Programs like BlackRock’s Quantitative Master’s Internship Program have long been a staple on Wall Street. Launched as a pilot for summer 2024, the firm’s Quantitative Master’s Internship Program specifically targets graduate students in analytics, computational finance, engineering, mathematics, and quantitative master’s programs, providing valuable hands-on experience developing and implementing state-of-the-art quantitative and statistical models.
Unique to BlackRock, the firm’s vast size and scope expose Quantitative Master’s interns to a broad, overarching range of work. Working with a wide array of stakeholders, both internally and externally, gives participants significant insight into various problems that reflect the overall market.
“To be exposed to that grand scale and scope is energizing,” says Michael Sternberg, Managing Director and BlackRock’s Global Head of Aladdin Financial Engineering. “If you want to narrow your focus later on, that’s fine, but to have that initial exposure and appreciation is very valuable.”
Sternberg has dedicated the past 39 years to running quantitative and structured finance teams. He joined BlackRock as the Head of Analytics and Modeling in July 2022 before stepping into his current role in June 2023. As the financial industry evolves in complexity and speed, Sternberg recognizes the pressing need to build a niche talent pipeline to meet these challenges. “There are some domains–particularly the advanced modeling domains–where you need the top-notch people doing this work, and we needed a pipeline to bring them in.”
BlackRock’s Quantitative Master’s Internship Program addresses this growing demand. It cultivates a hands-on approach, allowing participants to tackle real-world problems, build their technical toolkits, and explore what a career in applied analytics and modeling looks like. Sternberg emphasizes the program’s significant role in helping graduate students understand the differences between working in academia and applied analytics or within a regulatory framework.
“Working at a financial enterprise and having people come in and see what that experience is like is key,” he says. “I’ve seen some people thrive in the domain or determine that it’s not their thing and would much rather do something closer to what they had been doing in their graduate program.”
Sternberg also notes that his early career experiences played an instrumental role in guiding his career path. “I was fortunate to have a variety of internships in various business roles, and it helped me find the field I liked,” he says. “Some of my internships were in economics, some focused on consumer affairs, and some were more finance-focused. I enjoyed the finance part and doing it in a real applied business way. The ability to try different things was incredibly helpful for me.”
Cultivating a unique talent pool
Recruiting for the Quantitative Master’s Internship Program requires a deep understanding of the specific skills and knowledge necessary for success in the field. Pasquale Quintero, Jr. (PQ), Director, is the Head of Campus Recruitment for the AMERS (North America and Latin America) region. As the AMERS lead for the Students & Graduates, Quintero collaborates closely with Sternberg on the recruitment for the program.
As a first-generation graduate with a non-traditional career path, Quintero understands these types of programs help reach a uniquely skilled talent pool and empower graduates to carve out career paths aligned with their professional goals and interests. For the Quant Master’s Program, he looks for candidates with strong analytical skills and proficiency in financial modeling and quantitative analysis who are open to working with different hiring teams in various locations. He also recognizes that talent comes in many forms.
“We want individuals to have the technical competencies to succeed in the role,” Quintero says. “We also know that sometimes people will enroll in a graduate program because they want to pivot in their careers or further enhance their subject matter expertise within a certain area. Even if you have previous work experience working for a tech firm and want to pivot into financial services, that’s okay. We're seeking a variety of experiences and perspectives.”
Furthermore, he seeks candidates who are “versatile across different products, eager to continue learning beyond what they’ve learned in their academic studies or previous work experience, and willing to become well-rounded students of the market.” Most importantly, he looks for individuals with a passion for performance and innovation willing to collaborate in a team environment.
When asked about his best advice for prospective candidates, Quintero encourages students to treat each conversation with a recruiter as an informal interview. “One conversation could lead to an internship or a full-time opportunity, so you should always approach it with that mindset,” he says.
Having a basic understanding of the company and industry during these interactions is also a key tool in a prospective intern’s toolbox. Additionally, Quintero aims to learn what excites students: “What are their passion projects? What do they like to do?” This insight allows him to connect them with potential opportunities that align with their interests, skills, and long-term career goals.
Investing in the future
As BlackRock embarks on the second year of the Quant Master’s program, the firm is doubling the class size for 2025. This expansion will allow more candidates to participate and offer the firm a more robust talent pipeline.
“It’s still a small niche program, but a lot of the teams at the firm value this unique talent pool,” Quintero says. “The internship is an extended audition for these candidates, giving them real-world experience, but also allowing the business to assess whether the candidate’s skills will fit within their particular function.”
The Quantitative Master’s Internship Program exemplifies BlackRock’s dedication to preparing the next generation of leaders to excel in an ever-evolving financial landscape.
To learn more, head to BlackRock’s Students & Graduates page.