Quantitative Finance Analyst at Bank of America

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
 

Job Description:
This job is responsible for conducting quantitative analytics and modeling projects for specific business units or risk types. Key responsibilities include developing new models, analytic processes, or systems approaches, creating technical documentation for related activities, and working with Technology staff in the design of systems to run models developed. Job expectations include having a broad knowledge of financial markets and products.

Responsibilities:

• Performs end-to-end market risk stress testing including scenario design, scenario implementation, results consolidation, internal and external reporting, and analyzes stress scenario results to better understand key drivers

• Supports the planning related to setting quantitative work priorities in line with the bank’s overall strategy and prioritization

• Identifies continuous improvements through reviews of approval decisions on relevant model development or model validation tasks, critical feedback on technical documentation, and effective challenges on model development/validation

• Supports model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite

• Supports the methodological, analytical, and technical guidance to effectively challenge and influence the strategic direction and tactical approaches of development/validation projects and identify areas of potential risk

• Works closely with model stakeholders and senior management with regard to communication of submission and validation outcomes

• Performs statistical analysis on large datasets and interprets results using both qualitative and quantitative approaches

At Bank of America, models are used for a broad range of activities, including but not limited to valuation, risk management, capital and liquidity planning, stress testing, underwriting and other strategic or day-to-day decision-making purposes. Bank of America recognizes the risk and uncertainty associated with the use of its models and the need to effectively manage this risk both at an individual level and in the aggregate. The Model Risk Management (MRM) Team provides oversight for model risk across Bank of America's model inventory.  The MRM Team independently validates and challenges newly-developed and existing models; is responsible for model risk assessments, limits and monitoring; communicates issues identified through validations to relevant businesses and governance and control functions; and escalates model use breaches and remediation plans to relevant governance committees.

Enterprise Model Risk Management seeks a quantitative finance analyst conduct independent testing and review of models used in balance sheet management, interest rate risk management and capital management. These are high profile modeling areas in the bank, with continual senior management and regulatory focus.

The qualified candidate will be responsible for a broad range of model validation activities, including:

• Review, critical assessment and challenge of models on conceptual soundness, assumptions and limitations, data, developmental evidence in support of modeling choices, performance, implementation and documentation.

• Development and implementation of effective testing plans and testing code to critically challenge models through empirical analyses and to verify model implementation.

• Performing model review activities including but not limited to independent model validation/challenge, annual model review, ongoing monitoring report review, required action item review, and peer review.

• Communicating and working directly with relevant modeling teams and their corresponding Front Line Units; and if needed, communicating, and interacting with the third line of defense (e.g. internal audit) as well as external regulators.

• Writing technical reports for distribution and presentation to model developers, senior management, audit, and banking regulators.

• Assisting senior analysts to conduct governance activities such as model identification, model approval and breach remediation reviews to manage model risk.

Required skills:

• Masters/Ph.D. in Economics, Finance, Mathematics, Statistics, Engineering, Physics, Computer Science, or related degree

• Basic knowledge and working experience in statistical methods, techniques, and financial data. Experience in times series and regression modeling.

• Basic knowledge in balance sheet management, interest rate risk management and capital management.

• Programming experience using Python, R, SAS.

• 1-2 years’ experience in financial markets

Desired skills:

• Familiar with applicable regulatory guidance on model risk management, stress testing, and Basel requirements.

• Knowledge in balance sheet products including consumer/commercial loans and deposits and their modeling.

• Experience in developing or validating models that rely on artificial intelligence and machine learning techniques.

Skills:

• Critical Thinking

• Quantitative Development

• Risk Analytics

• Risk Modeling

• Technical Documentation

• Adaptability

• Collaboration

• Problem Solving

• Risk Management

• Test Engineering

• Data Modeling

• Data and Trend Analysis

• Process Performance Measurement

• Research

• Written Communications

Minimum Education Requirement: Master’s degree in related field or equivalent work experience

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Pay Transparency details

US - NJ - Jersey City - 525 Washington Blvd (NJ2525), US - NY - New York - ONE BRYANT PARK - BANK OF AMERICA TOWER (NY1100)

Pay and benefits information

Pay range

$89,800.00 - $153,300.00 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

Benefits

This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve. Apply Now