Sr. Quantitative Finance Analyst

Bank of America • Jersey City, NJ

4d • $125,000 - $210,000 • Onsite

About The Position

At Bank of America, the Sr. Quantitative Finance Analyst conducts quantitative analytics and complex modeling projects for specific business units or risk types. The role leads development of new models, analytic processes, or system approaches, creates technical documentation, and works with Technology staff to design systems for running models. The position may influence strategic direction and develop tactical plans.

The analyst performs end-to-end market risk stress testing, including scenario design and implementation, results consolidation, reporting, and analysis of scenario drivers. The role also reviews and validates enterprise fraud prevention and detection models for conceptual soundness and quantitative rigor, develops testing or alternative models, and prepares structured validation reports. The analyst works with model stakeholders, senior management, business partners, developers, risk teams, and audit partners throughout model development and validation processes.

Requirements

• Master’s degree in a related field or equivalent work experience.
• Advanced quantitative degree and 7+ years of hands-on model development or validation experience in fraud detection or related financial crime areas.
• Strong understanding of traditional statistical modeling techniques, such as logistic regression, and advanced AI/ML techniques, such as gradient boosting, neural networks, random forest, and transformers.
• Expertise in model evaluation techniques such as rank ordering, ROC curves, confusion matrices, KS, cross-validation, feature importance, and SHAP values.
• Proficiency in Python, SAS, R, and LaTeX.
• Familiarity with regulatory requirements and guidelines related to risk model validation.
• Excellent verbal communication and written documentation capabilities.
• Excellent analytical thinking, practical problem-solving skills, and ability to work well with people at all levels.

Nice To Haves

• Familiarity with bias and fairness testing for AI/ML models.

Responsibilities

• Perform end-to-end market risk stress testing, including scenario design and implementation, results consolidation, internal and external reporting, and analysis of key scenario drivers.
• Lead planning for quantitative work priorities in alignment with the bank’s overall strategy and prioritization.
• Identify continuous improvements by reviewing model development or validation approval decisions, providing critical feedback on technical documentation, and effectively challenging model development and validation work.
• Maintain and oversee model development and model risk management in designated focus areas to support business requirements and the enterprise’s risk appetite.
• Provide methodological, analytical, and technical guidance to challenge and influence the strategic direction and tactical approaches of development and validation projects, and identify potential risks.
• Communicate submission and validation outcomes to model stakeholders and senior management.
• Perform statistical analysis on large datasets and interpret results using qualitative and quantitative approaches.
• Review and validate enterprise fraud prevention and detection models for conceptual soundness and quantitative rigor, ensuring compliance with sound modeling practices, Model Governance Policy, Guidelines, Testing Playbooks, and regulatory requirements.
• Develop testing or alternative models using statistical or quantitative analysis and software such as R, SAS, and Python.
• Present model validation results in comprehensive reports, including Initial Assessment reports, Model Validation Reports, Required Action Item Assessments, and Ongoing Monitoring Report reviews.
• Partner with and manage interactions among business, model developers, risk, and audit partners across the model lifecycle and validation processes.

Benefits

• Industry-leading benefits.
• Paid time off.
• Resources and support for employees.
• Eligibility to participate in the annual discretionary incentive plan; awards are based on individual performance and behaviors, line-of-business or group performance and contributions, and overall company success.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior