London – Long Term Internship 2026 – Market Risk

Job Description

Company Purpose

Our company purpose is to contribute to a responsible and sustainable economy by financing and advising clients according to the highest ethical standards. Our employer promise is built around three pillars: being a great place to work; committed to sustainability and having a positive impact; and being dedicated to the development of our people.

Business Area

BNP Paribas is a leading bank in Europe with an international reach. It operates in 73 countries with more than 196,000 employees, including around 149,000 in Europe. The Group leads in three main activities: Domestic Markets, International Financial Services (Retail Banking & Services) and Corporate & Institutional Banking, serving corporate clients and institutional investors. BNP Paribas Corporate & Institutional Banking offers capital markets, securities services, financing, treasury and advisory solutions.

Department Overview

This role is within RISK Markets and Financial Institutions (RISK MFI) – Analysis & Decisions (A&D) – Market & Liquidity Risk (MLR). The team covers market risks generated by Global Markets (GM) activities across main asset classes: equities, rates, credit, repo, FX, XVA and commodities.

Main Responsibilities of MLR Team

• Business line leadership: Act as centre of expertise and point of contact for the business line, providing a holistic view of risks and activities and escalating issues as appropriate. Understand the application of processes under the responsibility of other RISK MFI teams to the business line.
• Risk anticipation and detection: Anticipate, monitor, analyse and provide opinion on all market and issuer risks. Identify hidden risks and potential threats early, delivering clear views and risk-mitigating actions. Escalate to RISK and business management as needed.
• Risk control framework: Design and continuously improve the market risk control framework, including risk analysis tools, limits and stress testing. Maintain a holistic view on valuation and capital metrics and escalate issues when necessary.

Job Purpose

The role assists senior team members in day-to-day activities and contributes to a variety of tasks to provide a general introduction to the business of RISK MFI and Global Markets. The role focuses on one or more asset classes among equities, rates, credit, repo, FX, XVA and commodities.

Specific Processes Managed by the Team

• Business line leadership
  • Point of contact for Global Markets (GM) on one or more asset class market risk topics.
  • Articulation of main risks and risk opinion to management.
  • Review of and opinion on information and views provided by GM.
  • Understand valuation, capital, funding, and liquidity impact of the business line.
  • Provide support as a business-line expert to other RISK teams.
  • Understand business-line valuation models and methodologies and escalate weaknesses and concerns.
  • Understand market risk capital framework and escalate weaknesses and concerns.
  • Market risk analysis of structured/complex transactions.
• Risk anticipation and detection
  • Understand valuation, risk and P&L of business line activities in the context of current, past and potential market conditions.
  • Chair Main Positions meetings and other forums with Trading, providing independent risk analysis and opinion, escalating risk topics, and challenging the business view.
  • Provide accurate risk information and opinion to FMRC and other senior management forums; escalate risk topics as needed.
  • Perform in-depth, ad hoc analysis, formulate an opinion and escalate as needed on all market risk topics affecting the business line.
• Risk control framework
  • Analyze risk within the business line with available tools and drive tool improvements; ensure risks with inadequate tools/data are adequately understood.
  • Set and ensure timely review of market risk limits in line with the framework.
  • Provide support for IPV methodologies and control of non-tradable/exotic market parameters.
  • Review and approve the market risk of exceptional transactions.
  • Approve amendments to trading mandates for French Banking Law/Volcker Rule desks.
  • Define risk measurement methods such as stress tests, regulatory measures, and VaR methodologies.
  • Contribute to French Banking Law/Volcker Rule control plans.

Key Responsibilities

• Support senior team members with day-to-day activities as described in Job Purpose.

Requirements

• Master’s degree from a leading university with an excellent academic record, or equivalent work experience.
• Good understanding of financial markets.
• Good knowledge of options principles (trading, risk management) and derivatives markets (products and markets).
• Curious and eager to learn; confident verbal and written communication and networking skills.
• Excellent spoken and written English. Additional languages are an advantage.
• Proficient with MS Office tools, including Excel. Python/R/VBA preferred.
• Strong organisational, multitasking, and time management skills.
• Team player, proactive, independent, enthusiastic self-starter with strong interpersonal skills.

Conduct

• Be a role model, supporting and fostering a culture of good conduct.
• Demonstrate proactivity, transparency, and accountability for identifying and managing conduct risks.
• Consider the implications of your actions on colleagues and embody the Group values (alignment with the Bank’s strategy, commitment, work ethic, integrity, and Code of Conduct).

Please Note

• You may apply to four Long Term Internships over the course of a year across any business area. Successful candidates for this long-term internship will be considered for London only. Discuss available start dates with your interviewers.
• Unsuccessful candidates’ CVs may be shared with other BNP Paribas teams for potentially suitable roles to maximise opportunities for candidates and hiring teams. By submitting your CV, you consent to its secure sharing within BNP Paribas for relevant recruitment rounds.

Location

London

Duration

11 months

About Why You Should Join Us

1. We’re a great place to work: aiming for optimal work/life balance with hybrid, flexible, and agile arrangements; award-winning flexible benefits and health & wellbeing strategy. Benefits include at least 26 days holiday (plus bank holidays), pension, life assurance, income protection, private medical, dental, wellbeing programs, and extensive onsite services in London.
2. Positive impact: as Europe’s largest bank, we are committed to Net Zero in financing and investments by 2050, and 80% of energy production financing to be low carbon by 2030. We also offer volunteering days to empower our people.
3. People development: comprehensive training, mentoring, and career tools; a strong track record of internal mobility and diversity & inclusion networks within the Group.

Equal Opportunities

BNP Paribas is committed to a work environment that fosters diversity, inclusion, and equal employment opportunity regardless of age, disability, gender reassignment, pregnancy, race, religion or belief, sex, or sexual orientation, or any other legally protected status. If you require adjustments during the recruitment process due to a disability or health condition, please let us know early in the process.

#LI-Onsite