OCC operates under a Hybrid Work Program which, absent an approved exception, requires employees to work from an OCC office at least 3 days per week. To maximize in–person collaboration, Tuesday and Wednesday are considered anchor days, and all employees are expected to work in the office both days. Employees meeting performance expectations are generally permitted to select 2 other days per week to work remotely if desired. When working remotely, employees are generally expected to work from the state in which they reside, absent an exception approved by Human Resources. Additionally, OCC generally does not permit employees to work while traveling internationally.
About OCC: A World Class Clearing Organization
The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 21 exchanges and trading platforms.
OCC also provides free and engaging educational resources about the benefits and risks of options through its Options Industry Council (OIC).
OCC is building a culture that empowers continued learning, authentic innovation, and constant creativity.
About the Intern Program
OCC is looking for interns who are eager to learn, humble enough to ask questions, and ready to think critically about complex problems. The OCC Internship Program equips students with the real-world skills needed to transition successfully into a career in financial services. As an intern, you will contribute to meaningful projects, applying your skills and knowledge to real challenges facing the business. Your time with us is a real opportunity to make a genuine impact on the future of OCC!
OCC's Summer Internship Program is a 12-week opportunity running either May through August or June through September, and is open to undergraduate and graduate students who are actively enrolled at a college or university. Interns work up to 40 hours per week in a hybrid work environment, and overtime is not permitted.
QRM builds and maintains the quantitative risk models that OCC uses for margin, clearing fund sizing, and stress testing, using financial mathematics and statistical modeling techniques.
The intern will contribute to the development, testing, monitoring, and improvement of these quantitative models, under the guidance of QRM team members.
Job Summary & Responsibilities
The intern may work on one or more of the following project areas, depending on team needs and intern interest:
Testing the assumptions, parameters, and modeling choices of the stress testing model components that determine Clearing Fund sizing
Proposing sensitivity metrics for testing these assumptions and parameters
Exploring alternative or more academically advanced methodologies that improve the performance of various model components, such as those governing equity price and volatility behavior
Streamlining the team's research Python code library to support model development and testing
Candidate Qualifications
Rising senior or second-year graduate student, graduating December 2027 or May/August 2028.
Desired Majors
Master's or PHD in Financial Mathematics, Financial Engineering, Statistics, Applied Mathematics, Finance, Economics
Technical Skills/Experience Desired
Strong foundation in financial mathematics: derivatives pricing models, stochastic calculus, probability theory, and statistics
Working knowledge of linear algebra and numerical methods used in model implementation
Familiarity with econometrics and quantitative risk management concepts (VaR, margin methodologies, stress testing frameworks)
Exposure to machine learning or advanced data analysis techniques a plus
Programming proficiency in Python (or similar language) for data analysis and model development in a collaborative codebase
Solid understanding of financial markets and derivatives products (equity options, futures, options on futures)
Proficiency with Excel, PowerPoint, and Word for analysis and presentation of findings.
Additional Qualifications
Strong analytical and problem-solving skills
Effective written and verbal communication skills, with the ability to translate technical model findings for both quantitative and non-quantitative stakeholders
Comfort working in a collaborative, cross-functional environment with quants, business users, data/technology staff, and model validation teams
CFA and/or FRM coursework or progress toward certification preferred but not required
Demonstrated initiative and curiosity.
About Us
The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com.
Compensation
The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education.
In addition, we believe in the importance of pay equity and consider internal equity of our current team members as part of any final offer.
We typically do not hire at the maximum of the range in order to allow for future and continued salary growth. We also offer a substantial benefits package as noted on www.theocc.com/careers
All employees may be eligible for a discretionary bonus. Discretionary bonuses are based on various factors, including, but not limited to, company and individual performance and are not guaranteed.
Salary Range
$25.00 - $25.00
Incentive Range
This position is eligible for an annual discretionary incentive compensation award, for which the target range is listed above (see Incentive Range). The amount of such award, if any, will be based on various factors, including without limitation, both individual and company performance.
Step 1
When you find a position you're interested in, click the 'Apply' button. Please complete the application and attach your resume.
Step 2
You will receive an email notification to confirm that we've received your application.
Step 3
If you are called in for an interview, a representative from OCC will contact you to set up a date, time, and location.
OCC is an Equal Opportunity Employer
INTERNS AND SEASONAL INTERNS ARE ELIGIBLE ONLY FOR PAID SICK LEAVE ACCRUED BASED ON HOURS WORKED. NO OTHER BENEFIT INCLUDING TECHNOLOGY STIPEND APPLY TO INTERNS OR SEASONAL INTERNS
From OCC's public posting, laid out for reading by newgrad.ai with the wording unchanged. Check the original before you apply.
