In addition to the Central Banking Seminar, the Bank also offers specialized courses. The topics for these courses include: Supervision, Monetary Policy, Management, Risk, Payments and Market Infrastructure, the U.S. Economy, and FX Reserve Portfolio Management. These programs are held in the spring and the fall and at least two of them are offered during both training sessions. The courses last for three or four days and may run concurrently. The specialized courses feature in-depth presentations by experts from the specialty areas and, in selected instances, speakers from outside the Federal Reserve Bank of New York. Course content is updated regularly to meet evolving central banking issues and challenges.

Beyond the technical information covered in the specialized courses, the programs’ collegial environment offers participants extensive opportunities to network at all levels. Participants interact with the speakers and other Federal Reserve Bank officials both during sessions and informally at luncheons, receptions, and other gatherings. Individual appointments with officials in the financial community can also be arranged so that course attendees can pursue topics in greater detail.

The specialized courses draw together central bankers from the advanced and emerging economies on a common footing. Participants meet and establish personal contact with colleagues from around the world. Through these contacts, they can explore how others cope with universal challenges.

For Participants:
Please note that our specialized courses are limited to central bankers and financial supervisors. In addition, we must receive an endorsement from the governor, chief executive, or head of training department of your institution before we review your application. Questions regarding the specialized courses should be directed to our International Seminars and Training department at international.training@ny.frb.org.

Frequently Asked Questions

The Risk Management and Internal Audit course explores key risk management and internal audit practices within the central bank. The course features presentations and small group discussions on a broad range of topics: Overview of the Federal Reserve System and the Federal Reserve Bank of New York, Overview of the New York Fed’s risk management and internal audit practices within the Three Lines of Defense model, Organizational Resilience, and Integrated Risk Management. During the course, participants will have an opportunity to share their conclusions within an open forum.

Spring Program
*Postponed until further notice.

2019 Risk Management and Internal Audit Course Agenda

The Payments and Market Infrastructure course covers a broad range of topics within the wholesale payments, clearing, and settlement (PCS) landscape. The course explores the various roles a central bank can play and the potential tools it may use to enhance the safety and efficiency of PCS activities. The course highlights the Federal Reserve's policies and approach to oversight. It provides an overview of the functions, design, and risk management practices of major PCS systems in the United States.

Course participants will have the opportunity to work in small groups, where participants will work together to address a defined PCS-related topic.

Spring Program
*Postponed until further notice.

2019 Payments and Market Infrastructure Course Agenda

The course on Supervision is designed for international financial supervisory specialists. It provides an overview of how the Federal Reserve System carries out its supervisory responsibilities, emphasizing risk focused supervision, transformational trends, including credit, liquidity, market and model risk, governance and controls, and financial market infrastructure.

Spring Program
*Postponed until further notice.

Fall Program
October 19-22, 2020

2019 Supervision Course Agenda

The U.S. Monetary Policy Implementation course covers conventional central banking operations as well as the Fed's tools introduced during the 2007-2008 financial crisis. Participants visit a primary dealer to observe market operations from the private sector perspective. The course is highly interactive and intended for monetary policy practitioners.

Spring Program
*Postponed until further notice.

Fall Program
October 5-9, 2020

2019 U.S. Monetary Policy Implementation Course Agenda

FX Reserve Portfolio Management: Is a four-day program offered this Spring and co-sponsored with the Bank for International Settlements (BIS). The program is a revised course from past years and includes various topics relevant to central bank reserve managers, including: developments in various dollar asset markets, asset allocation and modelling techniques, and other portfolio management-related discussions. Participants will be expected to take an active role in parts of the discussion as well as sharing lessons learned from their respective institutions.

Spring Program
*Postponed until further notice.

The Central Bank Compliance course is a new three-day program intended to assist compliance officers in central banks or those with compliance responsibilities to manage their institutions' compliance and reputational risks, ethics and principles of integrity.　 This course will focus on key differentiators in the highest-performing compliance and ethics programs including: tone at the top, governance, corporate culture, risk assessments, and second line of defense oversight.

Fall Program
October 5-7, 2020

The U.S. Economy: Interpreting the Indicators course reviews the use of primary U.S. data series in preparing judgmental forecasts of the American economy. It describes the data production and release processes, examines the longer-run and cyclical movements in the series and discusses how forecasts are altered in the light of events. Participants should have knowledge of basic undergraduate macroeconomics.

Fall Program
October 19-21, 2020

2019 U.S. Economy Course Agenda

The Management in the Central Bank course explores management challenges unique to central banks. It covers best practices and lessons learned in the areas of strategic planning, transparency, budgeting, accountability, human resources and risk. Speakers are New York Fed officials.

Fall Program
October 19-21, 2020

2019 Fall Specialized Course Agenda

In managing foreign currency reserves and cross-border payments, every central bank is necessarily seeking to align their payment operations with industry best practices. This program is designed to provide a detailed review of USD payment flows, and the infrastructures that support these markets. In addition, the evolving risks in liquidity management and payment operations will be explored with special attention to the sound practices that can be followed to mitigate them. Participants will be expected to take an active role in driving the discussion and sharing lessons learned from their respective institutions. Speakers include officials from the New York Fed, World Bank, other official sector institutions, and the private sector.

Fall Program
October 5-8, 2020

2019 U.S. Dollar Liquidity Management and Payment Operations Course Agenda