Quantitative Analyst, Assistant Vice President

STATE STREET CORPORATION; Clifton (NJ); On-site; USD 100,000 - 168,000; Full time

Benefits offered by this job

401K with company match

Medical/dental/vision insurance

Paid time off

Employee Assistance Program

Annual performance-based incentives

Tax-advantaged savings plans

Job summary

State Street Corporation seeks an Assistant Vice President and Credit Risk Modeler in NJ, CT, or Boston. Develop PD/LGD/EL models for CRE and wholesale exposures, supporting CCAR/IFRS9/BASEL and regulatory reporting.

You will implement models on our analytics platform, collaborate with governance and risk teams, and drive efficiency to meet business needs while managing risk.

Qualifications

• PhD in statistics or econometrics or equivalent with strong programming in Python/R/C/C++/SQL.
• 3-5 years with MS; 2+ years with PhD developing credit risk modeling in a financial institution.
• Strong programming skills in Python/R/C/C++/SQL; experience with model development teams and analytical libraries.

Responsibilities

• Develop credit risk models (PD/LGD/EL) for CRE and wholesale exposures.
• Develop models to support CCAR/CECL/IFRS9/BASEL and risk analytics.
• Review and enhance modeling methodology and key assumptions with experts.
• Implement models on the risk analytics platform and streamline processes.

Skills

Python

R

C/C++

SQL

Statistical modeling

Education

PhD in statistics/econometrics

MS degree in quantitative field

Job description

Who we are looking for

A strong quantitative modeler to join the team as Assistant Vice President and Credit Risk Modeler based in New Jersey, Connecticut, or Boston. This role is part of the Centralized Modeling, Analytics and Operations Group within Enterprise Risk Management’s Financial Risk Organization.

Why this role is important to us

The team you will be joining plays a critical role in the organization’s overall success. Across the globe, institutional investors rely on us to manage risk, respond to complex challenges, and drive performance and profitability. To deliver on that mission, we need teams like yours—teams that help the organization operate effectively, adapt quickly, and remain resilient. In this role, you will focus on developing cutting‑edge solutions that are both scalable and practical, while contributing to strong day‑to‑day execution. Join us if you are motivated to make a meaningful impact in the financial services industry from day one.

What you will be responsible for

• Develop credit risk models (PD/LGD/EL) to provide quantitative support to credit risk analytical processes for State Street’s Commercial Real Estate (CRE) portfolio
• Develop PD/LGD/EL model to support other wholesale non-CRE sectors, such as Corporate, Private Equity (PE) Fund and Private Credit (PC) exposures.
• Develop credit portfolio risk models for CCAR/CECL/IFRS9/BASEL/Ratings/ICAAP use cases, as well as for economic capital
• Review and enhance credit risk analytical methodology including modeling choices in line with expanding business and regulatory requirements
• Review and verify key model assumptions with model owners
• Review model outputs with properly justified opinions and judgments by experts from credit risk managers to capture forward‑looking financial market and macro‑economic outlooks
• Implement internally developed models on risk analytical library platform
• Streamline the existing modeling and analytical process; increasing the pace of execution to meet the needs of the business
• Work in close partnership with the three lines of defense functions, such as model governance, Corporate Audit and Financial Regulatory Assurance to ensure appropriate governance and control infrastructure for credit risk analytics
• Prepare and present required reports/reviews to model risk management, senior management and global regulators

What we value

• Strong analytical and quantitative mindset; ability to take ownership and improve on existing risk models and methodologies
• Energetic/motivator: an enthusiastic individual with proven leadership skills and an ability to motivate a diverse, multi-level workforce and instill a sense of urgency on a range of evolving goals and objectives
• Organizational strengths: an ability to organize projects, processes and priorities to ensure business needs are met in a coordinated, responsive and timely manner, with minimal direction
• Confidence: a self‑assured, experienced and knowledgeable individual able to quickly garner support for his/her views based on informed, well‑presented direction or analysis, with a willingness to negotiate, and concede, when needed
• Communicator: clear, confident, self‑assured communication style, coupled with an ability to react and adapt to various audiences and environments without diluting effectiveness

Education & Preferred Qualifications

PhD in statistics or econometrics or equivalent, prefer research area in survival analysis/event history analyses or related areas; Prefer PhD research that involves heavy programming work with strong programming skills in Python/R/C/C++/SQL etc. Undergraduate training in mathematics and probability theory (measure theory) with good knowledge of stochastic calculus is a big plus.

3-5 years of experiences for MS, 2+ years of experience for PhD (will consider fresh PhD with solid academic background and strong programming skills) of developing credit risk modeling in a financial institution

Strong programming skills in Python/R/C/C++/SQL etc. Demonstrated experiences working with model development teams, analytical library development team and technology

Motivated and fascinated in how to apply statistics and econometric methodologies to resolve credit risk modeling challenges in financial industry

Salary Range

Salary Range: $100,000 - $167,500 Annual The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.

Benefits

• our retirement savings plan (401K) with company match
• insurance coverage including basic life, medical, dental, vision, long‑term disability, and other optional additional coverages
• paid-time off including vacation, sick leave, short term disability, and family care responsibilities
• access to our Employee Assistance Program
• incentive compensation including eligibility for annual performance‑based awards (excluding certain sales roles subject to sales incentive plans)
• eligibility for certain tax advantaged savings plans

For a full overview, visit https://hrportal.ehr.com/statestreet/Home.

About State Street

Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success. We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you’ll benefit from inclusive development opportunities, flexible work‑life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.

As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.

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Job Application Disclosure

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