Federal Reserve Bank of Minneapolis
CompanyFederal Reserve Bank of RichmondWhen you join the Federal Reserve, —the nation's central bank—you will play a key role collaborating with a dynamic and diverse team of mission-driven professionals to strengthen and protect our economy and our communities.
Bring your passion and expertise, and we will provide the opportunities that will challenge you and propel your growth, along with a wide range of benefits and perks that support your health, wealth, and life. In addition to competitive compensation, we offer a comprehensive benefits package that includes tuition assistance, generous paid time off, top-notch health care benefits, child and family care leave, professional development opportunities, a 401(k) match, pension, and more. All brought together in a flexible work environment where you can truly find balance.
About the Opportunity
The Quantitative Supervision and Research (QSR) unit within the Supervision, Regulation, and Credit Department of the Federal Reserve Bank of Richmond has an opening for a Financial Economist. QSR is responsible for using quantitative analysis and research for banking supervision across the 5th District and the Federal Reserve System. We are looking for a candidate to join a collaborative team of financial economists and quantitative analysts.
Financial economists at the Bank are expected to participate in supervisory work at large banking organizations, contribute to System projects related to a variety of quantitative topics, such as stress test modeling, analyzing financial institution portfolios, and model risk management. Financial economists also conduct original research for publication in academic and professional journals. The position offers strong research support, including research assistants, a high-performing computer environment, access to publicly available data such as the CRSP/Compustat database, and proprietary data available only to researchers within the Federal Reserve System. There are opportunities for professional training, and the Bank provides support for travel to academic and industry conferences. QSR has an active seminar series and Visiting Scholar program. Salary and benefits are competitive, and hybrid work arrangements are available. The primary location for this role is Charlotte, NC.
What You Will Do:
- Conduct independent research in banking, credit risk, financial markets, and other emerging issues in bank supervision.
- Have an active independent academic research agenda, initiate, perform, and publish research projects in peer-reviewed academic journals, and present research at academic conferences.
- Apply advanced statistical analysis to banking, financial, and economic data.
- Design and manage quantitative models and large and complex datasets utilizing tools such as R, Stata, Python, Matlab, SAS, and a High Performing Cluster Computer Environment. When required, learn additional software packages and database systems.
- Identify, develop, and conduct research projects related to bank stress testing and, in particular, net revenue projections, interest rate risk, or regulatory policies pertaining to these matters.
- Serve as a System subject matter expert in these areas and provide informed commentary on proposed revisions to policy and procedures.
- Become well informed on potential changes to important accounting rules, laws and regulations, and supervisory policies.
- Conduct analysis on matters related to the financial stability of the banking system.
- Prepare and present conclusions and recommendations to internal and external stakeholders.
- Assist senior Department and Reserve Bank management on the formulation of supervisory policy.
- Participate in reviews related to banks’ use of quantitative modeling.
- Ph.D. in finance, economics, or a related field, with strong quantitative skills.
- Candidates for the Financial Economist position should have completed their Ph.D. or expect to complete it by Summer 2024.
- Candidates for the Financial Economist - Senior position should have a Ph.D., work experience in academia, government, or industry, several publications in refereed finance or economics journals, and a well-established research agenda.
- Advanced analytical and quantitative skills, including the ability to understand, interpret, and utilize complex data and financial information.
- Expert knowledge in statistics or econometrics.
- Advanced data analysis experience, with a demonstrated ability to conduct analysis with statistical programming packages, including at least one of the following: R, Stata, Python, Matlab, SAS, SQL, or equivalent.
- Ability to present technical issues to nontechnical audiences and to clearly articulate findings verbally and in writing.
- Strong interpersonal skills with the ability to work effectively in a team in a hybrid work environment and collaborate with peers across the System while participating on System workgroups and projects.
Other Requirements and Considerations:
- Candidates should review the Bank’s Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
- Employees who work at and/or visit another Federal Reserve entity or outside business as part of their job duties are required to comply with any onsite safety and health protocols of those organizations (including, but not limited to, requirements to vaccinate or test, mask, social distance, etc.).
- This position requires access to confidential supervisory information and/or FOMC information which is limited to "Protected Individuals" as defined in 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 not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements.
- In addition, all candidates must undergo an enhanced background check and comply with all applicable information handling rules, and all non-U.S. citizens must sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship.
- Under Conflict-of-Interest guidelines administered by the Board of Governors of the Federal Reserve System, examining personnel may not participate on an examination of a financial institution or affiliate if the examiner was employed by the financial institution or affiliate within the past 12 months.
- Please review the Bank’s Employee Code of Conduct to ensure that there are no major issues related to your previous employment and current financial interests (relevant sections are 5.3 and Appendix B, Parts I, II, and III). Federal Reserve ethics rules generally prohibit employees and their immediate families from owning investments in banks, savings associations, or their holding companies (Section 5.3). Additionally, employees engaged in Supervision and Regulation may be subject to borrowing and deposit restrictions. These employees may need to recuse themselves from certain supervisory work based on:
- Their borrowing relationships (Appendix B Parts I.1, II.1, and II.2)
- If a financial institution employs a member of the employee’s immediate family (i.e., spouse, child, parent, or sibling) (Appendix B Part I.3 and Part II.3)
- If the individual was employed by the financial institution or affiliate within the past 12 months (Appendix B Part I.3 and II.3)
- In certain cases, the recusal may be so extensive it could materially reduce the effectiveness of the prospective employee’s job responsibilities
- The hiring range of the Financial Economist – Int is $141,200 – $176,500 annually.
- The hiring range of the Financial Economist – Sr. is $179,000 – $223,700 annually.
- Applications will be reviewed on a rolling basis. For an opportunity to virtually interview post the AEA Annual Meeting, please submit your application by January, 1, 2024. All applicants are encouraged to apply online.
Full Time / Part TimeFull time
Regular / TemporaryRegular
Job Exempt (Yes / No)Yes
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.