Paid Internship- Financial Management Scholars (Risk Management)
Success Starts Here.
Join the FDIC as a Financial Management Scholar
Safety | Soundness | Stability: The Division of Risk Management Supervision
FDIC bank examiners determine if financial institutions follow safe-and-sound banking practices, implement effective internal policies and procedures, and comply with laws and regulations. When you join the agency as a Financial Management Scholar (FMS), you will get an in-depth, firsthand experience with how the FDIC accomplishes its mission of maintaining stability and public confidence in the nation’s financial system. As an FMS, you will improve your current skills and develop new abilities to help you prepare for your career after college.
Why the FDIC?
The FDIC supervises a majority of the country’s community banks. These institutions provide loans to farmers and small businesses, make it possible for entrepreneurs to launch start-ups, support local governments as they build libraries and parks, and help foster local communities. These essential functions are the very things that help keep America running.
As an FMS in our Division of Risk Management Supervision (RMS), you will enjoy a meaningful internship with impact on the financial industry, and gain knowledge of how the FDIC fulfills its mission through these critical functions:
· Examining and supervising insured financial institutions,
· Leading sound policy development,
· Evaluating adherence to laws and regulations, and
· Monitoring and mitigating systemic risks.
Other highlights of our program:
Work when you can – Financial Management Scholars work 11-12 weeks during the summer, giving you time to build your resume during your break from the busy peaks of the fall and spring semesters.
Work toward your future – FMSs complete an automated writing assessment during the summer assignment. Upon passing the writing assessment and successfully completing the program, FMSs may be offered full-time positions to commence after graduation. In addition, FMS positions are salaried, and you may be eligible for certain federal employee benefits.
Commitment to Diversity, Equity, and Inclusion – The FDIC achieves its mission by creating an inclusive work environment that recognizes and appreciates all employees’ perspectives and talents, allows employees opportunities to reach their highest potential, and attracts and retains the most talented employees.
What will you learn?
The FDIC evaluates banks and savings associations to determine if they are operating in a safe-and-sound manner. As an FMS in RMS, you will gain direct experience performing a number of duties and responsibilities assigned to the FDIC’s commissioned examiners. You will be part of a team that examines a bank’s financial condition, risk management program, and internal control structure. The teams also assess compliance with safety and soundness rules and regulations, including anti-money laundering and bank secrecy laws and regulations, as well as bank information technology controls.
Under the direction and supervision of a more experienced examiner, some of the duties you will perform or assist include:
· Reviewing financial statements;
· Reviewing accounts for overdrafts, prepaid expenses, and other miscellaneous assets;
· Assessing the adequacy of related insurance coverage;
· Evaluating the adequacy of the insured depository institution procedures and internal routines and controls;
· Completing a thorough analysis of the earnings of an institution;
· Conducting transaction testing on income and expense accounts;
· Computing capital ratios, reconciling capital accounts, and reviewing account activity;
· Reviewing financial institutions’ liquidity, including analysis of fluctuations in loans, securities, deposits, and borrowings;
· Verifying securities and other investments, including reviewing securities transactions, determining quality, and verifying appropriate accounting;
· Preparing drafts of schedules, exhibits, and comments for inclusion in the report of examination; and
· Participating in other phases of an examination as assigned.
The FDIC is now accepting applications for FMS positions within the Division of Risk Management Supervision through January 6, 2023 at 11:59 pm (ET). To be considered, you must:
· Be a U.S. citizen;
· Be enrolled at least half-time in a bachelor’s degree program at an accredited college or university;
· Have a major in Accounting, Banking, Business Administration, Commercial or Banking Law, Economics, Finance, Marketing, or other related fields;
· Have a current overall GPA of at least 3.25;
· Complete your junior year of college prior to entering the program; and
· Have a planned graduation date between December 2023 and December 2024.
Due to the coronavirus pandemic, duties may be performed from the incumbent’s current location for a limited time.
FMS positions will be available in select locations across the country. As an applicant, you may select up to five of these locations for consideration. Please note: Starting salaries range from $42,566 to $59,512 per year, depending on location. Scholars may elect to receive a one-time $2,500 stipend (in addition to the bi-weekly salary) at the beginning of the program.