Summer 2024 Intern – Financial Management Group – Reserve Bank Operations and Payment
Application deadline: November 4, 2023 6:00 AM
Posted date: October 9, 2023
Seasonal role: (5/20/24 – 8/30/24)
Estimated pay: $20.00-30.00 per hour
Location type: On-site
US work authorization: Required
Apply Externally
Role Description
Minimum Education
Enrolled in an undergraduate or graduate degree program at an accredited university and returning to continue studies after the internship.
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 believes that by combining academic endeavors with project-related work experience, qualified and capable college students can gain the practical knowledge need in a competitive global job market. Internships are paid positions with salaries commensurate with credit hours; internships may be in-person, remote or hybrid, depending on the needs of the team. Employment in the Board’s internship program is granted to U.S. citizens. Applicants must be currently enrolled in an undergraduate or graduate degree program at an accredited university and returning to continue studies after the internship. Interns receive a syllabus or research project plan outlining their projects and goals for the internship. Interns are assigned a supervisor or mentor to guide them through their internship, and regular check-in meetings with their manager to manage performance expectations and assist with learning goals. Interns have access to a wide range of training programs and events for professional development purposes.
Qualifications – External
The Financial Management Group (FMG) is responsible for overseeing the Reserve Banks’ accounting operations, monitoring annual budget performance and cost accounting, and coordinating the combined annual financial reporting process for the Federal Reserve Banks.
The intern position will support the three FMG sections Financial Management Oversight & Systems, Spend Resource Management, and Financial Accounting Policy & Reporting with ongoing administrative tasks and projects related to key priorities. The selected candidate will gain experience in the areas of accounting policy, managerial accounting, Reserve Bank oversight and financial performance, cost accounting, and financial reporting. Primary responsibilities will be to support daily operational activities of the group and participate on various special projects. The special projects may include analysis and documentation of Accounting Standards Updates, assistance with the Financial Accounting Manual updates, and activities related to off-site monitoring of the Reserve Banks.
Competencies/Learning Objectives: Through financial analysis, decision making, effective communication, and learning agility the intern will have the opportunity to:
- Become familiar with Federal Reserve Accounting Policy,
- Research current accounting guidance and its potential impact on the Federal Reserve Banks,
- Gain an understanding of the Reserve Bank oversight and risk assessment processes, and
- Gain insight into the financial reporting and cost accounting processes of the Federal Reserve Banks.
Skills Required:
- Administration: Clerical, Organizational, Planning, and Scheduling
- Analysis: Business, Financial, Research
- Applications: Adobe CS, MS Office Suite, SharePoint
This role is located in Washington, DC. and the intern must reside in the area during their internship and a minimum of six in-person days per month is required.
