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Quantitative Finance Analyst

Bank of America

Bank of America

IT, Accounting & Finance
Jersey City, NJ, USA · United States · Remote
Posted on Wednesday, June 19, 2024

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. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. 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

Working closely with the Risk Methodology, Line of Business Risk Managers and Technology teams, the candidate will provide support for the production of market risk and counterparty risk models. With a good working knowledge of market risk infrastructure, data flows and market risk and counterparty risk models, the candidate will be expected to play a significant role in the process design and risk system requirements, ensuring the completeness and accuracy of all market risk models.

The candidate will liaise with Line of Business Risk Managers to provide quantitative risk implications of regulatory changes, new product development etc. and enhance market risk models to reflect changes in the business environment. The role requires a flexible approach that can deal with problems that require pragmatic solutions and innovative thinking.

A good understanding of the key risk drivers at product, business and firm-wide levels is required. The ability to communicate to Line of Business Risk Managers potential risks is required.

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

Required Qualifications:
• Master’s Degree in a quantitative discipline is required.
• At least two year’s work experience in Finance with a strong preference for candidates with a Market Risk or Counterparty Risk background.
• A thorough understanding of Market Risk or Counterparty Risk models including Value at Risk, Stress Test models related economic capital regulations is required.
• A demonstrated track record in process execution, process control and process re-engineering in the market Market Risk or Counterparty Risk realms is required.
• A detailed understanding of the mathematical principles underlier these risk models and how these principles are implemented and controlled in large scale risk systems is highly desirable.
• A broad knowledge of equity and fixed income financial products including, FX, interest rate and credit products.
• Advanced desktop technology skills such as Excel and PowerPoint is a must.
• Experience in quantitative computer programming (VBA, SQL, Python) a plus.
• Excellent verbal and written communication skills, including well-developed presentation skills

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

Shift:

1st shift (United States of America)

Hours Per Week:

40