Bank of America: Statistician

Bank of America is seeking a Statistician responsible for understanding, developing, and extending quantitative models and applications in support of risk, marketing, pricing, and operations.

Bank of AmericaCompany: Bank of America
Location: Charlotte, NC; Wilmington, DE
Position: Statistician

Apply online.

The Team:

Given the size of the banking industry, the role of formal statistical modeling has been dramatically increasing. As such, the 100-person Consumer Behavior Modeling team has multiple newly opened positions. We are looking to hire excellent statisticians at all stages of their careers. The modeling team offers a compelling combination of professional opportunities.

  • We work on some of the largest, most varied, and most important data in the world.
  • The mathematical sophistication of our models ranges from direct and routine application of standard tools to advanced and even research-level approaches.
  • Our scientific rigor is excellent. We write fully reproducible code and document our work with substantial formal scientific essays.
  • We implement our models and track their performance with advanced multivariate SPC. We get the deepest satisfaction in seeing our models perform as we predicted.
  • We continually train on the latest and most powerful tools
  • We work across all products and across all the stages of the customer lifecycle. For example, our models
    • Set credit limits for 9% of the country’s credit card debt
    • Evaluate the return on our hundred million dollar television advertising investment
    • Correct for the significant selection bias induced by having performance data on approved accounts only

Candidates who have deep skills in applied statistics and communicate with above average effectiveness are cordially invited to apply.

Job Description:

Responsible for understanding, developing, and extending quantitative models and applications in support of risk, marketing, pricing, and operations. This role often possesses an advanced degree in statistics, biostatistics, econometrics, engineering, applied mathematics, the applied sciences or other heavily quantitative discipline.

Key expectations:

  • Conduct all aspects of consumer behavior model development including problem formulation, stakeholder identification, model design, computer programming, data extraction, model estimation, model validation, model documentation, implementation, and monitoring
  • Understand the deeper issues and independently structure problems
  • Clearly communicate, and champion, options and tradeoffs with senior management
  • Understand the core tradeoffs and biases in selecting a model development sample, and execute on data preparation by extracting and building datasets from complex data warehouses. Design randomized experiments to gather data needed to build still better models
  • Write efficient computer code (mostly SAS). Use white space, comments, indentation, arrays, control blocks, and modularization
  • Have deep understanding of both classical and modern statistical methods and the ability to apply them in practice
  • Connect the use of the model with how it should be validated and monitored
  • Produce high quality written model documentation
  • Design models that can be implemented given corporate constraints, and influence the development of even better platforms to support future models
  • Manage work streams by breaking down complex projects into steps and communicating timelines to stakeholders
  • Deliver high performing, fully functioning models
  • Collaborate with multiple functional groups including risk strategy, model risk management, legal, compliance, and technology

Required Skills:

  • Master's or PhD degree in statistics or related field
  • Expert level programming skills (SAS/STAT)
  • Deep expertise in modern statistical methods
  • Industry knowledge
  • Clear and concise oral and written communication