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Senior Manager, Quantitative Model Validator

Location Chicago, Illinois, United States Requisition ID 2020-66847 Category Risk Position Type Regular
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Your Opportunity

Our Opportunity:
Model Risk Oversight is a strategic function within the broader Corporate Risk Management umbrella that utilizes a broad spectrum of models to create innovative products for our clients, and to prudently manage our financial risk using sophisticated quantitative approaches. The Model Risk Oversight team plays a key role in identifying, reviewing, and monitoring all the models at the company.

We are hiring a quantitative analyst to conduct model validations and make additional contributions to the Model Risk Management team. More seasoned applicants may qualify for the senior analyst position. The analyst will participate in model governance activities in several business areas including statistical classification, financial derivatives, and investment management. The analyst will need strong quantitative aptitude and a good understanding of how financial models are used in business contexts. This will be an individual contributor role with no direct reports. This position reports to the Senior Team Manager, Risk Analytics Modeling.

What you are good at

The job responsibilities will include, but not be limited to: 

  • Performing model validations following guidelines based on SR 11-7, to include an assessment of model usage, documentation, conceptual soundness, and data integrity;
  • Assessing the rational and supporting evidence for model choices, Identifying and assessing model assumptions and limitations, and assessing model accuracy and performance;
  • Independently replicating models from theory to ensure accurate implementation and developing “toy” benchmark models to assess model performance and uncertainty;
  • Performing sensitivity testing, back-testing, and other forms of statistical and econometric analysis;
  • Presenting work through formal model validation reports, as well as through presentations to model owners and senior management;
  • Working effectively as a team member with other quantitative analysts at the company, as well as with external consultants;

What you have

Required skills and qualifications:

  • Bachelor degree required; prefer advanced degree in a quantitative discipline (financial engineering, statistics, mathematics, physics, economics).
  • 2-5+ years of work experience in quantitative modeling or model validation.
  • Advanced skill with one or more analytical tools, such as SAS, R, MATLAB, Python, EViews, etc.
  • Strong oral and written communication skills.


Preferred skills and qualifications:

  • Experience working with pricing and risk models related to financial derivative products (options, futures).
  • Experience working with investment management models.  
  • Ph.D. in a quantitative discipline (statistics, mathematics, physics, economics).
  • Experience working as a quant in the financial industry.
  • CFA and/or FRM certification.
  • Knowledge of model governance processes and regulatory requirements for large US banks.

Why Schwab?

At Schwab, “Own Your Tomorrow” embodies everything we do! We are committed to helping our employees unleash their potential and achieve their dreams. Our employees get to play a central role in disrupting a multi-trillion-dollar industry, creating a better, more modern way to build and manage wealth. We’re a modern financial services firm that stands apart from the industry, where you can go as far as your ambition takes you.

Hear from employees: What’s it like to work at Schwab!

The benefits of working at Schwab : a package designed to empower your health, wealth, career and life. Schwab is committed to building a diverse and inclusive workplace where everyone feels valued.

As an equal employment opportunity employer, our policy is to provide equal employment opportunities to all employees and applicants without regard to any status that is protected by law. (Please click here to see policy.)

Schwab is also an affirmative action employer, focused on advancing women, minorities, veterans, and individuals with disabilities in the workplace. We believe diversity and inclusion are part of our success as a company and our purpose of serving every client with passion and integrity.

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