Federal Reserve Bank of Chicago

  www.chicagofed.org
  www.chicagofed.org

Federal Reserve Bank of Chicago Reviews

Updated October 5, 2014
Updated October 5, 2014
50 Reviews
3.7
50 Reviews
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Federal Reserve Bank of Chicago President & CEO Charles Evans
Charles Evans
32 Ratings

Review Highlights

Pros
  • The work/life balance is better than almost anywhere (in 8 reviews)

  • Benefits are very good, even with the recent cap of graduate school tuition reimbursement at (in 10 reviews)


Cons
  • Salaries are better in the private sector (in 3 reviews)

  • Senior management in the Supervision and Regulation division is not strong (in 3 reviews)

More Highlights

Employee Reviews

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  1.  

    Great company culture

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Intern in Chicago, IL
    Former Employee - Intern in Chicago, IL

    I worked at Federal Reserve Bank of Chicago as an intern (less than an year)

    Pros

    Challenging environment, great people, lots of events to break up the day, inclusive culture, you are part of something much bigger than yourself, dedication to corporate social responsibility

    Cons

    With high expectations, there sometimes is slow turn around with everyone very busy striving for perfection.

    Recommends
    Neutral Outlook
    No opinion of CEO
  2. 1 person found this helpful  

    Intern

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Risk Specialist in Chicago, IL
    Current Employee - Risk Specialist in Chicago, IL

    I have been working at Federal Reserve Bank of Chicago as an intern (less than an year)

    Pros

    Work/Life Balance. Great Organizational Culture.

    Cons

    Nothing to complain about. People are mostly nice and supportive. FED of Chicago has a great organizational culture. A good learning environment.

    Advice to ManagementAdvice

    I had a great expeince with manageres.

    Recommends
    Positive Outlook
    Approves of CEO
  3. 1 person found this helpful  

    The culture is great and provides a great work life balance.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Associate Auditor in Chicago, IL
    Current Employee - Associate Auditor in Chicago, IL

    I have been working at Federal Reserve Bank of Chicago full-time (more than an year)

    Pros

    Work life balance is great

    Cons

    Development is a strong focus so if you're not trying to continuously develop yourself, then this may not be the place for you.

    Advice to ManagementAdvice

    NA

    Recommends
    Neutral Outlook
    Approves of CEO
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  5. 1 person found this helpful  

    A unique employer rich with opportunities for growth and development

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Analyst in Chicago, IL
    Current Employee - Analyst in Chicago, IL

    I have been working at Federal Reserve Bank of Chicago full-time (more than 8 years)

    Pros

    I came to the Fed through a career change (in what would probably be considered mid-career) from 15 years in the private sector in various industries. The environment is friendly to people who bring honed skills and an education, but still provides generous opportunity for education and growth for early career employees. Given the variety of work the Fed does -- financial services to financial institutions, economic and policy research, and bank supervision -- it's easy to migrate to different roles and try new things. A progressive vibe for being such a formal institution nurturing diversity with employee interest groups for cultural, LGBT, veteran employees and programs to support inclusion. The bank attracts people who value serving the public good and could probably take their talents elsewhere for more money, but believe in the work they do. Generous time-off policies, modern fitness center on site, generous 401K and pension programs, subsidized cafeteria, spectacularly maintained building with a beautiful art collection, and a host of other benefits like some reimbursement for health and fitness expenses. Overall, an exceptional employment opportunity.

    Cons

    Skilled analysts or technical staff are probably able to make better money elsewhere. There can sometimes be sense of entitlement and some negativity among employees who haven't spent much time in other organizations (lifers and very early career employees with limited experience elsewhere). Can be bureacratic and slow to act.

    Recommends
    Positive Outlook
    Approves of CEO
  6.  

    Smart people, stability, some frustrating challenges

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Examiner in Chicago, IL
    Current Employee - Examiner in Chicago, IL

    I have been working at Federal Reserve Bank of Chicago full-time (more than 3 years)

    Pros

    Great benefits, including flex time, telecommuting arrangements (depending on your manager), and tuition reimbursement (although this was significantly reduced recently), and onsite fitness center. Ample vacation, if you can find time to take it.
    Most managers care about what interests their employees, although supervisory work doesn't leave much room for flexibility or creativity in duties.
    Lots of opportunities to try different positions or move up within the organization without encountering the politics rampant in the private sector.

    Cons

    It's a quasi-government job, so you are doing a lot of tedious check-the-box work like creating a document for every report you look at or conversation you have. The documentation burden continues to increase even as management states that redundancy is unnecessary.
    Generally, a good work-life balance but increasingly large projects which require months of 60-hour weeks, without pay to justify the workload. Sometimes difficult to take advantage of benefits like vacation because there is no time to take it.
    Frequent reorganizations are disruptive and create unnecessary stress.

    Advice to ManagementAdvice

    Avoid reorganizing just to try something new. Consider the effects of structure changes or reduction in benefits (i.e. tuition reimbursement) rather than just announcing a change. Allow high achievers to try something new or another position even if there is not a specific opening in that area.

    Recommends
    Neutral Outlook
    Approves of CEO
  7.  

    Great place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Organizational Development Intern in Chicago, IL
    Former Employee - Organizational Development Intern in Chicago, IL

    I worked at Federal Reserve Bank of Chicago as an intern (less than an year)

    Pros

    Benefits, base salaries, and general support are fantastic. Employees get subsidized meals, an in-house gym, and depending on the department flex-time options.

    Cons

    Turnover rates are very low so getting a foot in the door is really tricky. Also, the sense of community may not be as strong as some companies, there aren't company picnics or anything like that.

    Advice to ManagementAdvice

    keep up the good work

    Recommends
    Neutral Outlook
    No opinion of CEO
  8. 2 people found this helpful  

    Frustrating, low pay.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Examiner in Chicago, IL
    Current Employee - Senior Examiner in Chicago, IL

    I have been working at Federal Reserve Bank of Chicago full-time (more than 8 years)

    Pros

    The work/life balance is better than almost anywhere. And the tuition reimbursement program is ridiculously generous.

    Cons

    The HR department is still working off of maket value comparisons from 2006 when determining employee pay. If a bank the FRB supervised did this, that bank would be de-chartered!

    Advice to ManagementAdvice

    Pay your employees what they are worth.

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  9.  

    Not what you would expect from the Government

    Former Employee - Anonymous Employee in Chicago, IL
    Former Employee - Anonymous Employee in Chicago, IL

    I worked at Federal Reserve Bank of Chicago full-time (more than 10 years)

    Pros

    Dynamic environment - High impact projects

    Cons

    Culture can be overbearing - very complex decision making

    Recommends
    Positive Outlook
    Approves of CEO
  10. 1 person found this helpful  

    Good place to work, but limited options for Administrative Assistants

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Administrative Assistant in Chicago, IL
    Current Employee - Administrative Assistant in Chicago, IL

    I have been working at Federal Reserve Bank of Chicago full-time (more than 10 years)

    Pros

    Great benefits, nice work environment, mostly great people, some of the leaders don't "walk the walk", others are good.

    Cons

    It is difficult to advance when at the Administrative Assistant level.

    Advice to ManagementAdvice

    Give more developmental opportunities to the Administrative Assistant levels.
    Give more help to people learning a new task.

    Approves of CEO
  11.  

    Great learning experience

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Associate Economist
    Current Employee - Associate Economist

    I have been working at Federal Reserve Bank of Chicago full-time

    Pros

    Awesome people, awesome experience, learned a lot

    Cons

    Pace can be a bit slow

    Recommends
    Positive Outlook
    Approves of CEO

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