What Are the Different Types of Reserve Bank Careers?

Geri Terzo
Geri Terzo
The main offices of the Federal Reserve Board of Governors are in Washington, D.C.
The main offices of the Federal Reserve Board of Governors are in Washington, D.C.

Reserve banks in a region are there to support the economy. The types of jobs that exist range from top economists to support staff for some of the more senior executives. Professionals across industries, including accounting and media communications, could launch reserve bank careers that are extremely rewarding.

In the U.S., the federal reserve system (fed) is comprised of a series of regional banks coupled with a board of governors in the nation's capital of Washington D.C. This system is responsible for setting the standards for monetary policy in addition to other services, including enforcing regulation for financial institutions that accept financial deposits and supporting financial transactions of the federal government. Across all of these activities are opportunities for reserve bank careers.

Economists and support staff for top executives are among the people employed by Federal Reserve Banks.
Economists and support staff for top executives are among the people employed by Federal Reserve Banks.

Of course, many careers associated with reserve banks are tied to finance. Some reserve bank careers are born out of challenging economic times. For instance, after a recession in which all sectors of the economy, including public and private in addition to consumers, are challenged, the fed might recognize a need to create analytical jobs to evaluate the government's financial position in the capital markets. Reserve bank careers that begin with analyst positions might support tasks relating to budgets and spending of different departments in the system in response to an economic slowdown.

Accounting opportunities may also arise and lead to lifetime reserve bank careers. Professionals in accounting roles could be involved with monitoring the performance of financial securities in the markets on a daily basis. Fed banks have the ability to extend loans to other entities, including corporations. The performance of a borrower's investment portfolio helps an accounting professional to assess the health of that entity's balance sheet, which ensures repayment to the fed. To qualify for such a position, professionals might need to be certified accountants and have completed postgraduate educations focusing on finance.

Media opportunities could be uncovered in the federal reserve system. As the fed sets monetary policy, it is responsible for making changes to short-term interest rates in the economy. Economists at the fed, which represents another pocket of reserve bank careers, meet throughout the year to discuss the possibility of influencing rates. The mere meeting of these economists is sometimes cause for media attention, and as a result, the fed establishes a team of communications professionals to field these requests. Media jobs at the fed might extend to contributing to social media websites and providing internal communication for the staff.

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    • The main offices of the Federal Reserve Board of Governors are in Washington, D.C.
      By: adamparent
      The main offices of the Federal Reserve Board of Governors are in Washington, D.C.
    • Economists and support staff for top executives are among the people employed by Federal Reserve Banks.
      By: Aaron Kohr
      Economists and support staff for top executives are among the people employed by Federal Reserve Banks.