Bank intern struggles with financial language


Having studied journalism, media, and communication and later majoring in communication, applying for training or an internship at a financial institution like a bank felt like a hard decision. One would ask oneself, “What would I do there?” 

Some of the common skill sets one is required to have at a financial institution include numerical and analytical skills. My journey has not been the smoothest, diving headfirst into a world where annual percentage rate (APR) and return on investment (ROI) are basic language terms. 

ChatGPT explains APR asa standardized way of expressing the interest rate on loans or credit cards over a one-year period. The APR includes not only the interest rate charged by the lender but also any additional fees or charges associated with the loan, such as origination fees or annual fees for credit cards. This allows borrowers to compare the cost of borrowing across different lenders and loan products more accurately. The APR represents the total cost of borrowing expressed as a percentage of the loan amount, making it a useful tool for consumers to understand the true cost of credit.”

ROI is explained asa measure used to evaluate the profitability or efficiency of an investment relative to its cost. It is calculated by dividing the net profit or gain generated by the investment by the initial investment cost and expressing the result as a percentage.” These and other terms intimidated me.

 Although these might look like very different things, a financial institution is just like any other organization that needs to have recognition in the media and communication space, hence the need for media people and activity. Financial jargon can be like a foreign language; honestly, it’s okay to feel overwhelmed at first as a communication or journalism student.

I was lucky to have people on my side that were willing to help, professionals that would guide you through the complicated terms and operations, in spite of banks being busy operations. I don’t think I have met people who work quite like this. There’s always something to do, and having a few check-in meetings with them made me do some self-realization. All these interventions made me embark on my journey to do better for myself. Imagine still learning to change shillings to dollars as quick math.

With time, I got over the fear or feeling of not doing or knowing enough and just tried to prove myself. From working in communications, the possibility of being with Investments has excited me too much. The time I have had at the Uganda Development Bank is a gratifying experience, and I’ve been taught everything from customer care to corporate communication to little banking. 

I thank the Uganda Development Bank Team for allowing me to intern with them; always letting young people pursue their interests, and most importantly, being able to lend a hand, is a golden opportunity.