Quantitative Researcher (Ph.D.) - 2027 Graduate Program - (August Start)

Old Mission is recruiting for Quantitative Researcher (Ph.D.) - 2027 Graduate Program - (August Start) in Chicago, IL, United States. This listing was last seen on the firm's own job board on August 22, 2026.

A mid-sized Chicago market maker with a practical interview and less emphasis on pedigree.

What sets Old Mission apart: Markets and instrument knowledge weighted above abstract puzzles. Smaller firm, so juniors touch live risk sooner. ETF and fixed income market making rather than equities alone.

Related preparation: Quantitative Researcher (QR) Career Roadmap, Machine Learning Quant Career Roadmap, Quant Strategist (Desk Quant) Career Roadmap, Quant Data Scientist (Alternative Data) Roadmap, Quant Research Ops (MLOps) Roadmap and Financial Data Scientist Career Roadmap.

The role, as Old Mission describes it, published on July 30, 2026 and reproduced from their job board:

Old Mission is a global proprietary trading firm that leverages state-of-the-art technology and research to identify and execute profitable trading strategies across multiple asset classes around the world. Our offices in Chicago, New York, and London are all composed of naturally-curious individuals who thrive in a team environment and constantly strive for improvement.

About the Position

We are actively seeking a Quantitative Researcher (Ph.D.) to join our Chicago office. In this role, you will collaborate directly with our options trading group, contributing to the enhancement of existing pricing models, and spearheading the development of cutting-edge models and tools. The primary focus will be on efficiently pricing volatility-based derivatives across diverse asset classes. As a key member of the team, you will actively participate in the options research idea generation process and may also take the lead in expanding the capabilities of the quant team to further enhance the options desk.

Responsibilities

Conceptualize and implement cutting-edge derivative pricing models for single-asset derivatives, as well as pricing models for widely traded equity volatility products such as variance swaps, volatility swaps, and VIX options.

Evaluate existing options pricing models, scrutinizing aspects such as calibration accuracy and Greeks stability to identify any anomalies. Investigate and propose enhancements to address identified issues.

Develop more resilient and stable alternative options pricing models, including exploring and suggesting new parameterizations for the volatility surface and designing improved filtering rules for market data quotes during calibration.

Develop options specific research infrastructure and libraries in Python.

Analyze market data and microstructure to identify patterns, facilitating the exploration of trading ideas.

Actively participate in the idea generation process for options research, contributing insights and innovations.

Collaborate closely with traders, engaging in the analysis of data and jointly developing new tools and ideas to identify patterns in the market.