By William Fitzmaurice (MSc Behavioural Economics and Data Science)
I worked on the Python Programming Module internship project in 2022 with Dr Andrea Calef during the spring semester of my MSc in Behavioural Economics and Data Science. The internship initially appealed to me as it allowed me to build on the programming skills learned during the Python programming module in the autumn semester but also exposed me to the field of time series analysis which was extracurricular to my MSc and subsequently widening my skill set. Additionally, the project allowed me to experience working alongside academic staff rather than in a teacher-student role and enabled insight into the production of teaching material for students, making it useful experience for those wishing to progress further in academia.
Under the supervision of Dr Calef, I was tasked with producing code in Python to enable the testing of Purchasing Power Parity (PPP) theory using macroeconomic data for various countries. This involved identification, scraping, cleaning, and reshaping of data into a panel data set suitable for time series analysis. Once complete, code was written for the PPP validity testing, being tested for stationarity and cointegration using the Augmented Dickey Fuller and Engle-Granger tests respectively. The code was accompanied by a lecture slide explaining the construction of the dataset and the testing, outlining programming techniques and functions used that students may find useful. The aim of the project was to produce instructive material that students could follow either in person or remotely to write the code for the experiment and carry out testing themselves.
I found the internship to be a fantastic opportunity to build and develop Python programming skills, particularly for someone who had only learned to code 4 months earlier. Producing code to a brief allowed me to practice what I had already been taught in my modules and experiment with new libraries and techniques. Alongside the coding, the introduction to time series analysis complimented my MSc by expanding my understanding of applied econometrics. Additionally, it also allowed me to learn how to typeset in LaTeX, a useful and powerful tool for creating documents and presentations. Taking this internship also influenced the theme of my dissertation, with the techniques learned during it being invaluable in conducting my experiments. Finally, the experience of working alongside Dr Calef in this internship role greatly contributed to securing a job as a Teaching and Research assistant in Finance at Imperial College Business School.
The opportunity to put what is taught in the classroom into practice in a professional context, combined with the additional insights and access to the academics within the School of Economics makes the internships very attractive to students wishing to enhance their employability prospects. It facilitated the development of both hard practical skills and soft collaboration and communication skills that will serve students well on the job market following the completion of their degree.