Staff Financial Economists provide economic guidance and research expertise to a broad range of activities, including rulemakings, enforcement actions, market risk assessments, and other regulatory initiatives. They often have a PhD and/or demonstrated skills leading research projects in economics or finance. Opportunities exist within DERA to focus on work in specific policy areas, risk assessment and modeling, or litigation support. In all roles, candidates must demonstrate their ability to apply their knowledge of applied economics or econometrics in support of the Agency’s mission to protect investors, facilitate capital formation, and ensure fair and orderly markets.

Research Associates in DERA analyze data, prepare reports and provide advice on regulatory developments that affect the operations of financial institutions, securities markets, issuers or economic issues related to enforcement actions and objectives. They work with senior specialists to build economic models, determine proper empirical methodology, organize data collection, write and debug computer programs, prepare written reports, and summarize results and studies in formal and informal presentations. They are federal employees who typically have a bachelor’s or higher degree in economics or finance with varying levels of experience.

Statisticians in DERA are federal employees with a bachelor’s degree (or higher) that includes at least 15 hours in statistics, or a strong combination of education and experience in statistics. DERA Statisticians perform statistical analysis, interpretation, and presentation of financial market data for a variety of applications. Statisticians provide advice and recommendations to Senior DERA staff on statistical methods and procedures as applied to the analysis of economic data. Statisticians also design the methods, tools, and execution plans for studies, surveys, or experimental designs; collect data, prepare that data for analysis, and produce statistical data analyses covering securities market activities; evaluate data and cause factors to determine trends and completeness of documents; present briefing material to senior management; and prepare special studies and reports reflecting the status of programs and projects.

Operations Research Analysts (or Data Scientists) in DERA are federal employees who typically have a bachelor’s or higher degree in operations research, mathematics, or similar quantitative field, and perform quantitatively intensive analyses using a wide range of advanced techniques such as data mining, text analytics, natural language processing, topic modeling, machine learning, as well as classical statistical methods. Using these techniques, Operations Research Analysts generate risk metrics and develop processes designed to identify potential market misconduct, federal securities law statutory or rule violations, and other issues that could adversely affect the well-functioning of financial market activity and investors. DERA Operations Research Analysts commonly use tools like JAVA, Python, SAS, and R to implement cutting-edge analytical methods, and to design, develop, maintain, and modify quantitative models, metrics and reports that support market risk assessment and monitoring activities.

IT Specialists in DERA are federal employees with a technology oriented education, background, or experience that may include fields other than finance, accounting and economics, but that is otherwise relevant to enabling the technical aspects of data-driven initiatives, particularly those that require the processing and analysis of large and complex datasets ingested through the SEC filing process, procured from third parties and/or generated through internal processes. IT Specialists are expected to develop, maintain, and apply skills including the development, optimization, and maintenance of computer code and standardized languages that facilitate the access, extraction, validation, manipulation, and analysis of data that is too large to process using common office desktop tools. Technical responsibilities may include the development of infrastructure, applications, dashboards and other visualizations related to the processing of data relevant to Commission analytical needs. IT Specialists also frequently provide support on the development and maintenance of schemas and applications relevant to the Commission structured data initiatives and rulemaking.

DERA attorneys provide legal advice to management and staff on a wide range of issues related to the Division and typically have a background in Federal securities laws, the laws and regulations governing the federal rulemaking process (including the Administrative Procedure Act), or both. In particular, DERA attorneys work closely with DERA staff economists to ensure that DERA’s economic analyses are well-crafted and comply with the APA and with the Commission’s Guidance on economic analysis. They also coordinate the integration of economic analysis into Commission rulemakings by facilitating DERA’s relationship with attorneys in the other rulemaking offices and divisions. In addition to their role in rulemaking, DERA attorneys serve as general legal support for the Division. For example, they may analyze complex legal or factual issues regarding the acquisition, use, and sharing of data. They may also have primary responsibility for preparing memoranda informing the Commission on DERA activities or requesting Commission action, as well as for drafting relevant talking points and briefing materials regarding the Division for the Commission’s use with external entities such as Congress. Finally, DERA attorneys counsel Division staff working in areas such as structured disclosure, risk assessment, and data analytics.

Typically, DERA hires 12-16 student interns per semester, including law students and college or graduate students majoring in Finance, Economics, Accounting, Statistics, or Computer/Data Science. Business school-based interns in DERA policy offices often work with staff Financial Economists conducting economic analysis in support of Commission rulemaking, while others may work with DERA staff on risk assessment projects, such as analyzing financial market issues and trends, and on projects relating to the collection and use of structured data. Interns might also perform data quality assessments, help design new analytical applications, or work on data structuring approaches for required disclosures. Interns in the Office of Litigation Economics may help staff with case-based economic analyses and calculations of disgorgement in civil securities matters. Legal interns in DERA’s Office of Chief Counsel have conducted legal research regarding, among other things, Administrative Procedure Act requirements for rulemaking, and have provided legal advice and guidance to DERA staff.