Machine Learning Research Assistant

Research assistants (RAs) at the Philadelphia Fed play a key role in the Economic Research Department. Whether they are helping economists prepare briefings on current monetary policy issues, working on economic forecasts, writing some of our newsletters on economic conditions, or analyzing data for long-term research projects, RAs work as an essential part of our team and gain depth of experience. The Bank’s RA program is structured as a two-year program, with most RAs continuing on to graduate programs or other careers in economics or related fields after two years with the Bank. Employment is at-will

You will perform statistical and econometric analyses to support or prove the research and consulting projects initiated by machine learning economists. Identifies, collects, and prepares data required for machine learning projects. Initiates and conducts independent research projects of a limited nature for and under the supervision of economists., Our department prides itself on its collegial atmosphere. RAs help one another develop their statistical, data, and programming skills. Our economists collaborate on research with academic and central bank colleagues from around the world; as a result, so do our research assistants.

The assignments in the Economic Research Department offer our RAs a number of ways to increase their knowledge of economics and their analytical skills. Moreover, RAs have access to a number of training and education opportunities, including courses in computer software and programming languages, as well as undergraduate and graduate courses in economics, statistics, and mathematics.

Working as a RA at the Philadelphia Fed is a rewarding experience, whichever career path you ultimately choose to pursue. Our RAs have gone on to top graduate schools in economics, public policy and law; some have found opportunities in other departments in the Bank; and others have moved into higher positions within the Economic Research Department.

The Bank’s RA program is structured as a two-year program, with most RAs continuing on to graduate programs or other careers in economics or related fields after two years with the Bank. Employment is at-will.

Duties and Responsibilities:

Performs statistical and econometric analysis using state-of-the art machine learning techniques.

Organizes data for analysis and writes computer programs using Python, R, SAS, Stata, Matlab and other software.

Presents results of research to economists and management in oral or written reports.

Writes programs to automate data collection procedures.

Uses knowledge of data sources (such as Haver and RADAR) and data content to determine what source will best provide data for a project.

Initiates, plans, and executes research projects of a limited nature subject to supervising economists’ approval.

Designs databases for use in economic research projects and machine learning projects across the bank.

Writes documentation of data sources, algorithms, and statistical tests that have been performed on the data.

Documents procedures and trains junior analysts when required.

Reviews literature on research topics and may contact others doing similar research.

Determines what information is relevant to the project and provides economists with summaries of findings, both orally and in writing.

Keeps abreast of current developments in economics and computer science.

Produces charts and graphs to communicate findings to business lines throughout the bank.

Works individually or in a group to identify, communicate, and implement changes and initiatives with the goal of improving the quality of the operation or product.

Performs other related duties as assigned., All Federal Reserve Bank of Philadelphia employees must comply with the Bank’s ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. 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, who can provide you contact information for our ethics officer if necessary. You should review the Bank’s Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.

You will be required to complete a background investigation including drug testing as a condition of employment, after the job offer is made. Candidates for positions deemed as “safety sensitive” will also be drug screened for the presence of marijuana. Any hiring decision based on a background investigation will be made following an individualized assessment that is job-related and consistent with business necessity and applicable law. Employment may not begin until the Bank accepts the results of the background investigation.

Due to the nature of the information you will have access to, we require that you also complete a more in-depth enhanced background screening (Peraton moderate or high).

All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.

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 permanent residents must sign a declaration of intent to become a U.S. citizen when eligible to do so and pursue a path to citizenship. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a permanent resident and a U.S. citizen and meet other eligibility requirements. In addition, all candidates must undergo an applicable background check and comply with all applicable information handling rules. You will provide work authorization to prove your eligibility to work in the United States.

The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

Bachelor’s degree in computer science, economics, mathematics, statistics, or finance, preferred.

Minimum of two years’ experience in or knowledge about natural language processing and processing large datasets and their related programming skills are a plus.

Knowledge and Skills:

Knowledge of State-of the-art machine learning methods.

Demonstrated ability to apply quantitative techniques in research projects under general supervision.

Ability to use statistical programs, such as Python, R, Stata, SAS, and Matlab, to organize data into files and to perform advanced statistical and econometric analyses.

Ability to quickly find relevant data for research projects and for speeches and presentation visuals.

Strong analytical and problem-solving skills.

Good oral and written communication skills.

Physical Requirements: Must be able to spend long hours working at a personal computer.

We offer a great benefits package that features:

Medical (4 options), Prescription, Dental (3 options), and Vision Insurance with no waiting period

401k/Thrift Plan with generous employer match

Employer-funded Pension Plan

Paid Vacation/Sick Time & Holidays

Monthly $200 Commuter Allowance

Flexible Spending Accounts and Healthcare Spending Accounts

Flexible Work Schedule available in most departments

Life Insurance and Long Term Disability Insurance

Tuition Reimbursement (undergraduate and graduate)

Parental Leave

Free onsite 24/7 Fitness Center including training classes, Peloton bikes and locker room / shower facilities

Onsite Cafeteria & Coffee Shop

Additional Convenience Benefits, Discounts and More…

Federal Reserve Bank of Philadelphia

The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks, savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.