Federal Reserve Board
4.2 of 5 45 reviews
www.federalreserve.gov Washington, DC 1000 to 5000 Employees

Federal Reserve Board Reviews

Updated Apr 13, 2014
All Employees Current Employees Only

4.2 45 reviews

                             

100% Approve of the CEO

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Janet L. Yellen

(5 ratings)

90% of employees recommend this company to a friend
45 Employee Reviews
in
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  • Disapproves of CEO

2 people found this helpful  

Beware

Financial Analyst (Current Employee)
Washington, DC

I have been working at Federal Reserve Board full-time for more than 3 years

ProsPrestige (for what it's worth), adjacent to National Mall, OK cafeteria, annual leave, insurance (health, dental, vision), raises available (but if you are not one of the 20% "high performers", you will tread water economically with low raises with 70% of the staff at the "commendable" (nice way of saying average) level.)

ConsPerformance evaluations (that is, the dreadful so-called PMP) use the forced distribution, or "rank and yank" method. Google it; forewarned is forearmed. A set percentage are given bad reviews, with encouragement to quit. The internal webpage shows no one gets below commendable; do not believe it. The entire performance evaluation system is a true insult to workers who bravely try to meet impossible-to-satisfy expectations. Again, my fellow human beings--beware.

[To employees (current and future): As low-level managers will be taking notes for the PMP on computer, you must make sure to ask for a copy of any managerial documentation with your name on it. If denied, make note of the denial. Also, take assignments, do well on them, write a success list (for your own eyes only) so that you can update your resume and leave at will. Your heart, soul, and mind will thank you when you leave the building for the last time.]

Resistance to necessary change. Just because it worked in 1970 does not mean the exact practice must continue in the Internet era.

Excessive division between PHD and non-PHD staff. PHD staff advances; the rest languish.

Advice to Senior ManagementComplete transparency (that is, sunshine) should be standard operating procedure. Employees have a right to know if managers are making adverse decisions about their careers behind closed doors with a outside facilitator.

Forced distribution ultimately will cause systemic failure, requiring congressional attention to fix the mess.

No, I would not recommend this company to a friend

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1 person found this helpful  

Incompetent and lazy colleagues + bully managers

Anonymous Employee (Former Employee)

I worked at Federal Reserve Board full-time

ProsIf you like not doing real work, you can get by. This one guy in our department shipped 2 lines of code in a whole quarter. 2 LINES! And he didn't get fired.

Of course, this is really a con if... you know... you like providing value.

ConsAlmost every employee at the Board is either lazy or incompetent. Examples of laziness:

1. Taking a two hour lunch break PLUS 1 hour coffee break consistently every day.
2. Promising that your work is done, but not being anywhere really close.
3. Taking months long vacations.

Examples of incompetence:

1. Shipping 2 lines of code in a whole quarter!
2. Managers not really managing, just playing the political game of looking good. My manager would say anything, even say "Oh the project is going soooo well!". Total bs.

Examples of bullying:

This one lady we work with shouts at our daily standup EVERY SINGLE DAY. SERIOUSLY?

Advice to Senior ManagementI have no real advice for you, because you'd never follow it anyway. You're too concerned with looking good, playing nice to your own managers, and waiting for retirement. You need to fire slackers and the incompetents, but you'd never do anything to rock the boat.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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5 people found this helpful  

Soul crushing . . .

Anonymous Employee (Current Employee)
Washington, DC

I have been working at Federal Reserve Board full-time for more than 5 years

ProsThe Federal Reserve Board is quasi-government, which, among other things, means that they don't automatically adopt policies set by Congress or the President. It also has good benefits and amenities (gym, parking by lottery, etc.).

ConsUnless you like posturing (rather than working) to get ahead, lots of bureaucracy, meeting about meetings, and occupying yourself with busy work that's only loosely related to what should be done, this isn't the place to be. The Board is very divided. Duplication of efforts is commonplace where interpersonal issues can't or won't be overcome. The fractures within the organization can make it difficult if not impossible to transfer to other divisions or units. This is a very political environment.

Advice to Senior ManagementI don't even know where you'd begin.

No, I would not recommend this company to a friend

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5 people found this helpful  

Good place to have been: Don't get comfortable and stick around forever

Financial Analyst (Current Employee)
Washington, DC

I have been working at Federal Reserve Board full-time for more than a year

ProsExposure to SAS, SQL, MS Access; I learned all of that from scratch during my time
Exposure to large data; perfect environment from where you can launch a career in analytics
Good hours
Decent colleagues

ConsThis is an academic environment, so don't expect to find good (or open) management
No teaming; people here work in silos and everyone has a sense of being a boss
The name of the game here is to get your tenure after your 2-year probationary period and then get comfortable; this may not be bad, but it breeds a certain mentality I was/am not comfortable yet
Complete disregard for the private sector

Advice to Senior ManagementYou don't know everything
It may do you some good to experience some other environment before returning to the Board

Yes, I would recommend this company to a friend

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2 people found this helpful  

Some good, some bad, depends on your personality

Anonymous Employee (Current Employee)
Washington, DC

I have been working at Federal Reserve Board

Pros--benefits are incredible
--pay is much higher than at other federal agencies
--good tuition assistance
--can try different kinds of things and move laterally
--some nice people
--if you are an economist in R&S, it's the bomb!

Cons--very hierarchical, like a caste system (probably similar to other govt agencies)
--federated structure means everyone is the boss! completely siloed.
--slow, slow, no decision-making - make up your mind already!
--no process, no infrastructure - do they make monetary policy on an abacus?
--a lot of the Officers think they are The. Smartest. Person. Ever.
--inverse relationship between rank and leadership ability - the higher the person, the worse the managerial skills

Advice to Senior ManagementRetire. Soon. Before the GAO gets in there to audit you for real.

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Good place to work out of undergrad

Research Assistant (Current Employee)
Washington, DC

I have been working at Federal Reserve Board

ProsPretty cushy job, very lax about hours as long as you get the work done, can learn a lot from economists

ConsThe kind of work you get really depends on the section that you work for. Some RAs get some real responsbilities and will learn a lot staying at the Fed for two years. Some, will learn absolutely no transferable skill and end up leaving a lot earlier than others.

Advice to Senior ManagementThe section I worked for had terrible management. They took no responsibility in training the RAs and gave them no serious responsibilities, which is probably why my section has had such a terrible history of RA retention.

Yes, I would recommend this company to a friend

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Good working environment

Auditor (Current Employee)
Washington, DC

I have been working at Federal Reserve Board full-time for more than 3 years

ProsGood work/life balance
Paid time off
Education Assistance

ConsOpportunities for Advancement
Bureaucratic
Management competence is lacking

Yes, I would recommend this company to a friend

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Great company to work for, but not for everyone. Those looking for a social environment beware.

Anonymous Employee (Current Employee)
Washington, DC

I have been working at Federal Reserve Board as an intern for less than a year

Pros-doing good work
-intelligent people to work with
-good, central location in DC
-opportunities to move up or to get subsidized higher education

Cons-very academic environment (could be a pro)
-not very social, limited team bonding
-age segregation
-higher level staff can sometimes be unaccessible to lower level staff

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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Wonderful learning experience

Staff Assistant (Former Employee)
Washington, DC

I worked at Federal Reserve Board full-time for more than 3 years

ProsI was taught a lot of exciting task

ConsNever trust your surroundings at FRB

Advice to Senior ManagementTreat people the way you would want to be treated

Yes, I would recommend this company to a friend

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1 person found this helpful  

A generally good lifetime experience at the U.S. central bank

Senior Financial Services Analyst (Former Employee)
Washington, DC

I worked at Federal Reserve Board full-time for more than 10 years

ProsInteresting work at the most important central bank in the world; decent pay with periodic cash bonuses; own office; civilized hours; good learning opportunities for younger professionals.

ConsCareer path opaque and perplexing; job increasingly driven by process and process fulfilment imperatives; limited view of the organization; stifling class system of management; bureaucratic procedures.

Advice to Senior ManagementBe more communicative and honest with staff. Generate genuine staff development and promotional opportunities that are equitable. Abolish "caste" system of management. Allow staff greater say (without prejudice) in building true consensus and driving organizational as well as business change.

Yes, I would recommend this company to a friend

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Glassdoor is your free inside look at Federal Reserve Board reviews and ratings — including employee satisfaction and approval rating for Federal Reserve Board CEO Janet L. Yellen. All 45 reviews posted anonymously by Federal Reserve Board employees.