Position at a Federal Reserve Bank

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Does anyone know what an entry level position at a Fed bank could pay, and if it would look good as a career start?
I assume it wouldn’t pay that great, but the Fed bank of NY posted a few positions on my school’s careernet (including Economic Research Associate), and I was curious.
 
I know a guy who started in a federal reserve bank and makes 8 figures now. Federal reserve banks are great places to work.
 
I’ve heard before that they are a great background to have. I appreciate the feedback JoeyD.
I’ll definitely apply for the research associate position it’s worth a shot, and hopefully most other people at my school will be fixated on Banking positions.
 
JoeyDVivre Wrote:
——————————————————-
> I know a guy who started in a federal reserve bank
> and makes 8 figures now. Federal reserve banks
> are great places to work.
What does this guy do?
 
No it wasn’t - he trades a billion dollar portfolio of interest rate derivatives.
 
Pay would most likely be modest (not sure what pay grade) but it is my opinion that the experience would be very valuable.
 
Hi. I worked there for five years in the Markets Group. Quit two years ago. Pay is goes by a scale. I already had my MBA and was starting the CFA program when I started. If you have a master’s, you are a most likely a grade 13 or 14 which is probably around 85 - 100 about now. No bonus. Great benefits…401 plus defined benefit plan. If you only have a bachelor’s but are pursuing a CFA, you’ll probably be no higher than a grade 12 if you work in the Markets Group (the most prestigious group). However, things might be different in other areas of the bank like Research and Bank Supervision–you might get grade 13. From what I recall, you get an automatic 8% increase in pay when you earn your charter. There are also quite a few charterholders around who are there for the experience before taking on higher positions at investment houses. Consider Peter Fischer who started out as an analyst, worked as the Undersecretary of the Treasury and now is an MD at Blackrock. Okay, he’s a bit of an exception. I would say, great job in the short term for experience. But get out after five years when your pension kicks in. Pay is limited. Promotions are tough as there is a lot of favortism towards certain people (it a very political atmosphere so its not about smarts necessarily). There are smart people there for sure but there are a lot of lifers who won’t give you a chance in hell to get ahead. Go private sector if you want a fast track. Again. Get in. Get out.
 
Don’t you have to have a most exceptional pedigree to be considered for Fed jobs i.e. MBA or Phd from one of the nations top universities to even get a callback.
It is my understanding that Fed jobs are more competitve than private sector front office AM and banking positons. Is this true or false.
 
Thanks to everyone for the input.
acsisy- do you have any advice on trying to get in there?
you could email me wayne at nyu dot edu
I would really appreciate any help.
 
In terms of getting a job at the Fed, they mostly hire folks right out of school as they like to home grow their future leaders. That might be changing it now given that the current president Tim Geither was hired from the IMF and not home grown.
To work in the Markets Group, most folks in senior analyst positions have a master’s degree from Columbia (SIPA not MBA) and other public policy programs. There are some MBAs around from Columbia, Yale, NYU. If you don’t have one of these, you should have a master’s in economics or something comparable. Having an economics degree or a demonstrated interest in public policy is important to work in the Markets group. Writing skills are also super important as this Group publishes topical studies for the US Treasury. Be aware that some positions require you to work one week a month at 4 am in the morning. This is so that you can publish something on asia/europe in time for the afternoon.
If you are young and just got your bachelor’s degree and starting your CFA studies, you might be a ‘rotational analyst’ in the Markets Group. Here you rotate through six month assignments (FX, repos, capital markets, etc.) Most folks are top students fresh out of school (22 to 28 years old). They usually quite to get there master’s degree at a top ten MBA program (revolving door). It’s tough to get in so ivy credentials or straight A students should only apply.
To work in Bank Supervision, you will most likely follow a bank examiner track where you take a lot courses and get certified. A few of these folks have CFA charters but most are just old guys who’ve been doing this stuff since the 1970s(dinosaurs). You don’t need a master’s degree in Bank Sup but an interest to be a bank examiner is key.
To be in research (real research), you have got to have a Phd from some top flight university as they do the forecast for the FOMC meetings. I’ve been at many presentations.
Deborah Alvardo is the HR recruiter if you want to send a direct resume. A cover letter and a writing sample demonstrating your ‘research/writing’ skills would be advantage.
Good luck
 
acsisy,
those were 2 great posts on what its like INSIDE the Fed. Fascinating on what you wrote. Really intriguing. Thanks.
I just wanted to add, but not as insightful. My economics prof in my MBA worked at the Fed regional branch in Dallas. He was really bright and engaging, everyone in the class really enjoyed him.
 
acsisy,
Thank you for the insights. this is a big help for applying.
 
Hello everyone,
I just found out last night that I am invited to interview for a position with the Fed Bank of NY!
Acsisy,
The interview is for a 3 year rotational program in their markets group like you mentioned.
Also, i was chosen as an alternate to interview for three other positions (research analyst, reports analyst, and assistant bank examiner). this means I will likely have the opportunity to interview for one maybe two of those positions as well. (This is through on campus recruiting at my school by the way)
Do you have any pointers on what the interview process is like? This seems like a great opportunity, so any advice to give me an edge preparation-wise would be greatly appreciated.
 
Bump
I would really appreciate any insights on their interview process.
 
Know you econ 101, bud.
And yeeeah….noone is making 8 figures at the Fed, unless he backs his car into the vault and loads his trunk full of benjamins every Friday. :P
 
Great insight on the posts. bravo
Have some friends that work there…..but dont know much about it. Work steady hours and they are in a stat/accounting role. THey have that flex Friday which is pretty nice. But not sure about pay.
 
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