Required skills
copulaGitJavaRExcel VBAtime series analysisValue-at-Risk (VaR)stochastic simulationPython
Job description
Allianz published this listing. We've added our own working-student context below — what this role means for your weekly hours, take-home pay and student visa as a student in Munich, Germany.
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Description provided by Allianz
Who will you be joining?
Within Allianz SE, Group Risk (GR) is in charge of managing risks to bolster Allianz's financial strength and to support value-focused company leadership. As such Group Risk is responsible for monitoring and reporting on the Group's overall risk profile, and thus ensuring that individual Allianz companies adhere to the Group's risk governance principles.
Within Group Risk, the Internal Modeling (IM) team is covering the wide range of financial risk and capital management in the context of the maintenance and development of group-wide Internal Model with focus on real-world scenario generation, copulas and correlation settings management, risk aggregation, market risk, replicating portfolio, asset and tax modeling, etc.
How can you make an impact?
Health & well-being: Numerous sports and health offers as well as preventative measures lay the foundation for your physical and mental health.
Remuneration: In addition to an attractive salary, you can expect a monthly travel allowance of 30,00 € and a daily lunch allowance in our excellent staff restaurants.
And there is much more: Allianz SE Benefits
To learn about our recruitment process: Allianz SE Recruitment Process
Appointment date: 1st September 2026 (full 6 months & extendable)
Are you interested? Then we look forward to receiving your application online on our careers page - careers.allianz.com.
Our colleagues at [email protected] will be happy to answer any technical or professional questions you may have.
Note: Allianz in Germany has an internal recruitment team that focuses on the direct search for outstanding candidates. No unsolicited applications from recruitment agencies or recruitment firms will be accepted.
Who are we?
Are you keen on driving innovation? Do you thrive in a culture of equality, collaboration and trust? Then let's care for tomorrow. At Allianz SE, you can count on having a voice, driving innovation and change and making an impact – for us, yourself and the world. For more about Allianz SE, Click Here
Allianz Group is one of the most trusted insurance and asset management companies in the world. Caring for our employees, their ambitions, dreams and challenges, is what makes us a unique employer. Together we can build an environment where everyone feels empowered and has the confidence to explore, to grow and to shape a better future for our customers and the world around us.
At Allianz, we stand for unity: we believe that a united world is a more prosperous world, and we are dedicated to consistently advocating for equal opportunities for all. And the foundation for this is our inclusive workplace, where people and performance both matter, and nurtures a culture grounded in integrity, fairness, inclusion and trust.
We therefore welcome applications regardless of ethnicity or cultural background, age, gender, nationality, religion, social class, disability or sexual orientation, or any other characteristics protected under applicable local laws and regulations.
Great to have you on board. Let's care for tomorrow.
Within Allianz SE, Group Risk (GR) is in charge of managing risks to bolster Allianz's financial strength and to support value-focused company leadership. As such Group Risk is responsible for monitoring and reporting on the Group's overall risk profile, and thus ensuring that individual Allianz companies adhere to the Group's risk governance principles.
Within Group Risk, the Internal Modeling (IM) team is covering the wide range of financial risk and capital management in the context of the maintenance and development of group-wide Internal Model with focus on real-world scenario generation, copulas and correlation settings management, risk aggregation, market risk, replicating portfolio, asset and tax modeling, etc.
How can you make an impact?
- Support the development of quantitative risk management tools both in terms of modelling and programming, maintained by Group Risk and the team.
- Implement and test existing and new methods for risk measurement and investment solutions for the management of Allianz's portfolio exposures in line with the regulatory requirements.
- Support to the maintenance and further development of key areas of the Internal Model with particular interest in risk aggregation such as the calculation of various Value-at-Risk (VaR) measures used for risk impact assessments both for the Group and the Operating Entities modelled internally.
- Importantly must be enrolled in a Master program (during the whole internship contract) in a highly quantitative subject such as Mathematics/Mathematical Finance, Statistics, Actuarial Science, Physics, and Computer Science or related.
- Good command of statistical programming languages (e.g., R and/or Python, Excel VBA, Java) ideally showcased via shared projects on Git or similar, with the ability to use it in a productive environment and create prototypes. Ability to understand and work with large datasets and knowledge of basic algorithms.
- Familiarity with fundamental mathematical and statistical concepts such as calculation of various Value-at-Risk (VaR), time series analysis, copula, correlation and stochastic simulation methods, proved through relevant coursework or prior internship experience.
- Fluent in English and Self-motivated team player
- Must be able to commit to a full 6-month timeline (with potential for extension)
- Openness to creative and innovative solutions, as well as a passion for working with forward-thinking technologies such as artificial intelligence or internal ChatGPT.
Health & well-being: Numerous sports and health offers as well as preventative measures lay the foundation for your physical and mental health.
Remuneration: In addition to an attractive salary, you can expect a monthly travel allowance of 30,00 € and a daily lunch allowance in our excellent staff restaurants.
And there is much more: Allianz SE Benefits
To learn about our recruitment process: Allianz SE Recruitment Process
Appointment date: 1st September 2026 (full 6 months & extendable)
Are you interested? Then we look forward to receiving your application online on our careers page - careers.allianz.com.
Our colleagues at [email protected] will be happy to answer any technical or professional questions you may have.
Note: Allianz in Germany has an internal recruitment team that focuses on the direct search for outstanding candidates. No unsolicited applications from recruitment agencies or recruitment firms will be accepted.
Who are we?
Are you keen on driving innovation? Do you thrive in a culture of equality, collaboration and trust? Then let's care for tomorrow. At Allianz SE, you can count on having a voice, driving innovation and change and making an impact – for us, yourself and the world. For more about Allianz SE, Click Here
Allianz Group is one of the most trusted insurance and asset management companies in the world. Caring for our employees, their ambitions, dreams and challenges, is what makes us a unique employer. Together we can build an environment where everyone feels empowered and has the confidence to explore, to grow and to shape a better future for our customers and the world around us.
At Allianz, we stand for unity: we believe that a united world is a more prosperous world, and we are dedicated to consistently advocating for equal opportunities for all. And the foundation for this is our inclusive workplace, where people and performance both matter, and nurtures a culture grounded in integrity, fairness, inclusion and trust.
We therefore welcome applications regardless of ethnicity or cultural background, age, gender, nationality, religion, social class, disability or sexual orientation, or any other characteristics protected under applicable local laws and regulations.
Great to have you on board. Let's care for tomorrow.
Working student essentials
What this Finance internship in Munich means for you — pay rules, social contributions, and what international students should check before applying.
Weekly hours
Internships have no 20-hour cap, but a voluntary internship longer than three months generally has to pay at least the German minimum wage. Mandatory internships in your study programme are exempt.
Working student rulesSocial contributions
Mandatory internships are largely exempt from social contributions. Voluntary internships are treated like regular employment once they run long enough, so contributions usually apply.
Check your insuranceInternational students
Non-EU students can work 140 full or 280 half days per year (raised from 120/240 in March 2024). A working student contract usually fits within this — confirm the exact limits printed on your residence permit.
Studying in Germany
