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Hedging Analytics Manager

Hedging Analytics Manager
111,300 - 207,400
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Job Description

As the nation's largest community credit union, we begin every day focused on delivering superior financial products and services for our 1.3 million members and more than $30 billion in managed assets. Our work has an economic impact as we support our members' financial goals. We are unapologetic about being devoted to our members and the communities we serve. Our business is guided by our people helping people philosophy – which includes our team members.

BECU has been in business for more than 85 years, driven by unwavering core values and a dedication to improving the communities we serve. While we have a rich history, the future of our company, accelerated by business and technology transformation, is even brighter. There's never been a better time to work for BECU.

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The Target Pay Range for this position is $143,400-$175,300 annually. The full Pay Range is $111,300-$207,400 annually. At BECU, compensation decisions are determined using factors such as relevant job-related skills, experience, and education or training. Should an offer for employment be made, we will consider individual qualifications. In addition to your salary, compensation incentives are available for the hired applicant. Incentives are performance based and targets vary by role.


Employees and their eligible family members have access to a wide array of employee benefits, such as medical, dental, vision and life insurance coverage. Employees have access to disability and AD&D insurance. We also offer health care and dependent care flexible spending accounts, as well as health savings accounts, to eligible employees. Employees are able to enroll in our company’s 401k plan and employer-funded retirement plan. Newly hired employees accrue 6.16 hours of paid time off (PTO) on a per pay period basis based on hours worked (up to a maximum of 160 PTO hours per year) and receive ten paid holidays throughout the calendar year. Additional details regarding BECU Benefits can be found here.


The Hedging Analytics Manager is primarily responsible for Mortgage Servicing Rights (MSR) and Fair Value Mortgage portfolio (FVMP) hedge strategy based on quantitative financial analysis and performance tracking. The position will oversee the program, develop a framework to manage interest rate risk exposures and develop strategies in accordance with established risk limits. The Hedging Analytics Manager will also manage and maintain models, administer assumptions used to make hedge recommendations, and develop and maintain comprehensive model documentation.


  • Develop a framework to manage MSR risk exposures using various derivatives instruments including Swaps, Options and TBAs.

  • Actively monitor and hedge MSR and FVMP portfolios in accordance with established risk limits and P&L targets.

  • Develop and implement MSR and FVMP hedging strategies for various market environments.

  • Perform MSR and FVMP hedge P&L attribution, track hedging performance, and optimize hedging strategies.

  • Engage with the external valuation vendor to understand pricing principles, assumptions, and risk metrics, and resolve any outstanding issues if applicable.

  • Develop analytical routines and procedures for the design, development and implementation of quantitative analysis related to the hedge.

  • Propose interest rate risk limits for MSR and FVMP and manage the portfolios accordingly.

  • Work with Financial Planning and Analysis team on annual planning and CPST analyses.

  • Develop and maintain comprehensive model documentation and testing in compliance with model risk management policy and regulatory requirements.

  • Engage with ERM and Audit teams to support model validation and performance monitoring.


  • Bachelor’s degree in Finance, Economics, Mathematics, Engineering, or related field required. Advanced degree preferred.

  • Minimum 7 years of hedging and quantitative or related experience at financial institutions required.

  • Advanced working knowledge on mortgage, fixed income market, derivative trading, portfolio hedge and risk management required.

  • In-depth understanding of financial models such as prepayment model and term structure model required.

  • Direct experience with MSR hedging strongly preferred.

  • Deep understanding of MSR valuation principles, assumptions and risk metrics strongly preferred.

  • Experience on developing and implementing hedge strategy using derivatives required.

  • Analytical and problem-solving skills required.

  • Programming skills with SQL, Excel VBA, R and Python preferred.

  • Ability to explain and break down complex concepts and influence both internal and external stakeholders required.

  • Proficient verbal and written skills to effectively communicate required.

EEO Statement:

BECU is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, veteran status, disability, sexual orientation, gender identity, or any other protected status.

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