Federal Reserve Board Reviews

Updated March 30, 2015
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4.3
52 Reviews
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Janet L. Yellen
18 Ratings

52 Employee Reviews

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  1. 9 people found this helpful

    The Golden Handcuffs are alluring

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

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

    Pros

    The pay is far more aggressive than what you'll find on the GS scale for government work. The Fed straddles both the government and private industry fence, so you can get the best (and worst) of both worlds. Merit increases have been solid (even through the financial meltdown) and year-end bonuses make holiday shopping enjoyable. The benefits are extensive; health stipends, employer-paid pension, and a 7% match on your 401(k). Plenty of time off options between vacation, personal days, and the "snow" days when the rest of government freaks out because it *might* snow. Telework has taken off and some areas are two-three days a week. Promotions are tough once you hit mid-career level as no one seems to leave. Hence, it a waiting list to move up in your current role.

    Cons

    Best way to get promoted is to leave and come back after two years. Some divisions seem stuck in the 1950's (here's looking at you IT) and others prefer the bleeding edge. There is a fair amount of fiefdom and silos still exist. At times, it operates closer to a dozen private businesses (divisions) all fighting over the same scraps. Why? We turned over $100 billion to Treasury last year as "profit." Yes, some areas are content to let employees "retire in place" and get paid so long as they can still fog a mirror. Others run so lean an operation, the typical workweek is 7am-7pm, five days a week. Get your staffing levels right on both sides of that aisle.

    Advice to ManagementAdvice

    360 reviews are long-overdue; there needs to be some form of peer/customer feedback. Employees are rated and "at risk" of losing their jobs every year; employees stuck with a bad manager should be allowed to "fire" the manager as well through some means other than quitting. Some managers are technically great, but have zero "people manager" skills. If I'm a technical expert, let me chase that path and leaves the management track to those who want it (subject matter experts should be allowed to make more than their manager - aka "dot com" era). If you want top talent, you're going to have to pay for it (better salaries, faster promotions, bigger bonuses, getting rid of knucklehead managers, etc.). I have every intention of retiring from the Fed. I believe in her mission and the "higher purpose" of what we do. I just want to be certain what I do matters. I don't need to be "private island" rich, but I don't want to live paycheck-to-paycheck either (which is very easy to do trying to raise a family in DC).

    Recommends
    Positive Outlook
    Approves of CEO
  2. Great Place to Work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Research Assistant in Washington, DC
    Former Employee - Research Assistant in Washington, DC

    I worked at Federal Reserve Board

    Pros

    No strict hours. Everyone is generally nice and easy to work with. You get to see some of the smartest economists in the world walk around the hallways.

    Cons

    The offices building hasn't building hasnt been upgraded since the 50's. The cafeteria could use a little improvements. Ego's can and will clash from time to time.

    Advice to ManagementAdvice

    Needs to be more communication between groups. There is a huge disconnect and a lot of potential collaboration is mised out on. Research tools aslo need improvement.

    Recommends
    Positive Outlook
    Approves of CEO
  3. Great place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Computer Programmer in Washington, DC
    Former Employee - Computer Programmer in Washington, DC

    I worked at Federal Reserve Board full-time (more than 5 years)

    Pros

    - Great benefits, cafeteria, workout gym locate on premise.
    - Learning opportunities for those who seek.
    - Challenge work.

    Cons

    - No first consideration to rehire for former employees who were once high contributors to the Board.

    Advice to ManagementAdvice

    - Give priority to reinstate former employee who parted in good terms and wanting to return.

    Recommends
    Positive Outlook
    Approves of CEO
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  5. Overall, a very positive experience

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Research Assistant in Washington, DC
    Current Employee - Senior Research Assistant in Washington, DC

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

    Pros

    Learn a lot about programming, surrounded by highly intelligent staff, opportunities you couldn't get elsewhere

    Cons

    A lot of production work is required of research assistants

    Recommends
    Neutral Outlook
    Approves of CEO
  6. 1 person found this helpful

    The Federal Reserve Board is a great place to work with excellent benefits package

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee in Washington, DC
    Current Employee - Anonymous Employee in Washington, DC

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

    Pros

    Salary is competitive with private sector
    Outstanding benefits package
    Outstanding retirement package
    They encourage annual staff training\conferences
    Flexible schedule, telecommuting
    Annual pay increases based on merit (i.e. you earned it)

    Cons

    Restrictions on gift acceptance such as training conference freebees
    Promotions (pay grade increase and management positions) seem to be based less on merit and ability but more on who you know, who you haven't pissed off and if you're not too old (promoted managers tend to skew on the younger spectrum < 35)
    No parking garage for non-management employees

    Recommends
    Positive Outlook
    Approves of CEO
  7. Interesting and important work with a good work/life balance

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Services Analyst in Washington, DC
    Former Employee - Financial Services Analyst in Washington, DC

    I worked at Federal Reserve Board

    Pros

    interesting work, intelligent people, work/life balance

    Cons

    very limited view of the overall machine that is the US central bank; work is interesting but very narrow

    Advice to ManagementAdvice

    increase cross-divisional interactions and exchange programs across the Board

    Recommends
    Positive Outlook
    Approves of CEO
  8. Internship

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

    I worked at Federal Reserve Board

    Pros

    Great organization to do an internship with. I worked with a lot of smart economists in one of the research divisions, and was exposed to really interesting problems.

    Cons

    I wish I would have had an opportunity to work more with the other summer interns, but my work was largely an individual project.

    Recommends
    Positive Outlook
    Approves of CEO
  9. 2 people found this helpful

    I had a great experience and learned a lot that I can use to further my career development.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Intern - Student Intern in Washington, DC
    Former Intern - Student Intern in Washington, DC

    I worked at Federal Reserve Board as an intern (less than a year)

    Pros

    Everyone is easy to work with. Great work-life balance. Provides a comfortable atmosphere where you can learn and develop your career. Fantastic benefits. A lot of chances to grow by moving to different divisions and promoting form within.

    Cons

    Compensation is an issue in regard to turnover. Doesn't have an undergraduate development program that would be very helpful. Start to get younger employees who are more motivated to learn and go the extra mile. Have to earn a master's degree for a lot of the positions.

    Advice to ManagementAdvice

    Focus on decreasing turnover. Increase communication across divisions.

    Recommends
    Positive Outlook
    Approves of CEO
  10. Great place to learn!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Intern - Intern in Washington, DC
    Former Intern - Intern in Washington, DC

    I worked at Federal Reserve Board as an intern (more than a year)

    Pros

    The people you come in contact with are generally quite well educated and established in the field.
    Almost everyone is genuinely dedicated to the work.
    Work/home balance is quite good, especially as an intern.
    The programs the Fed offers to interns to learn about different departments within the organization are stellar.

    Cons

    You will run into a bit bureaucratic red tape but it is far worse in other 'true' Government Departments

    Advice to ManagementAdvice

    Look to hire a younger workforce, you may be missing out on some business process innovation.

    Recommends
    Positive Outlook
    Approves of CEO
  11. As a Web Development Intern, I enjoyed being in DC and Pay was Excellent

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Intern - Web Development Intern in Washington, DC
    Former Intern - Web Development Intern in Washington, DC

    I worked at Federal Reserve Board as an intern (less than a year)

    Pros

    Good people, nice environment, awesome buildings and perks that come with being a Board employee. Benefits are also good for employees. Work can get boring but that's just work. When I received my paycheck, it all made sense. Most people who work there are friendly but there is also some politics involved. Duh! I got to meet and take a pic with Ben Bernanke and Janet Yellen. So that was a great experience.

    Cons

    I was given a tedious project from which I did not learn much. Seemed like wax on wax off type of job as an intern but I did my time and earned what I deserved. Actually they overpaid me... how dumb is that, being the Fed. I received an extra paycheck and they've been bugging me about it since.

    Advice to ManagementAdvice

    Please don't be so uptight. Not my manager, but some other interns I observed.

    Recommends
    Positive Outlook
    Approves of CEO

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