Federal Reserve Board Reviews | Glassdoor

Federal Reserve Board Reviews

Updated June 3, 2017
9 reviews

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1.0
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Janet L. Yellen
2 Ratings

9 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. Helpful (1)

    "Poorly Treated"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Federal Reserve Board full-time

    Pros

    The pay and benefits are above average

    Cons

    Management is far below average. They treat people awfully and really could less about them. The work environment is toxic and people are made to feel less than valuable. Micromanagement is the standard technique. I'm surprised the economy hasn't collapsed.

    Advice to Management

    Promote people to management who have the ability to manage.


  2. Helpful (6)

    "Steer Clear"

    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
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Federal Reserve Board full-time (More than 3 years)

    Pros

    You can get the best health/dental/vision insurance money can buy. The 401k matching contribution (7%) is very good.

    Cons

    The Board is a place where careers go to die. If you think you will have the opportunity to take on new responsibilities/get promoted by working hard and showing your committment to the organization prepare to be disappointed. Promoting within the organization is increasingly rare. The talent acquistion team, hiring managers, and officeers are more concerned with bringing in the 'next big thing' than grooming people to have successful careers.

    Also, I worked in both the private and public sectors in Washington before coming to the Board and I have never seen a more dysfunctional organization than this one. Officers do not hold managers accountable, managers, do not hold employees accountable, and very few take responsibility for their work.

    If I were to use two words to define the culture of the work force they would be entitled and arrogant. These folks think they are the hottest stuff in the federal govt, which is laughable considering how low the bar is set! Most empoyees think they are the smartest person in every room they walk into, which makes for great entertainment at the never-ending meeting circuit. The most arrogant people in the organization have legal degrees - no surprise there.

  3. Helpful (5)

    "Research Assistant, Federal Reserve Board"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Federal Reserve Board full-time

    Pros

    It has a good reputation.

    Cons

    Economists here know they are 2nd caliber. They agree 1st caliber researchers go into academia. They try to compensate by being focused on their own academic research. So they care little about the Research Assistants. No credits are given, and no going out for coffee because they like to stay in their offices. The sociable and smart economists leave for Wall Street firms or move up or out, and only the unsocial and unsmart ones stay put.

    Advice to Management

    This isn't 1980s anymore when the Fed was the only powerful global financial institution. Culture deteriorated since.


  4. Helpful (4)

    "Great place to work in dc"

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

    I have been working at Federal Reserve Board full-time

    Pros

    Smart people. Great pay. Great benefits. Flexible work schedule

    Cons

    Work loads can be large at times


  5. Helpful (2)

    "Run, dont walk!"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Analyst in Richmond, VA
    Former Employee - Financial Analyst in Richmond, VA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Federal Reserve Board full-time (More than 10 years)

    Pros

    The benefits. Other than that, I have nothing to offer.

    Cons

    When I started at the FRB, it was a wonderful place to work but it has continously gone down hill. The mid level and senior level department managers are not qualified to hold their positions. Perhaps it was unique ot my department but it is a good back to get stabbed in the back. The Fed is so out of touch with the real world.

    Advice to Management

    Take a hard look at your lower level management staff and consider making some changes. They are under qualified for the positions they hold. Set up a genuine grievance committee like the Fed of yester years. Human Resources does not listen and take complaints seriously.


  6. Helpful (1)

    "There are better places to work"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Risk Analyst in Washington, DC
    Current Employee - Risk Analyst in Washington, DC
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Federal benefits, dental, health insurance

    Cons

    Backstabbing, cutthroat environment. You have been warned.

    Advice to Management

    It is of no use.


  7. Helpful (5)

    "Beware"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Analyst in Washington, DC
    Current Employee - Financial Analyst in Washington, DC
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I have been working at Federal Reserve Board full-time (More than 3 years)

    Pros

    Prestige (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.)

    Cons

    Performance 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 Management

    Complete 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.

  8. Helpful (3)

    "Incompetent and lazy colleagues + bully managers"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Federal Reserve Board full-time

    Pros

    If 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.

    Cons

    Almost 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 Management

    I 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.


  9. Helpful (6)

    "Soul crushing . . ."

    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
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    The 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.).

    Cons

    Unless 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 Management

    I don't even know where you'd begin.


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