Quantitative Fellowship Program

Business Meeting 

Financial firms and markets were at the center of the crisis and Great Recession, and the regulatory responses to those events remain a continuing effort.  Contributing to this response is a unique opportunity that requires highly analytical and quantitative individuals working at the right institution. The Federal Reserve System is that institution, with its Supervision and Regulation function at the forefront of overseeing the nation’s largest and most complex financial institutions.

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 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 growth and development opportunities to prepare fellows for a successful career in the Federal Reserve System upon completion of the program.

About the Quantitative Fellowship Program

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, calculating regulatory capital under the Advanced Approaches (Basel Capital Accords), analyzing financial institution portfolios, and model risk management and validation. Program participants who successfully complete the two-year rotation will 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 work environments.

Required Qualifications1

  • A graduate degree in a quantitative discipline such as business administration (with quantitative emphasis), economics, engineering, mathematics, quantitative finance, or statistics.
  • Excellent academic record.
  • 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 throughout the duration of the program.
  • Meet Protected Individual requirement.

The Application Process

Each QFP participant will spend at least 50 percent of the time at his or her home-base location and the remainder of the time working on-site at other Federal Reserve locations and supervised financial institutions.

Applications for the 2017 program will be accepted starting in October through December 16, 2016.

When applying, please select your preferred top three home-base locations from among the options listed below.2

  • Federal Reserve Bank of Atlanta
  • Federal Reserve Bank of Boston
  • Federal Reserve Bank of Chicago
  • Federal Reserve Bank of Cleveland
  • Federal Reserve Bank of Dallas
  • Federal Reserve Bank of Minneapolis
  • Federal Reserve Bank of New York
  • Federal Reserve Bank of Philadelphia
  • Federal Reserve Bank of Richmond (Charlotte, NC)
  • Federal Reserve Bank of San Francisco
  • Application deadline is December 16, 2016.
  • Offers will be extended by March 10, 2017.
  • The 2017 program will start in July 2017.

Notes:

1 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.

2 Compensation and benefits may vary by home-base location. While we try to accommodate requests, preferred home-base location is not guaranteed.