Over the course of the 10-week program, interns will be assigned to a particular area or function and have opportunities for collaboration with other interns and employees from around the New York Fed. In addition to their daily responsibilities, interns will attend weekly presentations hosted by senior management on the New York Fed’s responsibilities and operations. This program allows interns to learn about career opportunities in public service at the New York Fed and is a direct feeder for the New York Fed’s full-time analyst rotational programs/roles.
Interested students may apply to be considered for one of these areas:
The Audit Group provides independent, objective internal audit services designed to add value and improve the Federal Reserve System's risk management, control, and governance processes, and support the achievement of its objectives.
The Compliance Function is responsible for identifying, monitoring and remediating legal, regulatory and reputational risks to the Bank by identifying compliance risk, handling Code of Conduct-related issues, and evaluating the compliance programs for the Bank’s business functions.
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
- Provides account services to foreign central banks, international agencies, and U.S. government agencies.
The Research Function 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.
The Statistics Function Collects, reviews and analyzes regulatory, deposit, credit, security, organizational structure and cross border data submitted from domestic and foreign depository institutions, capital market participants, and bank holding companies.
The Risk Group provides independent risk oversight, assesses the Bank's financial and operational risks, and oversees policy development related to systemically important payment, clearing and settlement activity.
The Supervision Group 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.
The Technology Group (TG) 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.
Requirements include but are not limited to:
- Graduating in December 2021 or Spring 2022
- Demonstrated interest in banking, finance, economics and public policy
- Relevant academic coursework (specialized skills and/or work experience may be required for certain areas)
- Excellent analytical, financial, and quantitative skills
- Strong verbal and written communication skills
- Minimum cumulative GPA of 3.0
Applications for Summer 2021 internships are closed. Applications for Summer 2022 will open up during the Fall.
Our summer programs provide outstanding opportunities for students to gain valuable work experience in public service at a unique institution. Through project work assignments and professional development activities, students gain an extensive understanding of the New York Fed’s work. Interns have the opportunity to enhance their professional skills through critical financial analysis, formal presentations, research, and writing. The New York Fed’s internships are available for undergraduates (sophomores and juniors) and graduate students. Each of the summer programs begin in early June.