Quantitative Finance Analyst

Bank of America; Chicago (IL); On-site; USD 90,000 - 155,000; Full time

Benefits offered by this job

Discretionary incentive

Annual discretionary plan

Benefits eligible

Job summary

Bank of America is seeking a Quantitative Finance Analyst to join the Global Risk Analytics function in Chicago. You will perform end-to-end risk model analysis, support model development and validation, and communicate findings to senior stakeholders across risk, IT, and business lines.

The role requires a Master’s degree in a quantitative field and 2+ years in risk analytics, with strong Python/C++/SQL skills.

Qualifications

• Master’s degree in a quantitative field (or equivalent)
• 2+ years of experience in Market Risk, Middle Office or Counterparty Credit Risk
• Broad financial product knowledge
• Strong data analysis and analytical skills
• Proficient programming skills (Python, C++, SQL)
• Strong written and verbal communication, organization and relationship-building skills
• Ability to multitask and manage time effectively
• Proactive attitude with initiative

Responsibilities

• Perform in-depth analysis of risk model results using backtesting, benchmarking, and sensitivity analysis
• Quantify impact of model limitations on capital and exposure
• Provide an overall view of model performance and remediation needs
• Identify cross-portfolio themes and improvement opportunities
• Communicate results to risk management, model development, and regulators
• Support remediation of model issues prior to live deployment
• Enhance the model performance assessment tools across business areas
• Create documentation and work with Technology on model run systems

Skills

Critical Thinking

Quantitative Development

Risk Analytics

Risk Modeling

Technical Documentation

Adaptability

Collaboration

Problem Solving

Risk Management

Test Engineering

Data Modeling

Data Analysis

Research

Written Communications

Education

Master’s degree

Tools

Python

C++

SQL

Job description

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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits. We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.

Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. 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

Bank of America Merrill Lynch has an opportunity for a Quantitative Finance Analyst within our Global Risk Analytics (GRA) function. Global Risk Analytics (GRA) is a sub-line of business within Global Risk Management (GRM) and responsible for developing a consistent and coherent set of models, analytical tools, and tests for effective risk and capital measurement, management and reporting across Bank of America.

The GRA partners with the Lines of Business and Enterprise functions to ensure the capabilities it builds address both internal and regulatory requirements, and are responsive to the changing nature of portfolios, economic conditions, and emerging risks. In executing its activities, GRA drives innovation, process improvement and automation.

Overview of the Team The Global Markets Risk Analytics (GMRA) team under GRA is responsible for developing, maintaining, and monitoring Counterparty Credit Risk (CCR), the Internal Model Method (IMM), Central Clearing Counterparties (CCP), Value at Risk (VaR) and Asset Liability Management (ALM). GMRA also develops analytical tools to support regulatory, audit, and internal risk management needs for Global Markets.

This role sits within Model Performance team (MP), which is responsible for monitoring and assessing the performance of all risk models used across Global Markets – supporting risk management in understanding the drivers behind material risk metric movement, the impact of model limitations, and working with the model development team to enhance model accuracy and the overall performance of the analytics platform.

Overview of the Role As a Quantitative Finance Analyst, your responsibilities will involve:

• Performing in‑depth analysis on the bank’s risk model results using various quantitative tools such as backtesting, benchmarking, sensitivity analysis
• Quantifying the impact of model limitations both in terms of firm level capital and name level exposure
• From this analysis, pulling together the overall holistic picture of model performance along with clear conclusions on overall accuracy and remediation areas as required
• Identifying common themes across global markets along with improvement initiatives
• Communicating the results of this analysis to all model stakeholders including risk management, model development, model risk, senior management and our regulators
• Supporting model development in confirming remediation of model issues prior to their being taken live
• Driving incremental improvement to our model performance assessment toolset across all business areas
• Responsible for independently conducting quantitative analytics and modeling projects
• Responsible for developing new models, analytic processes or systems approaches.
• Creates documentation for all activities and works with Technology staff in design of any system to run models developed.

Incumbents possess excellent quantitative/analytic skills and a broad knowledge of financial markets and products.

Required Qualifications

• Master degree and above (or equivalent), preferably in quantitative finance or a quantitative field
• Solid working experience (2 years +) in a related field (Market Risk, Middle Office, Counterparty Credit Risk)
• Broad financial product knowledge
• Experience in data analysis, with excellent research and analytical skills
• Proven programming skills (Python, C++, SQL, or equivalent object‑oriented programming)
• Good written and oral communication, interpersonal and organizational skills and ability to build and maintain relationships with personnel across areas and regions
• Ability to multitask with excellent time management skills
• Sense of focus and rigor in the completion of deliverables
• Pro‑active behavior with capacity to seize initiative

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

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

Shift: 1st shift (United States of America) Hours Per Week: 40 Pay Transparency details US - IL - Chicago - 540 W Madison St - Bank Of America Plaza (IL4540)

Pay range $89,800.00 - $155,000.00 annualized salary, offers to be determined based on experience, education and skill set.

Benefits

• Discretionary incentive eligible
• This role is eligible to participate in the annual discretionary plan.
• Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.
• Benefits This role is currently benefits eligible.
• We provide industry‑leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

Privacy Statement: https://careers.bankofamerica.com/en-us/privacy-notice 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!

Partnering Locally Learn about some of the ways Bank of America is making a difference in the communities we serve. Global Impact Learn about the six areas that guide Bank of America’s efforts to help make financial lives better for customers, clients, communities and our teammates. Opportunity and Inclusion Each employee brings unique skills, background and opinions. We see opportunity and inclusion as our platform for innovation and a key component in our success. Our Values Learn about our four values that represent what we believe. Pay Transparency: https://careers.bankofamerica.com/en-us/pay-transparency