Summer Intern - Quantitative Risk Management at OCC in Chicago - 125 S Franklin

Job description

• OCC is looking for interns who are eager to learn, humble enough to ask questions, and ready to think critically about complex problems. The OCC Internship Program equips students with the real-world skills needed to transition successfully into a career in financial services. As an intern, you will contribute to meaningful projects, applying your skills and knowledge to real challenges facing the business. Your time with us is a real opportunity to make a genuine impact on the future of OCC!
• OCC's Summer Internship Program is a 12-week opportunity running either May through August or June through September, and is open to undergraduate and graduate students who are actively enrolled at a college or university. Interns work up to 40 hours per week in a hybrid work environment, and overtime is not permitted.
• QRM's core function is the development, validation, and ongoing maintenance of risk models used for margin, clearing fund, and stress testing at OCC — the world's largest equity derivatives clearing organization. The team's work spans model specification, performance monitoring, and analysis of model behavior against realized market outcomes. The intern will contribute directly to this function, working alongside quantitative analysts to support ongoing model development and monitoring efforts — gaining exposure to how risk models are evaluated, challenged, and maintained in a live central counterparty clearing environment.

Responsibilities

• Assist in the model specification development and impact analysis.
• Work on PNL decomposition and backtesting exceedance attribution analysis.
• Work on model performance monitoring enhancements.
• Support other BAU or / and R&D research projects such as supporting model annual validation, model performance monitoring, and parameter and assumption review.

Requirements

• Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.
• Desired Majors
• Financial Mathematics, Financial Engineering, Statistics, Applied Mathematics, Finance, Economics
• Technical Skills/Experience Desired
• Financial mathematics (derivatives pricing models, stochastic calculus, statistics and probability theory, advanced linear algebra).
• Econometrics, data analysis and machine learning techniques. Risk management Models.
• Financial products knowledge: good understanding of markets and financial derivatives.
• Basic programing skills: able to read and/or write code using a programming language (e.g., Python) in a collaborative software development setting.
• Problem-solving skills: be able to identify a problem's possible source, conduct study and provide reasoning in estimating severity and impact.
• Experience in office technology such as PowerPoint, Word, and Excel.
• CFA, FRM are not required but preferred

Skills

Required

• Risk management models

Preferred

• CFA, FRM

Benefits

• A highly collaborative and supportive environment developed to encourage work-life balance and employee wellness. Some of these components include:
• A hybrid work environment, up to 2 days per week of remote work
• Tuition Reimbursement to support your continued education
• Student Loan Repayment Assistance
• Technology Stipend allowing you to use the device of your choice to connect to our network while working remotely
• Generous PTO and Parental leave
• Competitive health benefits including medical, dental and vision
• Read More
• A highly collaborative and supportive environment developed to encourage work-life balance and employee wellness. Some of these components include:
• A hybrid work environment, up to 2 days per week of remote work
• Tuition Reimbursement to support your continued education
• Student Loan Repayment Assistance
• Technology Stipend allowing you to use the device of your choice to connect to our network while working remotely
• Generous PTO and Parental leave
• 401k Employer Match
• Competitive health benefits including medical, dental and vision
• Visit https://www.theocc.com/careers/thriving-together for more information.
• Read More
• The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education.
• In addition, we believe in the importance of pay equity and consider internal equity of our current team members as part of any final offer.
• We typically do not hire at the maximum of the range in order to allow for future and continued salary growth. We also offer a substantial benefits package as noted on www.theocc.com/careers
• All employees may be eligible for a discretionary bonus. Discretionary bonuses are based on various factors, including, but not limited to, company and individual performance and are not guaranteed.
• $25.00 - $25.00
• Incentive Range
• This position is eligible for an annual discretionary incentive compensation award, for which the target range is listed above (see Incentive Range). The amount of such award, if any, will be based on various factors, including without limitation, both individual and company performance.
• The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education.
• In addition, we believe in the importance of pay equity and consider internal equity of our current team members as part of any final offer.
• We typically do not hire at the maximum of the range in order to allow for future and continued salary growth. We also offer a substantial benefits package as noted on www.theocc.com/careers
• All employees may be eligible for a discretionary bonus. Discretionary bonuses are based on various factors, including, but not limited to, company and individual performance and are not guaranteed.