The Federal Reserve System comprises the Board of Governors in Washington D.C. and 12 Federal Reserve Districts located nationwide. The Fifth District, which is headquartered in Richmond, VA, serves the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. Branch offices are located in Baltimore, MD and Charlotte, NC.
Part of the Nation's Central Bank
As the nation’s central bank, the Federal Reserve sets monetary policy, supervises and regulates member financial institutions and provides an array of financial services. In the Fifth District, we contribute to the formulation of national monetary policy, gather and analyze regional economic data, and supervise and regulate financial institutions headquartered here. We also process currency, check and electronic payments for banks, and provide financial services to the U.S. Treasury.
History of the Richmond Fed
The Richmond Fed was organized in May 1914, following the enactment of the Federal Reserve Act in December 1913 and after the completion of a process to select host cities for Reserve Banks.
The Federal Reserve Bank of Richmond has a long-standing commitment to diversity and inclusion in our workplace and business practices. We believe it takes each of us to make diversity and inclusion happen, and the result is an environment where people feel respected, valued, engaged and appreciated. This environment is supported throughout our organization, and is reinforced through education, employee resource networks, mentoring and diversity recruiting.
As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks that work with the Federal Reserve’s Board of Governors to strengthen the economy and our communities. We have a unique mission to serve the American public. And we look for people with diverse skills and experience — coupled with a commitment to excellence — to help us achieve our mission.
We believe a diverse and inclusive workplace is critical to our success, and are pleased to have been recognized for our commitment. In 2015, for example, the Richmond Fed received a perfect score of 100 on the Human Rights Campaign Corporate Equality Index.
At the Richmond Fed, we embrace diversity by recognizing, valuing and leveraging our differences for the good of our employees, customers, stakeholders and constituents. Those differences include, but are not limited to, race, color, nationality, ethnicity, gender identity and expression, age, physical/mental abilities, sexual orientation, marital/parental status, religion, cultural background, education, work experience, geographic locations, ideas and thought processes.
Employee Resource Networks
Our employee resource networks (ERNs) recognize the value of our differences and bring together people with common interests and affinities — including ethnicity, generational differences, sexual orientation, disability, gender and professional interests — to provide diverse perspectives that impact our workplace and community.
Our Bank currently has eight ERNs. Membership is open to all employees.
Our ERNs benefit employees and our Bank by:
As a business, we focus on serving the needs of neighbors in our District, so it’s no surprise that giving back to our communities is an important part of our employee experience.
At the Richmond Fed, we’re committed to strengthening the economy and our communities – and we take that commitment seriously. Giving back and making a difference in our communities is important to our employees.
Each year, our Bank provides up to 16 hours of paid community service leave for employees to serve nonprofit organizations of their choice. While volunteering in our communities, we gain a better understanding of the people we serve in our District. Volunteering also provides opportunities for team building, new skill development and leadership experience.
Our Civic Engagement Office helps connect employees to a wide range of community service opportunities with local nonprofit organizations. For instance, Richmond Fed employees regularly participate in teaching Junior Achievement financial education programs and mentor students in our public schools. Employees may also support the community through our annual United Way workplace campaign.
We believe in working together to help strengthen the communities where we live and work.
We recognize the value of diverse perspectives in achieving our vision, and that’s why we pursue the fresh perspectives of students through our campus recruiting and internship programs. We offer important and interesting career possibilities for those with the education, talent and desire to grow with us.
To explore career opportunities now for student interns, recent graduates and experienced professionals, search our open positions, create a candidate profile and apply for a current vacancy online.
Our Internship Program
Summer internships are typically 10 to 12 weeks, and co-operative education opportunities can last up to one year. Both experiences involve paid, on-site work during which a student completes tasks or a project designed to give a broad understanding of a business or occupational area. Only college sophomores, juniors, seniors or graduate students may apply, and students must have a minimum 3.0 grade point average. Preferred candidates combine academic achievement with strong interpersonal and communication skills.
The majority of our summer internship positions are posted in mid-November and close in mid-February, with interviews and offers extended between March and April. Depending on business needs, additional internship opportunities may be available at other times during the year. Start dates for summer interns begin as early as May, with most interns starting by early June.
The Richmond Fed creates a positive experience for our interns through a program that includes opportunities to interact with management and to develop a range of skills needed to succeed in business. Managers supervise day-to-day work and mentors offer career insights and teach how basic skills relate to success.
I worked at Federal Reserve Bank of Richmond full-time (More than 10 years)
Good place to work, benefits, life and work balance.
Ability to move upward is hard because of long term management.
Advice to Management
Create more options for advancement for staff.
I applied through an employee referral. The process took 4+ months. I interviewed at Federal Reserve Bank of Richmond (Richmond, VA).
First stage phone interview: pleasant, efficient, informational. The questions were not quite behavioral and not quite technical; more so an informational interview to see where in the niches of the IT department would work for you.