Home>Agathe Madeline, class of 2019
11.05.2021
Agathe Madeline, class of 2019
Can you describe your academic and professional background?
>I started Sciences Po in 2013. After two years at the Menton campus specializing in the Middle East and the Mediterranean area, I took off for a year-long exchange at the American University of Beirut, in Lebanon. During this third year, I also worked for an NGO fighting corruption within Lebanese public institutions. I then joined Sciences Po’s Master in Public Policy, with a specialization in Markets and Regulation*. I had the opportunity to carry out several internships in the French administration, in the private sector and at the cabinet office of the Minister for Economy and Finance that convinced me to pursue a career in the economic field.
I joined the Banque de France in February 2020 as a financial market analyst... a month before the beginning of the financial panic triggered by the health crisis. My first job started off with a bang! I then moved to the position of monetary policy portfolio manager, in the context of the launch of the Pandemic Emergency Purchase Program, the emergency monetary policy program launched by the European Central Bank. I am now specialized in the public debt market.
WHAT WERE THE MAIN STAGES IN THE CONSTRUCTION OF YOUR PROFESSIONAL PROJECT?
When I started Sciences Po, I didn't have a specific career plan. I was curious to discover a new geographical area by joining the Menton campus and I had a rough idea to work in the field of economic development. These first years were essential to my intellectual construction: I was immersed in a melting pot of cultures and ideas, I learned to listen to others and to keep an open mind. It was in Lebanon that I understood how public policy decisions could have a concrete impact on the daily life of the population. In Lebanon, the state is weak and the social fabric is held together by the strength of the ties between individuals and communities. Following this experience, I wanted to understand my country’s institutional system: why do some systems work better than others? What are the essential factors for policies to benefit citizens?
This is how I joined the Master in Public Policy at the School of Public Affairs. I quickly turned to the field of economics, a discipline that seemed to provide the best tools to analyze the power relationships within a society and to act for a fair distribution of resources. The internships I carried out during my master gave me hands-on experience in public policy. At the trade policy bureau of the Ministry of Economy and Finance, I learned how to build a public policy by defending the interests of French companies in the Brexit negotiations. I was then exposed to the systemic nature of a banking institution after six months at the Institutional Affairs Department of BNP Paribas. Finally, I did my end-of-study internship at the cabinet office of the Minister of Economy and Finance, where I grasped the determinants of political decision-making.
These first experiences helped me to define my professional project: I wanted to have a more quantitative approach to economics, which was lacking in my training. International exposure was also important to me. This is why I chose to join the Banque de France, which offers operational positions while contributing to missions essential to economic and financial stability. Being part of the Eurosystem with the European Central Bank and the other national central banks of the Eurozone, the Banque de France is also one of the French institutions which is the most open to Europe and the world. It also works closely with international economic and financial institutions (IMF, G20/G7, BIS).
WHAT WAS THE RECRUITMENT PROCESS AT THE BANQUE DE FRANCE?
There are two ways to join the Banque de France: by competitive examination (the French concours administratifs) or by contract. These parallels recruitment channels allow the recruitment of complementary profiles: generalists, such as those trained at Sciences Po, and specialists (e.g. in data, financial law, financial economics, IT, audit…). I took the competitive examination which consists of a written eligibility test followed by an interview. Once admitted, candidates join a position related to one of the three main missions of the Banque de France: monetary strategy, financial stability and service to the economy.
Following this recruitment process, I joined the department in charge of the implementation of asset purchase programs within the framework of the monetary policy conducted by the ECB. The department manages the programs for France from the trading room of the Banque de France: the Asset Purchase Program and the Pandemic Emergency Purchase Program launched in March 2020. I specialize in public debt: I buy on the secondary market bonds issued by the French Debt Management Office (Agence France Trésor), by French agencies and by European supranational entities (e.g. the bonds financing the European SURE fund and soon the NextGenerationEU program). I also contribute to the definition of the Eurosystem's monetary strategy. It is an exciting job, in daily contact with the ECB, the other national central banks of the Eurosystem, and the main commercial banks with which we negotiate market operations every day. Beyond the technical aspect, which requires great rigor and the ability to handle numerical data, the job also has an important political dimension, as the ECB's decisions are scrutinized by the markets.
WHAT CONTRIBUTIONS DID YOUR TRAINING AT THE SCHOOL OF PUBLIC AFFAIRS MAKE TO THE POSITION YOU HOLD TODAY?
The School of Public Affairs gave me the keys to understand public action and become a full-fledged player in it, thus giving a concrete form to the idea of "contributing to economic development" that I had starting Sciences Po. The program provides a solid theoretical foundation to understand the major issues of public policy, while allowing you to step into the professional world very early on.
I strongly recommend taking modules in public law, economics, political philosophy and European issues, which form the backbone of the School, and to specialize through the selection of your electives and internships. The ability to handle legal concepts while drawing on economic theory allows me to keep a critical eye on the monetary policy of the Eurozone, whether it is the Karlsruhe Court decision on the ECB's purchase programs, the greening of monetary policy or the debate surrounding the cancellation of debts held by central banks. From a more pragmatic point of view, my current position requires a basic training in finance that the School of Public Affairs does not offer. However, by using economic concepts (and a minimum of financial mathematics and Excel!), I was rapidly able to understand the construction of the French debt rate curve or the formation of a financial asset price.
The master also offers modules taught by practitioners, organizes meetings with alumni and encourages professional experiences (internships, apprenticeships, group projects...). This professionalization aspect allowed me to join the Banque de France mastering the codes of the workplace, and more important, the codes of the public sector - which can seem rather mysterious to anyone who has never worked with the French administration!
WOULD YOU HAVE ANY ADVICE TO GIVE TO A STUDENT WHO WANTS TO GO INTO THE FINANCIAL MARKETS?
I often talk to students - especially female students - who are interested in economics but worry that they lack quantitative training. It is never too late to learn, including market finance and monetary mechanics. My advice: do not censor yourself, speak to alumni, professors and people working in the sector of your interest. In a nutshell: dare!
* The Markets and Regulation policy stream no longer exists but the issues and topics covered in this stream have been maintained and are offered in the other streams of the School of Public Affairs and/or as elective courses.
