLoughlin, Private Equity Analyst at HSBC Asset Management 

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Kate Lynch 

As part of the Graduate Coffee Chats series in collaboration with Foresight Business Group, Foresight Vice President Kate Lynch spoke to Emma McLoughlin, Private Equity Analyst at HSBC Asset Management to get insight into her life as a graduate at HSBC. 

HSBC Private Equity Analyst Role 

As a Private Equity Analyst in HSBC’s London office, Emma works within the Asset Management team. Her team specialises in fund investment, focusing on multinational private equity funds like KKR and  Blackstone. Emma’s day-to-day responsibilities involve analysing fund managers, their historical track record and the companies they previously invested in. Alongside fund investments, her team also focuses on participating in direct investments in partnership with other privacy equity firms.

Emma reinforces the value of hard skills, such as Excel, which she didn’t initially recognize as crucial until her role at HSBC. She also highlighted the importance of developing problem-solving skills. “You would be surprised how many day-to-day things come up”, she commented. Her course, MSISS, was “very good for teaching us overall problem solving skills which [she] found very useful in [her] day-to-day role”. Although Emma is on the investment team where she isn’t required to interact with clients daily, she still emphasised the importance of being a people person to build rapport and create a nurturing work environment. Despite her position as analyst, Emma notes that there are projects that mandate strong ownership, where the ability to lead is vital when engaging with directors and senior managers. Although originally under the impression that leadership skills wouldn’t be relevant till much later in her career, she attested that this is not the case and rather needed from the get-go. Emma concluded that you are not expected to have all the necessary skills on day one and “as long as you’re willing to learn, you will build up your hard and soft skills over-time”. 

Although Emma couldn’t share specific information on her favourite project that she’s worked on, she did mention that they recently looked at a venture capitalist fund. This involves investing in small start-up companies that have substantial growth potential; “for example Snapchat was a company that venture capitalists invested in when it was very small”, she detailed. Emma expressed her enthusiasm for this project, as it is different from other funds that she would typically be working with. She also mentioned how interesting it was when they directly  invest in companies, as it requires research and understanding of the market that they’re investing in. For example, one of the companies that Emma’s team looked at was a bakery chain in the US. It was “really cool”, she commented, as they had to think about how the industry of baked goods has been evolving recently with fitness trends.

The problem-solving element of Emma’s job is her favourite part. Some tasks might seem impossible at first glance, but thinking about and working through them is a very satisfying process for her. Managing time and day-to-day deadlines was also a new challenge for Emma, as it was vastly different from her days in college. However, she still enjoyed the challenge, as it encouraged her to work on these time management skills.

Career Progression 

If you were to stay in this role, the stages of progression are quite straightforward. It begins as an analyst (Emma’s current role), and then progresses to Associate and then to Vice President. Once you become a Vice President it is difficult to pivot into a different area. As an analyst, Emma explains that she’s currently in indirect investment but as she is so early on in her career she could probably pivot to direct investments if she wanted to move to the likes of KKR or Blackstone. Another option would be to stay in her current field and work her way up to becoming a senior, a role that focuses more on client facing deal sourcing.

Interview Process at HSBC 

Before graduating, Emma did a summer internship with HSBC. She expressed how the interview process with HSBC is quite different to the traditional process found at other banks. There is no cover letter or mathematical assessment involved, but instead a “workplace simulation”, a 30-40 minute scenario-based assessment where you have to rank your preference of how you would react in given situations. The second round interview was a similar simulation, however it was more specific to asset management. The final round involved four in-person interviews with 4 different people within Asset Management, two behavioural and two technical interviews. They expressed to Emma that they knew she didn’t know everything but that’s what they’re there to do, to teach her what’s needed for this role. Beyond simple technical skills, the team assessed her interest and passion for the position. 

After scoring a spot in the graduate programme, there were three criteria needed to succeed in to get offered a full-time position: first, on-desk performance; second, a project she had to complete and present; third, a final interview on trends in the market and how HSBC could capitalise on them.

Emma explained how the work culture in HSBC is unique, as they place a big emphasis on work-life balance. With work-from-home ingrained into HSBC’s culture, she only finds herself working in the office twice per week. However, Emma’s team is slightly different to the rest of the company. However, congruent with banking culture, her team tends to work late until around midnight during a couple of days of the week. Emma believes that starting her career in a job like this will continue to teach her to be resilient and more productive with her time. Although the work culture is quite tough, Emma emphasises that the team’s culture is great and that she loves the overall environment of HSBC. 

Advice to Students 

Emma reinforced that being involved in societies such as the Trinity SMF gave her so much confidence in public speaking, teaching her the jargon of the financial world that she still uses to this day. She would highly recommend getting involved as much as possible, believing that extracurriculars are greatly important and shows the employer or interviewer that you get on with people, a big thing that they look for. These hobbies and interests make you stand out in comparison to everyone else. As a final piece of advice, Emma emphasised to “stress a bit less, college is great! Enjoy every bit of it, you’ll never get the time back so make the most of it”.

DeepSeek vs. ChatGPT: Reshaping NVIDIA, the US-China Tech Rivalry, and the Global AI Landscape

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Connor Leonard, Rachel Ranjith & Zara Pribicevic

Artificial intelligence has evolved into more than a mere scientific advancement; it has transformed into a competitive arena for efficiency and worldwide dominance. Central to this evolution is ChatGPT, previously the preeminent leader in conversational AI, now confronted by a significant rival: DeepSeek. With its efficiency-driven approach and open-source architecture, DeepSeek heralds a shift in AI development, raising questions about the balance between adaptability and specialisation.

However, the ramifications extend beyond artificial intelligence models. NVIDIA, the leader in AI chip manufacturing, has experienced a challenge to its supremacy as DeepSeek demonstrates the availability of alternatives. Meanwhile, as the U.S.-China AI rivalry increases, innovation has turned into a geopolitical hotspot. With dynamic changes in the AI realm, how does DeepSeek contest ChatGPT, and what influence are felt by NVIDIA? How is the overarching AI weapons race changing global power dynamics?

The ChatGPT Phenomenon

A true marvel of modern invention, ChatGPT, the golden child of OpenAI’s GPT architecture, has become the standard for conversational AI. Alongside its ability to generate human-like text, answer complex questions and assist with tasks, ChatGPT’s ability to provide personal and professional responses have exponentially multiplied its user base, ranging from students to suburban moms to 9-5 workers. We can trace the success of this model back to its scale; trained on vast amounts of data, it uses a generalist approach to handle a wide array of tasks. Like any true everyday hero, it can write your college essay, debug your code or help you draft a breakup text.

However, the unfortunate downfall of this ‘everything-tool’ lies in its defining generalist approach. While ChatGPT excels at breadth, it, more often than not, struggles with depth, especially in specialised domains. Its reliance on pre-2021 data for GPT-3 also limits usability. These limitations, along with increasingly high subscription prices, highlight a growing tension in AI development. Will ChatGPT manage to stay relevant while the pendulum of user demand swings back and forth between versatility and expertise?

DeepSeek: A New Challenger

Cheaper and better products from China never come as a surprise, and yet, the advent of DeepSeek seemed to shock U.S. AI oligarchs. Capable of ChatGPT-esque speech (since they share the same foundational technology) while also offering a broader spectrum of knowledge, DeepSeek distinguishes itself through a more focused approach. DeepSeek is designed to prioritise efficiency and precision, often excelling in cases where ChatGPT’s generalism might fall short. However, once again, the strengths of this model are also its downfall, as DeepSeek’s narrower focus comes with trade-offs. By optimising specific tasks, it may lack the versatility that has made ChatGPT so popular. 

DeepSeek’s emergence suggests a growing recognition that one-size-fits-all solutions may not be sufficient as AI applications become more diverse and complex. However, this shift toward specialisation also risks creating a fragmented AI ecosystem, where users must navigate multiple tools for different tasks, rather than relying on a single, unified platform. The challenge for DeepSeek, then, is to prove that its targeted approach can deliver enough value to justify the added complexity.

Differences, Implications and Competitive Advantages

A key asset of DeepSeek’s groundbreaking reveal was its computational efficiency. While ChatGPT and other US AI oligarchs invest billions in AI chips for model training, DeepSeek achieves almost superior performance using only a quarter of the AI chips required for ChatGPT. This efficiency causes a ripple effect in multiple spheres. It significantly reduces cost of operations. For an increasingly climate conscious consumer, this efficiency results in a lower resource footprint that could serve as a major competitive advantage. Additionally, the reduced requirement for expensive state-of-the-art AI chips significantly lowers the barrier to entry, making it easier for smaller businesses to access the necessary hardware for deploying advanced AI models.

Another key differentiator is DeepSeek’s open-source nature. This is contrasted by OpenAI’s proprietary model which, ironically enough, started off open-source (lending to the brand name, OpenAI). DeepSeek’s openness of a superior model strips some competitive advantage from ChatGPT, as it enables broader access to creating models of similar intelligence. It must be stated, however, that an open-source model is not without fault. Without centralised oversight, there may be significant challenges in maintaining consistency, preventing misuse, quality control, security, and ensuring ethical standards.

The implications of DeepSeek are understandably widespread and have both erased and created competitive advantages on both sides of the competition. The impact can also be seen in industries adjacent to AI, such as NVIDIA, the lead supplier of coveted AI chips.

NVIDIA: An Overview

NVIDIA has been one of the most remarkable success stories in the stock market over the past few years. The company, originally known for manufacturing high-performance graphics processing units (GPUs) for gaming, has transformed itself into an artificial intelligence (AI) powerhouse. This pivot has driven NVIDIA’s stock price to unprecedented levels, with its market capitalisation surpassing $1 trillion in 2023, making it one of the most valuable tech companies in the world.

A key driver behind this explosive growth has been the surge in demand for AI-related computing power. NVIDIA’s cutting-edge chips, particularly its H100 and A100 GPUs, are essential for training and deploying large AI models. This dominance in AI infrastructure has led to exponential revenue growth, allowing NVIDIA to post record-breaking earnings and maintain its stronghold in the semiconductor industry.

AI has become inseparable from advanced semiconductor technology. Training large-scale AI models, such as OpenAI’s GPT-4 and Google’s Gemini, requires vast computational resources. NVIDIA’s GPUs, with their parallel processing capabilities, are the gold standard for AI workloads, significantly outperforming traditional central processing units (CPUs).

The reliance on NVIDIA’s technology for AI development has made the company indispensable to major tech firms. However, the company is also reliant on AI firms continuing to use their chips. An analyst from UBS estimated that Microsoft, Meta, Amazon, and Alphabet collectively make up 40% of NVIDIA revenue. 

NVIDIA’s Stock Crash: The Facts

Recently, NVIDIA’s stock experienced a sharp decline amid concerns over the emergence of DeepSeek, a new AI player backed by Chinese tech firms. DeepSeek was able to develop a GPT with a combination of NVIDIA chips and cheaper alternatives. The use of cheaper alternatives was previously thought to be impossible in the short term, thus the demand for NVIDIA chips is uncertain in the future.

The stock dropped 17% to $188.42 in one day, erasing nearly $600 billion of value – the largest one day drop in U.S. history. It briefly recovered up to $128.99 over the next few days, but recently it seems to have found an equilibrium.

The future value of the company is still uncertain. The quality of copycat AIs is uncertain, as well as what effect, if any, they will have on NVIDIA’s biggest buyers. Microsoft, Meta, and Alphabet have already built their software around NVIDIA chips which makes a decoupling seem unlikely. However, there are also broader geopolitical aspects to this issue.

DeepSeek, AI, and the Great Geopolitical Chessboard

Let us rewind to how AI rose to power to become a tool in political debate. The first AI Safety Summit was organised by then-UK Prime Minister Rishi Sunak, and the outcome was stellar. The Bletchley Declaration was this summit’s achievement – 28 countries, including the United States and China, signed the agreement, promising international co-operation in order to manage the challenges and risks that AI posed. 

The tables have now turned, and at the most recent AI Summit in Paris a new declaration was put forward: “A pledge for Trustworthy AI in the World of Work”, reiterating the importance of transparency and promoting AI accessibility in order to avoid a digital divide. 60 countries signed the declaration, including China, however the UK, who was once an advocate for AI safety, followed suit with their special partner the US, who also refrained from signing the agreement. Vice President JD Vance emphasised that he had concerns over “authoritarian censorship”. The Paris AI summit has shown a change in the dynamics, with an emphasis on geopolitical rivalry and the never ending pursuit of economic and technological advantage.

The United States: Not Amused

Let’s talk about efficiency. This January, while President Trump made Elon Musk’s schedule busier than ever with the introduction of the Department of Government Efficiency, a Chinese firm used creative methods to increase artificial intelligence efficiency –  DeepSeek. Across the pond in Washington, DeepSeek’s success has raised some serious eyebrows. The US has been cranking up the pressure on China’s AI ambitions, raising tariffs and slamming the door on high-tech chips, warning allies against playing too nice with Beijing. 

Trusted advisor J.P. Morgan and their Chairman of Market and Investment Strategy Michael Cembalest noted at a talk on the Global Market Outlook that although Deep Seek is a compelling story, it may be too good to be true. Cembalest emphasised that it was difficult to tell what really happened with DeepSeek, as Chinese statistics are not to be trusted. He compared them with his middle school child’s report, insinuating that we do not have the full picture of DeepSeek’s success story. We have to wonder though, is the US trying to play it down, and are they possibly too nonchalant for their own good?  

China: Playing the Long Game

For Beijing, DeepSeek’s rise to fame isn’t just a win – it’s a strategic flex. Following years of U.S. sanctions blocking access to high-end microchips, China found itself at a crossroads: play nice and roll over or get creative. It chose the latter, giving the country a tech boost. The long game for China begins with DeepSeek, but The People’s Republic is aiming high for full scale AI-driven industrial innovation, aligning with the new policy “Made in China 2025”, emphasising China can not only scale and commercialise emerging technologies, but also innovate and be at the forefront of the field. Beijing isn’t necessarily aiming for the crown in the AI chatbot arena, but to employ the underlying technology to create cost-effective, commercially feasible solutions, which it can subsequently export to lower-income nations. China’s objective is not exclusively “frontier AI”, but rather “mass-market AI”.

Europe: Stuck in the Middle

Meanwhile, Europe is still trying to decide what to do with its seat at the table. On one hand, leaders like former UK Prime Minister Rishi Sunak organised the first ever AI Safety Summit in November 2023. French President Emmanuel Macron is advocating for AI advancements leveraging the region’s nuclear energy edge, and the most recent “AI Investment Plan” pledging around €200bn towards accelerating AI development. Conversely, Europe seeks to avoid entanglement in the conflict between two technological superpowers. The European Union, hindered by internal discord and slow innovation processes, risks becoming a mere observer, rather than a player, in the race for AI, which is now a key economic driver. 

Microchips: The Tiny Giants Shaping Global Power

At the core of this AI turmoil lies the true arbiter: microchips. The United States has adopted a stringent approach by prohibiting the shipment of advanced semiconductors to China, aiming to impede Beijing’s progress in artificial intelligence. However, China is not lamenting; it is ingeniously managing its resources to maximise the performance of the chips it can still utilise. When the United States intensified its restrictions, China retaliated by restricting the export of gallium and germanium, essential ingredients for semiconductor manufacturing. What is the outcome? A semiconductor rivalry in which both parties are striving to surpass one another.

The Bigger Picture: A Tech Cold War in the Making?

DeepSeek’s emergence is but a fragment of a larger geopolitical conundrum. The AI arms race transcends the mere development of superior models; it encompasses the control of future technologies, economic dominance, and global impact. The United States and China are in conflict, Europe is striving to maintain its significance, and the global community is preparing for the enduring ramifications of a fragmented AI ecosystem. Will this be the dawn of a new digital Iron Curtain? Will innovation discover a method to dismantle obstacles? AI is not only transforming sectors; it is also redefining global power dynamics.

Most of these developments point to a future where AI is both an economic driver and a geopolitical chess piece. In many ways, this entire situation is a microcosm of a broader global transition. ChatGPT’s success and subsequent dethroning proves the need for the precarious balance between being an all-encompassing model and trying to be everything to everyone. DeepSeek’s efficiency-led approach and open-source philosophy promises new paths forward but also exposes fresh challenges. NVIDIA’s stock woes highlight how dependent entire industries are on AI’s progress — yet also how quickly that progress can redefine winners and losers. Nations grapple for control over microchips, data, and AI capabilities, while global alliances and trade deals strain under the weight of competing ambitions. As technology becomes a barometer of power, the potential for fragmentation — specialised models, trade restrictions, or strategic self-reliance — grows. What is certain is that AI is actively reshaping the balance of power — politically, economically, and technologically — well beyond chatbots and chip manufacturers.

Coffee Chat with Laura Lynagh, Strategy & Transactions Analyst at EY-Parthenon

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Rhea Singhal

As part of the Graduate Coffee Chats series in collaboration with Foresight Business Group, TBR Correspondent and Foresight Chief Strategic and Financial Officer Rhea Singhal sat down with Laura Lynagh, a Strategy & Transactions Analyst at EY-Parthenon and former TBR Freshers Convenor, to get insight into life as a graduate at EY-Parthenon.

What Does a Strategy & Transactions Analyst Actually Do?

EY-Parthenon, the global strategy consulting arm of Ernst & Young (EY), has over 9,000 professionals worldwide. EY Parthenon is split into three key teams: Transaction Strategy & Execution, Strategy and Turnaround & Restructuring. Laura’s role focuses on post-merger integration and separation. “After a transaction, my job is to figure out how to integrate two companies in terms of operations, finance, legal, and HR.” She also takes part in due diligence, including HR and operational due diligence, and works with distressed mergers and acquisitions. She describes her role as “very broad, dynamic, and interesting,” emphasizing that no two days are ever the same.

“I find the area of M&A really interesting—it’s so dynamic, it moves so quickly, and it’s quite broad. You’re not pigeonholed into one thing. And you get to do your accounting exams in the graduate programme, so it felt like a natural fit.”

The EY-Parthenon Graduate Programme 

EY’s graduate programme is designed to be social and supportive. “You start with lots of people your own age, so it’s really sociable,” Laura shares. She also praises EY’s learning and development team: “They really support you. For example, if you’re doing exams, they put on revision lectures.”

The Strategy & Transactions (SAT) team is also a great place for graduates because roles aren’t set in stone. “If you want to take on work, they’ll let you. They really let you grow and contribute to the team.” The firm is also flexible about team changes, though, she says, “You often end up in a team that suits you since they try to match you well after interviews.”

The Interview Process

Laura had a positive interview experience at EY-Parthenon. “I applied to the EY Strategy & Transactions graduate programme general application and then selected EY Parthenon.” On the day, current graduates were there to greet her, making for a friendly and welcoming environment.

She interviewed with a Director and a Manager. “It was very conversational. I really liked that they made an effort to read my application, CV, and all my answers beforehand.” Because of this, she emphasizes the importance of knowing your application inside and out: “They’ll ask you to expand on things you wrote. So, don’t just write things down—make sure you can talk about them.”

Laura shared some key interview tips:

  1. Do some research!: When you are going through the interview process, research the company, the department and the role itself. If your role involves taking the accountancy exams, research them, explain why you have the “right skill set” for the exams.
  2. Be comfortable talking about yourself: As said by Laura, “They don’t expect you to have five years of work experience.” Be ready to talk about any college societies or clubs you have been involved in and any experience you may have gained while in college. 
  3. Practice: Laura emphasised practising interview questions and developing the “skill of thinking on your feet”. Additionally, Laura said the interview questions are not very technical and are more competency based such as ‘‘Tell me about a moment when…?’”

Advice for Students

Should you start broad or specialise early?

“It depends. It’s a combination of your interest area and the company. Even if it’s a narrow interest area, joining a large company should give you insight into a wider range of projects. You should conduct an in-depth assessment of yourself.”

How do you figure out what works best for you?

“First, research the company. Talk to people. Reach out to people. Open days can really help as well.” She also suggests looking beyond job descriptions: “Find out what they actually do day to day. For example, Audit can be really cyclical—maybe you’re the type of person who really likes a routine.”

Something Laura Wishes She Knew When She Was In College:

“I was a little bit concerned with how it was all going to work out—was I going to like the day-to-day? Would I like my colleagues? I wish I knew how supportive and understanding everyone is. I didn’t need to worry so much!”

She also realized that college exams aren’t the end goal. “The accounting exams are a whole different ball game, and it’s really important to research what works for you.”Laura’s biggest takeaway? “Be prepared, be yourself, and don’t be afraid to reach out to people for insights!”

Coffee Chat with Anoushka Qazi, Management Consulting Senior Analyst at Accenture

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Rhea Singhal 

As part of the Graduate Coffee Chats series in collaboration with Foresight Business Group, TBR Correspondent and Foresight Chief Strategic and Financial Officer Rhea Singhal spoke with Anoushka Qazi, a Management Consulting Senior Analyst at Accenture, to gain insight into life as a graduate in the consulting industry.

Management Consulting Senior Analyst – What Does It Involve?

Accenture, a global professional services leader, helps businesses, governments and organisations streamline operations, integrate digital solutions, and drive large-scale transformations. Anoushka specialises in change management within the consumer products industry, working closely with clients to ensure business transformations happen smoothly and seamlessly.

One of her projects involves a UK-based client undergoing major shifts in supply chain planning, HR and data management. Effective change, she explains, hinges on securing employee buy-in. “You can’t implement change without bringing people on the journey with you,” she says. Her role bridges the gap between strategy and execution—assessing how employees currently work, gauging their openness to change and guiding them through the transition.

She compares her work to persona mapping, stepping into the shoes of employees to understand their needs and concerns. One of her biggest challenges is shifting mindsets, as resistance to change is natural. “I totally understand the resistance to change. It’s about getting people to think about the long-term,” she shares. This highlights a core aspect of change management: overcoming short-term discomfort to achieve lasting improvements.

Finding the Right Fit in Consulting

For graduates entering Accenture, the first year offers exposure to different areas—Financial Services, Software & Platforms, Talent & Organisation, Strategy, Tech Consulting and Chief Financial Officer (CFO) & Enterprise Value (EV). This flexibility allows new hires to explore different areas of interests before specialising.

“I knew I was very people-oriented. I like working with people and the human resources element,” Anoushka explains. Initially, she explored financial services but realized it wasn’t the right fit. Still, she values that experience, as it gave her a broader perspective and an edge in understanding different industries.

 “Even though I didn’t love it, what I learned there still gives me an edge—it’s not time wasted. The one thing common across every industry is dealing with change, and you build skills that transfer everywhere.”

This adaptability is crucial in consulting. Some graduates enter with a fixed idea of their career path, but Anoushka emphasizes the value of starting broad and flexible. 

“The nice and scary thing about consulting is that you start as a generalist. You pave your own way. I studied BESS in college, which was quite broad, so I said, ‘Let me go in as a generalist,’ and two years later, I found my passion for change management.”

Why Consulting?

For Anoushka, the appeal of consulting lies in teamwork and variety. She enjoyed group projects in college, which naturally translated to her work at Accenture. “Consulting is all about teamwork—there are layers of support from analysts to consultants to managers.” The dynamic nature of consulting also keeps things engaging, with new challenges and projects keeping the work fresh.

Her involvement in student groups like ISCG and DUCG helped her pinpoint her passion early on. “Only after working on projects with these societies did I realize I enjoyed it.” This further underscores the importance of extracurricular experiences in shaping career interests.

What I Wish I Knew in College

While many students prioritise academics, Anouskha emphasises the importance of being involved on campus to develop your soft skills.

“The leadership, teamwork, public speaking and time management skills I developed as President of DUCG really stand out in my job today. Don’t underestimate those skills!”

She also highlights the relevance of everyday academic tasks. “Say you’re writing an essay—think about the skills you’re using: critical thinking, simplifying information, getting feedback, rewriting. That’s exactly what you do in consulting.” While technical expertise can be learned on the job, adaptability and communication skills are what truly set candidates apart.

Her advice? Take on opportunities that push you beyond your comfort zone. 

“Any opportunity to step outside your comfort zone—like public speaking—go for it! It will stand to you.”

For students worried about a lack of experience, Anoushka reassures them that it’s not about having the perfect resume. 

“Don’t feel pressured. We know you’re coming straight out of college. Extracurriculars are differentiators! They make your application stand out. Even part-time jobs show skills like time management. Focus on what you learned from your experiences—it’s all about self-awareness.”

The Intern-to-Grad Process

Anoushka transitioned from an intern to a full-time graduate role at Accenture. Following her remote internship during COVID, she underwent a review process that included self-reflection and a discussion with a senior manager before receiving a graduate role offer.

For those applying directly, the process involves:

  1. Online application
  2. Online assessment centre (problem-solving exercises)
  3. Second assessment centre (collaborative tasks)
  4. Final interview with a senior manager – “This is where you show your personal flair and ask questions. It’s more about problem-solving approaches than technical knowledge.”

Work Culture: College 2.0

Accenture fosters a highly social work environment, easing the transition from college to corporate life. “They bring in new grads every few months, so there are always events happening. There are clubs for everyone—book clubs, film clubs and more.” This community-driven culture helps new joiners feel at home.

She also appreciates Accenture’s inclusivity. “I organised Accenture’s first-ever Eid event! I’m passionate about women’s leadership and organizing panels. If you care about something, you can make it happen here.”

Beyond project work, Accenture encourages employees to explore additional interests through “plus ones,” which allow them to work with different teams. “You can tailor your experience based on what interests you.”

Travel is also a major perk. Accenture recently reintroduced a four-day trip to Madrid for global collaboration. Additionally, Anoushka frequently visits the UK for client site visits, reinforcing the firm’s global network.

Advice for Students 

Finally, Anouska concludes the coffee chat by offering the advice below:

  1. Mentorship: Anoushka emphasises the value of mentorship, both in college and at work. She encourages students to seek guidance, even informally. “In Accenture, if I liked a manager I worked with, I’d ask to catch up—even if we weren’t on the same team anymore. You’d be surprised—people genuinely want to help!”
  2. Asking questions: Consulting thrives on curiosity, but Anoushka advises structuring questions thoughtfully. “No question is a stupid question, but don’t rush into it! Take time to reflect and structure your thoughts. If you’re stuck, frame it like: ‘I’ve done this, but I have a question about X.’ That way, it’s clear and productive.”
  3. Put yourself out there:  “The best thing you can do is put yourself out there. Whether it’s public speaking, leadership roles, or networking—every experience will help you in ways you don’t even realize yet.”

For students considering consulting, Anoushka’s journey highlights the importance of adaptability, continuous learning and stepping outside one’s comfort zone.

THIRD PLACE: Domestic Holders vs Foreign Holders of Public Debt. Is Ireland’s Lack of Home Bias an Issue?

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Jessica Weld

Introduction

The term Home Bias can be defined as the tendency for investors to invest the majority of their portfolio in domestic equities, ignoring the benefits of diversifying into foreign equities. In a small island nation bursting at the seams with such immense pride for its achievements and its continuing ability to punch above its weight on the worldwide stage in all aspects of society, be it the arts, sport, entrepreneurial pursuits, and cultural exports it would be assumed that such pride would leak into the investment decisions of Irish residents.

The reality is that domestic holdings of public debt in Ireland have been in decline since 2005. From research published by the European Central Bank in 2021, direct and indirect holdings of government debt by resident households in Ireland have fallen from 19.5% in Q4 2005 to 9.1% in Q4 2015. I intend to explore the possible reasons for and probable issues arising for the Irish state as a result of declining domestic interest in public debt.

The Current Landscape

The Annual Report on Public Debt in Ireland 2023 has observed a national debt of €233bn at year end 2023, amongst the highest debt per capita in the developed world. This can be attributed to the state overcoming large obstacles such as the Covid-19 pandemic in recent years and the long-term devastating effects of the global financial crisis around 2007/2008 and the years of financial collapse and austerity that followed into the early 2010s.

Despite the high amount of debt per capita, Ireland can be glad of its high credit rating of AA with positive outlook from Standard & Poor’s global ratings in November 2024. This marks a low cost of current and future borrowing for the state and is an overall positive indicator of economic health.

However, Ireland’s proportion of domestic interest in its sovereign debt falls short of the Euro area average. In 2020, 49% of Ireland’s debt was held by residents in comparison to the Euro area average of 56.1%. While the Euro area as a collective displays a strong home bias, why does Ireland fall short of its European counterparts?

Attracting Foreign Investment

Ireland in its recent history has been known as a haven for foreign direct investment, mainly through the establishment of the international and European headquarters of many multinational companies in the state over the last thirty years. These companies have been attracted by Ireland’s lucrative low corporate tax rate and an abundance of incentives provided by the state via the Industrial Development Authority. The same effects can be seen from the perspective of non-resident debt holders. As the economic outlook of the state is overwhelmingly positive as seen through high credit ratings and other economic indicators, everybody wants a slice of the Irish pie.

This effect has been encouraged by Ireland’s membership of the European Union. Free-trade and the common currency within the Eurozone has reduced the costs and risk experienced by non- resident European Union holders of Irish public debt. However, this phenomenon shouldn’t be viewed as wholly negative, the higher demand for Ireland’s sovereign debt as a result of EU membership ultimately pushes the state’s cost of borrowing down.

Domestic Confidence in the Government and Economy

The lived experience and confidence a state’s residents has in its government and economy can have a considerable effect on whether they willingly choose to be debt holders for the state. This can be irrespective of factual economic performance and future outlook. In a 2020 survey by University College Dublin, it was found that 45% of Irish respondents said that they think that the government ignores rules and procedures in comparison to only one third of German and Norwegian respondents believing the same about their respective governments.

I believe that the period of austerity following the global financial crisis has contributed to this negative domestic perception of the Irish government and economy. Many residents who were negatively affected by increased unemployment and the burst of the property bubble have been left with a bad taste in their mouth and are less inclined to lend to the state. Despite factual positive information on economic performance and creditworthiness, I believe that low confidence in the government and economy amongst residents has produced a reversed home bias effect on domestic holdings of public debt.

Direct vs Indirect Debt Holdings

It’s important to examine the way through which debt holders hold their debt. This can be through direct means (being a debt holder) or indirect means (having shares in an investment or pension fund which holds debt as part of its assets). Despite having a low proportion of resident debt holders in comparison to Euro area counterparts, Ireland exceeds its competing nations in direct debt holdings.

In Q3 2020, 10% of resident debt holders of Irish public debt held their debt directly, compared to the Euro area average of 2% 2 . This displays a high proportion of domestic debt holders actively and consciously lending to the state compared to residents passively lending through their contribution to investment and pension funds. This is a positive indicator of Irish residents’ willingness to explicitly lend to the state.

Why Encourage Domestic Debt Holding?

It’s crucial to understand why domestic debt holding is so advantageous to the economy and its residents so as to fully understand why Ireland’s lack of home bias can create issues. Put simply, domestic debt-holding is a win-win for the state and its resident debt holders. For debt holders, Ireland’s residents will benefit from the returns on holding public debt as the cost borne by the government to borrow will flow back into the domestic economy rather than benefitting the economies of non-resident debt holders, producing a circular flow of cash within the state.

Furthermore, resident debt holders will be less likely to demand higher costs on their lending to the state as this will directly affect them negatively. Be it through increased taxation or reduced public expenditure as a knock-on effect.

Currency risk is another avenue that should be explored when it comes to non-resident debt holding. In order to be more attractive to non-resident lenders, the Irish state issues some debt, such as the Euro-Commercial Paper Programme in US Dollars, Great British Pounds, and other currencies on request. Fluctuations in value of the issuing currencies against the Euro can cause relative changes in the cost of borrowing for the state which creates an even stronger case for the state to prioritise domestic debt holding in euros.

Conclusion

It is a certainty that the Irish economy is missing out on the wealth of advantages that come with a high proportion of resident debt holders. The state needs to capitalise on its higher-than-average amount of direct debt holders and transform it into a large-scale new wave of financial patriotism by encouraging residents to lend to the state.

Some measures that can be taken include increasing financial literacy amongst the population about the financial instruments available to them to invest their funds which can increase awareness of sovereign debt holding and its win-win advantages for debt holders and the wider economy.

The state could also explore possible tax incentives to encourage domestic debt holding alongside regulatory requirements for pension and investment funds to hold certain amounts of public debt which will increase indirect domestic holdings of public debt.

It’s time for the state to encourage the Irish people to channel their strong Irish pride into their economy for the benefit of themselves and the generations of Ireland’s children to come.

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