Summer Intern - Model Risk Management

The Options Clearing Corporation (OCC); Illinois; Hybrid; USD 29,000 - 40,000; Part time

Job summary

The Options Clearing Corporation (OCC) invites undergraduates and graduates to join its 12-week Summer Internship Program in a hybrid work environment in Chicago. You will contribute to meaningful projects within the Model Risk Management team, developing real-world skills in risk assessment.

Open to students actively enrolled at college or university, the internship offers up to 40 hours per week, with overtime not permitted, and exposure to pricing, margin, and liquidity models through

Qualifications

• Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.
• Desired majors include Financial mathematics, Mathematics, Physics, Finance, Computer Science.

Responsibilities

• Study risk management methods at OCC.
• Conduct ad-hoc analysis of current risk management themes using statistical, econometric and/or machine-learning methods
• Design and implement automated reporting of production vs benchmark discrepancies and root cause analysis results
• Review and adapt best practices of option implied volatility modeling, e.g. changes in implied volatility after earnings announcements

Skills

Python or R programming

Statistics & probability

Financial mathematics

Data analysis

Tools

Excel

PowerPoint

Job description

• 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

A World Class Clearing Organization

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 Model Risk Management team analyzes model risk across pricing, margin, clearing fund, stress testing and liquidity models. The intern will collaborate with MRM staff to assess model risk and review associate remediation.

Job Summary & Responsibilities

• Study risk management methods at OCC.
• Conduct ad-hoc analysis of current risk management themes using statistical, econometric and/or machine-learning methods
• Design and implement automated reporting of production vs benchmark discrepancies and root cause analysis results
• Review and adapt best practices of option implied volatility modeling, for example, analyze the changes in implied volatility of equity options after earnings announcement

Candidate Qualifications

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

Desired Majors

• Financial mathematics, Mathematics, Physics, Finance, Computer Science

Technical Skills/Experience Desired

• Basic programing skills. Able to read and write code using a programming language (R or Python)
• Basic Financial mathematics (derivatives pricing models, stochastic calculus, statistics and probability theory, advanced linear algebra)
• Data Analysis, Excel, and PowerPoint

About Us

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 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com.

Compensation

• 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.

Salary Range

• $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.

OCC is an Equal Opportunity Employer