London – Long Term Internship 2026 - Market Risk

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
• Being dedicated to the development of our people

Business Area

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

Role Overview

The role is to assist senior team members in day-to-day activities and contribute to a variety of tasks, providing a general introduction to RISK MFI and Global Markets. The role will focus on one or more asset classes among equities, rates, credit, FX, and commodities.

Main Responsibilities (MLR Team)

Business line leadership

• Serve as a 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, detect, monitor, analyze, and provide opinions on market and issuer risks.
• Identify and review hidden risks and potential threats, and provide clear views and recommendations for risk-mitigating actions.
• Escalate to RISK and business management.

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 or concerns in these areas.

Specific Processes Managed by the Role

• Act as the point of contact for Global Markets (GM) on one or more asset class market risk topics.
• Articulate main risks and provide risk opinions to management.
• Review and provide opinions on information and views provided by GM.
• Understand the 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; escalate weaknesses and concerns.
• Understand the market risk capital framework; escalate weaknesses and concerns.
• Perform market risk analysis of structured/complex transactions.

Risk Anticipation and Detection

• Understand the 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 and appropriate risk information and opinion to the FMRC (senior risk management) and other senior management forums; escalate risk topics to senior management as needed.
• Perform in-depth, ad hoc analysis, formulate an opinion, and escalate as needed, while judging priority across all market risk topics affecting the business line.

Risk Control Framework

• Analyze risk within the business line using available tools, drive improvements to those tools, and ensure risks are adequately understood even when tools or data are inadequate.
• 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 the Job Purpose.

Requirements

• 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 skills, with strong networking abilities.
• Excellent spoken and written English; additional languages are an advantage.
• Proficient with MS Office tools, including Excel (Python/R/VBA preferred).
• Great organisational, multitasking, and time management skills.
• Team player, proactive, independent, enthusiastic self-starter with strong interpersonal skills.

Conduct

• Be a role model by 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.
• Embody and practice the Group values (alignment with the Bank’s strategy, commitment, work ethic, integrity, and Code of Conduct).

Location and Duration

• Location: London
• Duration: 22 months

Internship Details

• 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.
• Please discuss the available start dates with your interviewers.
• Unsuccessful candidates’ CVs will be shared with other teams within BNP Paribas and considered for potentially suitable roles in order to maximise opportunities for candidates and hiring teams.

Why Join Us (Highlights)

Great place to work

• Aim for optimal work/life balance, including hybrid working, flexible working, and agile working where role-dependent.
• Award-winning flexible benefits and health & wellbeing strategy, including generous holiday allowance and a 12% non-contributory pension (moved to sustainable investments where applicable), along with comprehensive wellbeing and medical support.
• Key onsite services and facilities in London, including physiotherapy, nutrition, massage therapy, seasonal flu vaccinations, and a free onsite fitness centre.

Positive impact

• Committed to Net Zero in all financing and investment portfolios by 2050, with 80% of energy production financing low carbon by 2030.
• Four volunteering days each year, with volunteering across the UK and support for young people.

Development and inclusive culture

• Support for skills development through training offerings, talent programmes, mentoring, and career days.
• Collaborative and inclusive culture, with professional networks including Women in Global Markets and other diversity and inclusion groups.

Equal Opportunities and Adjustments

• BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity.
• If you have a disability or health condition which may mean you’d benefit from adjustments or additional support, please let us know as early in the process as possible.