Data Scientist Associate/ I/ II at Federal Reserve Bank (FRB) in Cleveland, Ohio

Job Description:

Company

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is part of the nation’s central bank, and we’ve provided many opportunities for professional growth during our history.

For twenty-five years in a row, we’ve been named “One of Northeast Ohio’s Best Places to Work” by North Coast 99. This prestigious award honors organizations with outstanding employment practices, including compensation, benefits, training, recruitment, retention, community services, and employee communications.

Our People Make the Difference! The Federal Reserve Bank of Cleveland is seeking innovative thinkers with vision to build the framework that will carry the Bank into the future.

Follow us on LinkedIn, X, Instagram, and our YouTube channel – Cleveland Fed

The Advanced Analytics team in the Supervision & Regulation department strives to be data science innovators. We develop new models and metrics, using a wide range of vendor and internal datasets, to monitor risks in the banking sector and more generally promote a safe, sound, and fair financial system.

For this role, we are looking for candidates who can identify and execute projects that leverage advanced quantitative techniques to advance risk identification, financial stability, supervisory policy, and other areas of supervisory interest. Plays a central role in designing, developing and conveying the results of models (including econometric, predictive, behavioral, simulation or other) to ensure identification of firm-specific, sector, and broader banking industry trends and risk developments in an informative, forward-looking, and critically focused manner. Leads efforts to distill large amounts of data, whether accessed through public or supervisory sources, into relevant, focused and actionable information. Experience in machine learning, natural language processing and/or other emerging fields is desirable. Uses innovative data visualization methods for delivering findings and creates publication-quality reports and presentations for sharing results. Proven capability in developing relationships and working with business line partners.

General Responsibilities:

• Contributes to analytic projects through all stages of development but is primarily responsible for the research and development of new models or metrics or the enhancement of existing models, including formulating concepts, developing and executing analysis plan, and reporting and presenting model insights.


• Develops predictive models using machine learning, econometric modeling and natural language processing techniques to measure, assess and predict various measures of financial or non-financial risk relevant to the oversight of banking institutions.


• Lead transformation of large and complex datasets in a manner that is suitable for analysis.


• Visualizes and reports analytic findings using a variety of methods to promote understanding of key insights and actionable takeaways for both technical and non-technical audiences.


• Delivers formal presentations, create analytical reports and executive summaries of findings.


• Experience with statistical programming using packages in Python or R


• Experience working with large data sets and data processing tools like SQL, Hadoop, Spark


• Experience with data visualization tools, preferably Plotly Dash


• Experience with code, data, and model management tools like Git, GitLab, DVC


• Experience leveraging compute platforms for data science development (e.g., Databricks, AWS SageMaker, Red Hat Enterprise Linux, Red Hat OpenShift)


• Performs other duties as assigned or requested.


• Adheres to the Bank's attendance policies through regular and prompt attendance.

Education and Experience:

Data Scientist Associate

• Bachelor's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics and 3+ years of related work experience


• Or Preferred - Master's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics and 0-1 years of related work experience

Data Scientist

• Bachelor's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics and 5+ years of related work experience


• Or Preferred - Master's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics and 3+ years of related work experience

Data Scientist II

• Bachelor's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics and 7+ years of related work experience


• Or Preferred - Master's degree in Mathematics, Statistics, Data Science, Economics with an emphasis on statistics and 5+ years of related work experience

Knowledge and Skills Area:

• Experienced in application of advanced quantitative techniques in Data Science, Statistics or other quantitative field


• Ability to perform independent research with limited direction.


• Knowledge of banking and financial markets


• Experience with statistical programming using packages such as R, Matlab, Python or SAS


• Experience working with large data sets


• Communication skills - both written and verbal. Ability to deliver presentations and draft publication-quality reports.

Citizenship requirements

This position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements.
 

In addition, all candidates must undergo an enhanced background check and comply with all applicable information handling rules, and all non-U.S. citizens must sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship.

Physical Demands and General Working Conditions            

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, the Federal Reserve Bank of Cleveland reserves the right to revise this or any job description at any time. 

Reasonable Accommodation Statement - The Federal Reserve Bank of Cleveland is committed to ensuring that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform essential job functions, and receive other benefits and privileges of employment. To request a reasonable accommodation for any part of the employment process, please send an email to clev.4d.benefits.specialist@clev.frb.org.

Bank’s Ethics Rules and Drug Testing:

As a condition of employment, Federal Reserve Bank of Cleveland employees must comply with the Bank’s ethics rules which generally prohibit employees, their spouses/domestic partners, and minor children from owning or controlling, directly or indirectly, any debt or equity interest in a depository institution or an affiliate of a depository institution. A "depository institution" means a bank, a trust company, or any institution that accepts deposits, including a bank chartered under the laws of a foreign country. In addition, employees (and their spouses/domestic partners, and minor children) may not own shares of mutual funds, unit investment trusts or ETFs that have a policy, as stated in the prospectus, of concentrating in the financial services industry and that have underlying investments in banks or other depository institutions.  If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting.

In addition, as a condition of employment, candidates must undergo a background check and will be tested for all controlled substances prohibited by federal law, to include marijuana, prior to hire and for certain safety sensitive positions during employment.  

​Always verify and apply to jobs on Federal Reserve System Careers or through verified Federal Reserve Bank social media channels

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Analytical

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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