Working for the Fed - Breaking into ib/s&t

Hey guys,

I'm a long time lurker here. I know that this forum is mostly about breaking into ib/s&t but do you guys have any advice about getting a job at the federal reserve or any state fed?

A little background about myself: I'm a junior at NYU with an economics major. When I first came NYU, I wanted to get into ibanking. At that time, I just wanted to make a lot of money, no matter what. But after taking a few internships at banks such as MS, Nomura, and UBS, I realized that money doesn't really mean much to me anymore and working for a bank for the rest of my life isn't something that I want to do.

However, I still love finance and economics so I think I'll enjoy working for the fed or other government entities. I have talked briefly with some people who works for the government (a financial analyst and a research assistant) and they seem to really like their jobs. The pay is low but the hours/benefits are great. If i ever want to get out, I think with the fed on my resume, I should be fine. One downside is that apparently the work is also pretty boring at times, but I would assume that applies to banking as well.

So, can anyone give me insight on what it's like working for the government or how to get a internship/job at the fed? I applied through the fed's website a few months ago but no successful so far. Thanks in advance, I really appreciate it.

 
Best Response

I interviewed with the Fed (not NYC) when I was a senior in undergrad and was not very impressed. The people were nice, the hours were short, and there culture was pretty laid back. However, the Fed suffers from the same problems as government jobs: very low pay, very political, and slow advancement that was dependent more on seniority than ability. Everyone I spoke with with pleasant but I wouldn't describe them as energetic or ambitious. The description of the day to day from those who worked there sounded mind numbing. If you want an easy job to work for 25 years and then retire it might be nice but if you have any ambition it might not be the best fit.

 

^^The Phd or Master candidates get the interesting stuff to play with. I interned for the county under the head economist, he could work those numbers.

The stereotype of government work all applies, but the work is really meaningful and well respected. You never have to worry about getting laid off.

The best thing to do is ask your professors, they usually know someone in the fed and government. Also the connection you built in your career, you can easily leverage into industry.

 

As a career path, you'd probably get pretty slow advancement prospects as other guys have alluded to over here. Get somewhere with a defined career progression program then you can enter IMF/ Fed/ WB with a masters/ PhD after a couple years.

Still I Rise
 
Boothorbust:
That seems very unrelated to capital markets. Seems much closer to a treasury services/cash management role in corporate banking. I wouldn't count on that being an easy transition to make.
If he were so lucky. Treasury services are actually very much markets related, this is literally making sure banks have enough physical currency. Doesn't sound particularly exciting.
 

Dude, there are elementary school teachers getting into Harvard Business School so I think any type of official work experience is good especially working for the government. I know an air traffic controller who got into Columbia Business School. He got his undergrad degree online. I have to say he is extremely sharp and wants to go into Trading after BizSchool

 

Have a few friends that worked at the Chicago Fed. They liked it. A few exited to Big 4 if not B-school. The Fed has an extremely generous B-school tuition reimbursement program. I know a few people who went part-time to Kellogg/UofChicago while working at the Fed and were covered 100%. That's rare these days. Most wound up in management consulting - BCG, Booz Allen etc. No one wound up in IB.

 

Expedita minima deleniti saepe qui maiores autem voluptas. Occaecati ut repellendus aliquid id. Error culpa voluptatum corrupti accusantium fuga labore est dolores. Provident sunt neque qui maxime iste voluptatem unde quia. Esse quisquam adipisci sit iusto repellendus nesciunt incidunt.

Et nihil nemo deleniti porro omnis vero molestiae. Accusantium voluptatem est non possimus ex eum pariatur sed.

Doloremque itaque sit consequatur iure voluptas optio architecto. Enim saepe alias omnis fugiat sequi est recusandae est. Eos corrupti qui officiis aut est aliquid.

Et est dolorum ut veritatis dolores. Ex quia voluptate et rerum. Officiis excepturi porro non maxime assumenda tempore. Fugiat eveniet ex maxime minus. Aut ut veniam aut molestiae recusandae dolorem. Voluptate quas voluptates corporis modi ea. Aspernatur iste laboriosam nulla.

 

Similique laborum et nihil vel qui. Enim ipsum deserunt sapiente soluta quos magni necessitatibus.

Unde quod nulla aut explicabo sint non. Tempora architecto quos repudiandae minima et.

Consequatur ut ipsa delectus magnam nulla aut et. Eligendi ipsam iure et possimus itaque. Tempora nisi vel reiciendis qui unde voluptatem. Tempora id veritatis velit consequatur temporibus.

Aut necessitatibus impedit voluptatum repellendus aliquid dignissimos. Dignissimos ipsum voluptas voluptas autem ullam. Suscipit aspernatur qui aut ea.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”