The Financial Management Group (FMG) is responsible for overseeing the Reserve Banks’ accounting operations, monitoring Reserve Bank annual budget performance and cost accounting, and coordinating the combined annual financial reporting process for the Federal Reserve System.
The FMG intern position will primarily support the Accounting Policy and Operations section through ongoing administrative tasks and periodic projects on key priorities. The intern may also perform similar tasks with the Financial Management & Planning section or the Financial Reporting & Control section as needed. The selected candidate will support 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 as necessary and participate on various special projects. The special projects may include analysis and documentation of Accounting Standards Updates (ASUs), 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 FMG 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 process,
– Gain insight into the financial reporting process of the Federal Reserve Banks, and
– Gain insight into the cost accounting practices of the Federal Reserve Banks.
While completing these learning objectives, a student will gain experience researching accounting guidance while learning more about the financial reporting and cost accounting processes within the Federal Reserve System to determine if a career in accounting would be of potential interest upon graduation.
Qualifications – External
Suggested Major/Minor: Accounting, Finance, Business Management, Business Administration, Economics, or a related field.
Required Skills and Knowledge: MS Office
Preferred Skills: Knowledge of financial accounting standards, strong written and communication skills
Required Documents: Resume, cover letter and unofficial transcript.
This internship can be completed virtually. US Citizenship is required for all Board internships and applicants must be current students, graduating from their program fall 2022 or later.
Full vaccination is required as a condition of employment, unless a legally required exception applies.
Learn more about our internship program: https://www.federalreserve.gov/careers-internships.htm
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