Intern - Market Risk / Stagiaire - Risque de Marché

Coebank; Paris; On-site; EUR 18,000 - 22,000; Part time

Job summary

The Council of Europe Development Bank (CEB) offers an internship in its Risk & Control Directorate, Market Risk and Capital Management Unit. You will support quantitative modelling and the use of AI for model analysis, documentation, and process automation.

You report to the Head of the Market Risk & Capital Management Unit and collaborate across Risk & Control, Finance and IT. Internship is 6 months starting February 2027 with a monthly allowance of 1800 €.

Qualifications

• Strong quantitative, analytical and problem-solving skills.
• Proficiency in at least one programming language (Python or R) and knowledge of VBA/SQL/Git.
• Interest in financial risk modelling and ability to document work clearly.

Responsibilities

• Valuation control of derivatives pricing curves and CSA discount curves; rebuild and reconcile with Bloomberg.
• Build an in-house CVA tool for the derivatives portfolio, including exposure simulation and CVA sensitivities.
• Carry out quantitative analyses across ICAAP, provisioning (ECL) and liquidity stress testing with documentation of findings.
• Explore the use of artificial intelligence to support model analysis and process automation.

Skills

Python

R

VBA

SQL

Git

Education

Master’s degree in quantitative finance/related field

Tools

Bloomberg

Excel

Job description

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The Council of Europe Development Bank (CEB), established in 1956, is a multilateral development bank with a unique social mandate from its 43 member states. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with a triple-A credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.

The Risk & Control Directorate of the Council of Europe Development Bank (CEB) is looking for an intern for its Market Risk and Capital Management Unit to support quantitative modelling and use of artificial intelligence in model analysis, documentation and process automation.

The incumbent will report to the Head of the Market Risk & Capital Management Unit and work in close collaboration with colleagues across Risk & Control, Finance and IT.

FUNCTIONS

Main Responsibilities / Assignments:

Valuation control of derivatives

• Pricing curves: develop tools to control the Bloomberg swap and basis curves used for derivatives valuation. Rebuild the pricing curves independently, including CSA discount curves, and reconcile them with Bloomberg.
• Credit Valuation Adjustment (CVA): build an in-house CVA tool for the derivatives portfolio, covering exposure simulation, netting and collateral, default probability and recovery calibration, and CVA sensitivities. Compare its results with Bloomberg.
• Carry out quantitative analyses across the Unit's internal models, covering capital (ICAAP), provisioning (ECL) and liquidity stress testing, including reconciliations, backtesting, stress testing, sensitivity analyses, benchmarking and documentation of findings.
• Explore the use of artificial intelligence to support model analysis, documentation review and process automation across the Unit's quantitative risk frameworks.

PROFILE

Academic background:

• Graduated within the past 24 months or currently enrolled in the final academic year at an institute of higher education (ideally at a Master’s level or equivalent).
• Studies in quantitative finance, financial mathematics, applied mathematics, statistics, data science, computer science, engineering or an equivalent quantitative discipline.

Professional background and skills:

• Strong quantitative, analytical and problem-solving skills, with the ability to review complex calculations and explain findings clearly.
• Very good knowledge of at least one programming language, preferably Python or R; knowledge of VBA, SQL, Git or AI-assisted development tools would be an advantage.
• Interest in financial risk modelling; attention to detail, intellectual curiosity and ability to produce clear, and well-documented work.

Applicants to the CEB Internship Programme are not required to have professional work experience, but any experience relevant to the role would constitute an advantage.

Language skills:

Excellent command of one of the two CEB official languages (English and French), both oral and written. Working knowledge of the other one is desirable.

Core competencies:

• Client Orientation
• Communication
• Result Orientation
• Team Work

Nationality:

Citizen of one of the Bank’s Member States : Albania, Andorra, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Holy See, Iceland, Ireland, Italy, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Republic of Moldova, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Türkiye, Ukraine.

EMPLOYMENT CONDITIONS

Internship duration:

The selected candidate will undertake an internship for the duration of 6 months, starting in February 2027. Some flexibility regarding the starting date can be granted to match the Intern’s schedule/requirements of their academic institution.

Internship allowance

lnterns at the CEB are paid 1800 € per month as a flat-rate indemnity to contribute towards living costs, public transportation and accommodation. Travel expenses or other costs are not met by the Bank.

Admission to an internship does not confer on the intern the status of a CEB staff member, nor does it confer any entitlement to subsequent appointment on a permanent or temporary basis.

RECRUITMENT CONDITIONS

The CEB welcomes the applications of all qualified candidates who are nationals of CEB Member States .

The CEB rigorously applies the principle of equal pay for equivalent work. We are committed to workplace gender equality and strive to ensure the recruitment of suitably qualified and experienced staff without regard to their gender, as well as their age, racial or ethnic origin, religion or beliefs, sexual orientation/identity, or disability. In line with peer international financial institutions, the CEB is EDGE certified (Move level) , having demonstrated its commitment to diversity, equity, and inclusion and have been assessed against the highest global standards .

In order to minimise bias, our selection processes include steps such as digitally recorded interviews, written tests and interactive interviews. Please note that initial steps in the selection process will typically be conducted online (remotely).