Thursday, July 17, 2014
Full-time and internship positions at the Federal Reserve Bank
But first a quiz...
1. Who was on the first one dollar bill?
2. Who was on the first five dollar bill?
3. What material is paper money made of?
4. How much money does the Federal Reserve Bank shred on a daily basis?
5. Why does the Federal Reserve Bank shred money?
6. What is the shredded money recycled into?
7. Who discontinued the $10,000 bill, the $5,000 bill and the $500 bill
8. Why does the eagle on the printed bills face the olive branch?
9. During the Civil War, why was coin replaced by paper money?
10. Are employees of the Federal Reserve Bank considered federal employees?
Read below for all of the answers!
I had the opportunity to visit the LA Branch of the San Francisco Federal Reserve Bank in June. It was really cool to see billions of dollars and billions of coins but they wouldn't let me take any pictures so you'll just have to use your imagination.
First it's important to understand what the Federal Reserve Bank does. Basically the Federal Reserve Bank is the central bank of the U.S and it controls access to the U.S dollar, so that means that they determine how much money should be in circulation at any one time. The LA branch is the 2nd largest cash operation in the U.S, second to NY. There are 12 Federal Reserve branches, one for each of the twelve Federal Reserve Districts. The Federal Reserve Banks also is the bank for all banks. They hold at least %10 of cash from all banks so this means billions of dollars. When banks need cash, they contact the Federal Bank to make a withdraw.
Now that you understand what the Federal Reserve Bank does, let's talk about the impotent stuff....jobs and internships! The Federal Reserve Bank is independent from the U.S government; employees of the Federal Reserve are not employees of the federal government. This means that you will not have to go through USAjobs to find and apply for positions to the Federal Reserve. You can simply find opportunities at all twelve branches at: http://www.federalreserve.gov/careers/. For opportunities at the west-coast branches visit: http://www.frbsf.org/our-district/careers/.
The Federal a Reserve Bank recruits students from all majors, not just accounting. For both their internship and full-time positions they look for candidates who possess strong analytic and problem solving skills, excellent oral and written communication skills, leadership experience, presentation skills, and acumen for initiative. Their common full-time entry level opportunities include Analyst positions, Associate Examiner positions, IT Developer positions, and Audit positions. These positions are recruited for all year long. The Gold Internship Program recruits 25-30 interns a year to the west-coast branches in a variety of positions. Recruiting begins in late October for the summer internship opportunities and all internships are paid!!!
Ok, I'll finally give you the answers but before I do, I think you should seriously consider the opportunities at the Federal Reserve Bank!
1. Martha Washington
2. Chief Running Antelope
3. Cotton and linen
4. 15 million-100 million
5. It gets worn out
6. Roof shingles, insulation, fireplace logs, fertilizer, and pet mattresses
7. President Nixon
8. Because our nation wants peace
9. Because metal was in short supply