Quantitative Finance Analyst

Quantitative Finance AnalystAt 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.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!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 driversSupports the planning related to setting quantitative work priorities in line with the bank's overall strategy and prioritizationIdentifies 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/validationSupports model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetiteSupports 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 riskWorks closely with model stakeholders and senior management with regard to communication of submission and validation outcomesPerforms statistical analysis on large datasets and interprets results using both qualitative and quantitative approachesGlobal Risk Analytics (GRA) is a sub-line of business within Global Risk Management (GRM). The GRA team provides quantitative capabilities supporting global risk management and capital management and develops a consistent set of risk and capital models and analytical tools that support decision making across the bank.Overview of the Team - Global Markets Risk Analytics (GMRA) is part of Global Risk Analytics (GRA). It is responsible for developing, maintaining, and monitoring counterparty credit risk and market risk models. GMRA also develops analytical tools to support regulatory, audit, and internal risk management needs for Global Markets. This role sits within Market Risk Analytics Quant group (MRQ), which covers analytics and tools for all general market and specific risk models and methodologies subject to trading and banking books capital rules across Market Risk. Additionally, you will have the opportunity to gain experience across all asset classes including interest rates, foreign exchanges, credit, equities, commodities, and mortgage products. This is an excellent opportunity to work in a fast growing, international team.Overview of the Role - As a Quantitative Finance Analyst on Market Risk Analytics team, your responsibilities will involve:Develop quantitative risk models, analytics, and applications in support of market risk assessment and regulatory capital calculationPartner with internal groups including Capital, Risk, Technology, Model Risk Management and Market Risk Management on model enhancement, performance testing and documentation to remediate internal and external requirementsConduct analysis and verification on market data, risk metrics and P&L time seriesPrepare developmental evidence and document to support internal and external examsPerform analysis for Value at Risk (VaR) / Risk not in VaR (RNiV) model development, documentations/submissions, and aid in addressing required action items raised by model risk management, issues from regulators, audit, and model performance testsPerform statistical analysis on market historical data and model parametersDevelop and support benchmarking and backtesting. Identify, analyze, explain any overagesIdentify common themes across global markets along with improvement initiativesCommunicate the results of this analysis to all model stakeholders including risk management, model development, model risk, senior management, and our regulatorsSupport model development in confirming remediation of model issues prior to their being taken livePosition Overview - Quantitative Finance Analyst - Responsible for independently conducting quantitative analytics and modeling projects and 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 experienceRequired Education, Skills, and Experience:Advanced degree in quantitative fields such as Mathematics, Financial Mathematics/Engineering, Quantitative Finance, Statistics, Econometrics, Physics, computer science, or equivalent and 2+ years of industry experience.Programming skills, preferably in Python, or equivalent object-oriented programmingExperience in or willingness to learn derivatives pricing and/or statistical analysis of financial data, time series information.Desired Skills and Experience:Experience in market risk models such as FRTB Standard Approach (SA), FRTB Internal Model Approach (IMA), Value at Risk (VaR), Risks Not in VaR (RNiV), and Stress Testing.Attention to details and ability to analyze problems independently with intellectual curiosity.Strong written and verbal communications.Ability to deliver quality outcomes in a timely manner in a fast-paced environment.Skills:Critical ThinkingQuantitative DevelopmentRisk AnalyticsRisk ModelingTechnical DocumentationAdaptabilityCollaborationProblem SolvingRisk ManagementTest EngineeringData ModelingData and Trend AnalysisProcess Performance MeasurementResearchWritten CommunicationsShift: 1st shift (United States of America)Hours Per Week: 40Pay Transparency detailsUS - IL - Chicago - 540 W Madison St - Bank Of America Plaza (IL4540), US - NJ - Jersey City - 525 Washington Blvd (NJ2525)Pay range $89,800.00 - $155,000.00 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.