Research analysts (RAs) play an important role in the Research Department at the Federal Reserve Bank of Cleveland by contributing to both academic research and policy analysis. RAs work alongside PhD economists and learn the ins and outs of creating economic research, develop marketable skills, and build human capital. RAs typically spend two to three years working at the Fed, and many pursue a PhD degree in economics upon departure.
The primary responsibility of RAs is to support the research of two or three economists within the department. Research economists at the Cleveland Fed are divided into six groups (macroeconomic policy, macroeconomic forecasting, the Center for Inflation Research, microeconomics, banking and finance, and the Program on Economic Inclusion), but RAs are not confined to a single group. Working with economists in different groups exposes RAs to multiple research areas in economics, which allows them to refine their interests and develop a broader skill set. The economist pairings connect RAs with strong mentors and provide the opportunity to coauthor academic papers and Bank publications. Many RAs also contribute to the preparations that support the Bank President's contributions to monetary policy.
Research analysts enjoy competitive salaries, excellent health insurance, and retirement benefits. Other benefits include flexible workhours and opportunities to work from home, generous paid time off, training, and tuition assistance for additional coursework. A strength of the Research department is its highly engaged and collaborative culture that supports mentoring and continuous professional development.
Recent next jobs or graduate programs include:
- PhD programs in economics, finance, statistics, and public policy: Boston College, Carnegie Mellon University, Indiana University, New York University, Notre Dame University, Pennsylvania State University, Princeton University, Rice University, University of Kentucky, University of Maryland, University of Michigan, University of Minnesota, University of Pennsylvania, University of Rochester, University of Texas, University of Washington, University of Wisconsin, Washington University
Qualifications
- Bachelor’s degree in economics or a closely related field such as statistics, mathematics, or computer science; interests in monetary policy and macroeconomics are preferred, but not required.
- Working knowledge of econometric and statistical packages such as Stata, MATLAB, R, and/or Python.
- Prior research experience in economics and a strong mathematics background strongly preferred.
- Candidates must be US citizens, US nationals, or lawful permanent resident aliens (green card holders).