Thank you for your feedback. We regret to hear that there has been a misunderstanding regarding our internship program and the associated requirements.
The £399 mentioned in our communication is not a payment to Stratify nor a legal fee. This amount refers to the balance required in your brokerage account. This balance is essential during the Sales and Trading cycle taught under the guidance of Citi and the Quantitative Research cycle taught under the guidance of JP Morgan Chase & Co. Having a live brokerage account with a live data feed is crucial for learning in real-life scenarios. It allows interns to hedge risk, analyse and execute trades, create pitch decks, and implement fundamental analysis, such as FOMC meeting reports, into practical trades.
Additionally, the Quantitative Research cycle requires a live brokerage account to extract data for building credit risk analysis, FICO scores, and creating commodity storage contracts. Access to the API data feed, which requires a minimum balance of $500 (equivalent to £399 at today's rate), is necessary for these tasks. Importantly, this balance remains in your control and can be withdrawn once these two stages are complete. The remaining Mergers and Acquisitions and Asset Management stages do not require a brokerage account for their practical learning components.
We understand how this could be confusing and apologise for any misunderstanding. We aim to provide a comprehensive and practical learning experience, and your feedback is invaluable for us to improve our communication.