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Tuesday, July 29, 2014

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Working at the Fed

The Philadelphia Fed offers you a wide variety of positions in a number of business areas including:

Audit

The internal auditors assist the Audit Committee of the Bank's Board of Directors in the effective discharge of its oversight, governance, and risk management responsibilities. They conduct independent reviews and perform consulting services designed to add value to the organization by providing an assessment on the adequacy and effectiveness of internal controls over financial reporting, the efficiency and effectiveness of local and centralized operations, and compliance with applicable laws, regulations, and policies. The auditors also collaborate and coordinate with government agencies, public accounting firms, the staff at the Federal Reserve Board of Governors, and the other Federal Reserve Bank Audit departments in carrying out assigned responsibilities. In addition to business degrees, many of the staff members have earned multiple professional certifications in various auditing disciplines.

Cash Services

The Cash Services staff help to ensure that Third District depository financial institutions have an adequate supply of currency and coin to meet public demand. Their duties include counting and verifying incoming currency and coin deposits, crediting and debiting the depository institution's account, identifying paper money that is unfit for circulation, detecting counterfeit notes and forwarding them to the Secret Service, and maintaining a sufficient inventory of fit and new currency in the vault for normal and contingency situations.

Community Development Studies & Education

Community Development staff identify opportunities and barriers to community development and impartial access to credit for low- and moderate-income people and communities. They help financial institutions, government agencies, and community groups serving low- and moderate-income people and communities in the Third Federal Reserve District (eastern Pennsylvania, southern New Jersey, and Delaware) to meet these needs. The department's economic education professionals help educators of K-12 students to understand the economy, the Federal Reserve System, and monetary policy. The staff also promotes personal financial education in the Third District.

More information about this department can be found on the Community Development section of the website.

Enterprise Risk Management

The staff in the Bank's Enterprise Risk Management (ERM) Department carry out a number of responsibilities. Their primary role is to provide Bank management with support, analysis, and options that add value to the decision-making process, including managing risk that can impede the achievement of strategic and tactical business objectives. Staff members also work with departments throughout the Bank to develop a comprehensive view of the portfolio of risks the Bank faces and coordinating the Bank's various risk management activities. In addition, ERM employees coordinate and monitor the Bank's activities in business continuity, project management, and business planning.

Financial Management Services

The specialists in Financial Management Services ensure the integrity of the Federal Reserve Bank of Philadelphia's financial reporting to the public, the Board of Governors of the Federal Reserve System, depository institutions, the U.S. Treasury, and internal customers. They also coordinate the Bank's budgeting process, provide timely and accurate records and reports of financial and cost accounting information, procure services and supplies to support the Bank's operational and strategic initiatives, and offer cost-effective, consistent, and accurate accounting services to Financial Management Services' customers.

Financial Statistics

The analysts in the Financial Statistics Department work with the data and information that financial institutions submit to the Philadelphia Fed.

Reports analysts are responsible for ensuring the quality of, and explaining developments in, several different kinds of data. They use their knowledge of deposit instruments, regulatory reporting requirements, financial markets and instruments, and statistical concepts to:

  • ensure that the data used by the Federal Reserve for monetary policy and supervision of financial institutions are reliable;
  • ensure that financial reporting by banks and bank holding companies is in compliance with Federal Reserve reporting requirements and regulatory accounting rules;
  • identify changes and trends in data that may indicate new developments in financial markets, specific financial institutions, or the economy.

System support analysts are responsible for all computer applications used by reports analysts to analyze data and to provide data to the Federal Reserve Board of Governors. They also develop and maintain other computer-based systems and applications and support the reports analysts' use of software and systems.

More information about this department can be found on the Bank Resources section of the website.

Human Resources

The job of the Human Resources staff is to recruit skilled personnel for the Bank and provide them with training and career development opportunities. The department's staff also develops and administers the Bank's personnel policies and its salary and benefit programs and supervises the Bank's cafeteria and its safety and medical programs.

Information Technology Services

The skilled professionals in the Bank's Information Technology Services department provide automation services to the Bank and to the Federal Reserve System, in support of the Bank's and the System's business requirements. For example, the Groupware Leadership Center, which is headquartered at the Philadelphia Fed, supports the Federal Reserve System's services, such as e-mail and desktop conferencing.

Law Enforcement

The men and women of the Bank's Law Enforcement Department are charged with protecting the Bank's building, its assets, and its people. The department also functions as the Bank's liaison between local, state, and federal law enforcement and emergency services agencies. The Bank's Law Enforcement officers must be proficient in the use of firearms and carry weapons while on duty. Many of the officers are trained in cardiopulmonary resuscitation, and some are certified emergency medical technicians.

Payment Cards Center

The analysts in the Payment Cards Center help the center carry out its mission to be a source of knowledge and expertise about credit cards, debit cards, prepaid cards, and other electronic methods of payment. The center does so by hosting workshops and conferences and producing discussion papers on consumer credit and payments. The center's constituencies include the Federal Reserve System, financial institutions, industry, academia, and consumers.

More information about this department can be found on the Payment Cards Center section of the website.

Research

The Research Department's uniquely skilled economists conduct research on monetary and regulatory policy, banking and financial markets, the payments system, and regional economics. They disseminate their research at professional conferences and seminars and publish their studies in a Working Papers series, in professional journals, and in the quarterly Business Review. The department also hires recent college graduates and more experienced candidates as research assistants and analysts. PDF (2.02 MB, 8 pages)

More information about this department can be found on the Research and Data section of the website.

Supervision, Regulation and Credit

The Bank's specially trained Supervision, Regulation and Credit staff work with other federal and state authorities to promote safety and soundness in the operation of the financial industry and fair and equitable treatment of consumers in their financial transactions. They do so by processing regulatory applications from financial institutions related to banking activities, conducting on-site examinations and off-site monitoring of supervised institutions, and issuing enforcement actions in response to unsafe and unsound banking practices. Staff members also manage Reserve Bank risk associated with payments system activity by monitoring the flow of payments through institutions' accounts at the Federal Reserve, and they operate the discount window, which provides liquidity to financial institutions through extensions of credit.

More information about this department can be found on the Bank Resources section of the website.

Treasury Services

Providing critical support, Treasury Services staff carry out various functions for the Philadelphia Reserve Bank, the Federal Reserve System, the U.S. Treasury, government agencies, financial institutions, and the public. Treasury Services staff manage and support three national applications: Legacy Treasury Direct, the Collateral Management System, and the Treasury Collateral Management and Monitoring system. In addition, the Treasury Services Department provides payment, accounting, security, and mail services to these stakeholders as well.

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