Senior Financial Economist

Federal Reserve Bank of Philadelphia
Philadelphia - United States
S: Competitive

This position is in our Retail Risk Analysis (RRA) business unit. RRA is recruiting for a Senior Financial Economist; the successful candidate may lead/assist FRB staff in research projects involving retail credit products with an emphasis in credit card products.
This Job Description is within Quantitative Analytics Job Family and is aimed primarily for positions within the Financial Monitoring Group (FMG), Retail Risk Analysis (RRA), and Risk Assessment, Data Analysis and Research (RADAR) business lines; but could include anyone within the Supervision Regulation and Credit department that performs these tasks. An ideal candidate must have knowledge of and be able to perform actions that are related to activities in the designated business line.

Job Summary:

The Senior Financial Economist possesses in-depth knowledge and experience in applied microeconomics and econometrics or in consumer finance and risk modeling. Develops and applies advanced quantitative tools to support one or more quantitative areas of banking supervision, including credit risk, interest rate risk, model risk, and bank capital. These activities typically include developing, maintaining, and implementing the models used for the annual Dodd Frank Act and Comprehensive Capital Analysis and Review stress tests.

The Senior Financial Economist also develops and conducts longer term research projects on consumer credit, bank risk, or regulatory policies pertaining to these matters, serves as a subject matter expert in these areas, and participates in Department efforts to exert policy leadership in the supervisory community. As such, the position acts as an internal consultant to examination staff, Department officers, and Reserve Bank and Board of Governors management. May participate as a quantitative expert on supervisory examinations of banks' internal risk assessment models and processes. The Senior Financial Economist also may conduct analytical or horizontal studies of bank safety and soundness or of matters related to financial stability of the banking system.

Principal Duties and Responsibilities:

Applies advanced statistical analysis to banking, financial, and economic data. Develops and applies risk models or other quantitative tools to support quantitative areas of banking supervision including credit risk, model risk, and bank capital.

Develops and conducts research projects related to consumer credit, bank risk, or regulatory policies pertaining to these matters. Serves as a System and Department subject matter expert and mentor in these areas, such as providing expert commentary on proposed revisions to policy and procedures. Prepares and presents conclusions and recommendations to internal and external stakeholders. Provides technical assistance and constructive feedback to all levels of staff.

May conduct analysis or horizontal studies of bank safety and soundness or of matters related to the financial stability of the banking system. May participate as a quantitative expert on supervisory examinations of banks' internal risk assessment models and processes.

Develops and maintains a high-level of technical and institutional expertise, including an awareness of potential changes to key accounting rules, laws and regulations, and supervisory policies. Builds and maintains strategic work relationships at other Reserve Banks, the Board of Governors, other regulatory agencies, academia, and industry (5%)

May participates on bank, department, or system projects. Fulfills job duties and responsibilities in conformance with sound safety practices. Demonstrates effective SRC Core Competency skills for grade and position. Performs other related duties as assigned.

Education and Experience:

PhD in economics, finance, statistics or related quantitative field is required, with a minimum 3 years' experience in quantitative modeling and analysis and/or an established research record.

Knowledge and Skills:

Excellent communication and presentation skills, with an ability to synthesize complex information effectively in order to arrive at sound views, judgments, and conclusions. Independently, presents both orally and in writing, findings and assessments concerning highly complex matters; prepares and presents information and responses to highly complex inquiries; demonstrates the ability to manage the communication process; actively engages in transferring technical knowledge.
Excellent analytic and quantitative skills, including the ability to understand, interpret, and utilize complex data and financial information. Demonstrates excellent analytical and problem solving skills; uses appropriate diagnostic- and root-cause analysis skills to identify direct and indirect causes of problems of unknown origin; organizes data and information in a manner that effectively communicates issues.
Excellent data analysis experience is required, with a demonstrated ability to conduct analysis with statistical programming packages, demonstrated use of at least one of the following: SAS, Stata, R, SQL, Matlab, C++, or equivalent.
Excellent interpersonal skills. Demonstrates the ability to effectively participate in and lead a team; draws on experience to resolve the highly complex issues; leads highly complex and diverse team efforts through technical expertise and leadership/skills of influence; leverages relationships and networks to accomplish goals and objectives; encourages and supports other team members to develop productive work relationships. Excellent ability to interact with senior bank management and staff and work cooperatively in a variety of situations and settings.

Excellent time management skills. An ability to draw upon self-management skills, including the capability to take initiative and ownership of assignments, produce results under tight time constraints both independently and as a member of a team, and respond proactively to evolving priorities.
Subject to little to no oversight in work performed; serves as mentor/coach; coordinates and/or supervises activities of others; applies specific experience and expertise in business line and recommends preferred courses of action to guide management in highly complex matters.

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.

Job summary