PhD traineeship in the Market-based Finance Division

Macroprudential Policy & Financial Stability

11326

General Information
Type of contract PhD traineeship

Who can apply? EU nationals eligible for our traineeship programme

Grant The trainee grant is €2,120 per month plus an accommodation allowance (see further information section)

Working time Full time

Place of work Frankfurt am Main, Germany

Closing date 25.02.2025

Your team You will be part of the Directorate General Macroprudential Policy and Financial Stability of the ECB. Our Directorate General has more than 100 staff members providing analysis and policy advice on issues relating to financial stability, non-bank financial intermediation, financial regulation and macroprudential policy. In particular, we identify and measure systemic risks for banks and non-banks, as well as developing and assessing financial regulation and macroprudential measures.

We are looking for PhD trainees to work in the Market-based Finance Division of our Directorate General. The Division is responsible for assessing and mitigating systemic risk stemming from the activities and behaviour of non-bank financial intermediaries. We also assess financial stability risk in financial markets and coordinate the Directorate General’s market intelligence activities, while working to enhance understanding of how market-based finance interacts with monetary policy.

In your role as a PhD trainee, you will be part of a team of approximately 20 members of staff responsible for policy-relevant analysis, model development and coordinating the ECB’s views on the aforementioned issues.

The ECB is an inclusive employer and we strive to reflect the diversity of the population we serve. We encourage you to apply irrespective of age, disability, ethnicity, gender, gender identity, race, religious beliefs, sexual orientation or other characteristics.

Your role As a PhD trainee you will:

• assess systemic risk in the non-bank financial sector, including risk from asset management and insurance activities;
• analyse the role of the non-bank financial sector in funding the real economy;
• work empirically with large granular datasets, such as data reports on derivatives or securities financing transactions, portfolio holdings data or commercial data on investment funds and financial markets;
• provide analytical input in the wider policy debate on non-bank financial intermediation and systemic risk.

The position offers you an excellent opportunity to work closely with our experts on different tasks and research projects in the area to which you are assigned. You will be able to develop your potential and gain an overview of the activities performed by the Directorate General. You may also have the chance to contribute to its regular work. You will have an assigned supervisor, but will be expected to use your own initiative and work autonomously.

You will be able to attend a wide range of seminars and have access the ECB’s library, as well as to our computing, programming and statistical resources. The role will also give you the possibility to network and engage with other employees, while building self-awareness and expanding your business knowledge. You will be part of a multicultural team that strives for continuous innovation to make a positive impact on the lives of European citizens.

Qualifications, experience and skills Essential:

• a master’s degree and at least two years of PhD studies in the field of finance, economics, statistics, mathematics, physics, engineering, computer science or a related discipline;
• a sound background in one or more of the following fields: asset pricing and derivatives, institutions and markets, financial sector analysis, corporate finance, policy and/or regulation, macro-finance, panel data and/or time series econometrics, numerical techniques, mathematical optimisation models, computational economics, network analysis and data science;
• a good knowledge of one or more programming languages and/or econometric software packages (e.g. Python, R, SQL, PySpark, MATLAB or Stata);
• a sound knowledge of the MS Office package;
• an advanced (C1) command of English and an intermediate (B1) command of at least one other official language of the EU, according to the Common European Framework of Reference for Languages.

Desired:

• experience in working with large granular datasets, combining different data sources and drawing information from complex financial and real sector data;
• a good knowledge of at least one of the areas listed in the “Your role” section above.

You are curious and eager to learn, and want to further develop your ability to analyse complex information. You are keen to collaborate with others, pursue team goals and learn from other people’s diverse perspectives. You strive to know and anticipate stakeholder needs, and will signal any need for change and propose alternative solutions.

You are motivated to contribute to the ECB’s mission, to serve the citizens of the EU as a member of a public institution and to work with colleagues from all over Europe. You are keen to be part of our team and to use your skills and competencies to achieve the aims of this position.

Further information Initial PhD traineeship of between three and six months, with a possible extension to up to 12 months in total.

The earliest starting date will be May 2025, and additional dates will be available throughout the year.

Other details on the conditions applicable to traineeships at the ECB can be found on our website.

Application and selection process The recruitment process for this position will include an online interview.

Further information on how to apply is available on our website.

If you are not selected for this position but are still considered suitable, you will be placed on a reserve list for 12 months from the closing date for applications, from which you might be considered for other traineeship positions within the ECB.