Over the course of the 8-week Sophomore Career Exploration Program, interns will develop personal and professional skills to support their success in the workforce. In addition to their daily responsibilities, interns will experience a cohort-model of learning, while receiving a mentor pairing with a more experienced professional at the New York Fed. They will also have the opportunity to learn more about and be considered for the junior-level intern program for rising seniors which serves as a recruitment pipeline for the New York Fed’s entry-level hiring.
Interested students may apply to be considered for one of three tracks:
Includes the Supervision, Markets, and Research Groups. The Supervision Group supervises and regulates financial institutions in the Second District. The Markets Group consists of multiple business areas that fulfill a range of responsibilities, from planning and executing open mark operations, monitoring and analyzing financial market developments, to managing foreign customer accounts. The Research Group conducts long-term and short-term research and provides analytic support for the Bank’s responsibilities relating to monetary policy, banking supervision, payment systems, funding facilities, and other economic and financial issues.
The business track includes:
The Operations & Resiliency Group operates and oversees payments system processing for the Federal Reserve Bank of New York and includes the Bank’s Law Enforcement Unit and Business Continuity and Resiliency Teams, as well as serves as the New York Administrative function for the Federal Reserve Financial Services. The Operations and Resiliency Group serves to strengthen, support, and ensure the resiliency of many of the Bank’s essential on-site operations.
The Statistics Function provides critical data capabilities in support of a safe and sound financial system. The Function manages the ingestion and quality assurance of financial and organizational data from domestic and foreign depository institutions, capital market participants, and bank holding companies.
The Research Function 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 Corporate Group is dedicated to being a trusted, strategic business partner to clients Bankwide. The Group delivers a broad range of innovative, impactful solutions that foster the Bank's ability to meet its mission. The Corporate Group is aligned across its functions to provide superior services and value-added resource and financial management that seamlessly support our clients' and the Bank's objectives.
The Audit Group (Internal Audit) assists the Board of Directors in the effective execution of its responsibilities for the Bank and the Federal Reserve System. Internal Audit accomplishes its purpose by providing independent, objective assurance, and consulting services designed to add value and improve the Bank's operations. Internal Audit assists the Bank in achieving its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of controls, risk management, and governance processes.
The Legal & Compliance Group is comprised of six separate and distinct Functions: Bank Applications, Compliance, Federal Reserve Law Enforcement Unit (FRLEU), Group Operations and Strategy (GOAS), Legal, and Records Management. Internships will be available in the:
- Compliance Function: Identifies monitors and remediates 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.
- Legal Function: Enforcement, Litigation, Investigations, and Corporate Affairs division handles all litigation for the Bank and pursues regulatory enforcement investigations and actions against financial institutions in the Second Federal Reserve District. In addition, the division conducts investigations of internal Bank matters and advises with respect to the Bank's corporate affairs, including human resources, employment and labor law matters, and Freedom of Information requests. Assist the Financial Intelligence and Investigations Unit with its subpoena compliance requirements.
- Group Operations and Strategy Function: Provides the Legal Group with resources and strategies in furtherance of group and Bank objectives through its three business units: Business Operations and Strategy, Legal Information Management and Automation, and Risk Management and Contingency Planning.
The Risk Group's mission is to help the Bank achieve its goals while managing risks within the Bank's risk tolerance and strengthening the risk culture. The Group's role is to serve as the Bank's second line of defense to ensure effective risk management. We do this by performing independent assessment and oversight of the Bank's risks. We establish frameworks to improve Bank’s risk management processes. Enterprise Risk Oversight (ERO) provides independent oversight of the Bank's essential businesses, support the Bank's risk committees and monitor the implementation of the Bank Risk Management Framework and Risk Tolerance program.
The Enterprise Strategy Office, within our Executive Office, is responsible for working with senior leadership to develop the strategic priorities for the organization, communicate the strategy to both internal and external stakeholders and coordinate the execution of the Bank’s strategic plan.
Includes Solution Delivery, Service Management, Client Engagement, and Cybersecurity Functions. The Technology Group is responsible for strategic planning and provisioning of automations services to the Bank. They also provide national information security, incident response, national remote access, and enterprise search services for the Federal Reserve System.
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.