Summer Student Profiles 2010/2011

The following students completed internships at the Reserve Bank of New Zealand (RBNZ) between November 2010 and February 2011. Read their profiles below to find out more about what to expect when participating in an internship at the RBNZ.

Jesse Unger – Economics Department

"Why I chose to apply for a RBNZ internship"

I started studying Mathematics and Physics at Canterbury University before being convinced that studying Economics would be more relevant to the world. Three years into my Mathematics and Economics degree the opportunity came up to apply for a summer internship. There were many to choose from but the reputation of the RBNZ stood out from the rest. After hearing the experiences of previous summer interns it was clear that the Bank would be a good choice. Three years later and I’ve had the opportunity to use what I’ve learned in an institution that has a direct impact on everyday New Zealanders. It’s really rewarding.

"What I did as a Summer Student"

I was stationed in the Research team with a project that looked into Exchange Rates, their movements, and ways to interpret the data. Another project involved creating a program that automatically extracted data and processed it into relevant graphs and documents without the need for user input. Although I had little programming experience before my time at the Bank, I was given the opportunity to learn as I worked; a challenging and enjoyable task.

The culture here is very social and everyone is very friendly and helpful. It was nice to develop new friendships and strengthen old ones.

"Why I would recommend the internship to others"

I really enjoyed my time at the Bank. The work takes you just far enough out of your comfort zone that you learn but not so far that it becomes impossible. And there are many people around that are keen to help.

Working at the Bank gives you knowledge and practical skills that you will never be able to learn in a lecture theatre. It is a summer well spent and an experience that you will not forget.

Raiko Shareef – Prudential Supervision Department

"Why I chose to apply for a RBNZ internship"

I had a Bachelor of Commerce and Administration at Victoria, majoring in Economics, Finance and Commercial Law. In 2011, I’m doing Honours in Economics. Why wouldn’t I choose the Bank? Its three policy departments help safeguard and nurture New Zealand’s economy. To be part of that team is a worthy goal for any analytically-minded grad.

"What I did as a Summer Student"

Officially, I was working on a report relating to crisis management for the Banking Oversight team in the Prudential Supervision Department. The report examines the recapitalisation aspect of bank bailouts during the recent financial crisis, and how that might apply to New Zealand.

Unofficially, I spent some of my time wandering around. Don’t worry, this is encouraged. My manager would be furious if I was at my desk all day. Part of being a summer student is to experience the Bank, and you really can’t do that in front of the computer. I religiously attended the Morning Markets Report in the Financial Markets Department, an informal sort of affair where you learn what’s happened in world and local markets over the previous day. I also tried to attend as many of the lectures from visiting academics and experts as I could, mostly organized by the Economics Department but you also receive invitations from Treasury, the Commerce Commission and Victoria University.

I was also lucky enough to be at the Bank when an RBNZ/Australian National University-organised conference was held. It’s not often you get to meet the people who write papers and textbooks you study at university!

"Why I would recommend the internship to others"

When I first arrived, someone told me that when it comes to work, the Bank values output over input. So as long as you complete your work to the requisite standard by the deadline, you have the flexibility to do a variety of other activities. This may include: attending lectures, playing lunchtime sport, or just asking people what they’re working on or whether they can help you out, because you know they’re always happy to have a chat. In short, it’s a fantastic culture to work in and as a bonus, you interact daily with some of the smartest people in the country.

Melissa Siegel – Financial Markets Department

"Why I chose to apply for a RBNZ internship"

I studied economics at school and we went on a field trip to the Bank, which is when I decided I wanted to one day end up there. I always enjoyed the subject in a classroom setting, but it was nice to see how it applied in the real world. Since then I always wanted to study economics at university and decided to major in sociology as well, as it seemed like a nice complement.  It wasn’t until my second year of university that I heard about the Bank internship, but I knew that I had to apply. After my summer at the Bank, I am doing honours in economics and then will hopefully one day return to the Bank as a graduate!

"What I did as a Summer Student"

I was working in the Stability Analysis team in the Financial Markets Department. At first I was unsure why I ended up in the Financial Markets Department without a finance degree and I was quite nervous in the beginning, but it was really fun and I learned a lot along the way. My main project was to review the international literature surrounding systemically important financial institutions and systemic risk. I held a small discussion group summarising what I have read and I wrote an in-depth final report. I also worked on a small but related side project  which looked at interbank payments. I had the opportunity to a few presentations and seminars held by the Bank which have all been really interesting and have broadened my understanding of the global economy.

"Why I would recommend the internship to others"

Being at the bank over summer is great because you get to go to several Christmas functions! Everyone here has been friendly, so I’ve made a lot of new friends (both interns and other people at the Bank) and a group of us often go out for drinks and dinner on Fridays. It’s a great environment to be an intern in, because people will go out of their way to make sure that you understand what’s going on. As one of the few internships available for economics students (compared to what’s on offer for accounting students), it’s definitely an opportunity that you should take advantage of.