Quantitative Fellowship Program - Federal Reserve System
The Federal Reserve System is looking for motivated individuals to join our mission of ensuring the safety and soundness of the U.S. financial system. We are seeking individuals to join the recently created Quantitative Fellowship Program (QFP) and perform in-depth and rigorous assessments of the major risks to which banks and other financial entities are exposed. The QFP provides a unique opportunity to work in an intellectually stimulating and collaborative environment, to engage in meaningful public service, and to interact with senior experts in both the Federal Reserve System and the firms we oversee. The QFP will provide extensive growth and development opportunities to prepare Fellows for a successful career in the Federal Reserve upon completion of the program.
About the Quantitative Fellowship Program (QFP)
The QFP is a two year rotational program
designed to develop candidates with strong analytical skills into full-time
quantitative analysts within the Federal Reserve System. As a Fellow, you will
work on-site at multiple Reserve Banks across the Federal Reserve System as
well as the Board of Governors in Washington. You will interact directly with
financial institutions, gain valuable cross-firm perspective on modeling
challenges, and be involved in helping senior Federal Reserve officials make
informed decisions.
The QFP includes a significant training and professional development component. The program provides experience in a variety of quantitative topics such as Stress Test modeling, calculating regulatory capital under the Advanced Approaches (Basel Capital Accords), analyzing financial institution portfolios, and model risk management and validation. Program graduates will be placed in a quantitative role within the Federal Reserve System, with consideration given to the participant’s indicated geographic preference.
Required Skills
Successful candidates will have proven skills
in communication, teamwork, quantitative analysis, strategic and critical
thinking, and the ability to adapt quickly and function effectively in a
variety of working environments.
Required minimum qualifications:
A graduate degree (within the last three years) in a quantitative discipline such as business administration (with quantitative emphasis), economics, engineering, mathematics, quantitative finance, or statistics.
To be considered for the Senior Fellow level, candidates must have a Master’s degree with a minimum of three years’ work experience or a PhD.
Must have an excellent academic record (minimum 3.2 GPA).
Experience programing in languages such as Matlab, Python, R, SAS, or Stata.
Ability to manage and analyze large data sets.
Experience in developing or validating mathematical models.
Ability to present technical issues to nontechnical audiences and to clearly articulate findings in verbal and written form.
Willingness to travel up to 50 percent of the time throughout the duration of the program.
Able to provide confidential letters of recommendation
The Board of Governors of the Federal Reserve System mandates individuals authorized to access banking supervision and regulation Confidential Supervisory Information (CSI) must be "Protected Individuals", which covers two categories of persons: U.S. citizens or lawful permanent residents and other non-citizens who apply for citizenship within six months of becoming eligible and, if offered a position, will sign a Declaration of Intent to become a United States Citizen.