Summer Intern - Quantitative Risk Management
About The Position
The Options Clearing Corporation (OCC) is seeking interns for its Summer Internship Program, a 12-week opportunity running from May through August or June through September. This program is open to undergraduate and graduate students actively enrolled in a college or university. Interns will work up to 40 hours per week in a hybrid work environment, with overtime not permitted. The Quantitative Risk Management (QRM) team builds and maintains quantitative risk models for margin, clearing fund sizing, and stress testing, utilizing financial mathematics and statistical modeling techniques. Interns will contribute to the development, testing, monitoring, and improvement of these models under the guidance of QRM team members. This role is not eligible for visa sponsorship.
Requirements
- Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.
- Master's or PHD in Financial Mathematics, Financial Engineering, Statistics, Applied Mathematics, Finance, Economics
- Strong foundation in financial mathematics: derivatives pricing models, stochastic calculus, probability theory, and statistics
- Working knowledge of linear algebra and numerical methods used in model implementation
- Familiarity with econometrics and quantitative risk management concepts (VaR, margin methodologies, stress testing frameworks)
- Programming proficiency in Python (or similar language) for data analysis and model development in a collaborative codebase
- Solid understanding of financial markets and derivatives products (equity options, futures, options on futures)
- Proficiency with Excel, PowerPoint, and Word for analysis and presentation of findings.
- Strong analytical and problem-solving skills
- Effective written and verbal communication skills, with the ability to translate technical model findings for both quantitative and non-quantitative stakeholders
- Comfort working in a collaborative, cross-functional environment with quants, business users, data/technology staff, and model validation teams
- Demonstrated initiative and curiosity.
Nice To Haves
- Exposure to machine learning or advanced data analysis techniques a plus
- CFA and/or FRM coursework or progress toward certification preferred but not required
Responsibilities
- Testing the assumptions, parameters, and modeling choices of the stress testing model components that determine Clearing Fund sizing
- Proposing sensitivity metrics for testing these assumptions and parameters
- Exploring alternative or more academically advanced methodologies that improve the performance of various model components, such as those governing equity price and volatility behavior
- Streamlining the team's research Python code library to support model development and testing
Benefits
- Paid sick leave accrued based on hours worked
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What This Job Offers
Job Type
Full-time
Career Level
Intern
