Quantitative Analyst Intern (Contractual)

State of Maryland • Baltimore City, MD

1d • Hybrid

About The Position

The Maryland State Retirement Agency’s Investment Division is hiring five interns for its Quantitative Analyst Internship Program. Interns will apply classroom knowledge in a large-scale institutional investment organization and contribute to quantitative research, data engineering, machine learning, and artificial intelligence initiatives supporting investment research and decision-making. They will work with investment professionals managing approximately $82 billion in assets, as of June 30, 2026, and gain experience with financial and data analytics platforms, quantitative modeling, and programming.

The internship is expected to run for about a year from hiring, with flexible start dates. It is part-time and follows a hybrid model requiring both in-person and virtual presence. The position is based at 120 East Baltimore Street in Baltimore, Maryland.

Interns will help build and maintain data, analytics, and ML/AI infrastructure; automated data pipelines and quality controls; and feature libraries spanning macroeconomic, cross-asset, equity, and risk domains. They will apply statistical, machine-learning, and AI methods to research predictive relationships and alpha signals, study market and economic dynamics, develop forecasting frameworks, assess model performance, and communicate findings relevant to portfolio construction, risk management, and asset allocation. Applicants must submit a resume, their most recent transcript (official or unofficial), and a cover letter. Selected candidates must pass a background check.

Requirements

• At the start of the internship, be enrolled as a junior or senior in a four-year college or university, or as a graduate student who has completed at least one semester of graduate-level studies.
• Be studying a quantitative field such as Mathematics, Statistics, Computer Science, Data Science, Physics, Engineering, Economics, or Finance.
• Demonstrate strong independent programming skills.
• Guide, review, optimize, and thoroughly validate AI-generated code for accuracy, robustness, and suitability for investment applications.
• Submit a resume, most recent transcript (official or unofficial), and cover letter with the application.
• Pass a background check if selected.

Nice To Haves

• Ability to learn and understand macroeconomics, equities, fixed income, foreign exchange, commodities, and financial instruments.
• Experience applying modern AI methods to information gathering, processing, forecasting, alpha generation, portfolio construction, and investment decision-making.
• Ability to integrate quantitative research and financial-market knowledge to develop innovative investment capabilities.
• Ability to explain complex technical concepts clearly to colleagues with different professional and technical backgrounds.
• Expertise in one or more relevant core areas, willingness to learn and contribute to adjacent disciplines, and ability to collaborate across investment, technology, risk, legal, compliance, and operational teams.

Responsibilities

• Build and continuously enhance data, analytics, and ML/AI infrastructure supporting quantitative research, signal generation, portfolio construction, and investment decision-making.
• Implement scalable tools and workflows to improve research efficiency, reproducibility, and operational robustness.
• Work with investment, technology, and operations teams to translate research requirements into production-ready capabilities and infrastructure.
• Design, develop, and maintain automated data ingestion and processing pipelines.
• Design, develop, and maintain data quality controls to ensure the accuracy, timeliness, and integrity of research and production environments.
• Keep current with developments in machine learning, artificial intelligence, and quantitative methodologies and evaluate their applicability to investment research and portfolio management.
• Apply advanced statistical, machine-learning, and AI techniques to macroeconomic, cross-asset, equity, and risk datasets to identify predictive relationships and generate alpha signals.
• Research and model macroeconomic trends, market regimes, asset-class returns, and risk dynamics to support forecasting and investment decisions.
• Assist in developing and enhancing systematic forecasting frameworks for economic conditions, market environments, and asset-price movements across global markets.
• Evaluate model performance and refine methodologies to improve predictive accuracy, robustness, and risk-adjusted investment outcomes.
• Translate research findings into actionable insights supporting portfolio construction, risk management, and dynamic asset allocation.
• Work on other projects as assigned.

Benefits

• Medical coverage
• Dental coverage
• Prescription coverage
• Generous paid leave
• Participation in the state pension system
• Supplemental retirement savings options, including 401(k) and 457(b)
• On-site fitness center with showers and lockers
• 24/7 building security
• Modern amenities including renovated common areas, upgraded elevators, and an on-site café

What This Job Offers

• Job Type: Part-time
• Career Level: Intern