CompanyFederal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland is part of the nation’s central bank and we’ve provided many opportunities for professional growth during our history.
For twenty-five years in a row, we’ve been named “One of Northeast Ohio’s Best Places to Work” by North Coast 99. This prestigious award honors organizations with outstanding employment practices, including compensation, benefits, training, recruitment, retention, community services, and employee communications.
The Federal Reserve Bank of Cleveland serves the Fourth Federal Reserve District, which comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It is one of 12 regional Reserve Banks that, together with the Board of Governors in Washington DC, make up the Federal Reserve System, the central bank of the United States.
The Bank’s mission is to foster the stability, integrity, and efficiency of the nation’s monetary, financial, and payments systems to promote optimal economic performance across the country and within the Fourth District.
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.
The Advanced Analytics team in the Supervision & Regulation department strives to be data science innovators. We develop new models and metrics, using a wide range of vendor and internal datasets, to monitor risks in the banking sector and more generally promote a safe, sound, and fair financial system. For this role, we are looking for candidates who can identify and execute projects that leverage advanced quantitative analytical tools and techniques to advance risk identification, financial stability, supervisory policy, and other areas of supervisory interest. Plays a central role in designing, developing and conveying the results of models (including econometric, predictive, behavioral, simulation or other) to ensure identification of firm-specific, sector, and broader banking industry trends and risk developments in an informative, forward-looking, and critically focused manner. Leads efforts to distill large amounts of data, whether accessed through public or supervisory sources, into relevant, focused and actionable information. Experience in machine learning, natural language processing and/or other emerging fields is desirable. Uses innovative data visualization methods for delivering findings, and creates publication-quality reports and presentations for sharing results. Proven capability in developing relationships and working with business line partners.
Essential Accountabilities
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Contributes to analytic projects through all stages of development but is primarily responsible for the research and development of new models or metrics or the enhancement of existing models, including formulating concepts, developing and executing analysis plan, and reporting and presenting model insights.
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Develops predictive models using machine learning, econometric modeling and natural language processing techniques to measure, assess and predict various measures of financial or non-financial risk relevant to the oversight of banking institutions.
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Lead transformation of large and complex datasets in a manner that is suitable for analysis.
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Visualizes and reports analytic findings using a variety of methods to promote understanding of key insights and actionable takeaways for both technical and non-technical audiences.
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Delivers formal presentations, create analytical reports and executive summaries of findings.
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Performs other duties as assigned or requested.
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Adheres to the Bank's attendance policies through regular and prompt attendance.
Education and Experience
Data Scientist I
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Bachelor's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics
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5+ years of related work experience
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Or Preferred - Master's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics
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3+ years of related work experience
Data Scientist II
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Bachelor's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics
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7+ years of related work experience
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Or Preferred - Master's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics
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5+ years of related work experience
Data Scientist Lead
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Bachelor's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics
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10+ years of related work experience
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Or Preferred - Master's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics
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7+ years of related work experience
Knowledge and Skills - Expert Level
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Experienced in application of advanced quantitative techniques in Data Science, Statistics or other quantitative field
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Ability to perform independent research with limited direction.
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Knowledge of banking and financial markets
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Experience with data science tools and compute platforms (e.g., Databricks, AWS SageMaker, Red Hat Enterprise Linux, Red Hat OpenShift)
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Experience with statistical programming using packages in Python or R
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Experience working with large data sets and data processing tools like SQL, Hadoop, Spark
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Experience with data visualization tools, preferably Plotly Dash
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Communication skills - both written and verbal. Ability to deliver presentations and draft publication-quality reports.
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Experience with code, data, and model management tools like Git, GitLab, DVC
Physical Demands and General Working Conditions
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. Employees may be required to travel by car/air.
Full Time / Part TimeFull time
Regular / TemporaryRegular
Job Exempt (Yes / No)Yes
Job CategoryAnalytical
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.
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.
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Top Skills
What We Do
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The Fed - Make a world of difference in the global economy
OUR BANK has one of the most recognizable brands around the world. The Federal Reserve is the central bank of the United States—one of the world's most influential, trusted and prestigious financial organizations. The Federal Reserve is charged with the important mission of promoting a strong economy and a stable financial system and fulfills this responsibility by formulating national monetary policy, supervising and regulating banks and bank holding companies, and providing financial services for banks and the U.S. government.
OUR PEOPLE are diverse in background and ideas, which allows for ongoing creativity and innovation. Ultimately, they are the ones who push our high-performance, exchange-driven culture forward.
Why Our People Choose Us:
Our reputation precedes us
There will always be room for personal growth
Our people are first
You’ll find the right balance
Your responsibilities will be meaningful
We hope that you will be our future colleague.
Find your preferred locations around the United States and explore the breadth of opportunity available at the Federal Reserve.
Atlanta https://www.frbatlanta.org/
Boston http://www.bostonfed.org/
Chicago https://www.chicagofed.org/
Cleveland https://www.clevelandfed.org/
Dallas http://dallasfed.org/
Kansas City https://www.kansascityfed.org/
Minneapolis https://www.minneapolisfed.org/
New York http://www.newyorkfed.org/
Philadelphia https://www.philadelphiafed.org/
Richmond https://www.richmondfed.org/
San Francisco http://www.frbsf.org/
St. Louis https://www.stlouisfed.org/
Board http://www.federalreserve.gov/
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