About the role#
The Model Risk Management team at The Options Clearing Corporation (OCC) evaluates risk across pricing, margin, clearing fund, stress testing, and liquidity models. As an intern, you will work alongside staff to assess model risk and review associate remediation. This is a 12-week paid summer internship for Summer 2027.
What you'll do#
- Study risk management methods used at OCC.
- Conduct ad-hoc analysis of current risk management themes using statistical, econometric, or machine-learning methods.
- Design and implement automated reporting of production versus benchmark discrepancies and document root cause analysis results.
- Review and adapt best practices for option implied volatility modeling.
- Analyze changes in implied volatility of equity options following earnings announcements.
What you'll need#
- Current status as a rising senior or second-year graduate student, with a graduation date of December 2027, May 2028, or August 2028.
- Pursuing a degree in Mathematics, Physics, Finance, or Computer Science.
- Basic programming skills in R or Python.
- Knowledge of financial mathematics, including derivatives pricing models, stochastic calculus, statistics, probability theory, and advanced linear algebra.
- Proficiency in data analysis, Excel, and PowerPoint.
Location & details#
- Location: Chicago, Illinois.
- Modality: This position follows a hybrid work program requiring at least 3 days per week in the office, with Tuesday and Wednesday as mandatory anchor days.
- Employment: Full-time internship.
- Note: This position is not eligible for visa sponsorship.
About The Options Clearing Corporation (OCC)
The Options Clearing Corporation is an equity derivatives clearing organization. It provides clearing and settlement services for options, futures, and securities lending transactions. Based in Chicago, the firm operates as a Systemically Important Financial Market Utility. It serves over 100 clearing members and supports 21 exchanges and trading platforms.
How to get in at The Options Clearing Corporation (OCC)
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