Quantitative Finance Analyst

Bank of America; Jersey City (NJ); On-site; USD 89,800 - 153,300; Full time

Benefits offered by this job

Industry-leading benefits

Paid time off

Discretionary incentive eligibility

Job summary

Bank of America is looking for a Quantitative Finance Analyst in Jersey City, New Jersey. The role involves conducting quantitative analytics and modeling projects for market risk, supporting model development, and providing technical guidance. Candidates should possess a Master's degree in a quantitative field, have at least 2 years of relevant experience, and strong programming skills in Python, C++, or SQL. The position offers a competitive salary range of $89,800 to $153,300 annually, based on experience and skills, along with industry-leading benefits and opportunities for performance-based incentives.

Qualifications

• 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.

Responsibilities

• Conduct quantitative analytics and modeling projects independently.
• Perform end-to-end market risk stress testing.
• Support model development and model risk management.

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

Written Communications

Education

Master's degree in related field

Tools

Python

C++

SQL

Job description

Job Description

This role 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.

Team Overview

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. 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.

Global Markets Risk Analytics (GMRA) Team Overview

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.

Model Performance Team Overview

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

• 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.

Minimum Education Requirement

Master’s degree in related field or equivalent work experience.

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 MeasurementResearch
• Written Communications

Shift

1st shift (United States of America)

Hours Per Week

40

Pay Transparency

Pay range: $89,800.00 - $153,300.00 annualized salary, offers to be determined based on experience, education and skill set. 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.