The Division of Economic and Risk Analysis (DERA) provides sophisticated analysis that integrates economic, financial, and legal disciplines. The Division’s responsibilities cover three broad areas: risk and economic analysis; strategic research; and financial innovation. Its responsibilities include providing economic analyses of proposed Commission actions and providing expertise in analytical approaches and methods in support of the Commission’s enforcement and examinations program. In its “think tank” and other roles, DERA is involved across the entire range of SEC activities, including policy-making, rule-making, enforcement, examination, and other matters.
Financial Economists at the Commission provide economic guidance and research expertise to a broad range of activities, including rule-making, enforcement actions, market oversight and monitoring, and other regulatory initiatives. Opportunities exist within the Division to focus on work in specific policy areas, risk assessment and modeling, and litigation support. In all roles, candidates must have the ability to apply academic research and empirical methods in support of Commission actions and regulatory programs, and are encouraged to engage in independent research directed at top-tier professional journals.
Interested candidates should have a research and policy interest in one of the following areas: market microstructure, derivative securities, clearance and settlement, credit ratings, registered funds such as mutual funds and ETFs, hedge funds and other private funds, municipal securities, corporate governance, securities offerings, financial accounting and disclosure, econometrics, asset pricing, financial markets and systemic risk, game theory, auction theory, industrial organization, and/or an interest in litigation economics.
Benefits and Compensation
Note: DERA hires throughout the year. However, DERA interviews extensively for economists, both permanent and fellows, at the ASSA meetings held annually in early January.
Careers with DERA
DERA financial economists have two primary responsibilities:
- Provide economic guidance and research expertise to a broad range of activities, including rule-making, enforcement actions, market oversight and monitoring, and other regulatory initiatives.
- Apply academic research and empirical methods in support of Commission actions and regulatory programs, and are expected to engage in independent research directed at top-tier professional journals.
Some day-to-day activities include:
- Utilizing leading edge quantitative and qualitative methodologies and techniques to support SEC actions, policies, rules, and regulations.
- Gathering, summarizing, analyzing key economic data and producing reports based on the analyses.
- Supporting division and staff rule making and actions by providing economic analyses examining the costs and benefits of Commission rules.
- Using SAS, Python, R, and other programming languages for data analyses and reports.
Research Associates (RAs) have two primary responsibilities:
- Assisting economists in the analysis of current public policy issues and events. They help economists conduct current analysis and other short-term research.
- Assisting economists in long-term, academically oriented research projects. RAs help economists plan and execute long-term research on a wide range of applied and theoretical topics.
Some day-to-day activities include:
- Performing econometric, computational, and analytical research intended for publications as well as academic journals
- Programming in statistical packages, such as SAS, STATA, and MATLAB
- Running forecasting models
- Reviewing and organizing economic and financial data
- Compiling and assessing information from academic journals, market sources, and government reports
- Writing or assisting with reports and presentations on current economic and financial conditions and policy issues
- Developing spreadsheet/web macros and programs to facilitate and improve data manipulation and analysis
- Preparing background materials for and assisting in the formulation of senior management briefings.
What Are Some Advantages of Working Here?
- Interaction with leading economists on key policy and research issues
- Access to courses, certificate programs, and other learning opportunities
- Operations Research Analysts
- Financial Analysts
- Computer Programmers