Internship reflections

02 Apr 2024 / News

Andrew Chan joined Hardman & Co at the beginning of 2024 to undertake an equity research internship, to provide him with valuable experience to aid his future career aspirations in the financial sector. Having studied law, Andrew wanted to transition into finance, particularly equity research, as he found there to be many similarities with skills he had developed during his degree.

We spoke to Andrew to reflect on his internship to date, focusing on working with the team, skills development and building his network. Over to Andrew… 

Why Hardman & Co?

I have a background in law having studied that for a few years in London, but I am currently transitioning into finance, with a particular interest in equity research.

Despite not having a finance background, I’ve found that there are many similarities between the disciplines – from analytical skills, to in-depth research and the ability to communicate complex ideas in a clear and concise manner. Being equipped with that skillset will hopefully stand me in good stead going forward.

When researching potential businesses to approach regarding an internship, I thought Hardman would be a fantastic environment that fosters this development, especially given the boutique size of the firm, allowing more exposure to certain everyday tasks.

The research nature of the work also really appealed to me. I particularly enjoy that type of work (as shown by my background in law) and believe it’s something I excel at and want to do in the long term.

Hardman & Co possess a wealth of experience with diverse industry backgrounds; their analysts have over 400 years of collective experience. Gaining an insight as to how they work, and why they take certain approaches, is invaluable. In doing so, the internship has also given me the opportunity to build new connections in the finance industry, with various events and dinners that the company have kindly invited me on.

Key responsibilities and tasks

At the beginning I was helping with tasks that were time-sensitive for the company. These have also developed through the course of my internship and regularly need to be updated. For example, I assisted with reaching out to clients regarding the AIC companies list, IR contacts and various companies presenting at investor events. In addition, I updated information on companies’ corporate/financial highlights, market cap, competitor research, share price activity and shareholder activity.

While it started this way, as the internship progressed, I was able to embark on a personal project, by delving into the clothing company Superdry Plc. I had the opportunity to really go into a detailed discussion about the company, complete its financial forecast and report, and finish the internship with some tangible work to be presented further down the line.

I also attended multiple investor meetings alongside shareholders and equity researchers.

Honing my skills: Superdry

It was really interesting to deep-dive into the clothing company Superdry – both in regard to its financial position, and the ongoing strategy to improve performance.

The company has had a history of success but has recently struggled, especially since the impacts of COVID-19, cost of living crisis and strategic missteps.

By writing a report on the company I was able to research their history, peak and underperforming periods as well as outlook for what lies ahead.

Having only been exposed to financial modelling briefly, the internship gave me a great opportunity to practice these skills, ask questions and learn from the specialist analysts in the field. I was also encouraged to analyse companies from a macro level, from external factors that influence shareholder points of view, to notable differences between stewardship and ownership.

Getting the most out of an internship

Fortunately, I’ve undertaken internships prior to this, which helped me adapt to the current role at Hardman. On an interpersonal level, I was able to talk to most if not all the of the employees and build connections that way – whether it be through a task or through general conversation.

In terms of my financial skillset, I had the opportunity to put what knowledge I had to the test, by forecasting Superdry’s performance over the next few years as well as acknowledging its prior history.

On a different note, I definitely didn’t expect to help with preparations for Hardman’s podcast project! It was a hugely insightful experience – from getting to know Hardman’s offerings to ‘what makes a successful podcast’ in the research space.

The most valuable lesson

I would say the financial skills that I learned by carrying out a project independently. I learnt so much by carrying out the task, as well as from the vastly experienced professionals at Hardman.

Another valuable lesson would be learning how a relatively small company operates – from the internal structure within the company, all the way to client interaction and task distribution.

Engaging with the Hardman & Co team and building my network

Kirsty Macrae and Stephen Samuel have especially helped support me throughout my time to ensure that my daily work was tailored to what I wanted to get out of the internship.

The wider Hardman team have also been extremely welcoming from the very start. Richard Angus invited me for lunch to get to know my background, as well as contextualise the financial landscape, and Keith Hiscock took me on a tour around the City and explained its history and transition from centuries ago. Ying was also a great analyst to learn from and ask questions of when it came to my project on Superdry.

I really appreciated everyone going out of their way and taking the time to show me more about the industry I hope to spend many years in.

During my internship, I was kindly invited to an Investors’ Circle dinner alongside the Hardman team, where I was able to listen as well as speak to professionals who had decades of experience in the financial world. It was a great opportunity to build my own network.

I was also encouraged to attend investor events that are held daily, covering investor presentations, to interim and full year results. By doing so, I started to get to grips with the structure, content and questions, making the transition into equity research that bit easier having been exposed to it already.

Experience for my future career

The internship has given me an insight into the day-to-day workings of an equity research company, whilst also equipping me with specific tools to implement in my future career – whether that be within equity research itself, or another financial role in the industry.

My advice to others embarking on an internship is to be open to taking on a variety of tasks. That way, you can learn the different facets to the company, as well as getting to know the rest of the team!


Thank you Andrew, for sharing your experiences and for the work you put into all the projects you contributed to during your internship.


Andrew Chan has had a diverse and distinguished education, with a Distinction across the GDL, LPC and MSc from The University of Law, coupled with a BA from King’s College London. He has also gained an array of experiences spanning equity research, cybersecurity, and fintech, bringing a dynamic skill set to the table.

Alongside his academic achievements, he is equipped with a range of certifications, has volunteered as a legal adviser, and led a globally ranked team in an investment challenge. Andrew’s proactive approach extends to coaching football and maintaining a successful investment portfolio, reflecting his dedication and versatility.