Summer Internship, Model Risk Management
Federal Home Loan Bank of Chicago
Chicago, ILFresher2h agovia LinkedIn
This job at a glance
- Who can apply
- New grads and up to 1 year
- Must know
- Data analysisStakeholder managementStatisticsExcelMicrosoft Office
- Nice to have
- PythonRSQL
- Work
- On-site in Chicago · internship
- Pay
- $38.8K–$58.1K a year
- Skill demand
- Excel38%Stakeholder management22%Data analysis12%Statistics9%of 99 similar entry-level jobs posted in the US this week
- Listed
- Oct 29, 2026 · still open
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About the Role
The Federal Home Loan Bank of Chicago is seeking a summer intern to work in their Model Risk team. This internship offers a dynamic, collaborative, and team-focused environment with real-world, hands-on experience in financial services.
Key Responsibilities
- Support model validation and risk governance through technical (e.g., data analytics, quantitative modeling) and administrative (e.g., documentation) tasks.
- Identify and report potential model risks to improve overall model quality.
- Collaborate with other teams within the Bank to ensure model risk is effectively managed.
- Perform quantitative testing and qualitative review to assist in model validation.
- Work effectively with MRM risk analysts and other teams of the Bank, performing ad-hoc analysis to support model-related initiatives.
- Explain and present testing results to MRM, model owners, and other stakeholders.
- Research new ways to automate/improve the modeling process.
Requirements & Tech Stack
- Enrolled in an undergraduate/graduate program in a quantitative discipline (e.g., Finance, Economics, Mathematics, Statistics) with a GPA of at least 3.0.
- Interest in risk management and model validation.
- Basic understanding in fixed income securities and data analysis.
- SQL, R, or Python skills are a plus.
- Proficient in Microsoft Office suite (Excel, Word, Access, PowerPoint).
Salary Range: $38,800.00 - $58,100.00