Work in Iowa STEM Jobs

Job Information

Wells Fargo Quantitative Analytic Specialist 4 - Derivatives Pricing Model Validation in Des Moines, Iowa

Job Description

Important Note: During the application process, ensure your contact information (email and phone number) is up to date and upload your current resume when submitting your application for consideration. To participate in some selection activities you will need to respond to an invitation. The invitation can be sent by both email and text message. In order to receive text message invitations, your profile must include a mobile phone number designated as 'Personal Cell' or 'Cellular' in the contact information of your application.

At Wells Fargo, we want to satisfy our customers' financial needs and help them succeed financially. We're looking for talented people who will put our customers at the center of everything we do. Join our diverse and inclusive team where you'll feel valued and inspired to contribute your unique skills and experience.

Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.

Corporate Risk helps all Wells Fargo businesses identify and manage risk. The team focuses on several key risk types, including conduct, credit, financial crimes, information security, interest rate, liquidity, market, model, operational, regulatory compliance, reputation, strategic, and technology risk. The group provides leadership, enhances communications, assists with problem identification and solutions, and shares best practices. In addition, the group provides an enterprise-wide view of risk, assists management and our Board of Directors in identifying and monitoring risks that may affect multiple lines of business, and takes appropriate action when business activities exceed the risk tolerance of the company.

The Corporate Model Risk Group (CMoR) is seeking an experienced analyst to join its model validation team. Our diverse lines of business offer a world of opportunity to expand your capabilities and advance your career. We invest in our people and provide a supportive environment in which to learn and grow.

CMoR is responsible for independently overseeing the management of model risk exposures and the quality of model risk management practices across the company. Market risk models are used to measure the risk of possible economic loss from adverse changes in market risk factors such as interest rates, credit spreads, foreign exchange rates, and equity and commodity prices, as well as mortgage rates and market liquidity dynamics. Market risk includes, but is not limited to, the risk of economic loss associated with price risk in the trading book, fair-value price risk of available-for-sale (AFS) securities and held-for-sale (HFS) assets, hedge-effectiveness risk associated with the mortgage book, and impairment on private equity investments.

This highly visibly position will provide interaction with various key model stakeholders and therefore requires someone with the ability to develop and maintain strong strategic partnerships. The ability to communicate with different audiences (technical staff, senior management, regulators) both verbally and in writing is very important. The team operates in a fast paced environment and the ability to multi-task and meet strict timelines is critical.

Responsibilities for this role will include, but not be limited to, the following:

  • Performing model validations and clearly documenting evidence of validation activities

  • Providing effective challenge to models developed in the lines of business

  • Reducing model risk to meet or exceed regulatory and industry standards

  • Identifying conceptual weaknesses in a model and understanding tradeoffs with other approaches

  • Communicating model issues and limitations to key stakeholders

  • Contributing to improvement of model building and use practices

  • Providing leadership and consultation to less experienced validators

  • Providing analytical support and offering insights regarding a wide array of business initiatives

  • Interacting with senior management and regulators on key modeling issues, including the identification, management and mitigation of model risk

  • Communicating to different audiences (other technical staff, senior management and regulators) both verbally and in writing

  • Managing relationships with key model stakeholders

Required Qualifications

  • 4+ years of experience in an advanced scientific or mathematical field

  • A master's degree or higher in a quantitative field such as mathematics, statistics, engineering, physics, economics, or computer science

Desired Qualifications

  • A PhD in a quantitative discipline

  • Good verbal, written, and interpersonal communication skills

  • Knowledge and understanding of stochastic processes and numerical methods

Other Desired Qualifications

  • Strong Experience with model development or validation of derivatives pricing models. Specifically experience in one or more of the following derivative pricing areas:

  • Pricing and risk analytics for credit products including credit derivatives, credit callable bonds, contingent convertible bonds;

  • Interest rate models and rates derivative pricing;

  • Counterparty credit risk related Models;

  • Structure Products including RMBS, CMBS and ABS; Prepayment model of RMBS;

  • Strong programming skills in one or more of the following: C++, Matlab, Python, R and SAS

  • Experience with numerical methods such as Monte Carlo, PDE, optimization and regression etc.; good Experience in research;

  • Work experience as Front Office quant or model validator

  • Experience with model development and testing methodology

  • Ability to document critical information and share results with a variety of audiences, both technical and non-technical

  • Understanding of model usage for Value-at-Risk and CCAR/Stress test

  • Understanding of the regulatory environment and it's relation to model development and model validation.

Street Address

NC-Charlotte: 401 S Tryon St - Charlotte, NC

IA-Des Moines: 800 Walnut St - Des Moines, IA

MN-Minneapolis: 600 S 4th St - Minneapolis, MN

NY-New York: 150 E 42nd St - New York, NY


All offers for employment with Wells Fargo are contingent upon the candidate having successfully completed a criminal background check. Wells Fargo will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, state and Federal law, including Section 19 of the Federal Deposit Insurance Act.

Relevant military experience is considered for veterans and transitioning service men and women.

Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.

Benefits Summary


Visit for benefits information.

Company: Wells Fargo

Req Number: 5566098-4

Updated: 2021-04-17 01:16:25.147 UTC

Location: Des Moines,IA