Summer 2025 Intern - Quantitative Risk Analysis - RBOPS - R024705

Primary Location : DC-Washington

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Employee Status : Temporary

Overtime Status : Non-exempt

Job Type : Internship

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Relocation Provided: : No

Compensation Grade Low: : FH Pay Grade 20

Compensation Grade High: : FH Pay Grade 22

Minimum Salary: : $25.58

Maximum Salary: : $39.42

Posting Date : Sep 10, 2024

Minimum Education

Enrolled in an undergraduate or graduate degree program at an accredited university and returning to continue studies after the internship.

Minimum Experience

0

Summary

The Federal Reserve Board (Board) provides students opportunities for career success. The Board’s Internship program is designed to provide valuable work experience for undergraduate and graduate students considering careers including, but not limited to, economics, finance and accounting, information systems, and data analysis. The Board believes that by combining academic endeavors with project-related work experience, qualified and capable college students can gain the practical knowledge need in a competitive global job market. Internships are paid positions with salaries commensurate with credit hours; internships may be in-person, remote or hybrid, depending on the needs of the team. Employment in the Board’s internship program is granted to U.S. citizens. Applicants must be currently enrolled in an undergraduate or graduate degree program at an accredited university and returning to continue studies after the internship. Interns receive a syllabus or research project plan outlining their projects and goals for the internship. Interns are assigned a supervisor or mentor to guide them through their internship, and regular check-in meetings with their manager to manage performance expectations and assist with learning goals. Interns have access to a wide range of training programs and events for professional development purposes.

The Quantitative Risk Analysis section is responsible for assessing quantitative risk methodologies developed by the financial sector, or the Reserve Banks, to measure and manage credit, liquidity, counterparty, and market risks, as well as value collateral. The program analyzes risks and contributes to policies and research related to the clearing and settling of payments, securities, financial derivatives, and other financial instruments. The program monitors and evaluates the quantitative risk management of financial market infrastructures (FMIs), financial institutions engaged in systemically important payment, clearing, and settlement (PCS) activities, and the Reserve Banks. The program contributes to quantitative risk research, particularly topics related to FMIs and systemically important PCS activities, and to systemic risk analysis.

Position Requirements:
•    BSc or Graduate (Masters or PhD) student in Computer Science, Economics, Business, or any other engineering or science field 
•    Completed courses on Data Science, Econometrics, and Machine Learning 

Description:
Expected Projects:
•    Deep Neural Networks vs. Nonlinear econometric models: a project to explore performances of Neural Networks against a selected set of nonlinear econometric models in practical applications and by using extensive Monte Carlo simulations
Competencies/Learning Objectives:
•    Excel in data representation, manipulation, analysis
•    Design, train, validate, test and tune Deep Learning and econometric models for empirical analysis to answer questions in economics and finance
 
Suggested Major/Minor:
•    Economics, Finance, Computer Science, Data Science, Machine Learning
Required Skills and Knowledge:
•    Familiarity with Python and/or R 
•    Completed at least one course from the first-year graduate level course on Data Science, Machine Learning, Econometrics, or Deep Learning or relevant classes
•    Interest in economic and financial data and research
•    Familiarity with data manipulation, model development, training, validation, and testing approaches
•    Interest in economic and financial time series analysis and econometrics
Preferred Skills:
•    Experienced in working with time series data and conducting research in economics and econometrics
•    Written scripts to design and develop Machine Learning and econometric models

Remarks:

• US Citizenship is required for all Board internships.
• Applicants must be current students enrolled in a degree seeking program, graduating from their program fall 2025 or later. 
• This position requires a combination of hybrid and in-person presence in our Washington DC office.
• Required Documents for application: A copy of an unofficial transcript may be requested. CV and two reference letters
• Learn more about our internship program: https://www.federalreserve.gov/careers-internships.htm