Rotation Analyst, Financial Markets Department
Financial Markets Department
234 Wellington Street
Number of Positions:
July 22, 2013
August 11, 2013
In order for your candidacy to be considered, you must have graduated in 2011 or later.
The Bank offers a competitive total compensation package with starting salaries, based on qualifications, generally ranging between $55,399 and $79,442* (job grade P1 to P4).*Where the Bank has needs for specialized skills, it may offer higher starting salaries to exceptional candidates.
Canada's central bank is the nation's pre-eminent macroeconomic policy institution. No other employer in the country offers you the unique opportunity to work at the very centre of Canada's economy, in an organization with significant impact on the economic and financial well-being of all Canadians. No matter what your area of expertise, you'll enjoy an open culture and a superior work environment that will challenge, energize, and motivate you to excel. (More info)
The Financial Markets Department (FMD) is aligned with the financial system function of the Bank of Canada. FMD provides analysis, policy advice and research on a wide range of topics in support of the goal of promoting the safety and efficiency of the overall financial system both domestically and internationally. FMD also contributes to the overall management of Government of Canada financial assets and market debt, and executes the transactions that the Bank undertakes on behalf of the Government of Canada in Canadian-dollar- and foreign-currency-denominated markets. FMD also contributes to the monetary policy function, advising on and implementing monetary policy actions through a range of operations.
FMD is looking to hire one or two analysts, who will gain broad experience by rotating through several (up to five) of FMD’s divisions over a two-year period. The five rotation divisions are:• Financial Markets Policy Analysis (FMPA)• Foreign Reserves Management (FRM)• Market Analysis and Operations (MAO)• Market Infrastructure Division (MID)• Market Intelligence (MI)At the end of the rotation program, the successful candidate(s) will be assigned to a home team within FMD. This assignment will reflect the needs of the department and, to the extent possible, the interests and preferences of the candidate(s).The Rotation DivisionsThe FMPA division conducts policy analysis and applied research in areas related to the stability and efficiency of the financial system and the implementation of monetary policy. Some specific responsibilities are: coordinating FMD’s contribution to the Financial System Review; conducting research and analysis that enhance the Bank’s ability to monitor and analyze vulnerabilities in the Canadian financial system; developing policy advice regarding the design and assessment of liquidity facilities; providing monetary policy tactical advice; and conducting longer-term analysis and applied research on topics such as extracting information from asset prices.The FRM team is responsible for the management of Canada's international reserves and fixed-income portfolio. The portfolio is managed in accordance with the Currency Act, formal investment guidelines, and close consultation with the Department of Finance and the Bank of Canada’s Funds Management and Banking Department. FRM also manages the government's foreign currency liabilities used to fund the foreign exchange reserves, in accordance with the Financial Administration Act and in consultation with the Department of Finance. The MAO team is responsible for day-to-day coverage and ongoing analysis of domestic and global fixed-income, foreign exchange, credit, commodity, equity and emerging markets. This includes: providing frequent briefings on market developments to senior management; providing oversight during auctions of Government of Canada treasury bills and bonds; conducting market transactions as necessary for domestic market or foreign exchange intervention, hedging and client requirements; and providing advice for the formulation and implementation of monetary policy.MID conducts policy analysis and research in areas related to financial markets infrastructures, assesses domestic and international regulatory developments, and provides advice in the development of policies and infrastructure to support the resilience of markets. Some specific areas of interest are: financial markets reform initiatives, including the reform of OTC derivatives markets and reform of the shadow banking system; securities markets regulation; use of central counterparties and trading platforms; high-frequency trading; securities transactions taxes; market fragmentation; market transparency; and reliance on credit ratings in market practices and regulation.The MI team is responsible for the targeted acquisition of financial market intelligence, including its analysis and integration in the department’s policy and analytical output. MI’s focus includes a broad range of both domestic and international financial markets, and it is responsible for developing and maintaining market contacts with institutions active in those markets. It has frequent briefing responsibility on financial market developments to the Bank’s senior management.
As an analyst in the rotation program, you would work under the direction of the Assistant Director responsible for the particular division in which you are located. Specific responsibilities will vary across divisions, and will include:• producing high-quality written and oral briefings to senior management, and making policy recommendations • conducting high-quality analysis and/or research on subjects related to the responsibility of the division• assessing financial market and regulatory developments and providing analysis of their implications for the stability and efficiency of the financial system, and for the formulation of monetary policy• delivering presentations to internal and external audiences• contributing to building relationships with external parties, such as other central banks, academics, regulators and financial market participants• developing knowledge of Canadian and international fixed-income and foreign exchange markets as well as other major global financial markets• conducting the Bank’s open market operations, including securities lending, the Government of Canada bond and treasury bill auctions and buybacks, as well as the Bank’s foreign exchange operations• applying portfolio theory, advising on portfolio strategy and reporting on portfolio activity• executing fixed-income and money market trades, developing and maintaining counterparty relationships, and reporting on market activity• participating in FMD’s daily briefing process, describing market developments and assessing their impactAs you progress through the rotation program, you will be expected to increasingly make use of the knowledge, contacts and expertise you have gained during your time in divisions you have experienced.
• recent graduate with master’s degree in finance or economics (graduated in 2011 or later)• English or French essential• ability to clearly communicate information and ideas adapted to the target audience, using clear and compelling written and oral communication skills• ability to bring a range of considerations to issues and to conduct a careful analysis• ability to integrate specialized and complex areas of expertise, e.g., financial market analysis, economic analysis and regulatory issues analysis• ability to work collaboratively and effectively with others within the team, across teams, with other departments and with contacts outside of the Bank• ability to motivate yourself and a commitment to continuous learning and self-development
• functional in second official language• completion of, or enrolment in, Chartered Financial Analyst (CFA) or similar programs• strong background in quantitative methods• strong background in trading systems
• Condition of employment: Candidate must be eligible for secret clearance.• Priority will be given to candidates who are legally entitled to work in Canada.• Relocation assistance may be provided, if required. • Only the candidates selected for an interview will be contacted.• The Bank of Canada benefits from the unique perspectives, attributes and talents of its diverse workforce. We offer flexibility to accommodate the needs of our employees and candidates. The Bank of Canada is committed to employment equity and actively encourages applications from qualified men and women, including Aboriginal peoples, persons with disabilities, and members of visible minorities.If you are a qualified candidate, please submit a detailed resumé and a covering letter by 11 August 2013. We will also ask you to complete a mandatory questionnaire during the application process.
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