This article is provided by Forextraders.com.
As most people know, the Federal Reserve is the Central Bank of the United States of America. The Fed is viewed by most financial and governmental leaders around the globe as one of the most powerful institutions in the world. The Fed has continuously been in the media spotlight since the eruption of the Global Credit Crisis in 2008, as Chairman Ben Bernanke attempts to guide the United States economic recovery into a place of self-sustaining strength.
In essence, the Federal Reserve controls the monetary supply of U.S. dollars that are in circulation around the world. The Fed has a congressional mandate to do all in its power to help foster a U.S. economic environment that is characterized by maximum employment, stable prices, and strong economic growth. Thus, the Fed is often recognized as the most powerful institution in America, and working for the Federal Reserve definitely carries a significant degree of prestige.
Duties of the Fed
As stated, the primary function of the Federal Reserve is to help foster a healthy U.S. economy. The Fed primarily does this by raising and lowering interest rates, thereby influencing the demand for credit. Thus, the Fed regularly hires economists and financial professionals. The Fed is broken down into 12 Federal Reserve District Banks, and each of these banks employs a strong workforce of economists, accountants, lawyers, administrative staff, public relations, human resources, and other professional staff. The Fed has a very strong tradition of promoting from within the organization. This reputation is very attractive to government or potential government employees that are looking for a long-standing career.
Where To Look
The Federal Reserve has an entire website devoted to job placement—www.federalreservejobs.org. This website shows a map of the 12 district banks and offers a link to each specific bank where potential job applicants can see any potential openings.
One way to get a foot in the door at the Federal Reserve is to start early. The Fed focuses heavily on college internships and has a very strong and renowned summer internship program. More information can be found by searching the website listed directly above. Furthermore, each Federal Reserve District Bank lists where it will be making an appearance at various university career fairs around the country. If you are a college student, check to see if the Fed will be attending your university’s career fair, and if they are not, consider taking a day to visit a nearby campus.
Of course, networking is always an essential aspect of the job hunting process, so reach out and make contacts within the Federal Reserve. If you are currently employed in public service, chances are good that you have a colleague or co-worker who may know a Fed employee, and this could be a positive first step toward establishing connection with someone inside the Fed. It may not mean you are dealing with buying treasury securities and causing a dramatic shift in EUR USD as a Fed employee within a few weeks, but it could mean that meaningful relationships are being established.
Furthermore, if you are a current public service worker, have a strong desire to work for the Fed, and have a comparable professional background and skills, consider speaking with your direct supervisor at your current position to see if there are any standards currently in place that would help you make a lateral transition into the Federal Reserve.
Remember, the Fed is one of the most prestigious institutions in the world, rich with tradition and strong in power. As stated, you may not be directly influencing the exchange rate of AUD USD within a few weeks of getting your foot in the door at the Fed, but a career transition into this workplace may be just the thing to move your career forward.