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Model Risk Intern Jobs in Saint Charles, IL (NOW HIRING)

DRW

Quantitative Research Intern

Chicago, IL · On-site

$250K - $300K/yr

Formulate and apply mathematical modeling, quantitative methods and machine learning techniques to ... own risk. Headquartered in Chicago with offices throughout the U.S., Canada, Europe, and Asia, we ...

DRW

Strategy Intern

Chicago, IL · On-site

$110K/yr

Provide insight to DRW leadership regarding cost models, scenario outcomes and technology ... own risk. Headquartered in Chicago with offices throughout the U.S., Canada, Europe, and Asia, we ...

Jump Trading

Campus Data Engineer (Intern)

Chicago, IL · On-site

$250K/yr

At Jump, research outcomes drive more than superior risk adjusted returns. We design, develop, and ... Strong understanding of data structures and threading models * Ability to work with a team in a ...

Jump Trading

Campus Data Engineer (Intern)

Chicago, IL

$250K/yr

At Jump, research outcomes drive more than superior risk adjusted returns. We design, develop, and ... Strong understanding of data structures and threading models * Ability to work with a team in a ...

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Showing results 21-40

All JobsModel Risk Intern JobsModel Risk Intern Jobs in Saint Charles, IL

Model Risk Intern information

See Saint Charles, IL salary details

$24.9K

$41.7K

$86.1K

How much do model risk intern jobs pay per year?

As of Aug 6, 2026, the average yearly pay for model risk intern in Saint Charles, IL is $41,654.00, according to ZipRecruiter salary data. Most workers in this role earn between $31,800.00 and $45,000.00 per year, depending on experience, location, and employer.

What is the difference between Model Risk Intern vs Quantitative Analyst Intern?

AspectModel Risk InternQuantitative Analyst Intern
Required CredentialsTypically pursuing or holding a degree in finance, mathematics, or related fieldsSimilar educational background, often with additional focus on finance or economics
Work EnvironmentRisk management teams within banks, asset managers, or financial institutionsQuantitative research teams in investment firms, banks, or hedge funds
Employer & Industry UsageCommon in risk management departments across financial servicesPrevalent in trading, investment, and financial analysis roles

The Model Risk Intern focuses on identifying, assessing, and mitigating risks associated with financial models, ensuring their accuracy and compliance. In contrast, the Quantitative Analyst Intern typically develops and applies mathematical models for trading, investment strategies, or financial analysis. Both roles require strong quantitative skills and often overlap in educational background, but they serve different functions within financial organizations.

What is a model risk intern?

Model Risk Interns are students or early-career professionals who support the model risk management teams within financial institutions or other organizations that rely on quantitative models. Their responsibilities typically include assisting with model validation, documentation, testing, and analysis to ensure models are accurate and compliant with regulatory requirements. They work under the supervision of experienced model risk analysts, gaining hands-on experience in risk assessment, data analysis, and regulatory compliance. This role is ideal for individuals pursuing degrees in mathematics, statistics, finance, or related fields.

What types of projects does a model risk intern typically work on, and how do these projects support the overall risk management function?

As a Model Risk Intern, you will often assist with validating financial and statistical models used across various business functions, such as credit risk, market risk, and operational risk. Your projects may include reviewing model documentation, performing sensitivity analysis, and preparing validation reports. These tasks help ensure the accuracy and reliability of models that inform critical business decisions, directly supporting risk management and regulatory compliance. Additionally, you’ll collaborate closely with quantitative analysts, model developers, and risk managers, gaining valuable exposure to cross-functional teamwork in a fast-paced financial environment.

What are the key skills and qualifications needed to thrive as a model risk intern, and why are they important?

To thrive as a Model Risk Intern, a strong background in quantitative analysis, statistics, and finance—often supported by coursework in mathematics, economics, or related fields—is essential. Familiarity with programming languages like Python or R, experience with statistical modeling tools, and knowledge of regulatory guidelines such as SR 11-7 are typically required. Analytical thinking, attention to detail, and clear communication are vital soft skills for explaining complex models and collaborating with stakeholders. These skills ensure accurate model validation, effective risk assessment, and compliance with regulatory standards in financial institutions.
Model Risk Intern jobs near you

Quantitative Research Intern

DRW

Chicago, IL • On-site

$250K - $300K/yr

Full-time, Internship

Posted 23 days ago

Job description

Our formula for success is to hire exceptional people, encourage their ideas and reward their results.
As a Quantitative Research Intern you will have an opportunity to solve challenging problems arising in a trading environment while utilizing the latest statistical scientific algorithms, machine learning techniques and derivatives pricing theory. The teams focus on non-latency sensitive investment opportunities and multi-asset class derivatives strategies across geographies. Our teams emphasize cutting-edge innovative scientific research and collaboration, allowing you to gain a deeper understanding of quantitative trading. You will find great minds with diverse backgrounds, who are passionate about cultivating new ideas and exploring ways to bring them to life. You will use the team's custom research infrastructure for simulation, back-testing, and validation of the proposed models. While your days will have you engrossed with complex technology projects, your evenings will be spent exploring the city with organized social events to truly discover what it's like to live and work in Chicago or New York City.
How you will make an impact...
  • Create practical solutions to problems presented in the trading environment on either a systematic equity trading desk or a fixed income options desk
  • Conduct statistical analysis of market data, historical trends, and relationships across multiple asset classes
  • Formulate and apply mathematical modeling, quantitative methods and machine learning techniques to identify and capture trading opportunities
  • Work closely with traders and researchers to build and refine research infrastructure and tools

What you bring to the team...
  • Are pursuing a Bachelor's, Master's or PhD in a technical discipline with a focus on Statistics, Optimization, Machine Learning, Artificial Intelligence, Quantitative Finance or related fields graduating between December 2027 and August 2028
  • Proficiency in Python programming experience using the Python machine learning stack: numpy, pandas, scikit-learn, etc.
  • Proficient programming skills with experience exploring large datasets
  • Strong analytical and problem-solving skills including a solid foundation of statistics knowledge
  • Working knowledge of probability theory, stochastic calculus and numerical algorithms such as finite differences, Monte Carlo simulation, etc.
  • Some exposure to Natural Language Processing and/or High-Performance Computing is a plus
  • Excellent written and verbal communication skills to report research results as well as methodologies
  • Added bonus if you have been published in a top tier journal focusing on Natural Language Processing or High-Performance Computing

What to expect during the internship
  • Meaningful projects: Each project, advised by a trader, promotes a comprehensive learning experience and provides you with real-world work experience.
  • Community: Throughout the summer, we host a variety of educational, social and team-building activities to explore the city, foster friendships and camaraderie.
  • Housing: DRW provides fully furnished apartments located close to the office - making your morning commute as easy as possible.
  • Mentorship: You'll build a professional relationship with an experienced mentor in your field. Mentors and mentees meet to discuss goals, challenges and professional development and explore the city together at our mentor outings.
  • Education: As the trading industry continually evolves, both in terms of new products and transaction methods, the future will present us with unique opportunities and challenges. You'll complete an options course taught by an experienced trader and participate in a technology immersion course to better understand how technology and trading intersect.

DRW is a diversified trading firm with over 3 decades of experience bringing sophisticated technology and exceptional people together to operate in markets around the world. We value autonomy and the ability to quickly pivot to capture opportunities, so we operate using our own capital and trading at our own risk.
Headquartered in Chicago with offices throughout the U.S., Canada, Europe, and Asia, we trade a variety of asset classes including Fixed Income, ETFs, Equities, FX, Commodities and Energy across all major global markets. We have also leveraged our expertise and technology to expand into three non-traditional strategies: real estate, venture capital and cryptoassets.
We operate with respect, curiosity and open minds. The people who thrive here share our belief that it's not just what we do that matters-it's how we do it. DRW is a place of high expectations, integrity, innovation and a willingness to challenge consensus.
The annual base salary range for this position is $250,000 to $300,000 depending on the candidate's experience, qualifications, and relevant skill set.
For more information about DRW's processing activities and our use of job applicants' data, please view our Privacy Notice at https://drw.com/privacy-notice.
California residents, please review the California Privacy Notice for information about certain legal rights at https://drw.com/california-privacy-notice.
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