Quantitative Research Intern

Aplaro Ltd; New York, Chicago (NY, IL); On-site; USD 250,000 - 300,000; Full time

Benefits offered by this job

Housing near office

Mentorship program

Team-building events

Educational courses

Job summary

DRW offers a Quantitative Research Intern role focusing on solving problems arising in a trading environment using statistical algorithms, ML, and derivatives pricing theory. You will work on non-latency sensitive opportunities across asset classes, with mentorship and exposure to cutting-edge research infrastructure.

You will learn to back-test models, develop research tools, and collaborate with traders and researchers while living in Chicago or New York City.

Qualifications

• Pursuing a Bachelor’s, Master’s or PhD in a technical discipline with a focus on statistics, optimization, ML, AI, quantitative finance graduating between Dec 2027 and Aug 2028.
• Proficiency in Python with the Python ML stack (NumPy, Pandas, scikit-learn).
• Strong ability to work with large datasets and perform statistical analysis.

Responsibilities

• Create practical solutions to problems on a systematic equity trading or fixed income options desk.
• Conduct statistical analysis of market data and relationships across asset classes.
• Apply mathematical modeling and ML techniques to identify and capture trading opportunities.
• Collaborate with traders and researchers to build and refine research infrastructure and tools.

Skills

Python programming

Statistics

Machine learning

NLP

HPC

Data analysis

Education

Bachelor's/Master's/PhD in Statistics, Optimization, ML or Quantitative Finance

Tools

NumPy

Pandas

scikit-learn

Job description

Our formula for success is to hire exceptional people, encourage their ideas and reward their results. As a Quantitative Research Intern you will have an opportunity to solve challenging problems arising in a trading environment while utilizing the latest statistical scientific algorithms, machine learning techniques and derivatives pricing theory. The teams focus on non-latency sensitive investment opportunities and multi-asset class derivatives strategies across geographies. Our teams emphasize cutting-edge innovative scientific research and collaboration, allowing you to gain a deeper understanding of quantitative trading. You will find great minds with diverse backgrounds, who are passionate about cultivating new ideas and exploring ways to bring them to life. You will use the team’s custom research infrastructure for simulation, back-testing, and validation of the proposed models. While your days will have you engrossed with complex technology projects, your evenings will be spent exploring the city with organized social events to truly discover what it's like to live and work in Chicago or New York City.

How you will make an impact

• Create practical solutions to problems presented in the trading environment on either a systematic equity trading desk or a fixed income options desk
• Conduct statistical analysis of market data, historical trends, and relationships across multiple asset classes
• Formulate and apply mathematical modeling, quantitative methods and machine learning techniques to identify and capture trading opportunities
• Work closely with traders and researchers to build and refine research infrastructure and tools

What you bring to the team

• Are pursuing a Bachelor's, Master's or PhD in a technical discipline with a focus on Statistics, Optimization, Machine Learning, Artificial Intelligence, Quantitative Finance or related fields graduating between December 2027 and August 2028
• Proficiency in Python programming experience using the Python machine learning stack: numpy, pandas, scikit-learn, etc.
• Proficient programming skills with experience exploring large datasets
• Strong analytical and problem-solving skills including a solid foundation of statistics knowledge
• Working knowledge of probability theory, stochastic calculus and numerical algorithms such as finite differences, Monte Carlo simulation, etc.
• Some exposure to Natural Language Processing and/or High-Performance Computing is a plus
• Excellent written and verbal communication skills to report research results as well as methodologies
• Added bonus if you have been published in a top tier journal focusing on Natural Language Processing or High-Performance Computing

What to expect during the internship

Meaningful projects: Each project, advised by a trader, promotes a comprehensive learning experience and provides you with real-world work experience.

Community: Throughout the summer, we host a variety of educational, social and team-building activities to explore the city, foster friendships and camaraderie.

Housing: DRW provides fully furnished apartments located close to the office - making your morning commute as easy as possible.

Mentorship: You'll build a professional relationship with an experienced mentor in your field. Mentors and mentees meet to discuss goals, challenges and professional development and explore the city together at our mentor outings.

Education: As the trading industry continually evolves, both in terms of new products and transaction methods, the future will present us with unique opportunities and challenges. You'll complete an options course taught by an experienced trader and participate in a technology immersion course to better understand how technology and trading intersect.

DRW is a diversified trading firm with over 3 decades of experience bringing sophisticated technology and exceptional people together to operate in markets around the world.

We value autonomy and the ability to quickly pivot to capture opportunities, so we operate using our own capital and trading at our own risk.

Headquartered in Chicago with offices throughout the U.S., Canada, Europe, and Asia, we trade a variety of asset classes including Fixed Income, ETFs, Equities, FX, Commodities and Energy across all major global markets.

We have also leveraged our expertise and technology to expand into three non-traditional strategies: real estate, venture capital and cryptoassets.

We operate with respect, curiosity and open minds. The people who thrive here share our belief that it's not just what we do that matters- it's how we do it.

DRW is a place of high expectations, integrity, innovation and a willingness to challenge consensus.

The annual base salary range for this position is $250,000 to $300,000 depending on the candidate's experience, qualifications, and relevant skill set.

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