The dollar may be going through a rough stretch right now, but that’s only another reason to be interested in monetary policy. If you’re a sucker for reading Milton Friedman and John Maynard Keynes, we think we’ve found a great career opportunity for you; however, if you’re supporting Ron Paul (and his abolish the Fed stance) in the Republican primaries, you can probably pass on this one.
The Federal Reserve, as the central bank of the US, directs the country’s monetary policy. The Federal Reserve Bank of New York is one of 12 regional banks that acts as a fiscal agent of the United States Treasury. If you’re the kind of person who’d like to work at the Fed, we’re not telling you anything you don’t already know. If you aren’t, but you’d like to learn more, why not check out the Wikipedia entry on the Federal Reserve System? Many companies that are hiring at the entry-level are more concerned with raw talent than acquired knowledge, but jobs at the Fed appear to be quite knowledge intensive. Applicants probably should have majored in Accounting, Business, Economics, Mathematics, Statistics, Finance, Management, or a similar field. So, if you’re drawn to finance by your love of economics, but not looking for the investment banking lifestyle, take a look Federal Reserve Bank of New York’s job opportunities for new college graduates.
The Federal Reserve Bank of New York’s Careers Site lists a number of career options for undergraduates. Specific positions are listed on their Current Undergrad Openings page. These include jobs such as Assistant Bank Examiner, Reports Analyst, Senior Reports Analyst (why a Sr. position is listed for undergrads we don’t know), Rotational Analyst, and Research Associate. Each position has an individual page that should give you a good insight as to what skills you should have for the position and what you’d be doing if you were hired. It’s pretty safe to say that all entry-level positions at the Fed will provide a solid background for your future pursuits whether they be in business or academia.
The Federal Reserve Bank of New York’s website provides additional information on their Research Associates Program, which appears to be geared towards those with more academic interests. Research Associates can work in a number of focuses including capital markets, financial intermediation, macroeconomic and monetary studies, microeconomic and regional studies, and money and payment studies. You may also be interested in the typical responsibilities of a Research Associate. Taking care of those responsibilities will likely lead to long-term career benefits and might even get you published.
The Federal Reserve Bank of New York is currently hiring undergraduates who plan on starting work between June and August of 2008. Their on-campus recruiting schedule is just winding down, so you may want to act quickly before the on-campus interviewees take all the jobs.
A job at the Fed will open doors for you for the rest of your life, and unlike in most jobs, a recession might actually mean more work. Jobs at the Fed aren’t going anywhere unless Ron Paul wins the election next November.
Note: On April 22nd we revisited entry-level jobs at the Federal Reserve Bank of New York.
Links to Help You Begin Your Research
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