I grew up in Fairfield, CT, which is next to a city, Bridgeport, that is always aiming for “revitalization.” They’ve talked about a building a casino for years, and they even built a minor league baseball stadium. It’s hard to say whether that has helped or hurt, but it seems that Bridgeport is at least doing a little better than it was a decade ago. I’d imagine that the real reasons for improvement have come from smaller projects that are more in tune with the city’s communities’ needs. These are the kinds of projects that The Reinvestment Fund invests in in cities in the Mid-Atlantic. They are “a 24 year old nonprofit financial lending institution with a strong social mission” and offices in Philadelphia, Baltimore, and Washington, DC. They started out as a small community development organization, and they’ve grown to become something much bigger.

Reinvest in Yourself

So far the Reinvestment Fund has invested nearly a billion dollars in capital into economic development projects. The results speak for themselves, as TRF has helped create:

• 532 businesses
• 18,590 housing units
• 28,870 charter school slots
• 45,755 jobs
• 8.2 million square feet of commercial space
• 2.7 million MWh of clean energy – enough to power over 290,000 homes for a year!

It may not sound as sexy as a baseball stadium or a casino, but The Reinvestment Fund is all about finding “the point of impact.” That means that they’re looking for the place where they can get the most bang for the buck. They want to maximize the opportunity that they create for both individuals and neighborhoods regardless of what might be popular. If you’d like to help “build wealth and opportunity for low-wealth people” while revitalizing communities, then you need to look no further than The Reinvestment Fund’s Jobs page. Right now they’re looking for a Financial Analyst in addition to post-doctoral students for their Policy Solutions Group Fellowship. They also have some part-time Policy and Information Services positions available, but they seem more along the lines of internships than jobs (but they are paid).

Links to Help You Begin Your Research

• TRFund.com
• Jobs at The Reinvestment Fund
• About The Reinvestment Fund
• The Reinvestment Fund’s Management Team
• The Reinvestment Fund’s FAQ
• News from The Reinvestment Fund
• The Reinvestment Fund’s Annual Report

What do you know about The Reinvestment Fund?

If you haven’t already, please take 3 minutes (seriously, it’s short) to complete our One Day, One Job survey. It’s going to help us improve the site to make it easier for you to find awesome entry level jobs.

You’ve probably heard of the World Bank, but do you know what it is? Now’s a good time to head over to Wikipedia to find out. The short version is that they’re “an international financial institution that provides leveraged loans to developing countries for capital programs” with the goal of reducing poverty. Bank Information Center is a Washington, DC based non-profit that helps “developing and transitioning countries to influence the World Bank and other international financial institutions to promote social and economic justice and ecological sustainability.” Basically that means that they work at the local level in countries across the world to make sure that the interests of the people are represented in the decisions of international financial institutions. Their aim is to democratize development.

Be Informed About the BIC

The Bank Information Center approaches its mission with three major strategies: “(i) information services and capacity building; (ii) project and policy monitoring; and (iii) policy reform.” They do this by having staff who are dedicated to specific regions and who know the ins and outs of how to work in these areas to influence development decisions. It’s all really complex, so your best bet for getting a full understanding of how the BIC works is to read their About page. Once you get a feel for them, you can check out their Jobs page, where you’ll see how their strategy and mission are reflected in their positions. Right now they’re looking for a Latin America Program Assistant and an Africa Program Assistant. These positions do require some prior experience, but I think some internships in International Development or an environmental field would be sufficient. You can apply by sending “a cover letter explaining your interest in the position, a 1-2 page resume, and two writing samples to jobs@bicusa.org” with the name of the position in the subject line.

Links to Help You Begin Your Research

• BICUSA.org
• Jobs at the Bank Information Center
• About the Bank Information Center
• Staff at the Bank Information Center
• Bank Information Center Media

What do you know about the Bank Information Center?

I’m a big proponent of making personal finance part of the job search. By managing your money wisely (even if you barely have any left), you’re creating a project for yourself that you can use to demonstrate to employers how you’ll be an effective employee. When I need information on personal finance, I always look to Ramit Sethi, the founder of a website called I Will Teach You To Be Rich and the author of a book by the same name (he also just launched a course on how to make money freelancing and he’s doing a free webinar tonight at 7 PM PST – affiliate links). One thing that he strongly recommends is using online banks that offer high interest rates and great easy to use features. One of these banks is ING Direct, which is headquartered in Wilmington, DE. While you may have noticed that most banks are on a real estate binge as they try to gain customers, ING Direct is doing the opposite. They operate almost entirely “in the cloud.” Since they “believe saving money should be as simple as having a cup of coffee,” they do have cafés in New York, Philadelphia, Los Angeles, Wilmington, Chicago, St. Cloud, and Honolulu where you can ” sip a latte, surf the Internet for free and talk to [them] about how [they] can help you Save Your Money.” And by keeping a low overhead, ING Direct is able to offer better interest rates and fewer fees, which gives them a huge advantage in winning over customers.

Saving Towards a Career

It may be hard to imagine not needing a brick and mortar bank, but ING Direct makes it work. They have a huge ATM network, they’ll write and mail your checks for you, and they make transferring money between accounts simple. It’s the way that you’ll expect to bank in the future, but ING Direct is doing it now. ING Direct is owned by ING, the Dutch financial institution, but it seems that they act quite independently—they’re not like other banks. This is where banking is headed, so ING Direct should be the place to be if you want to work in “retail” banking. To get started, you need to check out ING Direct’s Jobs page. You’ll see that in addition to their Wilmington, DE location, they also have offices in St. Cloud, MN; Los Angeles, CA; and Seattle, WA. There are dozens of positions posted, and quite a few of them appear suitable for new grads. Most of these positions fall into one of three categories: Sales, Analyst, or IT/Software Development; however, there are a few exceptions like Interactive Advertising Designer and Card Dispute Associate. Unfortunately, ING Direct’s applicant tracking system is kind of terrible, so it makes it impossible for me to link to specific positions. You’ll have to browse through the listings yourself, and apply through their submission form.

Links to Help You Begin Your Research

• INGDirect.com
• Jobs at ING Direct
• About ING Direct
• ING Direct News
• ING Direct in the Community
• ING Direct Board Members

Do you have an ING Direct account?

If there’s ever a time to be a Bank Examiner, it is right now. What probably would have been considered a boring job just a couple of years ago is now action packed. What is a Bank Examiner? It’s the entry level position at the Office of the Comptroller of the Currency. What’s the Office of the Comptroller of the Currency? It’s a bureau of the the U.S. Department of the Treasury that was chartered in 1863 to ensure a safe and sound national banking system for all Americans. How do they do that? They have a nationwide staff that “conducts on-site reviews of national banks and provides sustained supervision of bank operations. The agency issues rules, legal interpretations, and corporate decisions concerning banking, bank investments, bank community development activities, and other aspects of bank operations.” I think that it’s pretty obvious that the OCC has become a lot busier in the past couple of years. That’s why now is a great time to check out their entry level hiring program.

Are You Down with OCC?

There’s a lot to learn about OCC before you apply for a job, so you should probably spend a couple of hours on OCC.Treas.gov, if you’re serious about applying. If you’re not quite so serious yet, but you’re intrigued about what an entry level Bank Examiner does, then you should watch the OCC’s Careers Video. It’s a nice introduction to what the OCC does and what it’s like to work for them. After watching that, you should check out their Bank Examiner Careers page. This goes into great detail about the specific position that they typically hire new grads for. The jobs require a degree in “accounting, banking, business administration, commercial or banking law, economics, finance, marketing, or closely-related field from an accredited U.S. institution” or extremely relevant prior work experience. The OCC is based out of Washington, DC; however, they have locations all across the country and often require travel (30-80%) because Bank Examiners are often working in Community Banks. The pay is great, with a starting salary of $47,000, and the benefits are top-notch. It’s no big surprise that the OCC was ranked the 4th Best Place to Work in the Federal Government. The OCC already did some recruiting back in September, but they being recruiting again in February. Keep your eye on the Bank Examiner Careers page to see when they open up applications.

Links to Help You Begin Your Research

• OCC.Treas.gov
• Jobs at the Office of the Comptroller of the Currency
• About the OCC
• OCC’s Annual Report
• Bank Examiner Careers at the OCC

Do you think that we have a safe and sound national banking system right now?

“May you live in interesting times.” It’s allegedly a translation of a Chinese proverb, but Wikipedia can’t even figure out who actually said it first. Regardless, a job at the Federal Reserve Board should be extremely “interesting” over the next year (at the very least). With Bear Stearns almost falling into bankruptcy, and a lot of other investment banks in trouble, a job in finance doesn’t look nearly as attractive as it did a year ago. Still, if you’re interested in economics, finance, or a related field, a job at the Federal Reserve Board is a great alternative. Although connected to the Federal Reserve Bank of New York, the Federal Reserve Board is a different entity. If you don’t already know, the Fed, which is led by Chairman Ben Bernanke, is responsible for crafting the monetary policy that supports the American economy.

Whether you were too late in trying to get a job with an investment bank or you’re looking to get a Ph.D in Economics, the Federal Reserve Board still has a lot of entry-level job opportunities. Their hiring process is interesting for a government employer, since they don’t go through USAjobs.gov, but instead have their own system. If you want to be a Research Analyst or Economist (Ph.D required), then you need to use the links we just gave you to apply. Otherwise you can search for current openings at the Fed. These openings are categorized by pay scale. From what we can tell, Grade 22/23 jobs are definitely entry-level, and up to Grade 25 may be appropriate for a new grad. You’ll have to do the searching yourselves, because we’re on vacation.

Links to Help You Begin Your Research

• The Federal Reserve Board
• Careers at the Federal Reserve Board
• The Fed’s Careers FAQ
• Salary Grades at the Federal Reserve Board
• The Fed’s Purpose and Functions
• Becoming a Research Analyst at the Fed
• Becoming an Economist at the Fed

Remember, we’re on Spring Break this week, so the posts will be on the short side. Don’t worry, we’ll be back in full force next week.

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

• The Federal Reserve Bank of New York Home Page
• The New York Fed’s Careers Page
• Undergraduate Careers at the New York Fed
• All Current Job Openings at the New York Fed
• Current Job Openings at the New York Fed for Undergrads
• Life at the Fed
• The Fed’s Recruitment Brochure
• What the Fed Does
• The History of the Fed

Leave a comment about jobs at the Fed. It might win you a Wii.