Company
Federal Reserve Bank of ClevelandThe Federal Reserve Bank of Cleveland’s mission is to foster the stability, integrity, and efficiency of the nation’s monetary, financial, and payment systems while representing the Fourth District perspectives.
As part of the nation’s central bank, we are a team of mission-driven professionals who are committed to serving with excellence. Our core values are: Build Trust Every Day, Own Our Actions, Collaborate with Intention, and Be Open to Change.
For twenty-six 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.
Follow us on LinkedIn, Twitter, Instagram, and our YouTube channel – Cleveland Fed
This position can be located at our Cleveland, OH, Cincinnati, OH, or Pittsburgh, PA offices.
BETR, Bank Exams Tailored to Risk, is the Federal Reserve’s risk-focused approach to community and regional bank supervision. The BETR Metrics Office, located at the Federal Reserve Bank of Cleveland, develops and maintains forward-looking models to help define the scope of exams at hundreds of supervised firms across the country – combining quantitative insight with examiner judgment.
We conduct rigorous, data-driven assessments of banking sector and financial market conditions; promote more efficient, effective supervisory processes; and drive actionable research to support supervision and policy more broadly. As part of the Federal Reserve’s mission, we care about ensuring a safe, sound, and fair financial system. Come join us!
Responsibilities, knowledge areas, and skill areas listed below are with respect to the Data Scientist II level, which is the preferred level for this opening – but we will also consider excellent candidates with education and experience at the Associate or Data Scientist I level.
General Responsibilities:
- Proven capability in designing, developing, and conveying the results of innovative 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. Experience in data mining, artificial intelligence, agentic frameworks, machine learning, and/or other emerging fields is a plus.
- Proven capability to contribute to large-scale analytic projects through all stages of development, including formulating concepts; developing and executing analysis plans; implementing and deploying models and tools; and reporting and presenting final research results.
- Proven ability in scalable data processing (e.g., distributed computing, cloud platforms, data warehousing) and MLOps/deployment processes (e.g., model serving, containerization, model monitoring).
- Beginning to show capability to 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 and creates analytical reports and executive summaries of findings.
- Mentors junior staff on skills and knowledge areas needed for all elements of data science product development.
- Performs other duties as assigned or requested. Adheres to the Bank's attendance policies through regular and prompt attendance.
Knowledge Areas - Advanced Level:
- Experienced in application of advanced quantitative techniques, including econometrics, machine learning / artificial intelligence, natural language processing, scenario modeling, etc.
- Knowledge of banking and financial markets, their regulation, and how to use quantitative methods to identify material risks at financial institutions (e.g., credit, capital, liquidity, or other risks) and evaluate impacts of supervisory policy.
- Knowledge of data science tools and compute platforms (e.g., Red Hat Enterprise Linux, Databricks, AWS, etc.)
- Knowledge of effective model risk management and data governance practices
- Ability to perform independent research with limited direction
Skill Areas - Advanced Level:
- Experience with statistical programming using Python and/or R
- Experience working with large data sets and data processing tools like SQL, Hadoop, Spark, etc.
- Experience with data visualization tools, preferably Plotly Dash or RShiny
- Experience with code, data, and model management tools like Git, GitLab, DVC, MLFlow, etc.
- Communication skills - both written and verbal. Ability to deliver presentations and co-author publication-quality reports
Education and Experience:
Data Scientist II
- Bachelor's degree in data science, computer science, mathematics, statistics, mathematical finance, operations research, economics or similar field focused on advanced quantitative modeling with 7+ years of related work experience
- OR Preferred – Master’s or PhD degree in economics, mathematical finance, data science, computer science, mathematics, statistics, operations research or similar field focused on advanced quantitative modeling with 5+ years of related work experience
Data Scientist I
- Bachelor's degree in data science, computer science, mathematics, statistics, mathematical finance, operations research, economics or similar field focused on advanced quantitative modeling with 5+ years of related work experience
- OR Preferred – Master’s or PhD degree in economics, mathematical finance, data science, computer science, mathematics, statistics, operations research or similar field focused on advanced quantitative modeling with 3+ years of related work experience
Data Scientist Associate
- Bachelor's degree in data science, computer science, mathematics, statistics, mathematical finance, operations research, economics or similar field focused on advanced quantitative modeling with 3+ years of related work experience
- OR Preferred – Master’s or PhD degree in economics, mathematical finance, data science, computer science, mathematics, statistics, operations research or similar field focused on advanced quantitative modeling with 0-1 years of related work experience
The expected starting salary range for the Data Scientist Associate is between $100,300 and $125,400 annually and for the Data Scientist I is between $111,400 and $139,200 annually and for the Data Scientist II is between $123,700 and $154,600 annually. Final salary and offer will be determined by the applicant’s background, experience, skills, internal equity, and market data.
The Cleveland Fed offers benefits to support overall health and financial security. Learn more about our benefits here: https://www.clevelandfed.org/careers
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, 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 with 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
Data Analytics Family Group
Work Shift
First (United States of America)
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.