Embark on a journey of professional discovery with the New York Fed’s Sophomore Career Exploration Program. This immersive 8-week summer internship is meticulously designed to equip undergraduate sophomores with essential personal and professional skills, setting a robust foundation for a successful career trajectory. Beyond day-to-day responsibilities, interns benefit from a unique cohort-based learning model, fostering collaboration and peer support. Each intern is also paired with an experienced professional at the Federal Reserve Bank of New York, providing invaluable mentorship and guidance. Furthermore, participation in this program offers a distinct advantage: consideration for the junior-level internship program in subsequent years, a recognized pathway for entry-level hiring at the New York Fed.
This competitive program offers opportunities across three distinct tracks, allowing students to align their interests with specific areas within the Federal Reserve System: Policy, Business, and Technology.
Policy Track: Shaping Economic Landscapes
The Policy track provides a comprehensive overview of the Federal Reserve’s crucial role in shaping financial and economic stability. Interns in this track may contribute to the following groups:
- Supervision Group: Delve into the regulatory framework governing financial institutions within the Second District, gaining firsthand experience in maintaining a stable and sound financial system. This involves analyzing financial health, risk management, and compliance of banks and financial entities under the Fed’s purview.
- Markets Group: Experience the dynamic world of financial markets. This group is at the heart of implementing open market operations, a key tool in monetary policy. Interns may be involved in monitoring market trends, analyzing financial data, and supporting the management of foreign customer accounts, providing a deep understanding of market dynamics and central bank operations.
- Research Group: Contribute to the intellectual engine of the New York Fed. The Research Group conducts in-depth analysis on both short-term and long-term economic trends, providing critical insights that inform monetary policy decisions, banking supervision strategies, and understanding of payment systems and broader financial issues. Interns will engage with cutting-edge economic research and contribute to reports and analyses that guide policy.
- Communications & Outreach Group: Explore the vital role of communication in the Federal Reserve’s mission. This group focuses on disseminating information about the New York Fed’s activities and policies to diverse audiences, ensuring transparency and public understanding. Interns may assist in developing communication strategies, creating content for various platforms, and engaging with communities to gather feedback and inform outreach programs.
Business Track: Driving Operational Excellence and Financial Integrity
The Business track offers a diverse range of internships focused on the operational and administrative backbone of the New York Fed, essential for its smooth functioning and effectiveness. This track includes opportunities within:
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Operations & Resiliency Group: Gain insight into the critical operations that ensure the stability and resilience of the financial system. This group oversees payment system processing, manages the Bank’s Law Enforcement Unit, and leads Business Continuity and Resiliency efforts. Interns will learn about the intricate systems that underpin financial transactions and the measures taken to safeguard operations against disruptions.
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Statistics Function: Understand the power of data in maintaining a sound financial system. The Statistics Function is responsible for the collection, quality assurance, and management of vast amounts of financial and organizational data. Interns will learn about data management, data analysis, and the critical role of accurate data in informing economic and financial decision-making.
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Research Function (Business Track): Similar to the Policy track, the Research Function within the Business track also conducts vital economic research, providing analytical support across various domains, reinforcing the importance of research across the Federal Reserve’s operations.
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Corporate Group: Experience the internal operations that support the entire New York Fed. The Corporate Group acts as a strategic business partner, providing a wide array of services, including resource and financial management, human resources, and administrative support. Interns will understand the complexities of managing a large institution and the importance of efficient internal operations.
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Audit Group (Internal Audit): Learn about the crucial function of internal audit in ensuring accountability and effective governance. Internal Audit provides independent assessments of the Bank’s operations, risk management, and control processes, reporting to the Board of Directors. Interns will gain insights into risk assessment, control evaluation, and the importance of independent oversight.
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Legal & Compliance Group: Explore the legal and regulatory landscape of the Federal Reserve. This group is composed of several functions, with internship opportunities potentially available in:
- Compliance Function: Focus on identifying, monitoring, and mitigating legal, regulatory, and reputational risks. Interns may be involved in compliance reviews, handling ethical conduct matters, and evaluating the effectiveness of compliance programs.
- Legal Function: Gain exposure to the legal aspects of the Federal Reserve’s operations, potentially within areas like enforcement, litigation, investigations, or corporate affairs. Interns might assist with legal research, document review, or support the handling of legal inquiries.
- Group Operations and Strategy Function: Understand the strategic and operational support provided to the Legal Group, including business operations, information management, and risk management.
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Risk Group: Contribute to the critical function of risk management within the New York Fed. This group acts as the second line of defense, independently assessing and overseeing the Bank’s risk profile and promoting a strong risk culture. Interns will learn about risk frameworks, risk assessment methodologies, and the importance of managing risks effectively.
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Enterprise Strategy Office: Gain a high-level perspective on the strategic direction of the New York Fed. Working within the Executive Office, this team collaborates with senior leadership to develop and communicate the Bank’s strategic priorities and coordinate the execution of its strategic plan. Interns will be exposed to strategic planning processes and the alignment of operations with overarching goals.
Technology Track: Powering Innovation and Security
The Technology track offers internships within the technology division of the New York Fed, a critical component in supporting the Federal Reserve System’s operations and security. Interns in this track may work within:
- Solution Delivery: Contribute to the development and implementation of technology solutions that drive efficiency and innovation within the Bank. This could involve software development, project management, or business analysis roles, providing hands-on experience in creating impactful technology solutions.
- Service Management: Learn about the essential function of managing and maintaining IT services to ensure smooth and reliable operations. This includes IT support, infrastructure management, and service delivery, offering insights into the complexities of managing large-scale IT systems.
- Client Engagement: Experience the client-facing side of technology services, focusing on understanding user needs and delivering effective technology solutions to internal stakeholders. This could involve user support, training, or business relationship management, developing crucial communication and client service skills.
- Cybersecurity Functions: Be at the forefront of protecting the Federal Reserve System from cyber threats. This area focuses on information security, incident response, and security operations, providing critical experience in a rapidly evolving and vital field.
About Our Summer Programs: Launching Your Public Service Career
The New York Fed’s summer programs, including the Sophomore Career Exploration Program, are exceptional gateways for students seeking meaningful work experience in public service. These programs are designed to provide a comprehensive understanding of the New York Fed’s multifaceted role within the U.S. economy and financial system. Through engaging project assignments and targeted professional development activities, interns cultivate valuable skills in critical financial analysis, effective communication through presentations, rigorous research methodologies, and professional writing. These internships are offered to undergraduate students (sophomores and juniors) and graduate students, with each summer program commencing in early June, offering a timely and enriching summer experience.
Please note that applications for the Summer 2025 Sophomore Career Exploration Program are currently closed. Interested students are encouraged to revisit the New York Fed Careers website in Fall 2025 for updated information regarding the 2026 program application process. We look forward to welcoming the next cohort of talented sophomores to explore their potential at the New York Fed.
