Federal Reserve Board Reviews | Glassdoor

Federal Reserve Board Reviews

Updated May 15, 2017
95 reviews

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Current Employees

4.2
Star Star Star Star Star
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Janet L. Yellen
46 Ratings

95 Employee Reviews

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Pros
  • Work-life balance is great, everyone goes home after 8 hours unless there is an urgent problem present (in 22 reviews)

  • Flexible work schedule along with great benefits (in 19 reviews)

Cons
  • Slow work environment, frustrating red tape, limited opportunities for non-PhD economists (in 4 reviews)

  • You will run into a bit bureaucratic red tape but it is far worse in other 'true' Government Departments (in 4 reviews)

More Pros and Cons

  1. "Great place to work!"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Comp & Benefits
    Current Employee - Economist in Washington, DC
    Current Employee - Economist in Washington, DC
    Recommends
    Neutral Outlook
    Approves of CEO

    Pros

    Bright and friendly people
    Excellent pay and benefits
    Challenging work
    Reasonable work load, good hours
    Room for individuals to take initiative

    Cons

    Headquarters is poorly situated commute-wise. Getting to and from work can be difficult given the lack of parking and distance to the metro.

    Advice to Management

    Add more team-building activities


  2. "Good pay, technology backwater"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Technology Analyst in Washington, DC
    Current Employee - Technology Analyst in Washington, DC
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Smart people, can do big projects if motivated

    Cons

    Limited opportunities for non- PhD staff.


  3. "Great place to work"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Section Chief in Washington, DC
    Current Employee - Section Chief in Washington, DC
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Federal Reserve Board full-time (More than 10 years)

    Pros

    Dedicated, knowledgeable people who are striving to get the right answer with little office politics.

    Cons

    There can be a lot of filters and over-editing.


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  5. "Great place to work and start/build a career"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Supervisory Financial Analyst in Washington, DC
    Current Employee - Senior Supervisory Financial Analyst in Washington, DC
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Great work-life balance, intelligent yet amiable people, and lots of learning opportunities

    Cons

    Can be siloed at times


  6. "Human Resources Leader"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Washington, DC
    Current Employee - Anonymous Employee in Washington, DC
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Wonderful colleagues, challenging and rewarding work, meaningful mission, flexible work schedules, telework, benefits, pay, pleasant work environment. I really love my boss and my coworkers!

    Cons

    Can take awhile to get things done since we are quasi-governmental. The commute on days I don't telework can be difficult, especially with metro issues.


  7. "Great first job out of college"

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

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

    Pros

    The FRB provides a well-structured, valuable Research Assistant program, particularly suited for those fresh out of undergraduate studies. The Board is conscious of employees' time and focused on aiding with their personal and professional growth. I would highly recommend this position for anyone interested in pursuing economic research or a related field.

    Cons

    Naturally hierarchical with RAs working directly with PhD economists, which can make it difficult for RAs to take on leadership roles in policy work or research projects.


  8. Helpful (1)

    "Great place to work"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - IT Auditor in Washington, DC
    Current Employee - IT Auditor in Washington, DC
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    The retirement benefits are second to none, and the paid time off is the best I've seen.

    Cons

    Do not expect automatic or quick promotions, and sometimes they may not keep the pool of candidates internal. New performance management program is flawed, all employees who are rated below the top rating get the same merit increase, so one employee is just average gets teh same as one who is above average. Very demoralizing.

    Advice to Management

    Act on employee feedback, improve the performance management system which is deeply flawed.


  9. Helpful (5)

    ""Steer Clear" makes me laugh..."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Analyst in Washington, DC
    Current Employee - Senior Analyst in Washington, DC
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Federal Reserve Board full-time

    Pros

    Thrift Plan matches 7%, but there's another 1% beyond that. Put in 7% and the real number is 15% into the Thrift Plan. Don't want to participate? No Problem. There's a Defined Benefit retirement plan that you put nothing into; the Board covers the entire cost. Stick around five years and it's yours. Retirement with benefits as early as age 55. Merit increases are only slightly better than GS, but it's more than made up in variable pay. Telework and AWS are the norm for exempt staff, so you only have to deal with DC traffic a few days per week.

    Cons

    If you can't get promoted, that's a you problem. Change jobs, changes bosses, change divisions, whatever... there's 90-100 jobs open at any given time. If you choose to be a victim, then you'll get exactly what you deserve. Promotions are not automatic unlike some agencies, so yes, you can put in the work and feel you are not being properly rewarded. Once you get to the upper pay grades, there is a massive bottleneck, so promotions become even harder to attain.

    Advice to Management

    Create individual contributor tracks for employees; not all of us want to manage people. I shouldn't be held back simply because my manager can't move up. Stop chasing outside talent; we have plenty of internal talent that can fill the upper ranks. Stop training interns to go work for someone else. We invest two / three / four summers worth of experience and then don't bother hiring them. Why bother with an intern program if we won't hire them?


  10. Helpful (1)

    "Senior Economist"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Economist in Washington, DC
    Current Employee - Senior Economist in Washington, DC
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Good research environment
    Flexible hours (telecommuting possible)
    Good salary (comparable to academic jobs)
    Great benefits

    Cons

    Career path not straightforward
    Research incentives unclear


  11. "Pluses and minuses"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Lorton, VA
    Current Employee - Anonymous Employee in Lorton, VA
    Positive Outlook

    I have been working at Federal Reserve Board full-time (More than 10 years)

    Pros

    The benefits are excellent and why people stay. Those closest to the mission i.e. economists enjoy the work and impact.

    Cons

    Lots of people marking time until they can retire. If you are disrespectful to others you will get promoted while those who do the work are held back.

    Advice to Management

    You have asked employees how to improve things. Instead of taking action you want to gather more data. How many times do employees need to tell you the issues not taking action is classic resistance. The leaders do not want change as it work for them. Wake up.


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