Quantitative Operations Associate – Volume & Capacity Modeler

Bank of America; Newark (NJ); On-site; USD 84,000 - 132,000; Full time

Job summary

A leading financial institution is seeking a Quantitative Analyst to develop and maintain operational models that predict resource demand and provide strategic recommendations. This role demands strong communication skills and proficiency in quantitative methodologies, focusing on risk management compliance and innovative approaches to optimizing capacity models.

Benefits

Industry-leading benefits

Paid time off

Resources to support employee well-being

Qualifications

• 2+ years of experience in quantitative roles modeling complex systems
• Knowledge of linear regression, time-series modeling, discrete event simulation, and optimization techniques
• Strong communication and interpersonal skills

Responsibilities

• Developing and maintaining advanced strategic capacity models
• Ensuring capacity models adhere to Model Risk Management (MRM) standards
• Partnering with Front Line Units to generate optimal outcomes

Skills

Analytical Thinking

Data Modeling

Data Visualization

Data Mining

Problem Solving

Education

Bachelor’s degree in Statistics, Applied Economics, Industrial Engineering, Mathematics, Operations Research, Advanced Analytics, Finance, or STEM field

Tools

SAS

Python

R

Excel

Arena

SAS OR

GAMS

XPRESS

CPLEX

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 is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description:

Responsible for developing quantitative/analytic models and applications in support of the firm's risk management effort. This role focuses on the development of operations/data management policies, strategies, and operational guidelines for the organization's various financial products as they relate to the analysis, tracking, and reporting of various risk metrics. This role often possesses an advanced degree in physics, applied mathematics, statistics/probability, or another heavy quantitative discipline. Quantitative analytic staff is focused on and responsible for the development of the theory and mathematics behind various models. Individual Contributor and reports to Quant Operations Manager.

Responsibilities:

The Global Operations Data Management and Analytics team is looking for a motivated individual with strong quantitative skills and experience in simulation modeling, operations research, and/or analytics. This individual will be responsible for developing and maintaining advanced strategic capacity models that predict operational resource demand and providing recommendations to key stakeholders.

In addition, the position will assist with efforts to ensure the capacity models adhere to Model Risk Management (MRM) standards. The ideal candidate will have a keen eye for detail, a strong sense for modeling complex operational systems, and excellent verbal and written communication skills.

Additional responsibilities include:

• Developing and maintaining capacity and resource optimization models.
• Helping modernize existing capacity models using advanced simulation and optimization techniques.
• Evaluating new opportunities and implementing changes for current capacity model inputs, processes, and outputs.
• Driving capacity modeling consistency and innovation across the team.
• Partnering with Front Line Units (FLUs) to generate optimal outcomes.
• Assisting with documentation to adhere to Model Risk Management (MRM) guidelines.

Required Skills:

• Bachelor’s degree in Statistics, Applied Economics, Industrial Engineering, Mathematics, Operations Research, Advanced Analytics, Finance, or a STEM field.
• 2+ years of experience in quantitative roles modeling complex systems.
• Strong communication and interpersonal skills, with the ability to explain complex ideas clearly to stakeholders.
• Natural curiosity and drive to answer key business questions.
• Self-motivation and ability to work independently in a fast-paced environment.
• Knowledge of linear regression, time-series modeling, discrete event simulation, and optimization techniques.
• Proficiency in MS Office, especially Excel.
• Experience with SAS, Python, R, or similar statistical software.
• Experience with Arena or similar simulation software.
• Experience with optimization software like SAS OR, GAMS, XPRESS, CPLEX, etc.
• Ability to collaborate effectively within a team and solve problems.

Desired Skills:

• Experience with Tableau or other data visualization tools.
• Data mining skills using SQL/SAS.
• Banking industry analytics experience, especially with models compliant with risk management standards.

Skills:

• Analytical Thinking
• Business Intelligence
• Data Modeling
• Data Visualization
• Data and Trend Analysis
• Attention to Detail
• Collaboration
• Data Management
• Data Mining
• Presentation Skills
• Consulting
• Problem Solving
• Risk Management
• Stakeholder Management
• Technical Documentation

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), US - NY - New York - 1133 Ave Of The Americas - 1133 Ave Of The Americas (NY1533)

Pay range: $84,600.00 - $132,000.00 annualized salary, offers based on experience, education, and skills. Discretionary incentive eligible. This role is eligible for an annual discretionary award based on performance and company results.

Benefits: Currently benefits eligible, with industry-leading benefits, paid time off, and resources to support employee well-being and community contribution.