Quant jobs / HSBC

Quantitative Research Internship – FICC

A six-month internship in the fixed income, currencies and commodities quant research team, based on the trading floor. The project extends a machine-learning model that completes the swaption volatility cube.

What you’d work on

Our reading of the posting: what a new hire in this role would most likely spend their first months on.

Review the state of the art in swaption volatility cube modelling
Understand the existing ML model that fills in missing cube points
Add new components, such as rate regimes and a custom activation function
Backtest the extended model on a hypothetical swaption portfolio
Diagnose results using charts

What they ask for

Required

Final-year master's level in an engineering school or university with applied maths for finance
Object-oriented programming in Python or C++
Machine learning algorithms
Quantitative and numerical analysis
Fluent English

Education: Final-year master's level (bac+5) with a specialisation in applied maths for finance
Experience: Students; six-month internship
Languages and tools: Python
C++
Markets: fixed-income

How to prepare

Learn swaption pricing with the Black and normal models and how the vol cube is quoted
Fit a small neural network to a smooth surface and test how it extrapolates
Read about SABR and its role in swaption smiles
Practise backtesting a model's pricing errors on a synthetic portfolio

What to study

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Apply

Read the full posting on HSBC’s site before applying: requirements, location and pay can change after we check them.

View the posting on HSBC’s site ↗

SelfMadeQuant wrote this summary from the employer’s public posting, last checked 6 November 2026. SelfMadeQuant isn’t affiliated with HSBC and doesn’t handle applications.