Summer Intern - Quantitative Risk Management

The Options Clearing Corporation; Chicago (IL); Hybrid; USD 30,000 - 39,000; Full time

Benefits offered by this job

Tuition Reimbursement

Student Loan Repayment Assistance

Technology Stipend

Generous PTO and Parental leave

401k Employer Match

Competitive health benefits including,

Hybrid work environment

Job summary

The Options Clearing Corporation (OCC) invites driven students to join the QRM internship program in Chicago for a 12-week summer session. You will assist with model specification, PNL decomposition, and backtesting attribution while collaborating with quantitative analysts to enhance risk model monitoring.

The role emphasizes hands-on learning, exposure to live central counterparty clearing environments, and a pathway into financial services careers.

Qualifications

• Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.
• Majors: Financial Mathematics, Financial Engineering, Statistics, Applied Mathematics, Finance, Economics.
• Technical Skills: programming (e.g., Python) in a collaborative setting; problem-solving and data analysis.

Responsibilities

• Assist in model specification development and impact analysis.
• Work on PNL decomposition and backtesting exceedance attribution analysis.
• Work on model performance monitoring enhancements.
• Support BAU or R&D projects like model annual validation and parameter review.

Skills

Python

PowerPoint

Excel

Financial mathematics

Data analysis

Education

Finance/Math/Statistics or related field

Tools

Python

Job description

Location & Internship Details

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.

Team & Role

QRM's core function is the development, validation, and ongoing maintenance of risk models used for margin, clearing fund, and stress testing at OCC — the world's largest equity derivatives clearing organization. The team's work spans model specification, performance monitoring, and analysis of model behavior against realized market outcomes. The intern will contribute directly to this function, working alongside quantitative analysts to support ongoing model development and monitoring efforts — gaining exposure to how risk models are evaluated, challenged, and maintained in a live central counterparty clearing environment.

Job Summary & Responsibilities

• Assist in the model specification development and impact analysis.
• Work on PNL decomposition and backtesting exceedance attribution analysis.
• Work on model performance monitoring enhancements.
• Support other BAU or / and R&D research projects such as supporting model annual validation, model performance monitoring, and parameter and assumption review.

Candidate Qualifications

• Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.
• Desired Majors: Financial Mathematics, Financial Engineering, Statistics, Applied Mathematics, Finance, Economics.
• Desired Technical Skills/Experience:
• Financial mathematics (derivatives pricing models, stochastic calculus, statistics and probability theory, advanced linear algebra).
• Econometrics, data analysis and machine learning techniques.
• Risk management Models.
• Financial products knowledge: good understanding of markets and financial derivatives.
• Basic programming skills: able to read and/or write code using a programming language (e.g., Python) in a collaborative software development setting.
• Problem-solving skills: be able to identify a problem's possible source, conduct study and provide reasoning in estimating severity and impact.
• Experience in office technology such as PowerPoint, Word, and Excel.
• Additional Qualifications: CFA, FRM are not required but preferred.

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

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.

Benefits

• A hybrid work environment, up to 2 days per week of remote work
• Tuition Reimbursement to support your continued education
• Student Loan Repayment Assistance
• Technology Stipend allowing you to use the device of your choice to connect to our network while working remotely
• Generous PTO and Parental leave
• 401k Employer Match
• Competitive health benefits including medical, dental and vision

Equal Opportunity Employer

OCC is an equal opportunity employer that is committed to diversity, equity, and inclusion.

OCC provides equal employment opportunities to all employees and applicants for employment without regard to race, color, national origin, citizenship status, sex, sexual orientation, gender identity or expression, disability, age, marital status, religion, veteran status, or any other characteristics protected by applicable federal, state, or local laws.

Numerous studies have shown that people from certain groups are less likely than others to apply to jobs if they believe they do not meet 100% of the requirements. We encourage everyone to review our open positions and apply if you think your experience may be a match, even if you do not meet all of the qualifications. Your perspective may be an element we need to continue building innovative solutions to support the markets and market participants we serve.

If you need a disability related accommodation for any part of the application process, please email [e-mail].

Interview Process

OCC does not utilize video chat rooms (that is, Google Hangouts) to conduct interviews. OCC will only use our approved Zoom video interview platform.