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.
If you want a bit of info, send me a PM; I am also at NYU and have experience at the Fed
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 Fed is a good pre-Phd or a postdoc position. Avoid it as a career unless you are being hired as a senior economist.
^^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.
Working For The Fed This Summer (Originally Posted: 02/29/2012)
Hello All,
I have an opportunity to work for the NY Fed this summer ( Junior summer) and I was wondering if anyone can speak on the opportunity a bit and help determine if it will place in a good position come graduation or beyond.
Can people transition from the FED to IB or S&T? How is B school placement? Estimated Compensation numbers? Lastly, how would it help me if I decided to go Corp Fin route leadership program instead of IB?
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Working at the Fed - Thoughts about the nature of the work (Originally Posted: 10/10/2008)
Has any of you ever worked at the Federal Reserve (whether for the Federal Reserve Board or for the NY Fed or something like that)? In times like these, I am considering all options, and I am pretty sure they do a lot of very intellectually interesting things there, along with a lot of mind-numbing things as well.
I'm sure the quality of the job will depend on the actual position within the Fed, but do any of you have any thoughts about the nature of the work, what co-workers are like, prestige (esp. for someone who is young and will not be an economist given lack of PhD), and exit opportunities (bschool or bust?) I am more interested in the economics and policy side.
Thanks!
The job will be like trying to referee a basketball game, where people are allowed to shoot themselves and smoke blunts, while sitting on clouds
How is working at the Federal Reserve viewed? (Originally Posted: 11/21/2012)
This is not within the markets group at the Fed. It is a "Leadership Development Analyst" role. I know this role would be great for someone interested in going to B-school but how about for someone interested in a market related role whether it's in trading or Asset Management? I was specifically told that the work would involve making sure that financial institutions have sufficient supplies of currency and coins (cash services management?) Can you transition into a role in capital markets after?
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.
What is the capital adequacy requirement for coins?
You're not going to learn anything useful there. But the employer name is good and you could potentially confuse people on the importance of your job.
Sounds like a back/middle office role. This job is not going to do much for your future.
Working for the Fed - How hard it is for non-targets to get in at the Fed (Originally Posted: 11/16/2008)
Does anyone know how hard it is for non-targets to get in at the Fed; is it as selective as IB or S&T? Also, does anyone know anything about the compensation for a recent grad working there?
Bump
I can only speak for the Fed in NY and the selectivity depends on the group (obviously)
The Markets group at the FRBNY is the hardest to get into.
Working for the Fed - Good experience for top 10 business schools? (Originally Posted: 06/08/2008)
Is working for the federal reserve considered good enough work experience for top 10 business schools.
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
Is working with the Federal Reserve a good starting point? (Originally Posted: 11/01/2011)
I believe I'll be offered an analyst position at the Federal Reserve Bank and want to know what you guys think about it. I plan on taking the CFA Level I exam next June and I want to be a equities analyst but I don't have anything lined up other than the Fed. I'm just looking for some advice. Thanks!
Also has anyone had the same kind of job with any of the Federal Reserve banks?
What area of the bank? Discount window, research, or bank supervision and regulation?
Working at the Fed - Prestige, exit opps, comp? (Originally Posted: 08/20/2007)
Does anyone know anything about working at the Fed? More specifically, entry-level analyst.
Prestige, exit opps, bschool admissions, Comp, etc?
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.
B-schools love experience at Fed banks.
Most ex-fed analysts I knew of also went into management consulting.
But I also know a couple who wound up with trading and associate IBD positions at Goldman after B-school. So anything's possible...
Not sure how competitive those programs are nowadays though?
Larry Kudlow worked at the Fed years ago.
I knew this guy Alan that switched from the Fed to investment banking recently.
He must have pulled some strings though as I don't think he was very good.
maybe we know the same guy...he's at DB now, I believe?
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