2026 Institutional Equities Quantitative Finance Off-Cycle Internship - Derivatives

About the role#

The Institutional Equity Strats Off Cycle Associate Program is a multi-month internship within the Institutional Securities Group. This program provides an opportunity to work alongside full-time professionals on quantitative projects related to trading platforms, market making, and derivative structuring. You will receive individual coaching and feedback as you apply your academic expertise to solve complex, applied problems in sales and trading.

What you'll do#

• Implement new models and algorithms for the valuation of derivatives and support the existing analytics library.
• Conduct analysis of complex trades to determine the most effective pricing methods.
• Analyze and manage the risk of positions currently in the trading book.
• Create data and analytical decision-making tools to increase efficiency for sales and trading teams.
• Develop supporting frameworks, workflows, and valuation and risk management systems.

What you'll need#

• Currently pursuing a PhD in Financial Engineering, Mathematics, Financial Math, Physics, Statistics, Engineering, Quantitative Finance, Computer Science, or a related quantitative field.
• Expected degree completion between December 2026 and June 2027.
• Advanced degree in a quantitative subject such as Engineering, Applied Mathematics, Physics, or Software Engineering.
• Very strong programming skills in an object-oriented language, ideally applied within a front-office team library.
• Strong modeling skills, with knowledge of equity derivatives models considered a strong plus.
• Proficiency in subjects such as probability, numerical analysis, stochastic calculus, approximation theory, or partial differential equations.
• Ability to communicate effectively in written and verbal English.

Location & details#

• Location: New York, New York, United States.
• Term: Fall 2026.
• Modality: On-site.
• Compensation: Base pay between $72.12 and $84.14 per hour.