Internships

Internship Program Overview

The Federal Reserve Board (Board) provides students avenues of opportunity for career success. The Board's Internship Program is designed to provide valuable work experience for undergraduate and graduate students considering careers including, but not limited to: economics, finance and accounting, information systems, and data analysis. We also offer summer law clerks positions for those pursing a JD and dissertation fellow opportunities for those pursing a PhD in economics or finance. The Board believes that by combining academic endeavors with project-related work experience, qualified and capable college students can gain the practical knowledge needed in a competitive global job market.

Each summer we employ roughly 100 interns. Our internships run for 10 to 12 weeks, starting in either late May or early June. Internships are paid position with salaries commensurate with credit hours, and all are located at our offices in Washington, DC. We seek students with a diverse array of backgrounds from universities across the country.

The majority of our internship opportunities will be posted each September for openings that begin the following summer. Phone interviews will take place through the fall semester with offers finalized by December.

To search our current summer internship opportunities, use the Start Job Search link at the top left of the page. Once on the job board, scroll to the job category section and select "interns" to more easily view available opportunities. Please review each posting carefully, as some assignments may have different requirements than others. Most openings will require a cover letter, resume, and transcript, however each posting will list any additional application requirements, such as reference letters, and deadlines if applicable.

Selection Criteria

Employment in the Board's summer internship program is granted to U.S. citizens. Applicants must be currently enrolled in an undergraduate or graduate degree program at an accredited university and returning to continue studies after the internship. Candidates are selected on the basis of scholastic achievement, recommendations, completed coursework in relevant areas of study, and in some cases, grade point average.

Intern Types

  1. Intern/Undergraduate: This category encompasses the majority of the Board's summer intern program; these students must be pursuing a Bachelor's degree at an accredited university. Their salaries vary based on the number of credit hours completed.

  2. Intern/Graduate: This intern category is for students enrolled in a graduate program (masters or PhD programs) at an accredited institution.

  3. Summer Law Clerk: This is a specific intern category used by the Legal and OIG divisions; these students must be enrolled in an accredited JD program, however there are no credit hour requirements.

Divisions at the Federal Reserve Board of Governors

  • Board Members (BDM) support the Chairman and Governors, and promotes effective public engagement and demonstrate the Federal Reserve's accountability to the public interest. The Division includes the Congressional Liaison Office, Protective Services Unit, Public Affairs Office, Public Information Outreach, Publishing and Communications, Administration, Technology Systems and Services, and General Program Support.

  • Chief Operating Officer (COO) works with all division directors to establish, implement and measure performance against the Board's strategic direction, provide analysis to the administrative governor on the Board operations and oversee the Board's administrative functions. The office of the Chief Data Office, and the Office of Diversity and Inclusion are housed under the COO.

  • Division of Consumer & Community Affairs (DCCA) ensures consumer financial product markets are fair and transparent, while serving as a catalyst in helping financial entities and community-oriented organizations meet consumer and community development needs. DCCA also has responsibility for the Board's consumer protection, and assesses and takes corrective actions to address consumer risks among financial institutions.

  • Division of Financial Management (DFM) promotes sound financial and strategic decision making in support of the Board's mission. DFM sections include Accounting, Accounts Payable, Financial Planning & Analysis, Payroll/Leave, Procurement, Travel, Strategic Performance, Information Assurance and Compliance.

  • Economics Divisions: The economics divisions include the Division of Financial Stability (FS), the Division of International Finance (IF), the Division of Monetary Affairs (MA), and the Division of Research and Statistics (R&S). Together, the four divisions employ over 300 Ph.D. economists who represent an exceptionally diverse range of interests and specific areas of expertise. In support of the work of these economists and the Board, the economics divisions offer summer economics internships for undergraduate and graduate students majoring in economics, finance, statistics, or mathematics. For these openings, please apply to any of the internships titled: Economics Internship. If you have questions about economics internship opportunities or if your professor wishes to send your reference letter to us, please direct them to: ProjectInterns@frb.gov.

  • Information Technology (IT) offers information and technology services that enable the Board staff to be productive, focus on their core businesses and easily connect, collaborate and communicate with the confidence that their computing environment and information are secure and of high quality. IT provides services that meet the automation and data analysis needs of its customers.

  • Legal provides legal analysis and counsel in support of Board statutory and regulatory responsibilities. The focus of the effort is upon the preparation, legal interpretation and distribution of information concerning statutes, rules, regulations, Board decisions, interpretations and proposed legislation.

  • Management (MGT) provides support services to the rest of the Board through its Law enforcement, Human Resources, Facility Services, Internal Communications and technology services groups.

  • Office of the Inspector General (OIG) provides independent oversight of the Board, and Consumer Financial Protection Bureau (CFPB) by conducting audits, investigations and other reviews to improve economy, efficiency and effectiveness and detect and prevent fraud, waste and abuse.

  • Office of the Secretary (OSEC) supports the Board committees and houses the Records Management team for the Board of Governors. Records Management creates policies and provides services for the proper creation, management and availability of Board documentation.

  • Reserve Bank Operations & Payment Systems (RBOPS) provides support in: overseeing Reserve Bank operations; issuing currency and overseeing the production of new currency; fostering the safety and efficiency of U.S. payment, clearing and settlement systems through supervision and regulation; and engaging in payments-related research.

  • Supervision & Regulation (S&R) promotes a safe, sound and stable banking and financial system that supports the growth and stability of the U.S. economy. S&R develops and implements rules, policies and guidance for supervised financial institutions; executes the Board's supervisory responsibilities; and contributes to financial stability by identifying and advising on issues and vulnerabilities at financial institutions.

 

Last Update: September 18, 2018
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