# Research and Product Development PhD Student Intern (Part-Time, 12-Month Program) [CME Group](https://www.jorb.ai/firms/cme-group.md) · New York · United States · [Platforms & Exchanges](https://www.jorb.ai/jobs/platforms-exchanges.md) CME Group is hiring a Research and Product Development PhD Student Intern (Part-Time, 12-Month Program) in New York. Posted 2025-12-18; applications close 2026-02-16. **Apply**: https://cmegroup.wd1.myworkdayjobs.com/cme_careers/job/New-York---300-Vesey-Street/Research-and-Product-Development-PhD-Student-Intern--Part-Time--12-Month-Program-_33597-1 Posted 4mo ago. ## Role details ## Role CME Group is the world’s leading derivatives marketplace, with a focus on data and analytics. This internship offers direct access to CME’s data ecosystem, developed in partnership with Google Cloud Platform (GCP), to analyze trillions in notional trading data and build advanced analytics, financial mathematical models, and AI systems. ## About the Role We are seeking a PhD candidate for a 12-month internship (20 hours/week, part-time, 1–2 days onsite in Chicago) to work directly with the Executive Director leading CME’s Data & Analytics buildout. This is a ground-floor opportunity to contribute to modernizing CME’s core analytics and developing AI-driven, mathematically rigorous models. ## Key Focus Areas ### 1. Rebuilding & Operationalizing CME’s Financial Mathematical Models - Review and, where appropriate, improve analytical models using modern numerical and statistical methods - Document and validate models in alignment with governance and regulatory standards - Collaborate with technology to prepare models for deployment on GCP infrastructure - Document and, when needed, direct the conversion of legacy codebases into robust, maintainable analytics libraries - Ensure mathematical transparency, reproducibility, and version control - Collaborate with Product, Clearing, Data Science, Index, and Engineering teams Examples of model domains include: - Curve construction & interpolation - Volatility modelling (e.g., SABR in depth, SVI, spline surfaces, curve fitting) - Option pricing & Greeks (finite-difference / Monte Carlo) - Microstructure analytics (order book modeling, liquidity metrics) - Risk models (scenario generation, historical VaR, CVaR, distribution modelling) - Statistical estimation for high-frequency data ### 2. Building New Machine Learning, Embedding, and Agent-Based Models - Develop ML models trained on large historical market datasets - Develop embedding models for numerical, textual, and transactional data - Design agent-based systems and agent-communication protocols - Build market microstructure simulations powered by intelligent agents - Develop predictive analytics and anomaly detection frameworks - Explore hybrid models that combine financial mathematics with ML architectures Work will be developed on GCP using tools such as BigQuery, Vertex AI, and large-scale notebooks. Pros: - Frontier-level ML exposure with real datasets - Creative freedom on prototypes - Opportunity to influence CME’s long-term AI strategy Cons: - Ambiguity in some initiatives; quick iteration is expected ### 3. Quant Research, Data Engineering, and Cross-Functional Collaboration - Conduct quantitative research across CME’s datasets - Build analytical pipelines using Python and GCP tooling - Develop visualizations and explainers for internal and client use - Support monthly and quarterly research themes - Present written and verbal findings to senior leadership - Help shape best practices for model governance, testing, and production readiness ## What You Bring ### Required - PhD candidate in mathematics, statistics, physics, engineering, computer science, quantitative finance, econometrics, or a related field - Strong foundation in financial mathematics (stochastic calculus, derivatives modeling, numerical methods, or equivalent) - Proficiency in Python and scientific computing libraries - Ability to communicate complex concepts clearly in writing - Strong analytical discipline and attention to detail - Self-starter comfortable working across multiple business lines ### Bonus - Experience with GCP: BigQuery, Vertex AI, Dataflow, C++ - Experience with ML, embeddings, or agent-based systems - Background in market microstructure, derivatives, or high-frequency data - Prior publications, technical reports, or model documentation ## Schedule & Structure - 20 hours/week - 1–2 days onsite in the Chicago office - 12-month internship - Flexible to accommodate academic commitments - Direct mentorship and collaboration with an Executive Director leading CME’s new Data & Analytics function This is not a typical internship — you will be a core contributor to a strategic buildout. ## Why This Is a Rare Opportunity for a PhD Candidate - Access to one of the deepest financial datasets in existence - Opportunity to work on both quantitative financial models and cutting-edge AI systems - Experience bringing models into enterprise-scale production - Direct contribution to CME’s next-generation data analytics platform - Exposure to governance, validation, and model-risk frameworks - A signature line on your CV indicating you built models used by global markets ## Compensation CME Group offers a competitive pay package for intern roles. The typical pay range is $23.17–$38.65 per hour. Actual pay offered will depend on factors including experience, skills, education, location, and internship focus. The benefits program includes comprehensive health coverage and mental health support. ## About CME Group CME Group is the world’s leading derivatives marketplace. We value diverse experiences and skills, and we are committed to equal opportunity employment. We consider all potential employees without regard to any protected characteristic. Important Notice: Recruitment fraud is on the rise. CME Group adheres to established procedures to maintain trust, confidence, and security throughout the recruitment process. Learn more here. ## More open roles at CME Group - [12 month Intern - Customer Service Analyst](https://www.jorb.ai/jobs/69e245758550cc9c3568c2a5.md) — London, posted 5d ago - [Sales Associate - Buy Side](https://www.jorb.ai/jobs/69dfa424508aa10923477b54.md) — London, posted 7d ago - [Quant Risk Management Intern - Year Round](https://www.jorb.ai/jobs/69d58386c6840c8e2de981f3.md) — New York, posted 15d ago - [Post Grad Data Science Intern - Current PhD Students](https://www.jorb.ai/jobs/6984c64713282f8723736fbb.md) — London, posted 2mo ago - [Clearing House Risk OTC Pricing & Valuation Intern - Year Round](https://www.jorb.ai/jobs/69827576df5ce6907e3df7c5.md) — New York, posted 2mo ago --- Updated: 2026-04-22 Canonical: https://www.jorb.ai/jobs/694480c4c07a3f7a694d8669