Summer Intern - Internal Audit

theocc; Chicago (IL); Hybrid; USD 28,000 - 36,000; Full time

Job summary

The Options Clearing Corporation (OCC) in Chicago invites interns for a 12-week summer program within the Internal Audit team. Interns will assist with audit engagements and validations, support planning and fieldwork testing, and document findings under supervision.

This paid internship is open to undergraduate and graduate students actively enrolled at a college or university, with hybrid work and in-office anchor days Tuesday and Wednesday.

Qualifications

• Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.
• Open to undergraduate and graduate students actively enrolled at a college or university.
• Desired majors include Finance, Economics, Data Analytics or related fields.

Responsibilities

• Assist with audit engagements and validations within the Internal Audit team.
• Support planning, fieldwork testing, and reporting under supervision.
• Document process walkthroughs, control designs and operating effectiveness.
• Coordinate with engagement leads and supervisors on assigned tasks.

Education

Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.

Job description

*****THIS POSITION IS NOT ELIGIBLE FOR VISA SPONSORSHIP*****

***** INTERNS AND SEASONAL INTERNS ARE ELIGIBLE ONLY FOR PAID SICK LEAVE ACCRUED BASED ON HOURS WORKED. NO OTHER BENEFIT INCLUDING TECHNOLOGY STIPEND APPLY TO INTERNS OR SEASONAL INTERNS *****

Location: Chicago

Internship type: Seasonal intern (12 weeks, summer 2027)

Hybrid Work Program

OCC operates under a Hybrid Work Program which, absent an approved exception, requires employees to work from an OCC office at least 3 days per week. To maximize in-person collaboration, Tuesday and Wednesday are considered anchor days, and all employees are expected to work in the office both days. Employees meeting performance expectations are generally permitted to select 2 other days per week to work remotely if desired. When working remotely, employees are generally expected to work from the state in which they reside, absent an exception approved by Human Resources. Additionally, OCC generally does not permit employees to work while traveling internationally.

About OCC:

The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 21 exchanges and trading platforms.OCC also provides free and engaging educational resources about the benefits and risks of options through its Options Industry Council (OIC ).OCC is building a culture that empowers continued learning, authentic innovation, and constant creativity.

About the Intern Program:

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.

About the Team & Role

The Internal Audit (IA) team is an independent function within OCC that is responsible for evaluating and contributing to OCC's governance, risk management, and control processes using a systematic, disciplined, and risk-based approach. The IA team conducts both audit engagements and validation work covering a variety of business functions throughout OCC each year.Interns in the IA department are assigned to audit engagements and validations and support the execution of planning and fieldwork testing. This includes reviewing and documenting support provided by the business, participating in internal and client meetings, and coordinating with supervisors on assigned engagements.

Job Summary & Responsibilities

The summer internship program will include assignments on audit and/or validation engagements that are ongoing at the time of the internship. This will involve audit planning, fieldwork, and reporting phases for the assigned engagement. Interns will be expected to work with the engagement Lead and supervisors to execute the assigned tasks, which may include planning deliverables and control testing. Areas of audit will focus on Financial Risk Management (e.g., Quantitative Risk Management, Stress Testing) and Model Risk Management.In executing the assigned audit work, the intern will be responsible for clearly and concisely documenting process walkthroughs, control design and operating effectiveness procedures, and any finding or enhancement that may result from procedures performed.

Candidate Qualifications

Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.

Desired Majors

Finance, Economics, Data Analytics, or related fi