Sophomore Career Exploration Program

Students in their sophomore year of college are eligible to apply for this internship. It lasts for eight weeks beginning in early June.

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:

Policy

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.

Business

The business track includes:

People and Engagement partners with senior management and Business Groups to advance and support the Bank's culture of excellence by fostering an engaged and motivated staff. This is achieved through an organizational framework to recruit, develop, compensate, reward and retain the Bank's employees by designing, communicating and executing effective programs; ensuring compliance with applicable laws; adhering to best practices; and providing timely and accurate information for staff, managers and senior leaders.

The Financial Services Group (FSG) operates and oversees payments system processing for the Federal Reserve Bank of New York. The FSG provides depository institutions with various payment services - including electronically transferring funds and distributing and receiving currency and coin - as part of its central banking mission to ensure an efficient, effective and accessible payments system. Its goal is to be the most trusted and respected provider of financial services in the world.

The Federal Reserve Bank of New York’s 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 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 primary purpose of the Federal Reserve Bank of New York's Audit Group (Internal Audit) is to assist 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 Group comprises 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.

Technology

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.


Requirements

Requirements include but are not limited to:

  • Graduating in Winter 2024 or Spring 2025
  • Demonstrated interest in technology, statistics, finance, economics, or public policy
  • Relevant academic coursework
  • Strong analytical, financial, and quantitative skills
  • Strong verbal and written communication skills
  • Minimum cumulative GPA of 3.0

The Sophomore 2023 Internship application will open in July.

To apply:

  1. Click the link above.
  2. Scroll down to “Company” on the left side of the page and select “02B Federal Reserve Bank of New York”
  3. Then, under “Job Category” select “Internship”
  4. Please include all required documents in the same space where you are asked to upload your resume.

This will pull up a list of all the sophomore internship opportunities for Summer 2022. Feel free to apply to as many as 4 groups that interest you.

About Our Summer Programs

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.

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