Federal Reserve Board Reviews | Glassdoor

Federal Reserve Board Reviews

Updated November 16, 2017
160 reviews

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Pros
  • great work life balance and networking opportunites (in 26 reviews)

  • Flexible work schedule along with great benefits (in 20 reviews)

Cons
  • Great work/life balance comes at a price (in 3 reviews)

  • Very little opportunity to innovate and ideas are not welcome (in 4 reviews)

More Pros and Cons

  1. Helpful (1)

    "Fantastic learning experience"

    StarStarStarStarStar
    Former Employee - Senior Research Assistant in Washington, DC
    Former Employee - Senior Research Assistant in Washington, DC
    Recommends
    Approves of CEO

    I worked at Federal Reserve Board full-time (More than a year)

    Pros

    - Tons of learning on-the-job, particularly with statistical programming (only had undergraduate experience with Stata before my time at the Fed). Most RAs go on to PhD programs after their time at the Fed, but my experience made me realize a PhD was not right for me. This was as valuable to me as entrance to a top 10 program would have been.
    - True 9 to 5 if you want it to be.

    Cons

    - Learning is limited--you will probably get everything you can out of this job within 2 years. The job is not built for growth though (you're supposed to leave within 2-3 years), so it makes sense.
    - As with any job, Economists are hit or miss. Try to find one who will mentor you.


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

    StarStarStarStarStar
    • 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

  3. "Human Resources Leader"

    StarStarStarStarStar
    • 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.


  4. "Excellent experience"

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

    I worked at Federal Reserve Board full-time

    Pros

    It was a perfect first job out of college. I got to use my education and interest in math, econ and politics everyday working on projects that influenced policy decisions. The benefits were very generous including many paid-time off days, separate paid-sick leave and around $5,000 academic assistance every year if you want to take more classes at nearby colleges.

    Cons

    Everyone will try to get you to apply to a PhD program. Other than that it was a great experience!

    Advice to Management

    The economists I worked directly under and everyone else that I worked with were very smart, friendly and a pleasure to be around.


  5. "Great first job out of college"

    StarStarStarStarStar
    • 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.


  6. Helpful (1)

    "Great place to work"

    StarStarStarStarStar
    • 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.


  7. Helpful (5)

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

    StarStarStarStarStar
    • 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?

  8. Helpful (1)

    "Senior Economist"

    StarStarStarStarStar
    • 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


  9. Helpful (1)

    "Pluses and minuses"

    StarStarStarStarStar
    • 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.


  10. Helpful (7)

    "Steer Clear"

    StarStarStarStarStar
    • 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.


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