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2024 Trading and Portfolio Finance Summer Analyst

AQR Capital Management
2024 Trading and Portfolio Finance Summer Analyst
New York, US
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Job Description

AQR is a global investment firm built at the intersection of financial theory and practical application. We strive to deliver concrete, long-term results by looking past market noise to identify and isolate the factors that matter most, and by developing ideas that stand up to rigorous testing. By putting theory into practice, we have become a leader in alternative strategies and an innovator in traditional portfolio management since 1998.

At AQR, our employees share a common spirit of academic excellence, intellectual honesty and an unwavering commitment to seeking the truth. We’re determined to know what makes financial markets tick – and we’ll ask every question and challenge every assumption. We recognize and respect the power of collaboration and believe transparency and openness to new ideas leads to innovation.

The Internship Program

Our 10-week summer program puts real work of the firm in your hands. You will work alongside brilliant people, gain insights and know-how from our Quanta Academy Summer Term curriculum, and experience what it’s like to work at the pinnacle of global, systematic investing.

Learning is the cornerstone of our culture and plays an active role in the internship experience — through daily collaboration and interaction with employees at all levels, in workshops and classes, and most significantly by working on projects that matter to the many clients we serve. Our unique AQR Quanta Academy: Summer Term learning series, a structured program, consists of over 40 hours of educational, skill-building and networking events.

The Team

The Trading and Financing team is responsible for efficient trade execution of AQR’s investment strategies. The team is comprised of traders, trading assistants, trading infrastructure and trading algorithm developers as well as market microstructure and short-term signal researchers. The department:

  • Is Responsible for all the firm’s global trading on exchanges, SEFs and OTC markets
  • Develops and evaluates algorithmic trading methodologies in many asset classes
  • Performs transaction cost analysis in markets that the firm transacts in and builds cost forecasting models for use in AQR’s investment strategies
  • Assists Portfolio Implementation and Research Teams in the management of portfolios and the refinement of the investment process

The Portfolio Finance team consists of highly dynamic and multi-faceted professionals with extensive experience at both buy-side and sell-side firms. As one of the most recently formed and actively growing departments at AQR, Portfolio Finance has three primary responsibilities:

  • Optimizing the traditional and synthetic financing utilization of the firm across all the breath of asset classes traded by the firm, including associated collateral requirements, instrument types (i.e., derivatives or securities), and investment strategies
  • Investing and portfolio management of domestic and foreign, cash and cash-equivalent instruments
  • Managing AQR’s critical relationships and numerous touchpoints with the largest firms on Wall Street.

Your Role

We are seeking exceptionally talented individuals to join our Trading and Financing team as interns. Candidates should be ambitious and enthusiastic about implementing new ideas, working within the trading desk and with others in the firm to enhance current processes as a self-starter. Interns will experience a 10-week rotational program throughout functions of the team. Interns will fully immerse in the daily functions of high touch and electronic execution trading, portfolio finance, business management and trade support teams. A rotation through some subset of these functions is planned in order to expose the candidate to multiple functions of the team. You will work in a collaborative environment and on an individual capstone project throughout the summer. Mentorship and constructive performance review will be a focus throughout your time as you work towards earning a full-time role.

What You’ll Bring

  • December 2024 or Winter/Spring 2025 graduate in Finance, Economics, Mathematics, Business, Engineering, or scientific related field
  • Well-organized, detail-oriented, and strong verbal and written communication skills
  • Hard-working and eager to learn in a highly intellectual, collaborative environment
  • Demonstrated interest in finance, economics, and capital markets
  • Strong technical/quantitative skills
  • Computer science/programming skills preferred
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