Exploring Careers in Economics, October 19, 2021

TL;DR

A virtual event hosted by the Federal Reserve to encourage students from diverse backgrounds to pursue careers in economics and provide insights into working at the Fed.

Transcript

good afternoon and on behalf of the board of governors of the federal reserve system thank you for joining us today at our exploring careers and economics event we are excited to host so many of you from across the united states my name is jocelyn jackson and i am the economics outreach specialist before we begin today i would like to take a moment... Read More

Key Insights

• 💦 The Fed's mission of public service and commitment to diversity and inclusion make it an exciting place to work.
• 👨‍🔬 Economics offers a framework for understanding and addressing societal issues, and it provides valuable analytical and research skills.
• 👨‍🔬 Research assistants at the Fed have diverse responsibilities, including data analysis, coding, research, and supporting policy work.
• 👨‍🔬 Pursuing internships, gaining research experience, developing programming skills, and taking courses in economics and math are recommended for aspiring economists.
• 💦 The COVID-19 pandemic has transformed the way the Fed operates, with staff transitioning to remote work and focusing on analyzing the impact of the pandemic on the global economy.

Questions & Answers

Q: Why did you decide to pursue a career in economics?

The panelists were drawn to economics due to their passion for understanding inequality, policy development, and making a positive impact on society. Economics offered them analytical skills and a framework for addressing important social issues.

Q: What does a typical day as a research assistant at the Fed look like?

The panelists described their days as varied, including tasks such as data cleaning, coding, conducting research, attending meetings, and collaborating with economists. The workload depends on the section and specific projects assigned.

Q: What recommendations do you have for college students preparing for entry-level economics positions at the Fed?

The panelists advised taking courses in economics, econometrics, and math, gaining research experience through internships or individual projects, developing programming skills, and pursuing topics that genuinely interest them.

Q: Did any of you have internships at the Fed before becoming research assistants?

One panelist had an internship at the Fed before becoming a research assistant. They emphasized the importance of gaining research experience and encouraged students to apply to internships at various Federal Reserve banks, including non-research positions.

Summary & Key Takeaways

• The event featured a speech by Raphael Bostic, the president of the Federal Reserve Bank of Atlanta, who shared his career journey in economics.

• A panel of senior research assistants discussed their experiences and gave advice on pursuing a career in economics.

• Beth Ann Wilson, the Director of the International Finance Division at the Fed, spoke about her work and the importance of diversity in economics.