Summer Intern - Quantitative Risk Management
About The Position
The Options Clearing Corporation (OCC) is seeking a Summer Intern for Quantitative Risk Management. This 12-week seasonal internship, running during the summer of 2027, is designed for undergraduate and graduate students actively enrolled in college or university. The intern will contribute to the development, testing, monitoring, and improvement of quantitative risk models used for margin, clearing fund sizing, and stress testing, under the guidance of QRM team members. The role operates under a hybrid work program, requiring at least 3 days per week in the OCC office, with Tuesdays and Wednesdays as anchor days. Interns work up to 40 hours per week, and overtime is not permitted. This position 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, or 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.
- CFA and/or FRM coursework or progress toward certification preferred but not required.
Responsibilities
- Contribute to the development, testing, monitoring, and improvement of quantitative risk models.
- Test the assumptions, parameters, and modeling choices of stress testing model components that determine Clearing Fund sizing.
- Propose sensitivity metrics for testing these assumptions and parameters.
- Explore alternative or more academically advanced methodologies that improve the performance of various model components, such as those governing equity price and volatility behavior.
- Streamline the team's research Python code library to support model development and testing.
Benefits
- Paid sick leave accrued based on hours worked.
- Discretionary bonus (based on company and individual performance).
- Substantial benefits package (as noted on www.theocc.com/careers).
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What This Job Offers
Job Type
Full-time
Career Level
Intern
