Summer Intern – Model Risk Management (Hybrid)

The Options Clearing Corporation; Chicago, Northern (IL, KY); Hybrid; USD 28,000 - 40,000; Part time

Benefits offered by this job

Hybrid Work Program

Paid sick leave accrual

Job summary

The Options Clearing Corporation (OCC) offers a Summer Intern in Model Risk Management in Chicago. The intern will study risk management methods, perform analyses, and design automated reporting.

Collaboration with MRM staff will build practical experience in derivatives risk modeling. Open to rising seniors or early graduate students, with majors in Financial mathematics, Mathematics, Physics, Finance, or Computer Science and basic programming skills in R or Python.

Qualifications

• Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.
• Essential familiarity with basic programming and coding in R or Python.
• Basic knowledge of derivatives pricing models, stochastic calculus, statistics and probability.
• Proficiency in data analysis using Excel and presenting results in PowerPoint.

Responsibilities

• Study risk management methods at OCC.
• Conduct ad-hoc analysis of risk management themes using statistical, econometric or machine-learning methods.
• Design and implement automated reporting of production vs benchmark discrepancies and root cause analyses.
• Review and adapt best practices of option implied volatility modeling, including post-earnings IV changes.

Skills

Programming basics

R or Python

Financial mathematics

Data Analysis/Excel/PowerPoint

Tools

R

Python

Excel

PowerPoint

Job description

The Options Clearing Corporation (OCC) offers a Summer Intern in Model Risk Management in Chicago. The intern will study risk management methods, perform analyses, and design automated reporting.

Collaboration with MRM staff will build practical experience in derivatives risk modeling. Open to rising seniors or early graduate students, with majors in Financial mathematics, Mathematics, Physics, Finance, or Computer Science and basic programming skills in R or Python.