2027 Summer Intern – Quantitative Analyst (Raleigh, NC)

First Citizens; Raleigh (NC); On-site; USD 30,000 - 41,000; Full time

Job summary

First Citizens Bank offers a summer internship in its Finance Quantitative Office, focusing on derivatives modeling, monitoring, and risk measures. You will work 40 hours per week, be assigned a project, and present results to division leaders at the internship’s end.

The role involves analyzing swaps and vanilla options, benchmarking analytics, and collaborating with a dynamic team across analytics, research, and technology enhancements.

Qualifications

• High School Diploma or GED and 1 year of experience.
• Currently enrolled at an accredited collegiate institution during the program.
• Ability to work 40 hours per week during the program.

Responsibilities

• Analyze swaps and vanilla options in rates and FX.
• Benchmark analytics like mark-to-market and Greeks.
• Provide rationale for extensions to the model inventory.
• Cross-check production results using existing systems.
• Present project outcomes to division leaders at close.

Skills

Adaptability

Communication

Critical thinking

Education

Currently enrolled at an accredited college

Tools

Python

SQL

QuantLib

Job description

Overview

First Citizens Bank offers an exciting summer internship program that provides development opportunities and hands-on work experience while creating a talent pipeline for the Bank. Our interns will apply classroom knowledge in a corporate environment while making a positive impact across the organization and the communities we serve. Come help First Citizens build for the future!

The Finance Quantitative Office is the bank’s dedicated modeling organization. It covers credit loss, deposit, derivatives, and loan models. This internship will focus on derivatives models. Presently, that team is working on enhancements to the ongoing monitoring, valuation adjustments, and risk measurements.

Responsibilities & Qualifications

Duties & Responsibilities

In this role, you will:

• Analyze the bank’s portfolio of both swaps and vanilla options in rates and foreign exchange.
• Benchmark various analytics (i.e., mark-to-market and Greeks) on the above portfolios.
• Provide rationale for possible extensions to bank’s existing model inventory.
• Use existing systems to cross-check and validate production results.
• Be part of a dynamic team with interesting projects.
• Accountabilities can and may include areas such as research, analytics, projects, strategy, process review and improvement, as well as technology enhancements and support.
• Attend professional development sessions, informational sessions, networking and community service events.
• Have a dedicated manager and program manager to help you navigate the bank and the internship program.
• Be assigned a project, designed to improve a specific process or solve a problem that you will present at the close of the internship.
• Prepare a wrap-up presentation to be shared with the division leader and other key stakeholders in the company to outline your accomplishments and experience during the internship.

Internship dates: 5/24/27 - 7/30/27

Position Specific Skills:

• Adaptability
• Communication (Written & Verbal)
• Critical Thinking Skills

Required qualifications:

• High School Diploma or GED and 1 year of experience
• Currently enrolled at an accredited collegiate institution (during the time of the summer program)
• Ability to work 40 hours per week during the duration of the program

Preferred qualifications:

• Student pursuing a Master’s (MS/MSc) or Doctoral (PhD) degree with a quantitative focus: mathematics, physics, statistics, engineering, or operations research.
• Quantitative skills specific to derivatives modeling: probability theory and stochastic processes, stochastic differential equations, partial differential equations, numerical analysis, and optimization theory.
• Programming experience: Python (preferred), SQL (nice-to-have), QuantLib or Open-Source Risk Engine (bonus).
• 3.0 minimum GPA
• Strong desire to learn and grow
• Possess a positive attitude, naturally curious and enjoys collaborating with others
• Strong verbal and written communication skills
• Critical thinking skills
• Ability to multitask
• Ability to adapt and adjust priorities based on business needs
• Ability to take direction and absorb information quickly

Additional Information

Benefits are an integral part of total rewards and First Citizens Bank is committed to providing a competitive, thoughtfully designed and quality benefits program to meet the needs of our associates. More information can be found at https://jobs.firstcitizens.com/benefits.