ECONOMIST/MODEL DEVELOPMENT ROLE
COMPANY DESCRIPTION
Headquartered in New York, BNY is a global investments company providing investment management, investment services and wealth management to institutions and individuals all over the world. The company is seeking professionals committed to delivering an integrated set of solutions for highly complex financial issues, as well as talented students who want to make their mark in the financial industry. As a workplace, BNY is a dynamic, inclusive environment that offers employees many opportunities to lead, learn, volunteer and more. Due to the depth and breadth of the organization, there are plenty of opportunities for career and global mobility as well.
JOB DESCRIPTION
Team Description
The Economic Forecasting Group (EFG) is part of the Risk Modeling and Analytics (RMA) group within the Risk & Compliance (R&C) division of the Bank of New York (BNY). EFG is responsible for scenario design and expansion in support of several exercises including (1) the BNY's regulatory stress-testing (including the CCAR/DFAST and EBA/ECB stress tests), (2) quarterly CECL/IFRS 9 reserve estimation, and (3) ad hoc scenario-based analyses as frequently as requested by senior management. The scenarios provided by EFG encompass the joint evolution of macroeconomic aggregates (GDP, consumption, unemployment, etc.) and financial market indicators spanning several distinct asset classes.
Job Description
The quantitative model developer role sits in the Economic Forecasting Group (EFG). The candidate will be responsible for the development, enhancement and documentation of macroeconomic forecasting methodologies. The candidate will also support the execution of macroeconomic forecasts that make up the scenarios, working closely with vendors and key forecasting partners in the company, and consumers of the scenarios and subject matter experts. He/she will also assist in managing inbound questions, deliverables and ad-hoc requests with an emphasis on accuracy and timeliness of meeting deliverables on prescribed timelines. This role requires regular (written and verbal) interactions with downstream modelers that uses macroeconomic scenarios and various units in the bank such as Finance, Treasury, Model Risk Management. Good inter-personal and negotiation skills are a key factor to accomplishing goals when interacting in a complex, multiple-priority environment. Strong programming skills in R is desired.
• Strong quantitative skills: Master’s degree in a quantitative discipline, including Economics/ Econometrics/Quantitative Finance/Statistics/Mathematics, etc. is required; PhD is a plus
• 2+ years of work experience in research/forecasting/business analytics for a leading financial institution/central bank, consulting firm or similar, with a strong background/interest in economics
• Experience in forecasting and statistical analysis of macroeconomic and/or financial modeling a plus
• Superb analytical background with a solid theoretical foundation coupled with strong programming and documentation skills. Experience with programming languages/statistical software (e.g., R, Python, EViews, Stata) considered a plus
• Extremely focused, detail oriented and highly productive with ability to synthesize large amounts of data and various viewpoints and summarize key concepts
• Excellent organizational and communication (verbal and written) skills
• A proven track record of executing against deliverables and meeting deadlines under pressure
• Works well individually and in teams, shares information, supports colleagues, and encourages participation.
At BNY, our culture speaks for itself. Here’s a few of our awards:
- America’s Most Innovative Companies, Fortune, 2024
- World’s Most Admired Companies, Fortune 2024
- Human Rights Campaign Foundation, Corporate Equality Index, 100% score, 2023-2024
- Best Places to Work for Disability Inclusion, Disability: IN – 100% score, 2023-2024
- “Most Just Companies”, Just Capital and CNBC, 2024
- Dow Jones Sustainability Indices, Top performing company for Sustainability, 2024
- Bloomberg’s Gender Equality Index (GEI), 2023
Our Benefits and Rewards:
BNY offers highly competitive compensation, benefits, and wellbeing programs rooted in a strong culture of excellence and our pay-for-performance philosophy. We provide access to flexible global resources and tools for your life’s journey. Focus on your health, foster your personal resilience, and reach your financial goals as a valued member of our team, along with generous paid leaves, including paid volunteer time, that can support you and your family through moments that matter.
BNY is an Equal Employment Opportunity/Affirmative Action Employer - Underrepresented racial and ethnic groups/Females/Individuals with Disabilities/Protected Veterans
To apply, visit https://bnymellon.eightfold.ai/careers/job/25414835. (See posting for details.)