Quantitative Analyst I/II
Federal Reserve Bank of Minneapolis
CompanyFederal Reserve Bank of PhiladelphiaThe Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.
The Financial Monitoring Group (FMG) within the Supervision, Regulation and Credit (SRC) department of the Federal Reserve Bank of Philadelphia seeks a motivated quantitative analyst to support the monitoring of consumer credit risk at the nation’s largest banks. The successful candidate will have an interest in consumer credit risk, the technical skills to analyze rich sources of data, and the ability to tell the story behind the data. In addition to good communication and time management skills, experience with large datasets or data visualization tools is a plus.
FMG is a unit of the Risk Assessment, Data Analysis and Research (RADAR) group in SRC, which manages the largest collection of U.S. consumer finance and securities markets data. FMG supports the supervision of large banks by using detailed confidential supervisory data to identify emerging trends in consumer credit. As an example, FMG developed monthly analytics and summary reports to track the impact of the COVID-19 pandemic on consumer lending. Recently, the group launched a narrative report and a selection of large bank credit card and mortgage data trends that are shared with the public on a quarterly basis (access link here). FMG also provides quantitative and examination support to Federal Reserve System activities and groups, including the annual Comprehensive Capital Analysis and Review (CCAR) assessment, the Dodd Frank Stress Test (DFAST), the Large Institution Supervision Coordinating Committee (LISCC), and the Large and Foreign Banking Organization (LFBO) management group.
Please note that the job description covers a broad range of quantitative analyst positions and includes items not directly relevant to this posting.
To be considered for the position, please submit a resume and a cover letter explaining your interest.
What You Will Do:
This is the higher of a dual grade job posting. Candidates with lesser experience will be considered for the lower grade opening.
Support the development or implementation of supervisory retail loss models, the data related to those models, or the qualitative evaluation of industry models through participation in the Dodd-Frank Act Stress Test (DFAST) and Comprehensive Capital Analysis and Review (CCAR) exercises.
Help analyze consumer credit or fixed income securities such as tracking the performance of important variables to identify possible sources of emerging risks for bank examiners, subject matter experts, CCAR modelers or other System personnel.
Work with senior staff on statistical and econometric research projects, including collecting and analyzing data, reviewing prior research, writing research reports, and presenting results to officers and staff.
Participate on Bank, department, or system projects of moderate to high complexity. Demonstrate SRC Core Competency skills for grade and position.
Participate in the accomplishment of departmental and Bank-wide quality projects.
Comply with all applicable information security policies, guidelines, and practices.
What You Have:
Education and Experience:
- Bachelor's degree in a business or quantitative discipline, such as economics, finance or statistics is required.
- Minimum of one year of industry experience in banking, bank supervision, or a finance-related field is required.
Knowledge and Skills:
- Good written and oral communication skills.
- Present findings and assessments concerning moderate to complex matters; able to discuss moderate to complex issues with any stakeholder either within or outside the Division; engage in transferring technical knowledge; demonstrate effective use of listening skills and the ability to manage the communication process.
- Good analytical, problem solving and time management skills.
- Demonstrated intermediate analytical skills; use appropriate diagnostic- and root-cause analysis skills to identify direct and indirect causes of problems of unknown origin; gather tangible and factual evidence from many sources; recognize symptoms that may indicate more significant problems or issues; organize data and information in a manner that effectively communicates issues and underlying causes.
- Experience collecting and analyzing data to track performance of important variables and identify possible sources of emerging risks within the financial sector.
- Experience working with large datasets using statistical software, such as SAS or Stata, is preferred.
- Good interpersonal skills. Ability to participate on a team; draw on experience to resolve moderate to complex issues; leverage strategic work relationships and networks to accomplish goals and objectives.
- Identify and assess moderate to complex issues; able to manage moderate to complex issues to achieve goals. Subject to some oversight in work performed.
- Quantitative Analysts are highly motivated individuals who can work under moderate guidance and interested in consumer credit or bank risk.
We offer a great benefits package that features:
- Medical (4 options), Prescription, Dental (3 options), and Vision Insurance with no waiting period
- 401k/Thrift Plan with generous employer match
- Employer-funded Pension Plan
- Paid Vacation/Sick Time & Holidays
- Monthly $100 Commuter Allowance
- Flexible Spending Accounts and Healthcare Spending Accounts
- Flexible Work Schedule available in most departments
- Life Insurance and Long Term Disability Insurance
- Tuition Reimbursement (undergraduate and graduate)
- Parental Leave
- Free onsite 24/7 Fitness Center including training classes, Peloton bikes and locker room / shower facilities
- Onsite Cafeteria & Coffee Shop
- Additional Convenience Benefits, Discounts and More…
- The Federal Reserve Bank of Philadelphia believes that diversity, equity and inclusion among our employees is essential to our success as an organization, and we want to recruit, develop and retain the most accomplished people from a diverse candidate pool. To support a workplace culture of belonging, we offer eight employee resource groups (ERGs) and a 100 percent rating on the Human Rights Campaign (HRC) Corporate Equality Index. The Federal Reserve Bank of Philadelphia is proud to be an equal opportunity workplace.
- We have eight employee resource groups (ERGs) to support a diverse workforce. Abilities (supporting disabilities and allies), African Heritage, Asian-Pacific, Freedom (supporting LQBTQ+ and allies), Talent Forward (supporting career growth), Women United, Working Families and Veterans. ERGs are open to all employees.
- We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment.
- All Federal Reserve Bank of Philadelphia employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
- Background investigations and drug testing are required for all new hires as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be screened for the presence of marijuana. Employment may not begin until the Bank accepts the results of the background investigation.
- All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
- This position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are permanent residents must sign a declaration of intent to become a U.S. citizen when eligible to do so and pursue a path to citizenship. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a permanent resident and a U.S. citizen and meet other eligibility requirements. Also, you must undergo an applicable background check and comply with all applicable information handling rules.
- The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
- This is not a 100% remote opportunity. You will be available to work on-site in at least a hybrid capacity.
- Learn more about the Philly Fed and its culture. Learn more about working for the Philly Fed.
Full Time / Part TimeFull time
Regular / TemporaryRegular
Job Exempt (Yes / No)Yes
Job CategoryBank Examination
Work ShiftFirst (United States of America)
The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.