Summer Financial Management Scholars Program (Risk Management)
The FDIC is currently recruiting students for its highly selective Financial Management Scholars Program (FMSP), a paid summer internship for highly-qualified college juniors majoring in economics, business administration, finance, accounting, mathematics, statistics, and related fields. It provides participants with hands-on experience evaluating bank operations, business planning, risk management strategies, and consumer protection practices.
Scholars attend a one-week orientation session in Washington, DC, followed by 9-10 weeks of on-the-job training in one of the FDIC’s field offices (with 34 internship locations are available nationwide). Scholars work on teams with experienced FDIC employees in their assigned field offices to ensure that banks are following safe and sound banking practices, maintaining effective internal controls and procedures, managing their institutions effectively, and/or complying with all applicable consumer protection, fair lending, and other laws and regulations. Scholars will also complete an automated writing assessment during the field office assignment before returning to Washington, DC, for the program’s capstone week to share their experiences and participate in additional skills assessments. At the end of the program, Scholars may receive post-graduation employment offers with the FDIC.
Responsibilities
Financial Management Scholars (FMS) will be assigned to the Division of Risk Management Supervision (RMS). FMS will work directly on teams of experienced FDIC employees to evaluate bank operations, business planning, and risk management strategies. These teams are responsible for assessing financial institutions to determine whether they are following safe and sound banking practices, maintaining effective internal controls and procedures, managing their institutions effectively, and complying with all applicable laws and regulations. Under the direction and supervision of an Examiner or Assistant examiner of higher grade, FMS will also:
- Consolidate Reports of Conditions and Income.
- Review accounts for overdrafts, prepaid expenses, and other miscellaneous assets.
- Assist in assessing the adequacy of related insurance coverage.
- Review adequacy of fidelity and other indemnity protection.
- Assist in evaluating the adequacy of the insured depository institution procedures and internal routine controls.
- Assist in the preparation of information requisite to a thorough analysis of the earnings of an institution.
- Prepare drafts of schedules, exhibits, and comments for inclusion in the completed report of examination.
- Conduct audit test checks on income and expense accounts, computing and reconciling Capital Accounts and reconciling cash.
- Review liquidity including the analysis of fluctuations in loans, securities, deposits, and borrowings.
- Verify securities and other investments borrowings and other liabilities, and assigned collateral, pledged assets, and safe keeping items.
- Participate in other phases of an examination as assigned.
Compensation: Annual salary ranges from $41,654 to $57,327 ($20.03 to $27.56 per hour), depending on location. Scholars are paid bi-weekly and earn vacation and sick leave.
Program Dates:
Session 1: May 10 - July 26, 2021 (11 weeks)
Session 2: June 7 - August 30, 2021 (12 weeks).
Minimum Educational and Other Requirements:
1. U. S. citizenship.
2. Undergraduate enrollment at least half-time in a bachelor’s degree program at an accredited college or university.
3. Completion of the junior year with a major in economics, business administration, accounting, mathematics, statistics, or a related field, an overall GPA of 3.25, and a planned graduation date between December 2021 and December 2022.
4. Successful completion of the FDIC’s background investigation requirements.
Other Information: Scholars may elect to receive a one-time $2,500 stipend (in addition to bi-weekly salary) at the beginning of the program. Certain stipulations apply.
How to Apply:
You may not apply for this internship through Handshake. If interested, you must apply online through the FDIC's online application system at the following URL by February 8, 2021 at 11:59 pm, EST: https://www.usajobs.gov/GetJob/ViewDetails/585869400.
In addition to completing a short online application questionnaire, you must attach to your application a resume; an official or unofficial transcript showing courses completed and in progress, major, and overall GPA; and a cover letter explaining why you are interested in the FMSP. If you are selected for an interview, you will need to ensure that you have two references which need to be a current or past professor or a faculty member at your college or university who has a personal knowledge of your qualifications. Applications will be deemed incomplete if all required documents are not received by the prescribed deadlines.
Veterans must include a copy of Form DD-214 to receive employment preference.