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Quantitative Risk Management Jobs in Chicago, IL

Old Mission

Quantitative Trader (Options)

Chicago, IL

$150K - $200K/yr

Build desk tooling for pricing, risk management, and opportunity identification. * Manage a ... Work closely with other traders, quants and developers. * Leverage a sophisticated trading platform ...

Bank of America

Sr. Quantitative Engineer

Chicago, IL · On-site

$155 - $202/hr

Key responsibilities include enabling Global Risk Management's data and analytical capabilities. Job expectations include working with senior modelers, risk managers, and technologists to understand ...

Hobbsnews

Sr. Quantitative Engineer

Chicago, IL · On-site

$155 - $202/hr

Key responsibilities include enabling Global Risk Management's data and analytical capabilities. Job expectations include working with senior modelers, risk managers, and technologists to understand ...

US Bank

Quantitative Modeling Analyst - AML

Chicago, IL · On-site

The individual will partner closely with model owners, Model Risk Management, internal and external ... The ideal candidate will have experience evaluating quantitative models or monitoring frameworks in ...

Old Mission

Quantitative FX Trader

Chicago, IL · On-site

$150K - $225K/yr

This Quantitative FX Trader will report directly to a managing partner in Chicago. This trader must be able to demonstrate exemplary decision making skills in addition to superior risk management ...

IMC

Quantitative Developer - Derivatives

Chicago, IL · On-site

$175K - $250K/yr

We're looking for a Quantitative Developer - Derivatives to join our Chicago office. At IMC, the ... in value and risk management to investors. Using our own technology and capital, we build ...

IMC

Quantitative Researcher - Options

Chicago, IL · On-site

$250K - $300K/yr

IMC Trading is seeking a Senior Quantitative Researcher to join the options quant team. You will ... in value and risk management to investors. Using our own technology and capital, we build ...

Trading Interview

Junior Quantitative Trader

Chicago, IL · On-site

$70 - $100/hr

We use next-generation technology to capture opportunities around the world and manage risk in ... Description Our Quantitative Traders are passionate about improving the global economy by ...

Old Mission

Quantitative Trader (Options)

Chicago, IL · On-site

$150K - $200K/yr

Build desk tooling for pricing, risk management, and opportunity identification. * Manage a ... An undergraduate or an advanced degree in a quantitative field such as computer science ...

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All JobsQuantitative Risk Management JobsQuantitative Risk Management Jobs in Chicago, IL

Quantitative Risk Management information

See Chicago, IL salary details

$53.1K

$114.9K

$175.1K

How much do quantitative risk management jobs pay per year?

As of Sep 6, 2026, the average yearly pay for quantitative risk management in Chicago, IL is $114,919.00, according to ZipRecruiter salary data. Most workers in this role earn between $92,700.00 and $132,900.00 per year, depending on experience, location, and employer.

What is quantitative risk management?

Quantitative risk management is the process of using mathematical models, statistical techniques, and data analysis to identify, measure, and manage financial risks within an organization. Professionals in this field apply quantitative methods to assess potential losses from market movements, credit events, or operational failures, and help organizations make informed decisions to mitigate these risks. This approach is widely used in banking, insurance, asset management, and other financial sectors to ensure regulatory compliance and optimize risk-adjusted returns.

How does a quantitative risk management professional typically collaborate with other departments within a financial institution?

Quantitative Risk Management professionals frequently work closely with departments such as trading, finance, and compliance. They provide analytical support by developing risk models and stress-testing scenarios, ensuring that trading strategies and investment decisions align with the institution's risk appetite. Regular communication with IT teams is also common, as these professionals often need to implement or improve risk measurement tools and data systems. This cross-functional collaboration is essential for maintaining a robust risk management framework and responding effectively to emerging risks.

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

To thrive as a Quantitative Risk Manager, you need strong analytical skills, expertise in statistics or mathematics, and typically a degree in finance, economics, or a quantitative discipline. Familiarity with risk modeling software, programming languages like Python or R, and industry certifications such as FRM or CFA is often required. Outstanding problem-solving abilities, attention to detail, and effective communication set top professionals apart in this role. These skills are crucial for accurately assessing financial risks, making informed decisions, and communicating complex findings to stakeholders.

What is the difference between Quantitative Risk Management vs Quantitative Analyst?

AspectQuantitative Risk ManagementQuantitative Analyst
Primary FocusAssessing and managing financial risksDeveloping models for investment strategies
CertificationsFRM, PRMCFA, CQF
Work EnvironmentFinancial institutions, risk departmentsInvestment banks, asset management firms
Key SkillsRisk modeling, regulatory knowledgeStatistical analysis, programming

Quantitative Risk Management focuses on identifying and mitigating financial risks within organizations, often requiring risk-specific certifications like FRM. In contrast, Quantitative Analysts develop models to support trading and investment decisions, emphasizing statistical and programming skills. Both roles are vital in finance but serve different strategic purposes.

What can I do with a quantitative risk management degree?

A degree in quantitative risk management prepares individuals for roles such as risk analyst, risk manager, or financial analyst in banking, insurance, or investment firms. These roles involve assessing and mitigating financial risks using statistical models, data analysis, and tools like Excel, R, or Python. Certification programs like FRM or PRM can enhance career prospects.

What does a quantitative risk management do?

A quantitative risk management professional analyzes financial data and models to identify, measure, and mitigate potential risks to an organization. They use statistical tools, programming skills, and risk assessment techniques to develop strategies that minimize losses and ensure regulatory compliance.

What are popular job titles related to Quantitative Risk Management jobs in Chicago, IL?

For Quantitative Risk Management jobs in Chicago, IL, the most frequently searched job titles are:

What job categories do people searching Quantitative Risk Management jobs in Chicago, IL look for?

The top searched job categories for Quantitative Risk Management jobs in Chicago, IL are:

Quantitative Risk Management jobs near you
Infographic showing various Quantitative Risk Management job openings in Chicago, IL as of August 2026, with employment types broken down into 1% As Needed, 83% Full Time, 14% Part Time, and 2% Contract. Highlights an 90% Physical, 2% Hybrid, and 8% Remote job distribution, with an average salary of $114,919 per year, or $55.2 per hour.

Head of Financial Risk Management - Bitnomial

Kraken Crypto Exchange

Chicago, IL • On-site

$110K - $220K/yr

Full-time

Posted 8 days ago

Key responsibilities

  • Lead the design, calibration, and ongoing oversight of margin models, stress testing frameworks, and market risk methodologies.

  • Monitor and evaluate market risk exposures, conduct back-testing and sensitivity analysis, and produce risk reports for stakeholders.

  • Ensure compliance with regulatory requirements, maintain risk management documentation, and liaise with regulators during examinations.

Job description

Building the Future of Open Finance
Payward - the parent company behind Kraken, NinjaTrader, Breakout, xStocks, Payward Services and CF Benchmarks - has spent the last 15 years building one of the most modern and globally accessible financial infrastructure platforms in the industry, built to advance an open, global financial system.
Before you apply, we encourage you to explore our culture page to understand what drives us and how we work.
The team
We are seeking a seasoned Senior Risk Manager with 10+ years of risk management experience at a CFTC-registered Derivatives Clearing Organization (DCO) to join our risk function. This individual will play a critical role in safeguarding the integrity of our clearinghouse by leading the design, calibration, and ongoing oversight of margin models, stress testing frameworks, and broader market risk methodologies. The successful candidate will work cross-functionally with clearing operations, technology, compliance, and senior leadership to ensure that the DCO's risk management framework meets the highest regulatory and industry standards. Prior experience at a Futures Commission Merchant (FCM) is strongly preferred and will bring valuable perspective on the participant side of cleared markets.
The opportunity
  • Margin Modeling & Methodology
    • Ongoing performance monitoring of initial and variation margin models across cleared products, including futures, options, and swaps.
    • Lead periodic recalibration of margin parameters (lookback windows, volatility scaling, anti-procyclicality measures, liquidity add-ons, concentration charges) and document changes in accordance with the DCO's model governance framework.
    • Evaluate and enhance portfolio-based margining methodologies (e.g., SPAN-style, VaR/Expected Shortfall, filtered historical simulation) for accuracy, defensibility, and regulatory compliance.
    • Conduct back-testing, sensitivity analysis, and model performance reviews; clearly articulate findings to internal stakeholders, the Risk Committee, and regulators.

    Market Risk & Stress Testing
    • Design, execute, and continuously refine the DCO's stress testing program, including historical, hypothetical, and reverse stress scenarios.
    • Monitor market risk exposures of clearing members and the clearinghouse as a whole, including concentration, wrong-way risk, liquidity risk, and tail-risk exposures.
    • Assess the adequacy of the default waterfall, guaranty fund sizing, and skin-in-the-game contributions in light of evolving market conditions.
    • Produce daily, weekly, and monthly risk reporting to senior management, the Risk Committee, and external regulators.

    Regulatory & Governance
    • Ensure ongoing compliance with CFTC Part 39 DCO Core Principles, including those governing financial resources, margin, risk management, default procedures, and system safeguards.
    • Serve as a liaison to the CFTC and other regulators during examinations, rule certifications, and ad hoc inquiries.
    • Maintain robust model risk management documentation aligned with industry standards and the DCO's internal governance policies.
    • Support the Chief Risk Officer in Risk Committee preparation, member due diligence, and the evaluation of new products and clearing services.

    Clearing Member Oversight
    • Conduct financial and operational risk reviews of clearing members, including assessment of capital adequacy, liquidity, and risk management practices.
    • Monitor intraday and end-of-day exposures, margin calls, and collateral sufficiency; escalate emerging risks to the CRO and senior leadership.
    • Partner with operations and technology to enhance real-time risk monitoring tools and dashboards.

What you bring
  • Minimum of 10 years of risk management experience at a CFTC-registered DCO, with direct ownership of margin and/or stress testing methodologies.
  • Deep, practical knowledge of CFTC regulations, particularly Part 39 DCO Core Principles, and familiarity with adjacent rules under Parts 1, 22, and 190.
  • Demonstrated expertise in market risk concepts: VaR, Expected Shortfall, scenario analysis, volatility modeling, and portfolio risk aggregation across futures and options.
  • Foundation in margin model design and validation (SPAN, SPAN 2, historical simulation, parametric, or Monte Carlo-based approaches).
  • Hands-on experience designing and executing stress testing programs that meet DCO regulatory expectations (liquidity stress, default management drills).
  • Bachelor's degree required in a quantitative discipline (Finance, Economics, Mathematics, Statistics, Engineering, or related field); advanced degree (Master's) preferred.
  • Excellent written and verbal communication skills, with proven ability to present complex risk concepts to executives, board members, and regulators.
  • Sound judgment under pressure, with the ability to make defensible risk decisions in volatile markets.
  • Intellectual rigor and attention to detail in model design, validation, and documentation.
  • Collaborative orientation across risk, operations, technology, compliance, and legal functions.
  • Comfort engaging directly with regulators, clearing members, and senior internal stakeholders.

Nice to haves
  • Prior experience at a Futures Commission Merchant (FCM), including familiarity with customer segregation requirements, house vs. customer margining, and FCM risk management practices.
  • Experience with cleared derivatives across multiple asset classes (digital assets, interest rates, energy, agricultural, metals, equity indices, FX).
  • Working knowledge of default management processes, including auction protocols, hedging, and porting of customer positions.
  • Experience supporting regulatory examinations, rule filings, or new product self-certifications under CFTC Part 40.

Unless a specific application deadline is stated in the job posting, applications are accepted on an ongoing basis.
Please note, applicants are permitted to redact or remove information on their resume that identifies age, date of birth, or dates of attendance at or graduation from an educational institution.
We consider qualified applicants with criminal histories for employment on our team, assessing candidates in a manner consistent with the requirements of the San Francisco Fair Chance Ordinance.
Our commitment
Payward is powered by people from around the world and we celebrate the diverse talents, backgrounds, contributions, and unique perspectives that everyone brings to the table. We hire based on merit, seeking out people with the right abilities, knowledge, and skills for the job. We encourage you to apply for roles where you don't fully meet the listed requirements, especially if you're passionate or knowledgeable about crypto.
We may ask candidates to complete job-related skills or work-style assessments as part of our hiring process. These assessments evaluate competencies relevant to the role and are applied consistently across candidates for similar positions. Results are considered alongside experience and interviews, and are not the sole basis for any employment decision.
As an equal opportunity employer, we don't tolerate discrimination or harassment of any kind, whether based on race, ethnicity, age, gender identity, citizenship, religion, sexual orientation, disability, pregnancy, veteran status, or any other protected characteristic as outlined by federal, state, or local laws.
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