Quantitative Analyst II/III

CompanyFederal 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:
The Financial Monitoring Group (FMG) within the Supervision, Regulation and Credit (SRC) department of the Federal Reserve Bank of Philadelphia seeks a motivated quantitative analyst to support the monitoring of consumer credit risk at the nation’s largest banks. The successful candidate will have an interest in consumer credit risk, the technical skills to analyze rich sources of data, and the ability to tell the story behind the data. In addition to good communication and time management skills, experience with large datasets or data visualization tools is a plus.
FMG is a unit of the Risk Assessment, Data Analysis and Research (RADAR) group in SRC, which manages the largest collection of U.S. consumer finance and securities markets data. FMG supports the supervision of large banks by using detailed confidential supervisory data to identify emerging trends in consumer credit. The group publishes a public quarterly narrative report and a selection of large bank credit card and mortgage trends. FMG also provides quantitative and examination support to Federal Reserve System activities and groups, including the annual Comprehensive Capital Analysis and Review (CCAR) assessment, the Dodd Frank Stress Test (DFAST), the Large Institution Supervision Coordinating Committee (LISCC), and the Large and Foreign Banking Organization (LFBO) management group.
Please note that the job description covers a broad range of quantitative analyst positions and includes items not directly relevant to this posting. The job description also details the requirements for a Quantitative Analyst III. Applicants with less experience or education may be considered for the Quantitative Analyst II position.
To be considered for the position, please submit a resume and a cover letter explaining your interest.

What You Will Do:

• Supports the qualitative evaluation of industry models through participation in the CCAR exercise.
• Contributes to the analysis of consumer credit such as tracking the performance of key variables to identify possible sources of emerging risks for bank examiners, subject matter experts, CCAR modelers or other System personnel.
• Collaborates with senior staff on analytical reports, including collecting and analyzing data, reviewing prior reports, writing analytical reports, and presenting results to officers and staff.
• Participates on Bank, department, or system projects of moderate to high complexity.
• Demonstrates effective SRC Core Competency skills for grade and position.
• Performs other related duties as assigned.
• Actively involved in the accomplishment of departmental and Bank-wide quality initiatives.
• Complies with all applicable information security policies, guidelines, and practices.

What You Have:​

Education and Experience:

• Bachelor's degree in a business or quantitative discipline, such as economics, finance, or statistics.
• Minimum of three years of industry experience in banking, bank supervision or a finance-related field is required.
• Advanced degree in a business or quantitative discipline is preferred.
• Job experience requirements can be supplemented with advanced degrees in a quantitative or business discipline, such as economics, finance, or statistics.

Knowledge and Skills:

• Intermediate written and oral communications skills. Presents findings and assessments concerning complex supervisory matters or institutions; demonstrates ability to discuss complex issues with any stakeholder either within or outside the Division; may assist others in their communication to achieve a consistent message, tone, style and format; diffuses conflict and builds consensus; actively engages in transferring technical knowledge; demonstrates effective use of listening skills and the ability to manage the communication process.
• Intermediate analytical and problem-solving skills. Uses appropriate 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 more significant problems or issues; organizes data and information in a manner that effectively communicates issues and underlying causes.
• Ability to collect and analyze data to track performance of key variables and identify possible sources of emerging risks within the financial sector.
• Experience working with and analyzing large datasets using statistical software, such as R, Python, SAS or Tableau,is preferred.
• Intermediate interpersonal skills. Demonstrates the ability to effectively lead a team; draws on experience to resolve complex issues; leverages strategic work relationships and networks to accomplish goals and objectives; encourages and supports other team members to develop productive work relationships.
• Intermediate time management skills. Identifies and assesses complex supervisory issues; able to effectively manage complex supervisory issues to achieve supervisory or organizational goals.
• Subject to little or no oversight in work performed. Quantitative Analysts are highly motivated individuals who are able to work under moderate supervision and interested in consumer credit or bank risk.

Other Requirements: 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 hold a permanent resident/green card with intent to become a U.S. Citizen.

Note: This document indicates the general nature and level of work performed by employees within this position. It is not a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job. An employee's responsibilities, tasks, and duties might differ from those outlined in the job description, and other duties, as assigned, are a part of the job. The Federal Reserve Bank of Philadelphia reserves the right to modify the elements of this job description, as business needs require,

The salary grade for this position is: 11/13. 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 “[email protected]”. 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 [email protected].

• 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 or high). 

• 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 TimeFull time

Regular / TemporaryRegular

Job Exempt (Yes / No)Yes

Job CategoryBank Examination

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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