Summer Internship - Supervision & Regulation - Commercial Real Estate - Federal Reserve Bank (FRB)

Company

Federal Reserve Bank of Philadelphia

The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.

Bring your passion and expertise, and we’ll provide the opportunities that will challenge you and propel your growth!

The Federal Reserve Bank of Philadelphia is seeking a graduate, or PhD level student with preferred majors in Economics, Finance, Statistics or Computer Science.  This opening is onsite and will consider hybrid candidates as well.  The work schedule is Monday – Friday (40 hour per week).  This is a 10-week paid internship.  The hourly rate for this position is $25.00-$28.00 per hour depending on the chosen candidate's education level.  

Intern projects:

The chosen candidate will assist on a project to measure the risk of commercial real estate (CRE) loans. It is critical to calculate the loan-to-value ratio (LTV) of the properties, which requires a good commercial property price index (CPPI). Existing indices provided by various vendors are usually not geographically granular enough. In this project, we will adopt a hybrid indexing methodology to construct our own CPPI using the CoreLogic and RCA property transactions data. The index will be used for risk analytics for CRE loans held by large banks as well as regional and community banks.

In the beginning of the internship, the intern will be processing the CoreLogic and RCA data, which are vendor data SRC has access to.

In the middle of the internship, the intern will perform modeling under my guidance to construct the index and then validate the index.

Required Skills:

• SAS, STATA, R or other statistical software
• Knowledge of commercial real estate a plus

Preferred Competencies:

• Substantive communication skills 
• Ability to work independently and with teams
• Strong attention to details
• Excellent organizational skills
• Initiative
• Flexibility to manage multiple priorities

Additional Information:

• The Federal Reserve Bank of Philadelphia believes that diversity, equity and inclusion among our employees is essential to our success as an organization, and we want to recruit, develop and retain the most accomplished people from a diverse candidate pool. To support a workplace culture of belonging, we offer eight employee resource groups (ERGs) and a 100 percent rating on the Human Rights Campaign (HRC) Corporate Equality Index. The Federal Reserve Bank of Philadelphia is proud to be an equal opportunity workplace.
• We have eight employee resource groups (ERGs) to support a diverse workforce. Abilities (supporting disabilities and allies), African Heritage, Asian-Pacific, Freedom (supporting LQBTQ+ and allies), Talent Forward (supporting career growth), Women United, Working Families and Veterans. ERGs are open to all employees.
• We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment.
• All Federal Reserve Bank of Philadelphia 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 or 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 them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
• Background investigations and drug testing are required for all new hires as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be screened for the presence of marijuana. Employment may not begin until the Bank accepts the results of the background investigation.
• All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
• The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
• This is not a 100% remote opportunity. You will be available to work on-site in at least a hybrid capacity.
• Learn more about the Philly Fed and its culture. Learn more about working for the Philly Fed.

Full Time / Part Time

Part time

Regular / Temporary

Temporary

Job Exempt (Yes / No)

No

Job Category

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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