Who We Are
Do you want to work for one of the most influential, trusted and prestigious financial institutions in the world? The Federal Reserve Bank of Chicago is one of the 12 regional reserve banks in the United States, along with the Board of Governors in Washington, D.C., that make up the nation's central bank. The Seventh Federal District is made up of five states, which includes all of Iowa and most of Illinois, Indiana, Michigan and Wisconsin. The Seventh District comprises a considerable part of the nation's manufacturing base especially capital goods and consumer durables as well as production agriculture and food processing.
Internship Program Details
The Federal Reserve Bank of Chicago Summer Intern Program is a paid internship that provides undergraduate, graduate and PHD students with the opportunity to gain valuable work experience at the Federal Reserve Bank. Through project oriented hands on assignments and professional development activities, interns receive a solid overview of the business of the Fed while contributing to their designated Bank department.
The Summer Intern Program begins in June and continues for 12 consecutive weeks. Interns are expected to work 40 hours per week and assigned to one department for the summer.
October 2018 thru November 2018 applications
Mid October 2018 and onward
January offers accepted
June 3, 2019 or June 10, 2019 Start dates
An excellent academic record
Demonstrated leadership abilities
Strong critical thinking and analytical skills
Outstanding oral and written communication skills
Knowledge of Microsoft Office products including Word, Excel, PowerPoint
Preferred areas of study: Undergraduate/Graduate/PHD students studying Data Science, Data Analytics and Information Sciences
Intern Openings (Listed below are the specific internship openings available. Please apply to this posting if you are interested in any of the positions listed below).
The IT Districts Analytics group is an analytic group that provides advanced analytics services to the business lines across the Federal Reserve Bank of Chicago. Some of the types of machine learning projects that we have worked on include macroeconomics time series forecasting using recurrent neutral networks, risk classification of commercial bank loans using supervised and fraud analytics of wire and ACH data. While our group is small, we work on some of the most difficult problems within the Fed using advanced algorithms and technologies.
Responsibilities may include:
Develop predictive models using machine learning and deep learning
Program scripts ingest, clean and process structured and unstructured data
Meet with subject matter experts to understand their problem and define metrics for success
Research machine learning algorithms that can be applied to real0world problems
Intern Operational Risk Management (Supervision and Regulation)
The Operational Risk (OpsRisk) team of the Risk specialist Division (RSD) is primarily composed of experiences staff members with deep technical and analytical skills and/or extensive industry or supervisory experience. Staff members' competencies often are highly specialized and gained through a variety of means including within and outside the Fed. OpsRisk specialist analyze and report on key significant and emerging risk, financial industry issues and trends in areas that include: Data Governance, Regulatory Reporting, Accounting, Operational Risk Management, Information Technology, Information (Cyber) Security, Internal Audit, Third Party Risk Management, Bank Secrecy Act/Anti-Money Laundering (BSA/AML), Office of Foreign Assets Control (OFAC) and Governance & Controls. Our Specialist conduct horizontal analyses and identifies key trends related to specific risks across the Seventh District and the System. Our staff provides support to district and System examinations teams' initiatives and conduct research and development for related tools.
Responsibilities may include:
Performing all aspects of data analysis and reporting from sourcing, cleansing, normalizing and analyzing the data to visualizing the results
Document steps taken/processes followed to ensure analyses are reproducible
Prepare written commendatory to support data analyses to translate technical results and key findings to a non-technical-audience
Present findings and key results of data analyses to stakeholders ranging from immediate supervisor to Department Management
Assist team members and management in identifying key operational risks within individual financial firms, across the portfolio or District to assist in prioritizing supervision resources
Intern System Administration/IT Operations Analyst
Data Logging and Analytics (DLA) is the Federal Reserve Systems (FRS) enterprise capability for capturing, governing and analyzing data. Our mission is to strengthen the operational performance and information security posture if the FRS via 'single pane of glass' data analytics.
Responsibilities may include:
Assist with access and security control compliance reviews
Assist with service request (data ingestion) request documentation by ensuring the required data has been collected in order to proceed with request review assignment
Assist with daily system health reporting and escalation
Please note the US Citizen/Permanent Resident with Intent to become a US Citizen questions below only relate to the Supervision & Regulation department internships.
Some of these positions may require the Supervision and Regulation specific requirements explained below:
Applicants must be U.S. Citizens or permanent residents with the intent to become a U.S. Citizen. As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank's ethics rules which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks of savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities, and would not be willing or able to divest.
Federal Reserve Bank