State Street - Model Risk Management - Quantitative Analyst Summer Internship 2026
About The Position
State Street’s Model Risk Management (MRM) function is seeking a Quantitative Analyst to join its Model Validation team based in Boston, MA. The Quantitative Analyst Intern will participate in model validation to ensure model risks are correctly identified, assessed, and managed. MRM’s validation work is focused on models used to make business and operating decisions in the general areas of credit risk, market risk, securities finance, asset management, stress testing, etc. The work of Quantitative Analyst Intern will be guided by Senior Quantitative Analysts who lead model reviews. Specific tasks performed during model reviews include but are not limited to: Assessing model theory and assumptions as well as considering alternative modeling methods and approaches Testing and confirming model results by using documented procedures for running models Assessing computational accuracy by reviewing code documentation for proper model implementation, including the possible simulation of results Review and assess model changes and conduct targeted validation on significant model changes Assessing the integrity of data inputs Assessing the stability and robustness of models by conducting backtesting, sensitivity testing, and stress testing
Requirements
- Working towards Bachelor’s degree in Statistics, Data Science, Finance, Economics, Financial Engineering, Mathematics, or other quantitative disciplines.
- Strong analytical, quantitative modeling, and research skills.
- Programming experience preferred: Python, R, SQL, MATLAB, VBA, or similar.
- Excellent written and verbal communication skills.
- Knowledge of financial markets and products.
Nice To Haves
- Exposure to model development or model validation through coursework or prior internship experience is preferred.
Responsibilities
- Assessing model theory and assumptions as well as considering alternative modeling methods and approaches
- Testing and confirming model results by using documented procedures for running models
- Assessing computational accuracy by reviewing code documentation for proper model implementation, including the possible simulation of results
- Review and assess model changes and conduct targeted validation on significant model changes
- Assessing the integrity of data inputs
- Assessing the stability and robustness of models by conducting backtesting, sensitivity testing, and stress testing
Benefits
- Employees are eligible to participate in State Street’s comprehensive benefits program, which includes: our retirement savings plan (401K) with company match; insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages; paid-time off including vacation, sick leave, short term disability, and family care responsibilities; access to our Employee Assistance Program; incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans.
- For a full overview, visit https://hrportal.ehr.com/statestreet/Home.
- inclusive development opportunities
- flexible work-life support
- paid volunteer days
- vibrant employee networks
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What This Job Offers
Job Type
Full-time
Career Level
Intern
