Apply while you can!! This opportunity closes on 11/30 at 11:59 PM, Eastern Standard Time (EST).
Safeguard America’s Economic Future as a Financial Management Scholar
The mission of the FDIC is to maintain stability and public confidence in the nation’s financial system. The FDIC supervises a vast majority of the country’s community banks –the institutions that provide loans to farmers and small businesses, make it possible for entrepreneurs to launch start-ups, support local governments as they build libraries and parks, and help people buy homes. These essential functions are the very things that help keep America running.
When you join the agency as a Financial Management Scholar, you will get a unique, firsthand look at how the FDIC accomplishes its mission by ensuring that banks are following safe and sound banking practices, managing their institutions effectively, and complying with consumer protection laws and regulations.
If you are a college junior majoring in accounting, banking, commercial or banking law, economics, business administration, marketing, finance, or other fields, consider applying for the FDIC’s Financial Management Scholars Program (FMSP). Selected applicants will be placed with FDIC’s Division of Depositor and Consumer Protection, and will work in teams with experienced FDIC employees to gain hands-on experience evaluating bank operations, business planning, and consumer protection practices. These teams are responsible for assessing financial institutions to determine whether they are following safe and sound banking practices, maintaining effective internal controls and procedures, managing their institutions effectively, and complying with all applicable laws and regulations, including those relating to consumer protection, privacy, community reinvestment, and fair lending.
Under the direction and supervision of an Examiner or Assistant examiner of higher grade, FMS will also:
· Examine initial disclosures, periodic statements, advertisements, and other information to evaluate procedures and reviews for compliance with applicable regulations.
· Examine closed-end non-real estate credit transactions for compliance with applicable regulations.
· Review the Home Mortgage Disclosure Act loan application register for accuracy and assesses the bank’s overall reporting procedures.
· Review adverse action notices for compliance, and to gain a cursory exposure to applicable lending-related regulations.
· Examine a sample of residential, consumer, commercial and agricultural files to determine compliance.
· Review applicable regulations and examination manual to become informed about the CRA.
· Participate in discussing the overall examination process including evaluating the bank’s Compliance Management System (senior management oversight; compliance program, including the elements of polices, monitoring, and training; and audit procedures). Asks questions to gain clarification and understanding of examination policies and procedures.
· Observe the interaction between the FDIC and Bank personnel.
· Respond to questions from other examiners regarding his/her section of the Report of Examination.
· Review the CRA of an institution and participates in discussions for assigning its rating.
· Prepare a summary of each performance factor describing why rating was assigned.
· With the assistance of an experienced examiner, participate in meetings as appropriate.
· Prepare a written summary of what was observed during the meeting/interview for input into the report or memo.
The FMSP offers paid summer internships that include vacation and sick leave and opportunities for travel. Scholars participate in a one-week orientation session followed by 9-10 weeks of on-the-job training in one of the FDIC’s field offices (more than 50 internship locations are available nationwide). Scholars complete an automated writing assessment during the field office assignment. At the end of the program, scholars who are eligible may receive post-graduation employment offers with the FDIC.
The FDIC will begin accepting applications for internships that begin in May 2021.
Des Moines, IA
New York, NY
Blue Bell, PA
Please apply via the external application link through Handshake.
Minimum Educational and Other Requirements:
1. U. S. citizenship.
2. Enrolled at least half-time in a bachelor’s degree program at an accredited college or university.
3. Completion of the junior year with a major in economics, business administration, accounting, mathematics, statistics, or a related field, an overall GPA of 3.25, and a planned graduation date between December 2021 and December 2022.
4. Successful completion of the FDIC’s background investigation requirements.
FDIC is an equal opportunity employer. Applications are considered without regard to race, color, age, religion, gender, national origin, physical disability or any other non-merit factor.