Who we are looking for

State Street’s Model Risk Management (MRM) function is seeking a Quantitative Analyst Working Student to join its Model Validation team of State Street Bank International in Munich. SSBI’s MVG collaborate closely with the wider global MRM function (based among other locations in Boston, US; Krakow, Poland; and Hangzhou, China) to make business and operating decisions – most notably regulatory and economic capital models – as well as to ensure the implementation of Model Risk Governance Program guidelines and requirements

The selected candidate will conduct model validation to ensure model risks are correctly identified, assessed, and managed. MRM’s validation work is focused on models in the general areas cover all sectors of financial and non-financial risk and include among others, wholesale credit risk (e.g., probability of default, loss given default, exposure measurement, and loan loss reserving); market risk (e.g., daily value at risk pricing models, counterparty credit risk, Asset Liability Management, internal and regulatory stress testing and terms structure models); macroeconomic risk; operational risk; liquidity risk; strategic and reputational etc. The location of the position will be in Munich, Germany with the possibility for a flexible work arrangement for a few days per week.

What you will be responsible for

• Assessing model theory and assumptions as well as considering modeling methods and alternate options
• Testing and confirming model results by using documented procedures for running models
• Assessing computational accuracy by reviewing code documentation for proper model implementation, including the possible simulation of results
• Assessing the integrity of data inputs
• Assessing the stability and robustness of models by conducting backtesting, sensitivity testing, and stress testing
• Presenting results of model validation work within the team and making recommendations for improvements
• Support MVG team members in Munich with daily workload related to validation tasks for different models.
• Support with longer-term projects, such as code internalization, organization and maintenance with the purpose of re-usability in future projects.
• Make recommendations and improve current practices related to the way validation of quantitative models is done and/or tools used daily by MVG members locally and across the globe by connecting academic research with industry practice.

What do we value

• Enrolled in the third or fourth year of an undergraduate, a graduate, MS or PhD program in a quantitative discipline such as Mathematics, Physics, Computer Science, Engineering, Finance or Economics. Students from other areas are also welcome to apply provided they show knowledge and interest in elements of the abovementioned sciences and at least a basic understanding of banking or financial services.
• Proficient in one or more programming languages, such as R, Python, Matlab , SAS, Stata, SQL and VBA.
• Proven experience in developing quantitative models as part of coursework projects or previous internships.
• Ability to communicate clearly in business English (verbal and written).
• Intellectual curiosity, willingness to learn and develop new skills and ability to deliver results in a reasonably timely manner and of good quality.
• Good knowledge of theoretical and empirical finance across a broad range of products and asset classes
• Self-starter with the ability to challenge current practices around statistical models implemented by various model owners.

About State Street

What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You’ll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.