Summer Internship: Model Risk & Validation

Fhlbc; Chicago, Northern (IL, KY); Hybrid; USD 39,000 - 58,000; Full time

Job summary

The Federal Home Loan Bank of Chicago offers a summer internship in our Model Risk team. You’ll gain hands-on experience in financial services, supporting model validation, data analytics, and risk governance on real projects alongside analysts.

This paid internship emphasizes collaboration and practical learning. Ideal candidates are enrolled in an undergraduate or graduate quantitative program with a GPA of 3.0+, familiar with fixed income concepts and data analysis (SQL/R/Python a plus), and

Qualifications

• Enrolled in undergraduate/graduate program in a quantitative discipline (e.g. Finance, Economics, Mathematics, Statistics) with GPA at least 3.0
• Interested in risk management and model validation
• Basic understanding in fixed income securities and data analysis (SQL/R/Python a plus)
• Proficient in Microsoft Office suite (Excel, Word, Access, PowerPoints)

Responsibilities

• Support model validation and risk governance through various technical (e.g. data analytics and quantitative modeling) and administrative (e.g. documentation) tasks
• Identify and report potential model risks to improve the overall quality of models
• Collaborate with other teams within the Bank to ensure model risk being effectively managed
• Perform quantitative testing and qualitative review to assist in model validation
• Work effectively with MRM risk analysts as well as other teams of the Bank and perform ad-hoc analysis to support model-related initiatives
• Explain and present testing results to MRM, model owners and other stakeholders
• Research new ways to automate/improve modeling process

Skills

Data analysis

Fixed income basics

Risk management interest

Python

SQL

Excel

Education

Undergraduate/Graduate program in quantitative discipline

Tools

SQL

Python

Excel

PowerPoint

Access

Word

Job description

The Federal Home Loan Bank of Chicago offers a summer internship in our Model Risk team. You’ll gain hands-on experience in financial services, supporting model validation, data analytics, and risk governance on real projects alongside analysts.

This paid internship emphasizes collaboration and practical learning. Ideal candidates are enrolled in an undergraduate or graduate quantitative program with a GPA of 3.0+, familiar with fixed income concepts and data analysis (SQL/R/Python a plus), and