The Council of Europe Development Bank (CEB) is offering a six-month Market Risk internship in Paris, scheduled to start in February 2027, with a monthly allowance of EUR 1,800. Final-year students and graduates of the past 24 months who are citizens of a CEB member state can apply until 11 November 2026. At Youth Works Hub, we reviewed the full vacancy, and every task, requirement and condition is set out below.
The CEB Market Risk Internship at a Glance
🏦 Organisation: Council of Europe Development Bank (CEB)
🧭 Role: Intern, Market Risk (Stagiaire, Risque de Marché)
🏢 Team: Market Risk and Capital Management Unit, Risk & Control Directorate
📍 Location: Paris, France
⏱️ Duration: 6 months
🚀 Start: February 2027, with some flexibility
🪙 Allowance: EUR 1,800 per month
🎓 Academic status: graduated within the past 24 months or in your final year of higher education
🌐 Nationality: citizen of one of the 43 CEB member states
🗣️ Languages: English or French
🖥️ Application: online recruitment system, in English or French
About the CEB Internship Programme 2027
The CEB offers ten internships in Paris for students in their final year of higher education and recent graduates. The Market Risk internship is one of them. The programme covers work from analysing financial risk to assessing social investment, and it lets you apply what you have studied to the work of a bank with a social mandate.
🤝 You work with colleagues from different backgrounds
🧪 You contribute to assignments in your chosen team and develop skills through research, analysis, drafting or technical work
🏠 The CEB finances projects in areas such as education, health and affordable housing, with a focus on vulnerable people
Where You Will Work: Market Risk and Capital Management Unit
This internship sits in the Market Risk and Capital Management Unit of the Risk & Control Directorate. The role is built around quantitative questions: risk models need calculations that stand up to scrutiny.
👥 You work with the Head of the Market Risk & Capital Management Unit
🧵 You collaborate with colleagues across Risk & Control, Finance and IT
🎯 You get practice testing models and explaining what the findings mean
Valuation Control of Derivatives: Pricing Curves
The first area of assignments is valuation control of derivatives, starting with pricing curves:
🛠️ Build tools that check Bloomberg swap and basis curves
🔄 Independently rebuild pricing curves, including CSA discount curves
⚖️ Reconcile your rebuilt curves with Bloomberg
Valuation Control of Derivatives: The In-House CVA Tool
The second valuation-control task is an in-house Credit Valuation Adjustment (CVA) tool. The tool covers:
🎲 Exposure simulation
🧱 Netting and collateral
📉 Calibration of default probabilities and recovery
📐 CVA sensitivities
📊 You then compare the results with Bloomberg.
Internal Model Analysis: Capital, Provisioning and Liquidity
The second area of assignments is internal model analysis. You carry out quantitative analyses on three types of internal models:
🏛️ Capital models (ICAAP)
🧾 Provisioning models (ECL)
💧 Liquidity stress-testing models
The analysis work includes:
🔁 Reconciliation
⏪ Backtesting
🌪️ Stress testing
🔬 Sensitivity analysis
📏 Benchmarking
🗂️ Documenting your findings
Exploring AI for Model Analysis, Documentation and Automation
Alongside the model work, you explore AI and how it can support model analysis, document review and process automation. The vacancy describes this as part of the internship, so candidates who enjoy testing new tools within a rigorous risk environment will find it relevant.
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Academic Profile: Which Studies Fit
The role-specific profile asks for studies in a quantitative discipline:
➗ Quantitative finance
🧩 Financial or applied mathematics
🔣 Statistics
🔢 Data science
💻 Computer science
⚙️ Engineering or an equivalent quantitative discipline
Skills the Role Requires
🧠 Strong quantitative and problem-solving skills
🐍 Very good knowledge of at least one programming language, preferably Python or R
🔭 An interest in risk modelling
🔍 Attention to detail and clear documentation
Advantages: VBA, SQL, Git and AI-Assisted Tools
The following are listed as advantages and are not mandatory:
📎 VBA
🗄️ SQL
🌿 Git
🤖 AI-assisted development tools
Eligibility: Graduation Window and Level of Study
These criteria apply to all CEB internships alongside the role-specific profile. You must have graduated within the past 24 months or be in your final year of higher education, ideally at Master's level or equivalent.
Professional Experience
Professional work experience is not required. Relevant experience is an advantage, and the skills criteria of the Market Risk role still apply.
Language Requirements
🇬🇧 An excellent command of English or French, both spoken and written
🔤 A working knowledge of the other language is desirable
Core Competencies
The CEB looks for the following core competencies:
🧗 Adaptability
🛎️ Client orientation
💬 Communication
💡 Innovation
🏁 Result orientation
🫱 Teamwork
Nationality: The 43 CEB Member States
You must be a citizen of one of the CEB's member states: Albania, Andorra, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Holy See, Iceland, Ireland, Italy, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Türkiye and Ukraine.
Duration and Start Date
🕰️ The internship lasts six months
📅 It is scheduled to start in February 2027
🗓️ Some flexibility on the start date may be granted to accommodate your schedule or the requirements of your academic institution
Monthly Allowance and What It Covers
Interns receive a monthly allowance of EUR 1,800 towards living costs, public transport and accommodation.
What the Bank Does Not Provide
✈️ Travel expenses and other costs are not covered by the Bank
🪪 An internship does not confer CEB staff status or entitlement to subsequent permanent or temporary employment
Selection Process
The first steps of the selection are generally carried out remotely. The process may include:
🎥 A recorded video interview
✍️ A written test
🎙️ An interactive interview
How to Apply
Read the full vacancy using the link of your chosen role, then apply through the CEB's online recruitment system. You can submit your application in English or French, and it must be completed before midnight Paris time on 11 November 2026.
Is This Internship a Good Fit for You?
According to Youth Works Hub's review of the vacancy, this placement suits final-year students and recent graduates in quantitative fields who enjoy modelling, programming and checking numbers against market data, and who are curious about how a development bank manages risk. Because the allowance is fixed and travel is not covered, you may find our guide to how internships abroad for students and recent graduates work useful when you plan your budget. You can also read how we verify every opportunity and browse more internship opportunities on Youth Works Hub.
Frequently Asked Questions
What does the Market Risk Intern do at the CEB?
The intern works in the Market Risk and Capital Management Unit on valuation control of derivatives and on internal model analysis. Tasks include checking and rebuilding pricing curves, building an in-house CVA tool, analysing capital, provisioning and liquidity stress-testing models, and exploring AI for model analysis, documentation and automation.
Where is the internship based and how long does it last?
The internship is based in Paris, France. It lasts six months and is scheduled to start in February 2027, with some flexibility on the start date.
How much does the CEB Market Risk internship pay?
Interns receive a monthly allowance of EUR 1,800 towards living costs, public transport and accommodation. Travel expenses and other costs are not covered by the Bank.
Who can apply for the internship?
You must have graduated within the past 24 months or be in your final year of higher education, ideally at Master's level or equivalent. You must also be a citizen of one of the CEB's member states.
Which studies are relevant for this role?
The role asks for studies in quantitative finance, financial or applied mathematics, statistics, data science, computer science, engineering or an equivalent quantitative discipline.
Do I need work experience?
No. Professional work experience is not required, although relevant experience is an advantage. The skills criteria of the role still apply.
Which programming languages do I need?
You need very good knowledge of at least one programming language, preferably Python or R. VBA, SQL, Git and AI-assisted development tools are advantages.
Which languages do I need?
You need an excellent command of English or French, both spoken and written. A working knowledge of the other language is desirable.
Can citizens of Türkiye apply?
Yes. Türkiye is one of the 43 CEB member states, so its citizens meet the nationality requirement. The other eligibility criteria still apply.
How does the selection process work?
The first steps are generally carried out remotely. The process may include a recorded video interview, a written test and an interactive interview.
Does the internship lead to a job at the CEB?
No. An internship does not confer CEB staff status or entitlement to subsequent permanent or temporary employment.
How do I apply and what is the deadline?
Apply through the CEB's online recruitment system, in English or French. The deadline is 11 November 2026, before midnight Paris time.
Deadline
⏳ 11 November 2026
Links
🔗 Full vacancy: https://jobs.coebank.org/job/Paris-Intern-Market-Risk-Stagiaire-Risque-de-March%C3%A9/1374189555/
📝 Apply now: https://jobs.coebank.org/talentcommunity/apply/1374189555/?locale=en_US
