Federal Reserve Internship: Requirements and Eligibility

The Federal Reserve System, often called the Fed, offers various internship programs for students pursuing careers in economics, finance, accounting, software development, law, and other related fields. These internships provide invaluable work experience and exposure to the inner workings of the central bank. This article will explore the eligibility requirements and other crucial aspects of Federal Reserve internships.

Overview of Federal Reserve Internships

The Federal Reserve Board's Internship Program aims to provide valuable work experience. As a paid intern, you’ll apply your research and analytical skills to projects supporting the Bank’s key business functions. During your 10-week paid summer internship, you'll work on projects dedicated to the economic development of our region and the nation. Interns will have an opportunity to develop three learning objectives of their own. Additionally, interns will be assigned a mentor, have access to internal training classes, and get to participate in weekly intern-focused events. These events encompass speakers, professional development, as well as networking functions. The work is very hands-on within a collaborative and collegial environment.

Each summer, the Board employs roughly 100 interns, with internships running for 10 to 12 weeks, starting in either late May or early June. The majority of internship opportunities are posted each September for openings that begin the following summer.

General Eligibility Requirements

Several key requirements typically apply to Federal Reserve internships. These requirements ensure that interns are academically qualified and legally eligible to work in the United States.

Citizenship: For most roles, interns must be US citizens or green card holders. However, there are select roles that international students with curricular practical training (CPT) eligibility can apply for.
Enrollment Status: Applicants must be currently enrolled in an undergraduate or graduate degree program at an accredited university and returning to continue studies after the internship.
Academic Standing: Applicants are generally selected based on scholastic achievement, recommendations, completed coursework in relevant areas of study, and, in some cases, grade point average.

Specific Internship Programs and Requirements

The Federal Reserve System comprises twelve regional Federal Reserve Banks and the Board of Governors in Washington, D.C. Each entity may offer different internship programs with specific requirements.

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Federal Reserve Board (Washington, D.C.)

The Federal Reserve Board (Board) provides students opportunities for career success. The Board's Internship Program is designed to provide valuable work experience for undergraduate and graduate students considering careers including, but not limited to, economics, finance and accounting, information systems, and data analysis. The Board also offers summer law clerk positions for those pursing a JD and dissertation fellow opportunities for those pursing a PhD in economics or finance.

The Board's RA position is one of the most rigorous available to those who are interested in entering the world of economic or financial resource. As a research assistant at the Federal Reserve Board, you will apply quantitative skills both to real-world policy issues and to high-level research projects. Each year, the Board hires a new cohort of college graduates to work as research assistants by attracting diverse backgrounds from universities across the country. Research assistants gain real-world experience by working alongside PhD economists to assist with original economic research and provide critical support for policy analysis. The research assistant position is a two-year program, and most research assistants leave the role well prepared to pursue a graduate degree, often in economics, or different careers at the Board or with other organizations. While at the Board, research assistants often become involved in a variety of other projects, including collaboration with various government agencies and Federal Reserve Banks, and participation in efforts to provide economic and financial literacy instruction to local high school students. The Legal Division has a structured program that provides summer law clerks with the opportunity to experience working as a junior staff attorney.

Intern/undergraduate: This category encompasses the majority of the Board's summer intern program; these students must be pursuing a bachelor's degree at an accredited university.

Federal Reserve Bank of Atlanta

The Federal Reserve Bank of Atlanta employs undergraduate and graduate students in internship positions across the Bank each summer. Summer interns work a full-time schedule (40 hours per week) during the 10-to-12-week program. The Atlanta Fed offers a hybrid work environment and summer interns should plan to work at least a couple of days each week in their Atlanta office or one of their Branch locations. Interns work on important projects with diverse teams and contribute important perspectives to the work of the Atlanta Fed. Interns also participate in the Bank's summer program where they learn about the work of each division, network with senior leaders, volunteer in the community, and learn valuable professional skills.

The Atlanta Fed's Economic Survey Research Center serves as a vital tool in collecting economic data from the Sixth District. The center employs interns each fall, spring, and summer where they help to build the pool of survey participants in the Center's Survey of Business Uncertainty, CFO Survey, and Business Inflation Expectations Survey. Interns in the fall and spring semester work 10-to-15-hours per week and have the option to complete the internship either hybrid or fully remote.

The Atlanta Fed's Research Department recruits several research analysts each summer to assist with economic research and monetary policy. Most research analysts stay with the department for two to three years before leaving to attend graduate school or pursue other opportunities. Research Department staff at the Atlanta Fed advise the president, Raphael Bostic, on monetary policy and conduct innovative analysis and research on a variety of topics, including macroeconomics and monetary policy, applied microeconomics, and finance. Applicants must be graduating the year of application or recently graduated (one or two years out of college) to qualify for a research analyst position. The Research Department seeks exceptional college graduates with a strong background in economics, mathematics, and statistics.

Federal Reserve Bank of Philadelphia

As an intern at the Philadelphia Fed, you’ll play a role in their mission of public service while gaining real-life work experience. Apply your skills to real-life projects and gain hands-on work experience through an internship at the Federal Reserve Bank of Philadelphia. As an intern, you’ll get an inside view of what they do while contributing to their mission and developing career skills. Most interns join from late May to mid-July and work 40 hours per week for 10 consecutive weeks in the summer. To apply for an internship, you must be a full-time undergraduate, graduate, or Ph.D. student enrolled in an accredited four-year college or university.

Federal Reserve Bank of Richmond

Kickstart your career with their paid Internship Program as a student or recent college graduate. Gain real-world experience, build your resume and critical career skills and do meaningful, mission-driven work as part of the Richmond Fed. As a Richmond Fed intern, you’ll play a role in helping them achieve their public service mission. You’ll gain hands-on experience in a professional setting, contribute to meaningful work, perform community service, participate in professional development and social activities, and enjoy an unforgettable team-building program. Their Summer Internship Program typically runs 10-12 weeks, and co-operative education opportunities can last up to one year-both of which offer paid, on-site work.

Federal Reserve Bank of San Francisco

As a paid SF Fed intern, you’ll apply your research and analytical skills to projects supporting the Bank’s key business functions. During your 10-week paid summer internship, work on projects dedicated to the economic development of our region and the nation. Get help navigating your summer experience with their Bank Mentor program.

Federal Reserve Bank of Cleveland

At the Cleveland Fed, you’ll gain valuable experience in your selected field and grow your professional network. Their intern program combines academic endeavors with hands-on work to provide an immersive experience. As a student intern, you’ll also have a professional mentor to help you make the most of your time at the Bank.

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How to Apply

To search for current summer internship opportunities, use the Start Job Search link on the Federal Reserve's career pages. Once on the job board, scroll to the job category section and select "interns" to more easily view available opportunities. Please review each posting carefully, as some assignments may have different requirements than others.

Openings for internships are usually posted between September and November, with positions starting the following summer. The candidate interview and selection process begin in late fall and offers to candidates are made beginning in January. Applications for research analyst positions open in early fall and are available through the career portal. Applicants are reviewed and selected on a rolling basis and as long as positions remain available.

Applicants will be required to submit a resume for all openings, and some roles may also require additional documents (i.e., transcripts).

Benefits of a Federal Reserve Internship

Interning at the Federal Reserve offers numerous benefits, providing a unique opportunity to gain experience in a dynamic and influential institution.

Meaningful Work: Interns are able to have meaningful assignments that provided them the breadth and depth of the impact of their work.
Networking Opportunities: The internship program does a really good job of making sure that people are engaged, that they do have opportunities to network with not only other interns but also with people who work at the Fed.
Skill Development: Interns apply their skills to real-life projects and gain hands-on work experience.
Mentorship: Interns will be assigned a mentor to help navigate their summer experience.
Compensation: All interns are compensated for their work.

A Day in the Life of an Intern

One former intern shared their experience, noting that at first, their managers wanted them to familiarize themselves with the technologies they use. They worked with various scripting languages and tried to understand how the organization creates pathways for applications to communicate with each other. Learning those concepts took a long time and was challenging, but it taught them that they can be thrown into something unknown. The intern described their experience at the Federal Reserve as very positive.

Additional Considerations

Locations: While many internships are located at the Federal Reserve Banks or the Board of Governors in Washington, D.C., the Atlanta Fed also has Branch offices in Birmingham, Jacksonville, Miami, Nashville, and New Orleans that may offer internship positions. Please check each internship position posting for location availability.
Affordability: Cleveland is more affordable and has less traffic than many bigger cities, making it an attractive location for interns.

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