Financial Economist / Sr. Financial Economist

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

Accounting & Finance
Philadelphia, PA, USA
Posted on Wednesday, May 29, 2024


Federal 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.

Job Summary:

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 contribute to System projects related to stress test modeling, analyzing financial institution portfolios, and model risk management. Financial economists also conduct original research for publication in academic and professional journals, particularly in the areas of retail credit risk, household finance, the interaction between interest rate and credit risk, and financial regulatory policy. The position offers strong research support, including a high-performing computer environment, access to 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.

What You Will Do:

  • 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 especially retail credit risk, household finance, the interaction between interest rate and credit risk, and regulatory policies pertaining to these matters.
  • Have an active independent academic research agenda: initiate, complete, 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 to identify changes in the environment and emerging risks.
  • 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 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.

What You Have:

  • 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 Senior Financial Economist or Principal Financial Economist positions should have a Ph.D., at least three years of work experience in academia, government, or industry, 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 (preferred), 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 in System workgroups and projects.
  • Candidates for the Senior Financial Economist or the Principal Financial Economist position should provide technical coaching, constructive feedback to all levels of staff, and mentor junior colleagues.

Other Requirements and Considerations:

  • Included with your candidate submission, please attach .pdf files of your vita and at least one research paper. Please have two letters of recommendation sent to Brittney.Molloy@phil.frb.org
  • The position may require occasional travel [up to 10%] to collaborate with Federal Reserve System colleagues.
  • Applicants must be able to provide work authorization to prove their eligibility to work in the United States. An applicant for employment also must be a U.S. Citizen, U.S. National or 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.

The priority posting period will close at 11:59pm on Tuesday, June 11, 2024. If you have any questions about the application process, please reach out to Xudong (Sean) An (xudong.an@phil.frb.org) or Ronel Elul (ronel.elul@phil.frb.org). However, applications will be reviewed on a rolling basis. All applicants are encouraged to apply online.

The salary grade for this position is: 16/17. Final salary and offer will be determined by the applicant’s background, experience, and skills, and internal equity and alignment with market data.

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…

Additional Information:

  • 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.
  • Due to the nature of the information you will have access to, we require that you also complete a more in-depth enhanced background screening (Peraton moderate).
  • 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.
  • 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 Time

Full time

Regular / Temporary


Job Exempt (Yes / No)


Job Category

Bank Examination

Work Shift

First (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.

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