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About monetary policy and supervision and regulation roles.

Specialty Roles in Bank Supervision & Regulation and Monetary Policy

The Chicago Fed offers unique opportunities to those with specialties in Economic Research and Bank Supervision and Regulation. These are highly competitive and sought-after career opportunities. Qualified candidates are especially needed to fill roles as bank examiners, analysts, risk specialists and associate economists.

Associate Economists

Associate Economists (AEs) assist in the analysis of public policy issues and events related to monetary policy, bank regulation, payments systems, financial markets and the state of the U.S. and global economies.

 

Some day-to-day activities include:

  • Compiling, reviewing and assessing economic and financial data from journals, market sources and government reports.
  • Performing econometric, computational and analytical research and running financial, banking, macroeconomic and forecasting models.
  • Programming in statistical packages such as MATLAB, SAS, STATA and GAUSS.
  • Writing, assisting and/or delivering presentations to the Bank's president and senior management.

  

What We Look for 

  • Bachelor's or graduate degree candidates with a strong background in economics, mathematics and statistics
  • Familiarity with programming languages and statistical software packages such as C++, Fortran, MATLAB, SAS, STATA, GAUSS and others

 More Information

  • Recruitment of Associate Economists begins in the fall and lasts throughout the winter months.
  • Associate Economists typically join the Fed in late spring/early summer.
  • The Associate Economist program is a 2-to-3-year role offering a strong platform for graduate studies, specifically in well-regarded doctorate programs in economics.
  • The Economic Research Department conducts policy-relevant research in macroeconomics, microeconomics, financial studies and regional economic issues.
  • The department has a collegial and intellectually stimulating environment.
  • Team members collaborate to serve the public good, challenging and supporting one another on their assumptions, thinking and conclusions.
  • Many AEs pursue graduate degrees in economics upon leaving their AE position. Others choose to move to a different role at the Chicago Fed. Recent AEs have attended top graduate programs at universities such as the University of Chicago, Harvard, Yale, the Massachusetts Institute of Technology, Northwestern, Stanford, the University of Pennsylvania and the University of Michigan.
  • AEs co-author economic articles and publications with senior economists. In recent years, two Chicago Fed AEs have been awarded the National Science Foundation Graduate Fellowship.

Banks Examiners, Analysts & Risk Specialists

The Federal Reserve Bank of Chicago offers a broad range of meaningful career opportunities that serve to challenge and engage our Supervision & Regulation team.

Bank and Thrift Examiners

Safety & Soundness Bank Examiners work to ensure the nation’s banking system operates in a safe and sound manner. Compliance and Community Reinvestment Act Examiners are responsible for enforcing federal consumer protection statutes in financial services. Savings and Loan Examiners (Thrift) work to identify and assess risks and the adequacy of risk management systems at savings and loan holding companies.

  • All examiners provide an objective evaluation of financial soundness, determine compliance with applicable laws and regulations, and appraise the performance and abilities of management and directorate.
  • Examiners travel 40-60 percent of their time, on average, to community and large banks within the Seventh District territory (most of Indiana, Illinois, Michigan and Wisconsin and all of Iowa).

Supervision Analysts

Supervision Analysts’ primary objective is to provide off-site supervisory support to exam staff by researching, analyzing and reporting on bank performance as well as market and/or financial data. Analysts also play a critical role in the creation of exam products. They provide:

  • Pre-scope memos, pre-exam packets, quarterly surveillance reports, loan data and ad hoc performance data and analyses.
  • Supervision and Regulation management with advanced metrics, such as the capital waterfall model, to assist management with risk identification and decision-making.

Risk Specialists

Risk Specialists conduct highly detailed analyses of the regional economy, the District's banking sector and the nation's financial system. This provides a horizontal perspective of emerging risks and challenges and enhances the department's supervisory work. This division includes the following risk areas: market risk, liquidity risk, Basel II, economic capital and risk management modeling, credit risk, operational risk, fraud, information technology, Bank Secrecy, accounting, insurance and trust.

What We Look for

We seek individuals who hold themselves to the highest standards and who flourish in an environment of collaboration and innovation. Our most successful staff members are creative problem solvers who are versatile and take initiative. They have strong skills in critical thinking and verbal and written communication. We also look for individuals who:

  • Demonstrate collaboration skills and a willingness to work in a team environment.
  • Versatility/adaptability — the ability to respond favorably to rapidly changing priorities/directives.
  • Financial institution and/or audit knowledge — experienced banking or audit professionals preferred with related understanding of accounting, finance and economics.