State Street - Model Risk Management - Quantitative Analyst Summer Internship 2026

Job Description

State Street’s Model Risk Management (MRM) function is seeking a Quantitative Analyst to join its Model Validation team based in Boston, MA. The Quantitative Analyst Intern will participate in model validation to ensure model risks are correctly identified, assessed, and managed. MRM’s validation work is focused on models used to make business and operating decisions in the general areas of credit risk, market risk, securities finance, asset management, stress testing, etc. The work of Quantitative Analyst Intern will be guided by Senior Quantitative Analysts who lead model reviews.

Specific tasks performed during model reviews include but are not limited to:

• Assessing model theory and assumptions as well as considering alternative modeling methods and approaches

• 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

• Review and assess model changes and conduct targeted validation on significant model changes

• Assessing the integrity of data inputs

• Assessing the stability and robustness of models by conducting backtesting, sensitivity testing, and stress testing

Qualifications

• Working towards Bachelor’s degree in Statistics, Data Science, Finance, Economics, Financial Engineering, Mathematics, or other quantitative disciplines.

• Strong analytical, quantitative modeling, and research skills.

• Programming experience preferred: Python, R, SQL, MATLAB, VBA, or similar.

• Excellent written and verbal communication skills.

• Knowledge of financial markets and products.

• Exposure to model development or model validation through coursework or prior internship experience is preferred.

What You’ll Gain

• Hands‑on experience with real‑world risk and valuation models used at a global financial institution.

• Exposure to advanced modeling techniques and regulatory frameworks such as Basel and CCAR.

• Development of strong technical, analytical, and communication skills.

• Opportunity to work with senior quantitative leaders and gain mentorship in a highly specialized risk discipline.

Salary Range:

$41,600 - $65,000 Annual

The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.

Employees are eligible to participate in State Street’s comprehensive benefits program, which includes: our retirement savings plan (401K) with company match; insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages; paid-time off including vacation, sick leave, short term disability, and family care responsibilities; access to our Employee Assistance Program; incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans.

For a full overview, visit https://hrportal.ehr.com/statestreet/Home.

About State Street

Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.

We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you’ll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.

As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.

Discover more information on jobs at StateStreet.com/careers

Read our CEO Statement

Job Application Disclosure:

It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.