The Federal Reserve Board is committed to attracting, developing, and retaining a talented and diverse workforce. As such, we encourage submissions from groups traditionally less represented in economics and finance and from a wide range of Ph.D. programs. We recognize the benefit derived from different perspectives and look to foster this when reviewing candidates.
We offer paid in-residence fellowships for graduate Ph.D. students to conduct research at the Board in Washington, DC. While at the Board, fellows work on a topic of their own choosing, usually furthering dissertation research begun before the fellowship, and give 1-2 seminars on their work. Fellows are also encouraged to participate in our extensive seminar series, collaborate with Board economists, and to learn more about preparing for the job market.
Fellows are at the Board for 12-15 weeks and placements are in the Divisions of International Finance, Monetary Affairs, Research and Statistics, and Financial Stability. Most positions are offered in the summer, but occasionally we have positions in the spring and fall.
- February 15 - Application deadline for the summer. (Applications received after this date still may be considered depending upon where we are in the evaluation process.) Summer fellows usually start in late May or in June.
- Rolling - Applications are accepted on a rolling basis for positions that may be available in fall and spring. Start dates vary.
The Board is interested in Ph.D. candidates with specialties drawn from a broad range of topics in economics and finance, including, among others: behavioral economics; econometrics and data science; economic measurement; financial institutions and markets; financial stability and macroprudential policy; foreign economies; industrial organization; international trade and finance; labor; macroeconomics; microeconomics; monetary economics; payment systems; and public economics. We are also interested in research on diversity and inclusion related topics, such as differences in economic outcomes or experiences across groups.
Send the following application material by e-mail to DissertationFellows@frb.gov:
- work from the thesis
- transcript of graduate work
- two letters of reference
Dissertation Fellowships Frequently Asked Questions
- In what stage should my dissertation be to maximize my chances of acceptance?
We find that fourth and fifth year students gain the most from this type of fellowship. Occasionally, a third year student is far enough along on his or her dissertation to gain the benefit of the program.
- Do I have to be a U.S. citizen to apply to the dissertation fellowship program?
No. However, candidates must be legally authorized to work in the United States and citizenship may be a consideration.
- Should I indicate my interest in the fall and spring sessions even though my primary interest is in the summer session?
Yes. The number of applications for summer fellowships far exceeds the number of available positions. Because fewer students are available for fall and spring fellowships, the chances of being contacted for a fellowship are greater for those sessions if there is an opening.
- Do I need to reside in Washington, D.C., during my fellowship?
Yes. Fellows work regular hours at the Board from Monday through Friday. Flexibility is given for visits back to the university as needed, although the Board does not pay for travel expenses.
- How many fellows are hired per session?
Generally, ten to twelve fellowships are granted for the summer. If fall or spring fellowships are offered, usually it’s for one or two positions.
- How long do fellowships last?
Fellowships last from a minimum of 12 weeks to a maximum of 15 weeks.
- In addition to furthering dissertation research, are there other requirements during the fellowship?
Fellows are required to make one or two presentations during their stay, with the first one occurring early in the fellowship and the second one occurring towards the end of the fellowship.
- I have a question not listed on the FAQ, who should I contact?
Questions should be sent to: DissertationFellows@frb.gov