Federal Reserve Bank of ClevelandEffective November 1, 2021, all employees must be fully vaccinated against COVID-19 or qualify for an accommodation from the Bank’s vaccination policy; individuals who are unable to be vaccinated due to a medical condition or sincerely held religious belief may request an accommodation from the Bank.
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 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.Quantitative Analyst
This position can be located in Cleveland, Cincinnati or Pittsburgh
Quantitative Analyst with the Capital Risk Team participating in supervisory activities focused on quantitative applications aiming to strengthen the capital adequacy of banking organizations within Fourth District and system wide
- Participate and at times lead supervisory activities that evaluate quantitative approaches, models, stress testing, and model risk management practices (notably, model development, model validation and implementation/use) of banking organizations within Fourth District and system wide to determine compliance with supervisory expectations
- Participate on national horizontal reviews aimed at assessing nation’s largest banking organizations’ quantitative and qualitative approaches forecasting pro-forma estimates of capital adequacy as part of their capital planning exercises
- Work on developing and implementing innovative econometric modeling, data mining, and emerging technology (NLP, Machine Learning) solutions to maintain and enhance supervisory practices
- Maintain up-to-date knowledge on current technical, industry, and regulatory developments and approaches that may impact capital adequacy of individual banking organizations or industry as a whole and expand our perspectives and methods to identifying and responding to financial system risk
- Contribute to and/or lead various Federal Reserve System, Reserve Bank, and Departmental initiatives by participating in committees, training initiatives, and development of policy statements to enhance the supervision of financial institutions
- Share knowledge and expertise and provide leadership, coaching, and mentoring to other quantitative analysts, examiners, analysts, and other staff to support their knowledge and understanding of quantitative approaches and their impact to capital risk
Minimum Education and Experience
- Master's Degree in a quantitative discipline (Statistics, Mathematics, Data Science, Financial Engineering etc.)
- 3+ years of work experience required in financial modeling and risk management with a focus on advanced quantitative modeling and risk measurement techniques and processes, or:
- Equivalent academically acquired experience via a Graduate Degree, or related certifications such as CPA,
- CFA, etc.
Knowledge and Skills
- Deep understanding of theoretical econometrics modeling – knowledge of the principal econometric approaches and their theoretical foundations
- Advanced knowledge of at least one widely used statistical or mathematical programming language (such as R, Python, SAS, MATLAB, etc.)
- Strong knowledge of emerging technologies such as NLP, ML, Deep Learning
- Strong financial, banking, or accounting knowledge as evidenced by previous experience, academic work or certifications such as CFA, CPA, etc.
- Intermediate presentation skills
- Intermediate written and verbal communication
Traditional office environment: Employees typically sit most of the day, work with a computer and may answer/respond to phone calls. Physical movement consists of walking for meetings, breaks, etc. Ability to lift items weighing approximately 20 pounds on a limited basis is required. Addendum as needed: Employees may be required to travel by car/air