Economist – Consumer Financial Protection
The Consumer Financial Protection Bureau (CFPB) seeks a qualified candidate to serve as an Economist for a six-month assignment in the Office of Human Capital (OHC). The incumbent will play a critical supporting role in CFBP’s efforts to reform its compensation program. This will include helping CFPB develop a pay band structure that accurately aligns pay with each employee’s contributions; promotes consistency in pay across employees with different skill sets, experiences and responsibilities; and meets all legal requirements. This assignment will be made a detail under the Intergovernmental Personnel Act. The selected candidate will report to OHC’s Director of Compensation.
The anticipated start date is August 1, 2021. The detail is expected to end by January 31, 2022. The work associated with this detail will be performed generally between 9:00 a.m. and 5:00 p.m. EST and can be performed remotely anywhere within the continental US.
DETAIL DUTIES AND RESPONSIBILITIES:
CFPB has been working on comprehensive reform of its employee compensation program. The goals of this effort include fostering internal pay equity; supporting fair and effective pay setting practices; improving transparency regarding how the Bureau sets pay; and promoting comparability with other federal financial regulators. In January 2021, CFPB and its employee union, the National Treasury Employees Union (NTEU), agreed to proceed with compensation reform via a two-part agency-wide review and reset of employee salaries. Part one involves collecting and crediting the work experience of all Bureau staff. This phase is ongoing now, and the results will form the basis for resetting salaries in part two. The details for part two – the reset of employee salaries – will be determined via bargaining when the parties begin negotiations around September 1, 2021 regarding pay band structure and related pay setting matters.
The successful candidate will join a team of professionals who have been leading CFPB’s compensation reform efforts. The candidate will provide analysis and expert advice regarding potential pay band pay structures and related issues.
Specific duties include but are not limited to:
• Provide analysis and expert advice regarding pay structure models and systems
• Provide assistance with data analysis and examine and assist with developing pay models and projections
• Employ critical reasoning and data metrics to support development of new pay bands
• Test and develop pay structure models and impacts over time
• Explain complex analytical models to both Management and union representatives
• Provide broad based analysis and expert advice regarding potential impacts of pay structures and compliance with legal requirements
• Creatively develop solutions to complex situations and policy problems
SKILLS AND CRITERIA:
The desired skills, criteria, and work experience for the position include:
• PhD in Economics
• Experience advising senior management on pay structure models and systems;
• Experience applying advanced economic analysis, statistical analysis and techniques. Specialized experience in labor economics and developing strategies for accurately aligning pay employee’s contribution or productivity is particularly helpful, but not required.
• Experience identifying issues, defining problems, analyzing and conducting complex data analyses and compensation policy research;
• Experience collecting and manipulating economic data; producing statistical data; developing programming modules in SAS ,T-SQL, STATA, or R.
In addition, the selected candidate must be employed by their non-Federal organization for at least 90 days in a career position before entering into an Intergovernmental Personnel Act agreement. The selected candidate must also seek the approval of their organization to participate in this assignment.
HOW TO APPLY:
Interested applicants should apply by submitting a brief cover letter describing their interest along with a resume to Daniel Shen, Director of Compensation, at Daniel.Shen@cfpb.gov, with the subject line “Economist.”
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