2024 Model Risk Internship (Artificial Intelligence, Machine Learning, Data Science)

Your Opportunity

At Schwab, you’re empowered to make an impact on your career. Here, innovative thought meets creative problem solving, helping us “challenge the status quo” and transform the finance industry together. Throughout the 9-week paid on the Model Risk Oversight Team, there will be inspiring opportunities that welcome you into the Schwab culture and immerse you into your role. The interactive program focuses on a variety of opportunities which feature a business track project, an intern cohort project, learning activities, volunteering in the community, a dedicated intern leader, networking, and exploring your unique personal strengths! Come “challenge the status quo” for the Summer of 2024 and learn what is means to be the next generation of Schwab change makers!

The Model Risk Oversight (MRO) team is part of the corporate risk management department at Schwab. It reviews models used by the firm and measures the individual and aggregate model risks – the risks of misusing models and the risks of relying on erroneous model outputs. Within the MRO team, there are 3 core business tracks:

• Model Validation
• Software Engineering
• Technical Validation

What you have

Model Validation Intern: In this role, you will learn to assist with model risk governance and model validation. You will also have the opportunity to learn how to effectively communicate the outcomes of your testing, review, and analysis. If you love applied math, statistical analysis, and data science then this is the role for you. 

Preferred Qualifications

• PhD. or master’s degree in technical or quantitative field involving predictive modeling, statistical analysis, applied math, operations research, or data science
• Ability to work full time and be on-site at one of the Schwab locations during the 9-week program (June 3 to August 2, 2024)
• Working knowledge in one or more of the following analysis tools: R, Python, SAS, or MATLAB. 
• Analytical and inquisitive frame of mind with an interest in financial modeling in the context of quantitative risk management 
• Ability to communicate effectively, both orally and in writing, with employees that have varying levels of analytical expertise
• Resourcefulness and flexibility, who enjoy working through cross-functional partnerships and collaboration to achieve a common purpose
• An innovative and questioning demeanor, who constantly look for better ways to do things, have a passion for service, and seek to exceed client expectations

Software Engineering Intern: In this role, you will learn what it takes to develop software technologies that revolutionize model risk management. You’ll help maintain and enhance sophisticated model risk software solutions and create tools for data visualization. 

Preferred Qualifications 

• PhD. or master’s degree in technical or quantitative field with a planned graduation date between Fall 2024 and Spring 2025
• Ability to work full time and be on-site at one of the Schwab locations during the 9-week program (June 3 to August 2, 2024)

• Working knowledge in object-oriented programming with C#/Java, Python, JavaScript, database design, ETL, etc. 
• Course work or experience in building AI/ML or Cloud Solutions in Azure/GCPis strongly preferred. 
• Resourcefulness and flexibility, who enjoy working through cross-functional partnerships and collaboration to achieve a common purpose
• An innovative and questioning demeanor, who constantly look for better ways to do things, have a passion for service, and seek to exceed client expectations

Technical Validation Intern: In this role, you will learn how to assess the risk of financial and quantitative models at the firm. You’ll play an integral part in building out and executing processes that support model validation and model risk monitoring. If you enjoy critical thinking are interested in learning more about how financial models work this is the role for you. 

Preferred Qualifications

• PhD or master’s degree in quantitative or technical field with a planned graduation date between Fall 2024 and Spring 2025
• Ability to work full time and be on-site at one of the Schwab locations during the 9-week program (June 3 to August 2, 2024)
• Coursework or interest in quantitative/financial model oversight, risk management, compliance, management of policies and procedures, coding, systems development, process automation, data science, or process improvement
• Resourcefulness and flexibility, who enjoy working through cross-functional partnerships and collaboration to achieve a common purpose
• An innovative and questioning demeanor, who constantly look for better ways to do things, have a passion for service, and seek to exceed client expectations