If you want to get a job with the Federal Reserve as an accountant after college, you should know that the Federal Reserve doesn’t hire accountants specifically. It does offer financial analysis and similar positions that are only available to those who have an accounting degree or a concentration in accounting. As the country’s central banking system, the Federal Reserve is responsible for researching economic factors, maintaining the interest rate and reducing the risk of financial problems. You can improve your chances of obtaining a job with the Federal Reserve when you do a few things.
Do an Internship
The Federal Reserve offers a number of internship opportunities for college students every year. As the agency divides the country into several distinct districts, you have the option of working close to home or your college or moving to finish your internship. Competition for these positions is fierce, and you’ll need to submit a completed application at least one semester before you can start. The Federal Reserve can hold your application for several months before offering you an interview or a position.
Take Part in the Cooperative Education Program
According to the Federal Reserve, it offers positions through its Cooperative Education Program that include both paid and unpaid experiences. Its finance and accounting program lets college students work for its Division of Banking Supervision and Regulation or Division of Bank Operations and Payment Systems. Though attending this program may not guarantee that you’ll get a job with the Federal Reserve as an accountant, it will let you make contacts within that system and give you experience working for the organization. Students who take part in the program gain a better understanding of both international and domestic banking.
Decide Where You Want to Work
Jobs with the Federal Reserve that deal with accounting and finance are available through three divisions: the Division of Banking Supervision and Regulation, Division of Consumer Affairs and Division of Bank Operations and Payment Systems. Analysts working for these divisions must know how to use accounting software and practices, have a strong background in finance and have a familiarity with the banking system in the United States.
Meet the Qualifications and Requirements
Before you can get a job with the Federal Reserve as an accountant, you need to meet some basic requirements and qualifications. Many of the positions require a Bachelor or a Master in Business Administration with a concentration in finance or accounting, but if you have a Master of Accountancy or a similar degree, you qualify for many of the positions. As this is a job with the federal government, you’ll also need to pass a test that screens you for drug or alcohol abuse, and you may need to pass a physical fitness test as well. The Federal Reserve also does criminal background and credit checks on all applicants. As you want to work in the finance sector, you need a positive credit report and a high credit score.
Related Resource: Enrolled Agent in Finance
Though the Federal Reserve doesn’t necessarily hire accountants, it does hire those with a strong accounting background. If you want to get a job with the Federal Reserve as an accountant or with your accounting background, you need to meet the qualifications for the job, know which division you want to work for and gain some experience through its cooperative education or internship programs.