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 a collaborative team of financial economists and quantitative analysts. Financial economists at the Bank are expected to contribute to System projects related to stress test modeling, analyzing financial institution portfolios, and model risk management. 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 interest rate and credit risk, and financial regulatory policy. 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:
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Design and manage quantitative models and large and complex datasets utilizing tools such as R, Stata, Python, MATLAB, SAS, and a High Performing Cluster Computer Environment. When required, learn additional software packages and database systems.
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Identify, develop, and conduct research projects 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.
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Have an active independent academic research agenda: initiate, complete, and publish research projects in peer-reviewed academic journals, and present research at academic conferences.
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Apply advanced statistical analysis to banking, financial, and economic data to identify changes in the environment and emerging risks.
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Serve as a System subject matter expert in these areas and provide informed commentary on proposed revisions to policy and procedures.
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Become well informed on potential changes to regulations, and supervisory policies.
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Conduct analysis on matters related to the financial stability of the banking system.
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Prepare and present conclusions and recommendations to internal and external stakeholders.
What You Have:
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Ph.D. in finance, economics, or a related field, with strong quantitative skills.
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Candidates for the Financial Economist position should have completed their Ph.D. or expect to complete it by Summer 2024.
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Candidates for the Senior Financial Economist or Principal Financial Economist positions should have a Ph.D., at least three years of work experience in academia, government, or industry, publications in refereed finance or economics journals, and a well-established research agenda.
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Advanced analytical and quantitative skills, including the ability to understand, interpret, and utilize complex data and financial information.
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Expert knowledge in statistics or econometrics.
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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.
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Ability to present technical issues to nontechnical audiences and to clearly articulate findings verbally and in writing.
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Strong interpersonal skills with the ability to work effectively in a team in a hybrid work environment and collaborate with peers across the System, while participating in System workgroups and projects.
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Candidates for the Senior Financial Economist or the Principal Financial Economist position should provide technical coaching, constructive feedback to all levels of staff, and mentor junior colleagues.
Other Requirements and Considerations:
The priority posting period will close at 11:59pm on Tuesday, June 11, 2024. If you have any questions about the application process, please reach out to Xudong (Sean) An (xudong.an@phil.frb.org) or Ronel Elul (
ronel.elul@phil.frb.org)
. However, applications will be reviewed on a rolling basis. All applicants are encouraged to apply online.
The
salary grade
for this position is: 16/17. 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:
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Medical (4 options), Prescription, Dental (3 options), and Vision Insurance with no waiting period
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401k/Thrift Plan with generous employer match
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Employer-funded Pension Plan
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Paid Vacation/Sick Time & Holidays
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Monthly $100 Commuter Allowance
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Flexible Spending Accounts and Healthcare Spending Accounts
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Flexible Work Schedule available in most departments
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Life Insurance and Long Term Disability Insurance
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Tuition Reimbursement (undergraduate and graduate)
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Parental Leave
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Free onsite 24/7 Fitness Center including training classes, Peloton bikes and locker room / shower facilities
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Onsite Cafeteria & Coffee Shop
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Additional Convenience Benefits, Discounts and More…
Additional Information:
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.