Quantitative Fellowship Program - Federal Reserve System
The Federal Reserve System, with its Supervision and Regulation function, is at the forefront of overseeing the nation’s largest and most complex financial institutions. Contributing to Supervision and Regulation’s mission to promote a safe, sound, and efficient banking and financial system that supports the growth and stability of the U.S. economy is a unique opportunity that requires highly analytical and quantitative individuals.
We are seeking such individuals to join the 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 an 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 development opportunities to prepare fellows for a successful career in the Federal Reserve System 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 have the opportunity to work on-site at multiple Reserve Banks across the Federal Reserve System, including the Board of Governors location in Washington, D.C. 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, analyzing financial institution portfolios, and model risk management and validation. Program participants who successfully complete the two-year rotation will have the potential to be placed in a full-time quantitative role within the Federal Reserve System.
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.
- Must have an excellent academic record (minimum 3.2 GPA).
- Experience programming 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.