Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago is one of 12 Reserve Banks that, along with the Board of Governors in Washington, D.C., constitute the Federal Reserve System, which was established by Congress in 1913.
The fundamental mission of the Federal Reserve System is to foster the stability, integrity and efficiency of the nation's monetary, financial and payment systems and to promote optimal economic performance.
To this end, the Federal Reserve Bank of Chicago serves the public interest by participating in the formulation and implementation of national monetary policy; supervising and regulating state member banks, bank holding companies and foreign bank branches; providing financial services to depository institutions, designated financial market utilities, and the U.S. government; and promoting consumer protection and community development.
The Chicago Fed serves the Seventh Federal Reserve District, a five-state region comprising all of Iowa and most of Illinois, Indiana, Michigan and Wisconsin.
As a Business Economist and member of a collegial team, you will support monetary policy and outreach by gathering and sharing information about the regional economy and its key sub-geographies and sectors, such as manufacturing, agriculture, automotive, and industrial cities. You will work with policy professionals across the Chicago and Detroit offices, conducting research and analysis on regional economic conditions and sector-specific trends, engaging with business and community leaders, supporting surveys and roundtables, and helping translate boots-on-the-ground economic perspectives into insights for policymakers. You will gain valuable exposure to monetary policy, while developing your skills in economic analysis, engagement with different constituents, and professional communication.
This position applies knowledge of regional economics and research methods and is considered an intermediate level position. The incumbent works under general supervision from more senior team members. This job does not have any direct reports.
Your Responsibilities
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Supports planning and facilitation of district economic roundtables (the team conducts approximately 32 per year), Advisory Council meetings, and conferences, including logistics coordination, participant recruitment and outreach, and materials preparation
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Supports survey programs including the quarterly Agricultural Land Values and Credit Conditions Survey and the monthly Chicago Fed Survey of Economic Conditions (CFSEC) by recruiting and managing survey participants, assisting with data collection, and conducting preliminary analysis
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Gathers economic intelligence through phone and email outreach to business contacts and other constituents. Conducts site visits to businesses and communities, documenting observations and maintaining contact records
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Contributes to preparation of the Seventh District’s section of the Beige Book, the Federal Reserve’s report on anecdotal information regarding current economic conditions, by summarizing roundtable notes, analyzing survey results, and drafting sections under guidance of senior team members
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Assists in preparing contact engagement summaries and sector updates for FOMC preparation materials based on economic intelligence gathered from multiple sources
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Contributes content to Fed publications and helps maintain regional content on the website
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Supports preparation of briefing materials related to Bank senior leadership meetings around the district and to Detroit Board of Directors meetings
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Conducts research on topics relevant to the district economy under guidance of senior professionals
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Develops analytical skills by supporting economic presentations and outreach to community groups, educational institutions, and local organizations
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Develops knowledge of key sectors of the regional economy such as manufacturing, automotive, agricultural conditions, regional growth, or real estate markets
Your Background
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Bachelor's degree in Economics, Business, Agricultural Economics, Finance, or related field required; Master's degree preferred
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Minimum two years of work experience in research, analysis, business, or related field
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Interest in regional economics, business trends, and public policy and desire to develop deep expertise in one or more economic sectors
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Knowledge of economic concepts and analytical methods
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Knowledge of qualitative and quantitative research methods and statistical software
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Strong written and verbal communication skills with ability to explain economic information clearly
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Good interpersonal skills with ability to interact professionally with diverse constituents
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Strong organizational skills and attention to detail
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Ability to manage multiple tasks and meet deadlines
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Ability to work both independently and collaboratively in a team environment
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Experience with or interest in agricultural sectors, including crop production, dairy, livestock, or rural economies a plus
What we Offer
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Comprehensive benefits package includes medical, dental, vision, prescription drug coverage, 401k savings plan, retirement plan, paid time off, transit benefit, onsite gym and subsidized cafeteria
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A learning environment with opportunities to gain new skills and grow your career
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Mentorship from experienced economists and policy professionals
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Unique opportunity to contribute to monetary policy and work on issues of national and regional economic importance
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Exposure to diverse industries and sectors across the Seventh Federal Reserve District
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The Chicago Fed offers benefits to support overall health and financial security. Learn more about our benefits here: https://www.chicagofed.org/careers/thebenefits
Additional Requirements:
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Applicants must be currently authorized to work in the United States without the need for visa sponsorship now or in the future.
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This position has additional screening requirements due to the information accessed while performing the job. These additional screenings would be initiated at the time of offer acceptance and can take approximately two months to be completed. The screening covers areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well.
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As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank’s ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting, who can provide you contact information for our ethics official if necessary.
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This document indicates the general nature and level of work performed by employees within this position. It is not a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job. An employee's responsibilities, tasks, and duties might differ from those outlined in the job description, and other duties, as assigned, are a part of the job. The Federal Reserve Bank of Chicago reserves the right to modify the elements of this job description, as business needs require.
The expected starting salary range for the position of Senior Business Economist is between $176,000 and $208,200 annually in addition to annual performance-based discretionary bonuses. Final salary and offer will be determined based on the applicant’s relevant experience, skills, internal equity, and alignment with geographic and other market data.
The expected starting salary range for the position of Business Economist is between $130,000 and $169,700 annually in addition to annual performance-based discretionary bonuses. Final salary and offer will be determined based on the applicant’s relevant experience, skills, internal equity, and alignment with geographic and other market data.
The Chicago Fed offers benefits to support overall health and financial security. Learn more about our benefits here: https://www.chicagofed.org/careers/thebenefits
We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender, gender identity or expression, or veteran status.
Full time
Regular
Yes
Economics/Research Family Group
First (United States of America)
The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.
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