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Reference #: R-0000023772 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:

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 wo king 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 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 tea