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Federal Reserve Bank of Chicago Overview

Chicago, IL
1001 to 5000 employees
1914
Government
Federal Agencies
$2 to $5 billion (USD) per year
The Federal Reserve Bank of Chicago regulates banks and bank holding companies in northern Illinois, northern Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and all of Iowa. It supervises more than 850 bank holding companies and state member banks, distributes ... Read more

Federal Reserve Bank of Chicago – Why Work For Us?


The Chicago Fed serves the Seventh Federal Reserve District, an economically diverse region that includes all of Iowa and most of Illinois, Indiana, Michigan and Wisconsin. The Seventh District has a large national share of many important economic sectors. The Chicago Fed has a head office in Chicago and a branch office in Detroit.

We serve the public interest by fostering a strong economy and promoting financial stability. We accomplish this with talented and innovative people working within a collaborative and inclusive culture.

A career at the Federal Reserve Bank of Chicago puts you at the center of the financial world with a perspective on national and international economies and markets. You will join a talented group of professionals working to foster and support the safety, soundness and vitality of our economic and financial systems.

It's a challenge that demands the skills of a financial services professional, the intellectual curiosity of an academic and a passion for public service. The experience, exposure and relationships you gain here will put you on the path to a distinguished career and rewarding lifestyle.

Our Mission

The mission of the Federal Reserve System is to foster the efficiency of the nation's monetary, financial and payment systems in order to promote a strong and stable economy.

To support this mission, the Federal Reserve Bank of Chicago:

  • Participates in the formulation and implementation of national monetary policy.
  • Supervises and regulates state member banks, bank holding companies and foreign bank branches.
  • Provides financial services to depository institutions and the U.S. government.

Our success depends on the skills and talents of many people from different backgrounds. These include central bank activities, financial services, support services and positions in special hiring programs.

Our Vision

We serve the public interest by fostering a strong economy and promoting financial stability. We accomplish this with talented and innovative people working within a collaborative and inclusive culture.

Our Work Environment

If you join our team, you will be a part of an environment that helps you grow and develop personally and professionally. We offer employees:

  • A diverse, inclusive and welcoming environment
  • Opportunities to develop and grow
  • A workplace grounded in core values of integrity, respect, responsibility and excellence

In addition, the Federal Reserve Bank of Chicago is committed to open communication between employees and their department management. This helps foster an environment where employees can make positive contributions to our success.

Diversity and Inclusion

We support a diverse and inclusive work environment where employees are respected, treated fairly and given equal opportunities to perform to their fullest potential. We nurture this environment through our policies, vision and values as well as through our professional and diversity network groups.

At the Chicago Fed, valuing diversity is not only recognizing and respecting differences, it is embracing our similarities so that we work together toward common goals.

Our Core Values

Our values represent what is most important to us as an organization. They guide us in our daily work and provide a framework for evaluating success.

Integrity

We are honest, fair, courageous and independent in order to maintain strong public confidence in our Bank and in the Federal Reserve System.

Respect

We value diverse talents and perspectives and empower one another to advance our mission.

Responsibility

We are accountable for our individual and collective actions and honor our commitments to the public and one another.

Excellence

Excellence We strive to achieve the highest level of performance in pursuit of our mission.

The Chicago Fed offers competitive salaries and an industry-leading benefit package that includes the following.

Flexible Work Schedules

With management approval, employees can take advantage of flexible work schedules or have the ability to work at home.

Health Benefits

The Bank provides medical, prescription drug, dental and vision benefits. Employees can choose from a variety of health and dental plans, according to their personal needs. The Bank also offers Health and Dependent Care flexible spending accounts that allow employees to set aside pre-tax income to help pay for health care expenses not covered by a medical plan or for dependent care expenses for a child or elderly adult.

Health and Wellness Program

OptumHealth® myNurseLine Service is available 24/7 to assist with choosing the appropriate medical care, finding a doctor or hospital, understand treatment options or ask medication questions.

Healthy Rewards Program

To promote your health and well-being, the Healthy Rewards Reimbursement Program provides a reimbursement to be applied toward wellness options.

Identity Theft Protection

Bank employees have complimentary access to a full suite of identity theft and privacy protection services which includes identity monitoring, credit monitoring, and social media monitoring.

Life Insurance

The Bank provides generous life insurance benefits as well as optional group universal life, accident, and long-term care insurance.

Retirement Plan

The Bank's retirement plan is a fully-funded employer pension plan that provides 100 percent vesting in the benefit after five years of service. Benefits can commence as early as age 55. At retirement, eligible employees receive a benefit based on a calculation that includes their final average salary and years of service.

Thrift Plan (401K)

The Thrift Plan, or 401K, allows employees to contribute a percentage of their salary on either a pre-tax or after-tax basis, through payroll deductions. The Bank matches employee contributions dollar-for-dollar up to six percent of the base pay, plus an automatic separate contribution of one percent to each employee’s account. Free financial planning is also available through Ayco Financial Services.

Time Off

Regular-help, full-time and part-time employees are eligible for vacation time based on Fair Labor Standards Act (FLSA) status (exempt or non-exempt), job level, and years of service. We also provide personal time that can be taken on an unplanned basis as sick time or on a planned basis for occasions such as doctors' appointments, parent-teacher conferences or religious holidays that are not federal holidays. Additionally, we offer generous, fully paid parental leave and 10 Bank holidays per year.

Transportation Benefits

Employees can set aside pre-tax dollars to help pay for commuting expenses. This includes public transportation, parking and van-pooling expenses.

Wellness Center

The Wellness Center provides on-site fitness/wellness services and education.

Federal Reserve Bank of Chicago Reviews

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Federal Reserve Bank of Chicago President & CEO Charles Evans
Charles Evans
86 Ratings
  • Featured Review

    Helpful (3)

    "Great Career Building Environment"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Statistical Analyst in Chicago, IL
    Former Employee - Statistical Analyst in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Federal Reserve Bank of Chicago full-time (More than 3 years)

    Pros

    - Great place to start your career after college
    - Exceptional benefits
    - Good coaching from management all the way up the chain
    - Management takes a personal interest in your development
    - Women and men are treated equally
    - Warm environment for LGBT+ community
    - President and First VP are actively engaged in improving the workplace

    Cons

    - It's a 100 year old government bureaucracy, so it struggles with red tape and internal controls and regulations
    - It's not a place to come in and shake up the process

    Advice to Management

    - Take more risks

See All 158 Reviews

Federal Reserve Bank of Chicago Photos

Federal Reserve Bank of Chicago photo of: The Chicago Fed built in 1915
Federal Reserve Bank of Chicago photo of: Federal Reserve Bank of Chicago
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Federal Reserve Bank of Chicago Interviews

Experience

Experience
67%
15%
18%

Getting an Interview

Getting an Interview
73%
15%
8%
4

Difficulty

2.8
Average

Difficulty

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  1. Helpful (1)  

    Associate Auditor Interview

    Anonymous Employee
    Accepted Offer

    Interview

    Started eith phone interview, then an in person interview with two individuals (one auditor and one manager). Had a third interview with a more senior manager followed by a written assessment.

    Interview Questions

    • Why do you want to work for the fed?   1 Answer
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Federal Reserve Bank of Chicago Awards & Accolades

  • 2018 Working Mother 100 Best Companies, Firm Wide, Working Mother Magazine, 2018
  • Corporate Equality Index, Human Rights Campaign, 2018
  • Corporate Equality Index, Human Rights Campaign Foundation, 2017
  • LEED Gold Award, U.S. Green Building Council’s Leadership in Energy and Environmental Design, 2017
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