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.