PhD Traineeship in the Market-based Finance Division

PhD Traineeship in the Market-based Finance Division

Your team

You will be part of the Market-based Finance Division in the Directorate General Macroprudential Policy and Financial Stability. Our Directorate General has more than 100 staff providing analyses and policy advice on issues relating to financial stability, non-bank financial intermediation, financial regulation and macroprudential policy.

The Market-based Finance Division assesses and mitigates the systemic risks arising from the activities and behaviour of non-bank financial intermediaries. We also monitor financial stability risks in financial markets, coordinate the Directorate General’s market intelligence activities and improve understanding of how market-based finance interacts with monetary policy.

In your role as a PhD trainee, you will be part of a team of approximately 20 members of staff responsible for policy-relevant analysis, model development and the coordination of the ECB’s views on the issues mentioned above.

Your role

As a PhD trainee in the Market-based Finance Division you will:

• assess systemic risk in the non-bank financial sector, including risk from asset management and insurance activities;
• analyse the non-bank financial sector’s role in funding the real economy;
• work empirically with large granular datasets, such as data reports on derivatives or securities financing transactions, portfolio holdings data or commercial data on investment funds and financial markets;
• provide analytical input into the wider policy debate around non-bank financial intermediation and systemic risk.

The traineeship offers you an excellent opportunity to work closely with our experts on different tasks and research projects. You will be able to develop your potential, gain an overview of all the activities performed by the Directorate General. You may also have the chance to contribute to its regular work. You will have your own assigned supervisor but will be expected to use your own initiative and work autonomously to complete your projects.

You will be able to attend a wide range of seminars and have access to the ECB’s library, as well as to our computing, programming and statistical resources. You will also have the chance to network and engage with employees from across the ECB, while building your self-awareness and expanding your business knowledge. You will be part of a multicultural team that strives for continuous innovation to make a positive impact on the lives of European citizens.

Qualifications, experience and skills

Essential:

• a master’s degree and at least two years of PhD studies in finance, economics, statistics, mathematics, physics, engineering, computer science or a related field;
• a sound background in (including an analytical or research project on) one or more of the following areas: financial instruments, institutions and markets; financial sector analysis, policy and/or regulation; panel data econometrics; numerical techniques; mathematical optimisation models; computational economics; network analysis; corporate finance; big data management; and data science;
• a good knowledge of one or more programming languages and/or econometric software (e.g. Python, R, SQL, PySpark, MATLAB, Stata);
• a good knowledge of the MS Office package;
• an advanced (C1) command of English and an intermediate (B1) command of at least one other official language of the EU, according to the Common European Framework of Reference for Languages.

Desired:

• experience working with large granular datasets, combining different data sources and drawing information from complex financial and real sector data;
• a good knowledge of at least one of the tasks listed in the “Your role” section above.

You are curious and eager to learn, and want to further develop your ability to analyse complex information. You are keen to collaborate with others, pursue team goals and learn from other people’s diverse perspectives. You strive to know and anticipate stakeholder needs, and will signal any need for change and propose alternative solutions.

You are motivated to contribute to the ECB’s mission, to serve the citizens of the EU as a member of a public institution and to work with colleagues from all over Europe. You are keen to be part of our team and to use your skills and competencies to achieve the objectives of this position.

Further information

Initial PhD traineeship of between three and six months, with a possible extension to up to 12 months in total.

The ideal starting date would be July 2026, and additional dates will be available throughout 2026.