Research analysts (RAs) play an important role in the Research Department at the Federal Reserve Bank of Cleveland. 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 most pursue a graduate 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 largely divided into four groups (microeconomics, macroeconomic policy, macroeconomic forecasting, and banking and finance), but RAs are not confined to a single group. This gives RAs flexibility to work with economists within or across groups. The economist pairings connect RAs with strong mentors and provide the opportunity to coauthor academic papers and Bank publications.
Prospective candidates should have a bachelor’s degree in economics or a closely related field such as statistics, mathematics, or computer science. While interests in monetary policy and macroeconomics are preferred, they are not required. To effectively perform day-to-day tasks, working knowledge of econometric and statistical packages such as Stata, MATLAB, R, and/or Python is vital. Prior research experience in economics and a strong mathematics background are strongly preferred. Candidates must be US citizens, US nationals, or lawful permanent resident aliens (green card holders).
The primary role of RAs is to work with economists on research projects. They also assist in developing presentations for briefings on economic policy. RAs use econometric and statistical packages such as Stata, MATLAB, R, and/or Python to perform statistical and econometric analyses. They collect and organize data from a variety of sources, review academic papers, and engage in discussions with economists. They may also summarize data and anecdotal information on regional economic conditions and prepare educational outreach materials.
Research analysts also assist in preparing briefing materials before each meeting of the Federal Open Market Committee (FOMC), along with maintaining indicators and data that are published on the Cleveland Fed’s website.
Research analysts may help prepare presentations that are used in briefing the Bank’s president before FOMC meetings. At the direction of the economist giving the briefing, RAs create charts and compile other materials per the briefer’s specifications.
The Bank maintains a variety of indicators and data for public use. Research analysts regularly update the data and charts on the website, maintain up-to-date documentation of the indicators, and, if needed, make changes to the code used to create the indicators.
Cleveland is bisected by the Cuyahoga River running north/south and bordered by Lake Erie to the north. Research analysts most often choose one of the following six neighborhoods to live in, and all offer a variety of arts and entertainment opportunities.
Hiring for the research analyst position usually occurs in the fall, in September and October. However, we occasionally post openings for research analysts at other times of the year as well. You can search for “research analyst” in when viewing open positions on the careers page.
Resume, transcript, and a writing sample (related to economics or finance)
A typical day for a research analyst primarily involves working with economic data and coding in various statistical computing packages, such as Stata, R, MATLAB, and/or Python. Other activities include meeting with economists, attending seminars given by visiting scholars, and attending classes at nearby universities, such as Case Western Reserve University.
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 Rochester, University of Washington, University of Wisconsin, Washington University
Law school and other graduate programs: Case Western Reserve University, London School of Economics, NYU, University of Chicago, University of Michigan
Other jobs in the Federal Reserve System and the private sector
Opportunity to work with economists at the forefront of their field
Positive and collaborative work environment
Flexible work hours
Flexible work-at-home opportunities
Excellent health insurance, 401(k), retirement benefits, and more!
Research analysts are generally matched with economists based on their mutual research interests. However, pairings are subject to the constraint that all economists must have research analyst support.
Yes, the Cleveland Fed has a summer internship program ideal for rising seniors. Interns get the opportunity to work closely with economists and research analysts in the Research Department and to learn more about the research process. Some summer interns have gone on to become research analysts in the department.
At this time the Cleveland Fed does not sponsor international students. Applicants must meet one of the following requirements:
Lawful permanent resident (green card holder)
Yes, in addition to the research analyst position, the Research Department at the Cleveland Fed also has an economic analyst position ideal for candidates with at least 5 years of work-related experience. This position differs from the research analyst role in that economic analysts usually have more autonomy and greater responsibilities. In addition, a master’s degree is preferred for this role.