Quantitative Analyst Intern (Contractual) (INVESTMENT ASSOCIATE INTERN)

Introduction

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The Maryland State Retirement Agency is the administrator of the Maryland State Retirement and Pension System (âSystemâ). The System is a defined benefit retirement system covering State and local government employees of Maryland. Itâs composed of twelve (12) separate retirement and pension systems with over 50 different rule sets. The System has over 433,000 participants (customers), including 210,000 members who are actively employed and participating in the System, 179,000 payees who receive a monthly payment from the System, and 44,000 vested members who are no longer actively employed but have earned a benefit that will become payable at a future date.

Located in Baltimoreâs Central Business District, SRPS offers a purpose-driven workplace with modern amenities, including panoramic city and harbor views, renovated common areas, upgraded elevators, and an on-site cafÃ.

Employees enjoy comprehensive state benefits including medical, dental, prescription coverage, generous paid leave, participation in the state pension system, and supplemental retirement savings options (401(k), 457(b), and more). Additional perks include an on-site fitness center with showers and lockers, 24/7 building security, and easy access to restaurants, shops, public transit, and major highways.Â

If you''re seeking a career with impact, stability, and a supportive environment, explore opportunities with MSRPS.

The Investment Division of the Maryland State Retirement Agency seeks five (5) bright, highly motivated individuals to join our Quantitative Analyst Internship Program. Each Intern will have a hands-on opportunity to apply what has been learned in the classroom to a real world, large-scale investment operation. Â The interns will contribute to quantitative research and analytical projects that support the investment decision-making process. They will gain hands-on experience using industry-leading financial and data analytics platforms, develop quantitative modeling and programming skills, and collaborate with investment professionals responsible for managing approximately $82 billion in assets for the Maryland State Retirement and Pension System as of June 30, 2026.

Dates of the Internship

The start dates of the internship may be flexible. This is part-time employment. The internship will run about a year from the hiring. This internship will follow a hybrid model: a combination of in-person and virtual presence will be required.

GRADE

HRLY0005

LOCATION OF POSITION

120 East Baltimore Street

Baltimore, Maryland 21202

Main Purpose of Job

Each Intern will have a hands-on opportunity to apply classroom knowledge within a real world, large-scale institutional investment organization. Selected interns will contribute to quantitative research, data engineering, machine learning, and artificial intelligence initiatives that support the Investment Division''s quantitative research and investment processes. In addition, the interns will assist in establishing and maintaining automated data pipelines and robust data quality controls to ensure the accuracy, timeliness, and integrity of research and production environments, building and maintaining comprehensive feature libraries across macroeconomic, cross-asset, equity, and risk domains to facilitate systematic research and portfolio management, assist in conducting quantitative alpha research utilizing advanced statistical, machine learning, and modern AI techniques to generate and enhance predictive signals and investment insights, and other projects driven by the Investment Division priorities and needs.

POSITION DUTIES

As an Intern, you will assist in the following:

• Build and continuously enhance data, analytics, and ML/AI infrastructure to support quantitative research, signal generation, portfolio construction, and investment decision-making.
• Implement scalable tools and workflows that improve research efficiency, reproducibility, and operational robustness across the investment process.
• Partner with investment, technology, and operations teams to translate research requirements into production-ready capabilities and infrastructure.
• Design, develop, and maintain automated data ingestion and processing pipelines to ensure timely and reliable access to investment data.
• Design, develop and maintain data quality control processes to ensure the accuracy, timeliness and integrity of research and production environments.
• Stay abreast of emerging developments in machine learning, artificial intelligence, and quantitative methodologies, and evaluate their applicability to investment research and portfolio management.
• Develop and apply advanced statistical, machine learning, and AI techniques to macroeconomic, cross-asset, equity, and risk datasets to identify predictive relationships and generate alpha signals.
• Research and model macroeconomic trends, market regimes, asset class returns, and risk dynamics to enhance forecasting and support investment decision-making.
• Assist in development  and enhancement  systematic forecasting frameworks for economic conditions, market environments, and asset price movements across global markets.
• Evaluate model performance and continuously refine methodologies to improve predictive accuracy, robustness, and risk-adjusted investment outcomes.
• Translate research findings into actionable insights that support portfolio construction, risk management, and dynamic asset allocation decisions
• Other Projects, as assigned.

MINIMUM QUALIFICATIONS

Education:Â Applicants must be currently enrolled as juniors or seniors in a four-year college or university, or as graduate students who have completed at least one semester of graduate-level studies, in a quantitative field such as Mathematics, Statistics, Computer Science, Data Science, Physics, Engineering, Economics, or Finance at the start of the internship.

Independent Coding and AI Proficiency: Demonstrate strong independent programming skills. We encourage the use of AI tools and expect quantitative professionals to guide, review, optimize, and thoroughly validate AI-generated code for accuracy, robustness, and suitability for investment applications.

Experience:Â No work experience required.

DESIRED OR PREFERRED QUALIFICATIONS

We welcome candidates who have developed relevant investment expertise through different professional paths. We encourage applicants to apply who bring strong expertise in one or more core areas, demonstrate the ability to learn and contribute to adjacent disciplines, and can collaborate effectively across investment, technology, risk, legal, compliance, and operational teams.

PREFERRED QUALIFICATIONS

1) Ability to learn and understand macroeconomics, equities, fixed income, foreign exchange, commodities, and financial instruments.

2) Experience applying modern AI methodologies to information gathering, processing, forecasting, alpha generation, portfolio construction, and investment decision-making.

3) Ability to integrate quantitative research and financial market knowledge to develop innovative investment capabilities.

4) Ability to explain complex technical concepts clearly to colleagues with different professional and technical backgrounds.

SPECIAL REQUIREMENTS

A RESUME, MOST RECENT TRANSCRIPT (OFFICIAL OR UNOFFICIAL ACCEPTED), AND COVER LETTER MUST BE SUBMITTED WITH YOUR APPLICATION IN ORDER TO BE CONSIDERED.

SELECTION PROCESS

Please make sure that you provide sufficient information on your application to show that you meet the minimum for this recruitment. All information concerning your qualifications must be submitted by the closing date. We will not consider information submitted after this date.

Successful candidates will be placed on the employment (eligible) list for at least one year. This list will be used by the hiring agency to select employees.Â

For education obtained outside the U.S., a copy of the equivalent American education as determined by a foreign credential evaluation service must be provided prior to hire.

Due to the confidential nature of the work, selected candidates must undergo and pass a background check.

EXAMINATION PROCESS

The assessment may consist of a rating of your education, training, and experience related to the requirements of the position. It is important that you provide complete and accurate information on your application.Â

Please report all experience and education that is related to this position. You may be asked to complete a supplemental questionnaire. The supplemental questionnaire may be used as part of the rating process. Therefore, it is important that you provide complete and accurate information on your application.Â

FURTHER INSTRUCTIONS

The online application process is STRONGLY preferred. If you are unable to apply online, you may mail a paper application and supplemental questionnaire to:

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Maryland State Retirement and Pension Systems

Human Resources Section

120 E. Baltimore Street

Baltimore, MD 21202

ATTN: Ashley Lohr

Must be postmarked by the closing date.

Email: alohr@sra.state.md.us

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PLEASE DO NOT SUBMIT UNSOLICITED DOCUMENTATION

The resulting certified eligible list for this recruitment may be used for similar positions in this or other State agencies.

As an equal opportunity employer, Maryland is committed to recruiting, retaining and promoting employees who are reflective of the Stateâs diversity.

People with disabilities and bilingual candidates are encouraged to apply.

We thank our Veterans for their service to our country.

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TTY Users: call via Maryland Relay