The Federal Deposit Insurance Corporation (FDIC) is widely recognized as a premier financial regulatory agency and was recently recognized as the Number #1 Best Place to Work among mid-sized agencies in the Federal Government. The FDIC's mission is to maintain stability and public confidence in the nation's financial system by insuring deposits, examining and supervising financial institutions, and managing receiverships.
The FDIC's Financial Management Scholars Program (FMSP) is a paid internship that may lead to a post-graduation employment offer in the FDIC's Corporate Employee Program (CEP), a 3-4 year training program leading to professional certification as a commissioned bank examiner or resolutions and receiverships specialist. The FDIC seeks applicants with strong analytical and quantitative skills, knowledge of the basic principles of accounting and finance, the ability to communicate effectively both verbally and in writing, the ability to work both independently and in teams, and an interest in public service.
Scholars will be placed, based on their availability, in one of two sessions scheduled to run from May 19, 2014 - August 8, 2014 or June 16, 2014 - September 5, 2014. Scholars will attend a one-week orientation session in Washington, DC, followed by a ten-week on-the-job training assignment working out of one of the FDIC's field offices, and will return to Washington, DC during the last week of the program to share their experiences and participate in a skills assessment process.
Scholars will initially be given a temporary, time-limited appointment upon entering the FMSP. Scholars who receive and accept employment offers at the end of the FMSP will have their temporary appointments extended at the discretion of the FDIC for up to two years from the start date of their internship to their entry into the CEP training program. Scholars entering the CEP will be non-competitively converted to a term appointment as a Financial Institution Specialist (FIS) (contingent upon completing at least 640 hours of work experience acquired through the internship, prior to their graduation, completion of their degree requirements, and fullfillment of the qualification standards for the FIS position and other requirements as specified in the FDIC Internship Program Participant Agreement). Upon successful completion of the CEP training program, FIS's may be non-competitively converted to a permanent appointment with the FDIC.
Most Scholars will work directly on teams of experienced FDIC employees to evaluate bank operations, business planning, risk management strategies, and consumer protection practices during a period in which banks are still recovering from the stress of the recent financial crisis. 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, including those relating to consumer protection, privacy, community reinvestment, and fair lending. A small number of Scholars will participate in the closing and sale of failing financial institutions or the management of the ensuing receiverships and their assets.