Undergraduate and Graduate Summer Programs

The Undergraduate Summer Analyst and Graduate Summer Associate Programs provide outstanding students with the opportunity to gain valuable work experience in public service at the New York Fed. Through advanced project work assignments and professional development activities, analysts and associates gain an extensive understanding of the New York Fed’s work. Summer analysts and associates also have the opportunity to enhance their business skills through critical financial analysis, formal presentations, research and writing.

Analysts and associates are assigned to a particular area or function, such as the Enterprise Data Management Office in the Corporate Group or the Program Management Office in the Technology Services Group, but have opportunities for collaboration with other analysts, associates and employees from around the New York Fed. In addition to their daily responsibilities, analysts and associates attend weekly presentations hosted by senior management on the New York Fed’s responsibilities and operations.

The summer programs allow participants to learn about career opportunities in public service at the New York Fed. The program is the Bank’s largest campus recruitment source for full-time jobs.

REQUIREMENTS

The programs start in early June. They are extremely competitive and size is limited. Applicants must have a demonstrated interest in banking, business, economics, public policy or finance with a strong academic record. Excellent interpersonal and written communication skills are essential, along with demonstrated computer skills.

UNDERGRADUATE SUMMER ANALYST PROGRAM

Applicants who have completed at least their sophomore year of college by the beginning of the internship are eligible. Specific requirements may be applied based on the New York Fed area or function.

Corporate Group

The Corporate Group provides various services to support the Bank and each of its business areas. These services include:

  • Accounting and financial management;
  • Business continuity, real estate, building support, travel, dining and event planning;
  • Procurement vendor management; and
  • Data management and strategic planning

Summer Analysts within Corporate can be placed in one of the following areas:

  • Data Capabilities Office (DCO) – The Data Capabilities Office Function is responsible for developing and driving the Bank’s data management programs. DCO drives the design, implementation, and integration of substantial data management initiatives, in partnership with the business and support areas at the Bank. The function is organized by four data practices to ensure the necessary specialization, focus, and accountability to achieve business outcomes: Data Stewardship Practices, Data Asset Inventory & Controlled Sharing Practices, Data Innovation & Analytics and Data Governance, Planning, and Communication.
  • Strategic Planning Office (SPO) – This function is comprised of the Strategic Planning & Evaluation, Financial Planning & Analysis, as well as an internal consulting and central project management offices to support implementation of Bank-wide initiatives. The SPO has designed a planning, resourcing and evaluation process to enable clear articulation of the Bank’s strategic priorities; alignment, integration and rationalization of its resource allocation; and support for and evaluation of performance against strategic and resource plans.
  • Enterprise Services and Resiliency Planning (ERRM) – The Enterprise Services and Resiliency Planning function provides a coherent and integrated management of space assets and delivery of the services associated as well as to ensure continuity in operations. This function provides a full range of services including Workplace & Business Services, Resiliency Planning, including Real Estate and Facilities Management, Business & Professional Services and Business Continuity Planning for the Bank.
  • Procurement Value Management – The Procurement Value Management function provides support for client strategies and decision-making in sourcing and procurement. This function recognizes the importance of managing spend for the Bank, as well as the operational complexity and risk management associated with the function throughout a procurement lifecycle. This area focuses on category management, strategic sourcing and policy oversight.
  • Business Finance Partners (BFP) – The business finance partners office integrates business line finance professionals and includes the Center of Excellence office, which serves as a shared service for quality assurance in common processes such as invoice processing, accruals, PACS, analysis of the Bank’s FRIT spend and support costs.
  • Financial Operations, Reporting & Financial Risk Management (FORRM) – FORRM integrates and aligns key responsibilities for operations, policy, reporting and risk management related to the Bank’s stewardship, policy making and application and service delivery to clients such as the Board of Governors/RBOPS, the Board of Directors, Depository Institutions and others, working with and aligning key internal stakeholders to do so.
  • Corporate Group Internal Support – The internal support function leads the development and implementation of key cross-group strategy and implementation in areas such as data, technology, people, communications and administrative management to support, align and integrate the work and resources across the Corporate Group.

Additional requirements include:

  • Demonstrated interest in accounting, business administration and/or finance;
  • Working knowledge of MS Excel, MS Word, MS Access;
  • Analytical and critical thinking skills demonstrated by the ability to assimilate new information, make sound decisions and manage multiple tasks;
  • Ability to communicate effectively, both orally and written;
  • Ability to grasp information quickly;
  • Attention to detail; and
  • Ability to work as a team member.
Financial Institution Supervision Group

The Financial Institution Supervision Group (FISG) at the Federal Reserve Bank of New York supervises and regulates financial institutions in the Second District. The Group’s mission is to ensure a safe, sound and accessible financial system. Staff in the Group assess the safety and soundness of domestic banking institutions, operations of foreign banking organizations and systemically important banks and nonbanks including financial market utilities in the District. These efforts are achieved through onsite assessments and offsite analysis and surveillance. The Group also analyzes issues and developments to identify emerging supervisory risks, develop cross-firm perspectives and develop domestic and international supervisory policy.

Additional requirements include:

  • Demonstrated interest in economics, public policy and finance;
  • General understanding of financial institutions, financial statements and capital markets;
  • Quantitative analytical skills and problem solving abilities;
  • Proficiency in MS Office Suite; statistical software tools experience a plus (e.g., Macros, VBA, SQL, Stata); and
  • Demonstrated ability to communicate clearly and effectively.
Markets Group

The Markets Group at the Federal Reserve Bank of New York consists of multiple business areas that fulfill a range of responsibilities, from planning and executing open market operations, monitoring and analyzing financial market developments, to managing foreign customer accounts. Through its analytical and operational areas, the Markets Group:

  • Manages the size and composition of the Federal Reserve System's balance sheet consistent with the directives and the authorization of the Federal Open Market Committee (FOMC);
  • Monitors and analyzes financial market developments for key stakeholders and policymakers within the Federal Reserve System;
  • Monitors and analyzes developments related to financial stability;
  • Supports debt issuance and debt management on behalf of the U.S. Treasury;
  • Provides foreign exchange services to the U.S. Treasury; and
  • Provides account services to foreign central banks, international agencies and U.S. government agencies.

As a summer analyst in Markets you could be part of the following staff units: Buyside Analysis, Central Bank and International Account Services, Cross Market Monitoring, Discount Window, Domestic Money Markets, Foreign Exchange and Investment, Monetary Projections, Special Investments and Facilities, Treasury Auctions and Treasury Market Policy.

Responsibilities may include:

  • Prepares charts, tables, graphs and other supporting documentation to be used in the research and market analysis conducted by the Group;
  • Supports senior staff with economic and financial data analysis; and
  • Assists in the execution of the Group’s funds, securities, trading and settlement activities, including the preparation and maintenance of preliminary internal reports, data entry of operations results, discrepancy follow-up and resolution and testing the implementation of new products.

Additional requirements include:

  • Demonstrated interest in economics, public policy and finance;
  • Quantitative analysis skills and familiarity with spreadsheets, databases and MS Office Suite;
  • Academic exposure and/or experience in international and domestic capital markets and instruments and U.S. monetary policy and economics;
  • Ability to prepare data (e.g. Excel spreadsheets, graphs and charts) for written reports; and
  • Ability to perform preliminary research and assist in the preparation of data regarding foreign and domestic markets issues.
Research and Statistics Group

The Research & Statistics Group at the Federal Reserve Bank of New York conducts long and short-term research and provides analytic support for the Bank’s responsibilities relating to monetary policy, banking supervision, payments systems, funding facilities and other economic and financial issues.

As a summer analyst in Research, responsibilities may include:

  • Assisting economists and research associates in the analysis of current public policy issues and events;
  • Assisting economists and research associates in long-term, academically orientated research projects;
  • Conducting econometric, computational and analytical research intended for Bank publications as well as academic journals; and
  • Programming in statistical packages such as SAS, STATA and MATLAB.

As a summer analyst in Statistics, responsibilities may include:

  • Generating, compiling and distributing various statistical reports (i.e., public press releases) to other areas of the Bank and Function staff;
  • Performing preliminary research and analysis on related topics and preparing written memoranda, as required; and
  • Assisting in conducting studies to determine the reporting practices and procedures employed by reporting institutions.

Additional requirements include:

  • Demonstrated interest in economics, public policy, mathematics or statistics;
  • Demonstrated experience in using large databases and statistical packages;
  • Solid analytical and decision-making abilities;
  • Ability to provide concise, articulate and insightful economic analysis in written and verbal form; and
  • Good leadership skills with the ability to think strategically and demonstrate a broader viewpoint on assignments.
Technology Services Group
The Technology Services Group (TSG) is responsible for the strategic planning and provisioning of automation services to the Bank. These include application development, data architecture, network, communications and data center infrastructure and operations, project management, technology vendor management and overall information technology and information security. The Group also provides national information security, incident response, national remote access and enterprise search services for the Federal Reserve System.

Summer Analysts within Technology can be placed in one of the following areas:

  • Application Development – Development manages a portfolio of more than 125 diverse applications ranging from mission critical for the System to tactical for specific business line units. The function builds according to customer needs, using tools and technologies appropriate to the need.
  • Information Security – Information Security New York is responsible for coordinating initiatives and providing services that ensure the adequate protection of the Bank’s information assets in order to minimize the risks of monetary loss, productivity loss and embarrassment.
  • Program Management Office – The Program Management Office is the group’s primary customer facing organization. It is made up of five units: Business Technology Partners, Project Management, Business Technology Analysis, Program & Portfolio Services, and Service Validation and Testing.
  • Technology Engineering & Computing Services (TECS) – The TECS function is responsible for the Bank’s end user and infrastructure related computing services, including desktop engineering and support, distributed computing, network administration, quality assurance and reporting, server management and telecommunications.
  • National Incident Response Team (NIRT) – NIRT delivers effective and efficient national intrusion detection, incident response, security intelligence, threat assessment and vulnerability assessment services.
  • National Remote Access Services (NRAS) – NRAS provides remote access services to the Federal Reserve System, which includes the New York Bank and the other 11 districts.
  • Enterprise Search Services (ESS) – ESS provides search services, leveraging the Google appliances, to the Federal Reserve System.
  • Governance – The Governance Function strives to ensure the highest quality TSG services are delivered in support of the Bank’s strategic goals through directing, measuring and evaluating the use of IT resources.

Additional requirements include:

  • Demonstrated interest in computer science, information systems, application development, business technology or related discipline;
  • Working knowledge of MS Excel, MS Word, MS Access;
  • Strong analytical and critical thinking skills demonstrated by the ability to assimilate new information, make sound decisions and manage multiple tasks;
  • Ability to communicate effectively, both orally and written;
  • Ability to grasp information quickly;
  • Attention to detail;
  • Ability to work productively in a high-performance team atmosphere and as an independent analyst; and
  • Specific technical skills may be required depending on area and project.
GRADUATE SUMMER ASSOCIATE PROGRAM

Applicants who have completed their first year of graduate study are eligible. Specific requirements may be applied based on the New York Fed area or function.

Corporate Group

The Corporate Group provides various services to support the Bank and each of its business areas. These services include:

  • Accounting and financial management;
  • Business continuity, investment review and central project management;
  • Real estate and building support, dining services, event planning, vendor management, procurement and travel;
  • Enterprise data management; and
  • Business process excellence.

Summer Associates within Corporate can be placed in one of the following areas:

  • Data Capabilities Office (DCO) – The Data Capabilities Office Function is responsible for developing and driving the Bank’s data management programs. DCO drives the design, implementation, and integration of substantial data management initiatives, in partnership with the business and support areas at the Bank. The function is organized by four data practices to ensure the necessary specialization, focus, and accountability to achieve business outcomes: Data Stewardship Practices, Data Asset Inventory & Controlled Sharing Practices, Data Innovation & Analytics and Data Governance, Planning, and Communication.
  • Strategic Planning Office (SPO) – This function is comprised of the Strategic Planning & Evaluation, Financial Planning & Analysis, as well as an internal consulting and central project management offices to support implementation of Bank-wide initiatives. The SPO has designed a planning, resourcing and evaluation process to enable clear articulation of the Bank’s strategic priorities; alignment, integration and rationalization of its resource allocation; and support for and evaluation of performance against strategic and resource plans.
  • Enterprise Services and Resiliency Planning (ERRM) – The Enterprise Services and Resiliency Planning function provides a coherent and integrated management of space assets and delivery of the services associated as well as to ensure continuity in operations. This function provides a full range of services including Workplace & Business Services, Resiliency Planning, including Real Estate and Facilities Management, Business & Professional Services and Business Continuity Planning for the Bank.
  • Procurement Value Management – The Procurement Value Management function provides support for client strategies and decision-making in sourcing and procurement. This function recognizes the importance of managing spend for the Bank, as well as the operational complexity and risk management associated with the function throughout a procurement lifecycle. This area focuses on category management, strategic sourcing and policy oversight.
  • Business Finance Partners (BFP) – The business finance partners office integrates business line finance professionals and includes the Center of Excellence office, which serves as a shared service for quality assurance in common processes such as invoice processing, accruals, PACS, analysis of the Bank’s FRIT spend and support costs.
  • Financial Operations, Reporting & Financial Risk Management (FORRM) – FORRM integrates and aligns key responsibilities for operations, policy, reporting and risk management related to the Bank’s stewardship, policy making and application and service delivery to clients such as the Board of Governors/RBOPS, the Board of Directors, Depository Institutions and others, working with and aligning key internal stakeholders to do so.
  • Corporate Group Internal Support – The internal support function leads the development and implementation of key cross-group strategy and implementation in areas such as data, technology, people, communications and administrative management to support, align and integrate the work and resources across the Corporate Group.

Additional requirements include:

  • Demonstrated interest in accounting, business administration and/or finance;
  • Working knowledge of MS Excel, MS Word, MS Access;
  • Analytical and critical thinking skills demonstrated by the ability to assimilate new information, make sound decisions and manage multiple tasks;
  • Ability to communicate effectively, both orally and written;
  • Ability to grasp information quickly;
  • Attention to detail; and
  • Ability to work as a team member.
Financial Institution Supervision Group

The Financial Institution Supervision Group (FISG) at the Federal Reserve Bank of New York supervises and regulates financial institutions in the Second District. The Group’s mission is to ensure a safe, sound and accessible financial system. Staff in the Group assess the safety and soundness of domestic banking institutions, operations of foreign banking organizations and systemically important banks and nonbanks including financial market utilities in the District. These efforts are achieved through onsite assessments and offsite analysis and surveillance. The Group also analyzes issues and developments to identify emerging supervisory risks, develop cross-firm perspectives and develop domestic and international supervisory policy.

Additional requirements include:

  • Demonstrated interest in economics, public policy and finance;
  • General understanding of financial institutions, financial statements and capital markets;
  • Quantitative analytical skills and problem solving abilities;
  • Proficiency in MS Office Suite; statistical software tools experience a plus (e.g., Macros, VBA, SQL, Stata); and
  • Demonstrated ability to communicate clearly and effectively.
Markets Group

The Markets Group at the Federal Reserve Bank of New York consists of multiple business areas that fulfill a range of responsibilities, from planning and executing open market operations, monitoring and analyzing financial market developments, to managing foreign customer accounts. Through its analytical and operational areas, the Markets Group:

  • Manages the size and composition of the Federal Reserve System's balance sheet consistent with the directives and the authorization of the Federal Open Market Committee (FOMC);
  • Monitors and analyzes financial market developments for key stakeholders and policymakers within the Federal Reserve System;
  • Monitors and analyzes developments related to financial stability;
  • Supports debt issuance and debt management on behalf of the U.S. Treasury;
  • Provides foreign exchange services to the U.S. Treasury; and
  • Provides account services to foreign central banks, international agencies and U.S. government agencies.

As a summer analyst in Markets you could be part of the following staff units: Buyside Analysis, Central Bank and International Account Services, Cross Market Monitoring, Discount Window, Domestic Money Markets, Foreign Exchange and Investment, Monetary Projections, Special Investments and Facilities, Treasury Auctions and Treasury Market Policy.

Responsibilities may include:

  • Prepares charts, tables, graphs and other supporting documentation to be used in the research and market analysis conducted by the Group;
  • Supports senior staff with economic and financial data analysis; and
  • Assists in the execution of the Group’s funds, securities, trading and settlement activities, including the preparation and maintenance of preliminary internal reports, data entry of operations results, discrepancy follow-up and resolution and testing the implementation of new products.

Additional requirements include:

  • Master’s degree program in Business Administration, Economics, Finance or Accounting a plus;
  • Advanced knowledge of MS Excel, MS Word, MS Access;
  • Strong analytical and critical thinking skills demonstrated by the ability to assimilate new information, make sound decisions and manage multiple tasks;
  • Ability to communicate effectively, both orally and written;
  • Attention to detail; and
  • Ability to work productively in a high-performance team atmosphere and as an independent associate.
Financial Institution Supervision Group

The Financial Institution Supervision Group (FISG) at the Federal Reserve Bank of New York supervises and regulates financial institutions in the Second District. The Group’s mission is to ensure a safe, sound and accessible financial system. Staff in the Group assess the safety and soundness of domestic banking institutions, operations of foreign banking organizations and systemically important banks and nonbanks including financial market utilities in the District. These efforts are achieved through onsite assessments and offsite analysis and surveillance. The Group also analyzes issues and developments to identify emerging supervisory risks, develop cross-firm perspectives and develop domestic and international supervisory policy.

Additional requirements include:

  • Demonstrated interest in banking, economics, public policy, international relations or finance;
  • Strong analytical and critical thinking skills demonstrated by the ability to assimilate new information, make sound decisions and manage multiple tasks; knowledge of financial institutions and markets a plus;
  • Demonstrated proficiency in quantitative and qualitative analysis including financial statements analysis;
  • Proven experience as a team player with the ability to build collaborative relationships;
  • Proficiency in MS Office Suite and market based databases (e.g., Bloomberg);
  • Strong written, verbal and presentation skills;
  • The ability to take initiative and ownership of an assignment and produce results under tight time constraints;
  • Strong prioritizing, planning and organization skills; and
  • Industry certification a plus (e.g., CFA, CPA, CIA, FRM).
Markets Group

The Markets Group at the Federal Reserve Bank of New York consists of multiple business areas that fulfill a range of responsibilities, from planning and executing open market operations, monitoring and analyzing financial market developments, to managing foreign customer accounts. Through its analytical and operational areas, the Markets Group:

  • Manages the size and composition of the Federal Reserve System's balance sheet consistent with the directives and the authorization of the Federal Open Market Committee (FOMC);
  • Monitors and analyzes financial market developments for key stakeholders and policymakers within the Federal Reserve System;
  • Monitors and analyzes developments related to financial stability;
  • Supports debt issuance and debt management on behalf of the U.S. Treasury;
  • Provides foreign exchange services to the U.S. Treasury; and
  • Provides account services to foreign central banks, international agencies and U.S. government agencies.

Additional requirements include:

  • Master’s degree in Business Administration, Economics or Public Policy and a minimum of one year relevant work experience in an analytical capacity related to global financial markets;
  • Demonstrated analytical skills, including knowledge of financial instruments and financial market structure, macroeconomic theory and monetary policy;
  • Proven ability to provide concise, articulate and insightful economic analysis in written and verbal form;
  • Ability to analyze complex market issues, make sound decisions and respond under pressure;
  • Ability to work productively in a high-performance team atmosphere and as an independent analyst; and
  • Must adhere to area specific financial disclosure requirements.
Technology Services Group

Summer Associates within Technology can be placed in one of the following areas:

  • Application Development –Development manages a portfolio of more than 125 diverse applications ranging from mission critical for the System to tactical for specific business line units. The function builds according to customer needs, using tools and technologies appropriate to the need.
  • Information Security –Information Security New York is responsible for coordinating initiatives and providing services that ensure the adequate protection of the Bank’s information assets in order to minimize the risks of monetary loss, productivity loss and embarrassment.
  • Program Management Office –The Program Management Office is the group’s primary customer facing organization. It is made up of five units: Business Technology Partners, Project Management, Business Technology Analysis, Program & Portfolio Services and Service Validation and Testing.
  • Technology Engineering & Computing Services (TECS) –The TECS function is responsible for the Bank’s end user and infrastructure related computing services, including desktop engineering and support, distributed computing, network administration, quality assurance and reporting, server management and telecommunications.
  • National Incident Response Team (NIRT) – NIRT delivers effective and efficient national intrusion detection, incident response, security intelligence, threat assessment and vulnerability assessment services.
  • National Remote Access Services (NRAS) – NRAS provides remote access services to the Federal Reserve System, which includes the New York Bank and the other 11 districts.
  • Enterprise Search Services (ESS) –ESS provides search services, leveraging the Google appliances, to the Federal Reserve System.
  • Governance –The Governance Function strives to ensure the highest quality TSG services are delivered in support of the Bank’s strategic goals through directing, measuring and evaluating the use of IT resources.

Additional requirements include:

  • Demonstrated interest in computer science, information systems, application development, business technology or related discipline;
  • Working knowledge of MS Excel, MS Word, MS Access;
  • Strong analytical and critical thinking skills demonstrated by the ability to assimilate new information, make sound decisions and manage multiple tasks;
  • Ability to communicate effectively, both orally and written;
  • Ability to grasp information quickly;
  • Attention to detail;
  • Ability to work productively in a high-performance team atmosphere and as an independent associate; and
  • Specific technical skills may be required depending on area and project.
Related New York Fed Content