JOE Listings (Job Openings for Economists)
August 1, 2014 - January 31, 2015
E*TRADE Financial Corporation
Position Title/Short Description
Section: US: Full-Time Academic (Permanent, Tenure Track or Tenured)
Location: Arlington, Virginia, UNITED STATES
JEL Classification: C1 -- Econometric and Statistical Methods and Methodology: General
Full Text of JOE Listing:
E*TRADE Financial Corporation, the online investing & trading pioneer, with 4.5 million accounts and over $200 billion in customer assets, is continuing to reinvent the online trading industry. Our unique culture of innovation creates an environment where you will be continually learning and challenged to develop your career.
E*TRADE Financial includes both a retail brokerage and a bank which invests customer deposits in agency securities. Model Risk Management at E*TRADE is charged with the independent validation of models and analytics used across the firm including both the brokerage and the bank.
This position reports to the Director, Model Risk Management who is responsible for identifying and tracking all models within the organization and for independently validating models and their implementations.
• Validate a variety of pricing, fraud detection and econometric models in across bank and brokerage including credit risk, market risk, operational risk, retail products, and product marketing by executing validation programs that may include the following:
o Understanding the business area and function that uses the model and the impact of the model output on the business decisions
o Testing of model inputs, framework, methodology, outputs, usage, performance, implementation, controls and limitations of the model being validated
o Testing of development data through some understanding of the primary data and replicating data extraction steps
o Testing of model methodologies through understanding assumptions/inputs, sensitivity of model outputs to change in assumptions, benchmarking and independent replication as needed
• Forming conclusions on model appropriateness based on the analysis as outlined above
• Documenting the results and conclusions of the model validation and analyses
• Support project management activities such as providing validation plan and status to various stakeholders and testing artefacts
• Minimum two years of experience in model development or statistical, econometric, quantitative analysis with large data sets
• Advanced degree (PhD or MS) in Econometrics, Finance, Mathematics, Engineering, Sciences
• Experience programming in one or more of the following statistical software packages: MATLAB, VBA, SAS, R, STATA, any advanced programming language.
• Ability to work effectively in a high pressure, fast-paced environment with multiple deadlines and competing priorities
• Demonstrated ability to produce clear, concise written work products (e.g., reports, white papers, published articles, presentations).
• Preferred knowledge of credit risk, market risk, derivatives pricing, or portfolio allocation, marketing models. Previous experience in financial services and banking preferred.
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