Anyone know anything about interning at one of the federal reserve banks over the summer? I may apply because it sounds like an interesting gig. Its either that or probably a no name boutique, which would look better for IB? I will be a junior this fall. The application requires 2 professor interviews, I have a couple of professors in mind but I only did well in their classes, not really a personal relationship with them. Would that be a problem? Also any ideas on how selective the process is?
This would be at one of the smaller fed banks. thanks.
How Valuable is a Federal Reserve Internship?
As with all internship experiences, how valuable a Federal Reserve internship is depends on what you end up doing and how much you put into the job. WSO user @Black Jack recommends pursuing the opportunity because:
- The fed gives you something interesting to talk about.
- No name boutique isn't all that interesting and you'll be expected to know IB questions.
- Fed pays pretty well (12-15/hr I believe), hours are not bad (40-50)- not a bad gig at all.
The work isn't always the most exciting from talking to a few former interns, but I know people whose only finance experience was at the Fed and ended up with offers with top BBs. Definitely worth pursuing.
Is the Federal Reserve Selective?
On the interview process, @Black Jack shares his insight as well:
As far as the process goes, they have a GPA cut off of somewhere around 3.2? maybe 3.0? I received an offer from them last winter (pursued something else) with no real experience, but I had a friend apply this year with a contact and he did not receive an interview. Guess it depends- some of the regions are more selective than others.