Summer interns complete ten-week programme

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A dozen of Bermuda’s best and brightest university students have just completed what has become known as one of the Island’s most prestigious internship programmes.

The Summer Internship Programme (SIP) developed by Ace, HSBC and Deloitte wrapped up yesterday with the students presenting the results of their community service projects to a packed room at the Ace Bermuda Building.

Now in it’s tenth year, the ten-week, paid internship gives students the opportunity to rotate between the three firms, gaining real-life work experience at three global giants in the insurance, banking and accounting sectors.

Rees Fletcher, division president of Ace Bermuda said ten years later, SIP is delivering on its intended mission to identify and develop outstanding talent and provide opportunities for continuous learning.

“The purpose of the programme is to attract Bermuda’s best students and expose them to different facets of international business in our economy,” Mr Fletcher said. “We have strived to thoroughly prepare students for a career in business.”

Getting a first-hand glimpse into the world or re/insurance at Ace, the students were put to work on a case study to determine whether or not to insure a particular company — helping them to understand what underwriters look at when they assess risk.

At HSBC, they tackled two projects focused on social media and mobile banking. And at Deloitte, the group took on projects related to investment fraud and completed a mock audit.

For the fourth project, the interns split into two teams of six and worked as a team to benefit two local charities.

One team, assigned to the Bermuda Hospitals Charitable Trust, worked to design and implement a youth component to the organisation’s Island-wide fundraising campaign called “Why It Matters”.

The other team worked to develop a strategic marketing plan for Hilary’s Place, a charity that provides resources and respite for family caregivers.

“One of the most important parts of the programme is the community service project,” Mr Fletcher said. “It requires the students to give back to our community by providing valuable researched business recommendations to a community organisation.”

Sarah Russo, one of nine young women and three young men chosen to take part in this year’s internship programme said it’s been an experience that has no doubt shaped the future of her professional life.

“It’s really been a whirlwind, I’m just so grateful I was able to partake in it. I think it’s been such a valuable learning experience,” she said. “I’ve gotten to learn so much about myself as well as about how companies like Ace, HSBC and Deloitte operate and I really got a feel for Bermuda’s international business sector.”

The senior at St John’s University in New York said that while she’s studying insurance and risk management in school, the practical experience she gained working on the case study at Ace really brought it home for her.

“It’s what I study in school, so I was familiar with the terms and the concepts, but having it presented to me and having to investigate it through the project — that just put a whole other spin on it and it made me realise, OK, this actually happens, it’s not just in a textbook. It was really relevant to me and put a new perspective on it.”

Since its inception, 122 students have participated in SIP. Currently, four of the programme’s alumni are employed at Ace, seven at HSBC, and four at Deloitte.

Greg Martin, who participated in SIP five years ago, now works for TEKsystems, an IT headhunting and recruitment firm in Toronto.

While he’s not currently working in insurance, banking or accounting, Mr Martin said he doesn’t rule out a future in re/insurance. He also said SIP provides experience that’s valuable no matter what field students end up in.

“SIP, now, I think it’s fair to say, is the most recognised internship in Bermuda,” he said. “If you’re looking to get into international business, whichever field, it allows you to understand what career path is right for you. There are a lot of fundamentals the programme teaches, but ultimately, it helps you decide which career path you want to go down.”

Beyond benefiting from the practical experience, Mr Martin said SIP helps students realise the value of networking.

“You’re exposed to not only the different business sectors, but you’re meeting and learning from the leaders within those sectors. You’re really given an opportunity to shine — you’re in the spotlight so it’s really up to each intern to make the most of it,” he said.

Ms Russo said three of the biggest takeaways for her were gaining a clearer understanding of the day-to day experience, making some great contacts and developing her presentation and communication skills.

“It’s so hard to pinpoint a certain aspect that was most beneficial,” she said. “But I would say gaining a better understanding of presentation skills, learning how to present because I’m going to be doing that my whole life. Learning how to talk to people, how to convey information, and explain ideas is key and has been really beneficial.

“SIP just opens so many doors. The networking is priceless — the amount of people you meet and the number of connections you make is really outstanding and I feel like since I’ve done SIP, I’ve expanded my personal network.”

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