Summer 2024 Intern Economic Research at Federal Reserve Bank (FRB) in Chicago, Illinois

Job Description:

Company

Federal Reserve Bank of Chicago

The Federal Reserve Bank of Chicago is recognized as one of the most influential, trusted and prestigious financial institutions in the world. We serve the Seventh District encompassing Iowa and most of Illinois, Indiana, Michigan, and Wisconsin, and is one of the 12 regional Reserve Banks in the United States. Together with the Board of Governors in Washington, D.C., the 12 Banks constitute the nation’s central bank.

Who we are:

One of the most influential, trusted and prestigious financial institutions in the world. The Federal Reserve Bank of Chicago, serving five states, is one of the 12 regional reserve banks in the United States. The twelve banks, along with the Board of Governors in Washington, D.C., make up the nation’s central bank.

What makes us unique? We are a regulatory bank. This internship gives you the opportunity to intern for a bank that supervises other banks.

Job Description

The economic research internship program offers a number of summer research opportunities across each of our departmental teams, inclusive of – but not limited to:  

• Macroeconomics


• Microeconomics


• Finance & Insurance


• Community Development & Public Policy


• Regional Analysis

This program provides students with the opportunity to gain valuable research experience, network with peers in the field, and to work side-by-side with our economists and research assistants to support research and policy work. The program is designed to help students develop quantitative analysis, critical thinking, and writing skills throughout the summer experience.

Summer projects typically ask interns to:

• Support economists in their basic and applied research – inclusive of collecting data, conducting moderately complex statistical analysis, writing code for model estimations and organizing the presentation of results


• Assist economists with their research and analysis of public policy issues and events


• Prepare a variety of charts, tables, and descriptive text for staff economists and department management.

Internship Program Details:

The Federal Reserve Bank of Chicago Summer Intern Program is a paid internship that is open to undergraduate, graduate and PHD students.  It begins in June and continues for 12 consecutive weeks. Interns work 40 hours per week and are assigned to one department. 

These internships are ideal for students looking to build their research portfolios, who have a potential interest in graduate school, or who are considering applying for the Chicago Fed’s Research Assistant program after graduation. Economic Research Interns are given priority consideration for 2024 RA openings providing positive recommendations regarding performance throughout their internship experience.

Job Requirements:

• Currently pursuing at least a Bachelor’s degree, graduating Fall 2024 or later, in economics, finance, or related field (e.g. statistics, computer science, mathematics, business)


• Show evidence of aptitude for quantitative and analytical skills


• Some exposure to data/programming languages (e.g. Stata, R, Matlab, Python, etc.)

**ALL APPLICATIONS MUST INCLUDE 1) A COVER LETTER, 2) RESUME, and 3) an UNOFFICIAL TRANSCRIPT **

Additional Requirements:

• Some of these positions may require the Supervision and Regulations specific requirements explained below. Applicants must be US Citizens or permanent residents with the intent to become US Citizens.


• As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank’s ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting, who can provide you contact information for our ethics official if necessary.

Other Requirements and Physical Requirements

This document indicates the general nature and level of work performed by employees within this position. It is not a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job. An employee's responsibilities, tasks, and duties might differ from those outlined in the job description, and other duties, as assigned, are a part of the job. The Federal Reserve Bank of Chicago reserves the right to modify the elements of this job description, as business needs require.

We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender, gender identity or expression, or veteran status.

Full Time / Part Time

Full time

Regular / Temporary

Temporary

Job Exempt (Yes / No)

No

Job Category

Internship

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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