Federal Reserve Bank
Senior Quantitative Analyst/ Financial Economist
Federal Reserve Bank, Phila, Pennsylvania, United States, 19117
Company
Federal Reserve Bank of Philadelphia
The 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 the Stress Test Retail Supervisory Modeling Team, a collaborative team of financial economists and quantitative analysts. We are seeking either a Senior Quantitative Analyst or a Financial Economist for the role. Both positions are expected to serve as an advanced technical SME within an assigned risk area and are expected to contribute to System projects related to stress test modeling, analyzing financial institution portfolios, and model risk management. Additional responsibilities may include evaluating trends in the banking industry, identifying factors that pose risk to the financial system, and communicating relevant findings to internal stakeholders.
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 economic indicators and credit risk, and financial regulatory policy. For economists, 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:
Develop and implement supervisory retail loss models used in the annual Stress Test exercise.
Manage large and complex datasets utilizing tools such as R, Stata, Python, SAS, and a High Performing Cluster Computer Environment. When required, learn additional software packages and database systems.
Conduct analysis of consumer credit trends such as tracking the performance of key variables to identify possible sources of emerging risks for ongoing model monitoring and environmental scans.
Work with other team members on statistical and econometric projects, including collecting and analyzing data, reviewing industry research, writing research briefs, and presenting results to senior leaders and staff.
Become well informed on potential changes to regulations, and supervisory policies.
Prepare and present conclusions and recommendations to internal and external stakeholders.
[Financial Economist Only] Identify, develop, and conduct research projects broadly 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.
[Financial Economist Only] Have an active independent academic research agenda: initiate, complete, and publish research projects in high-quality peer-reviewed academic journals, and present research at academic conferences.
What You Have:
Senior Quantitative Analyst:
Bachelor’s degree in a business or quantitative discipline, such as economics, finance, or statistics is required, with a minimum of five years of industry experience.
An advanced degree in a business or quantitative discipline is strongly preferred. Job experience requirements can be supplemented with advanced degrees in a quantitative or business discipline.
Ability to independently summarize and share assessments concerning highly complex supervisory matters or institutions; collect and analyze data to track performance of key variables to identify possible sources of emerging risks within consumer credit.
Experience working with large datasets using statistical software, such as R, SAS Stata, Python, etc., is required.
Financial Economist:
Ph.D. in finance, economics, or a related field, with strong hands-on quantitative skills required.
Candidates for the Financial Economist position should have completed their Ph.D. or expect to complete it by Summer 2025.
Advanced analytical and quantitative skills, including the ability to understand, interpret, and utilize large 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.
Applicable to both positions:
Demonstrates strong analytical skills. Complex diagnostic and root cause analysis skills to identify direct and indirect causes of problems of unknown origin; gathers tangible and factual evidence from many sources; recognizes symptoms that may indicate severe problems or issues; organizes data and information in a manner that effectively communicates issues and underlying causes.
Ability to present technical issues to both technical and nontechnical audiences, and to clearly articulate findings verbally and in writing.
A team player with strong written and oral communications skills.
Strong time management skills.
Subject to little-to-no oversight in work performed and has a strong process to self QA their work
Other Requirements and Considerations:
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.
This is not a remote opportunity. You will be available to work on-site in a hybrid capacity.
The salary grade (https://www.philadelphiafed.org/-/media/frbp/assets/institutional/careers/frbp-salary-structure.pdf) for this position is: 15/16. 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 takes your information privacy seriously. Federal Reserve Bank of Philadelphia staff will only email you from the “ @phil.frb.org ” domain or through the Workday system “ rb@myworkday.com ”. If you are initially contacted by phone, feel free to request that the caller provide you with their email address to validate their identity. If you have any questions about the validity of someone who contacts you regarding this position, please email the Talent Acquisition team at TalentAcquisition@phil.frb.org .
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 (https://www.philadelphiafed.org/-/media/frbp/assets/institutional/careers/Full-Code-of-Conduct-with-Appendices-A-and-B.pdf) 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 (https://www.philadelphiafed.org/about-us) the Philly Fed and its culture. Learn more about working (https://www.philadelphiafed.org/careers) for the Philly Fed.
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
Yes
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.
Always verify and apply to jobs on Federal Reserve System Careers ( https://rb.wd5.myworkdayjobs.com/FRS ) or through verified Federal Reserve Bank social media channels.
Privacy Notice (https://www.kansascityfed.org/documents/7797/Workday_Privacy_Notice.pdf)
Federal Reserve Bank of Philadelphia
The 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 the Stress Test Retail Supervisory Modeling Team, a collaborative team of financial economists and quantitative analysts. We are seeking either a Senior Quantitative Analyst or a Financial Economist for the role. Both positions are expected to serve as an advanced technical SME within an assigned risk area and are expected to contribute to System projects related to stress test modeling, analyzing financial institution portfolios, and model risk management. Additional responsibilities may include evaluating trends in the banking industry, identifying factors that pose risk to the financial system, and communicating relevant findings to internal stakeholders.
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 economic indicators and credit risk, and financial regulatory policy. For economists, 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:
Develop and implement supervisory retail loss models used in the annual Stress Test exercise.
Manage large and complex datasets utilizing tools such as R, Stata, Python, SAS, and a High Performing Cluster Computer Environment. When required, learn additional software packages and database systems.
Conduct analysis of consumer credit trends such as tracking the performance of key variables to identify possible sources of emerging risks for ongoing model monitoring and environmental scans.
Work with other team members on statistical and econometric projects, including collecting and analyzing data, reviewing industry research, writing research briefs, and presenting results to senior leaders and staff.
Become well informed on potential changes to regulations, and supervisory policies.
Prepare and present conclusions and recommendations to internal and external stakeholders.
[Financial Economist Only] Identify, develop, and conduct research projects broadly 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.
[Financial Economist Only] Have an active independent academic research agenda: initiate, complete, and publish research projects in high-quality peer-reviewed academic journals, and present research at academic conferences.
What You Have:
Senior Quantitative Analyst:
Bachelor’s degree in a business or quantitative discipline, such as economics, finance, or statistics is required, with a minimum of five years of industry experience.
An advanced degree in a business or quantitative discipline is strongly preferred. Job experience requirements can be supplemented with advanced degrees in a quantitative or business discipline.
Ability to independently summarize and share assessments concerning highly complex supervisory matters or institutions; collect and analyze data to track performance of key variables to identify possible sources of emerging risks within consumer credit.
Experience working with large datasets using statistical software, such as R, SAS Stata, Python, etc., is required.
Financial Economist:
Ph.D. in finance, economics, or a related field, with strong hands-on quantitative skills required.
Candidates for the Financial Economist position should have completed their Ph.D. or expect to complete it by Summer 2025.
Advanced analytical and quantitative skills, including the ability to understand, interpret, and utilize large 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.
Applicable to both positions:
Demonstrates strong analytical skills. Complex diagnostic and root cause analysis skills to identify direct and indirect causes of problems of unknown origin; gathers tangible and factual evidence from many sources; recognizes symptoms that may indicate severe problems or issues; organizes data and information in a manner that effectively communicates issues and underlying causes.
Ability to present technical issues to both technical and nontechnical audiences, and to clearly articulate findings verbally and in writing.
A team player with strong written and oral communications skills.
Strong time management skills.
Subject to little-to-no oversight in work performed and has a strong process to self QA their work
Other Requirements and Considerations:
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.
This is not a remote opportunity. You will be available to work on-site in a hybrid capacity.
The salary grade (https://www.philadelphiafed.org/-/media/frbp/assets/institutional/careers/frbp-salary-structure.pdf) for this position is: 15/16. 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 takes your information privacy seriously. Federal Reserve Bank of Philadelphia staff will only email you from the “ @phil.frb.org ” domain or through the Workday system “ rb@myworkday.com ”. If you are initially contacted by phone, feel free to request that the caller provide you with their email address to validate their identity. If you have any questions about the validity of someone who contacts you regarding this position, please email the Talent Acquisition team at TalentAcquisition@phil.frb.org .
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 (https://www.philadelphiafed.org/-/media/frbp/assets/institutional/careers/Full-Code-of-Conduct-with-Appendices-A-and-B.pdf) 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 (https://www.philadelphiafed.org/about-us) the Philly Fed and its culture. Learn more about working (https://www.philadelphiafed.org/careers) for the Philly Fed.
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
Yes
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.
Always verify and apply to jobs on Federal Reserve System Careers ( https://rb.wd5.myworkdayjobs.com/FRS ) or through verified Federal Reserve Bank social media channels.
Privacy Notice (https://www.kansascityfed.org/documents/7797/Workday_Privacy_Notice.pdf)