Research Associate

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

Richmond, VA, USA
Posted on Saturday, August 5, 2023


Federal Reserve Bank of RichmondWhen you join the Federal Reserve—the nation's central bank—you’ll play a key role, collaborating with leading tech professionals to strengthen and protect our economic, financial and payments systems. We invest in contemporary and emerging technology each year to support the Federal Reserve and our economy, and we’re building a dynamic and diverse team for our future.

Bring your passion and expertise, and we’ll provide the opportunities that will challenge you and propel your growth—along with a wide range of benefits and perks that support your health, wealth, and life. In addition to competitive compensation, we offer a comprehensive benefits package that includes tuition assistance, generous paid time off, top-notch health care benefits, child and family care leave, professional development opportunities, a 401(k) match, pension, and more. All brought together in a flexible work environment where you can truly find balance.

When you join our team, you’ll become part of a culture that welcomes differences, cares about our communities, and empowers each other to lead from where we are to make things better.

Bring your passion and we’ll provide challenging and purposeful work, opportunities to grow and a wide range of benefits and perks that support your health and wealth. It’s all part of what makes #MyRichmondFed a great place to work!

About the Opportunity

The Research Department of the Federal Reserve Bank of Richmond has an immediate opening for a highly motivated recent graduate to assist economists with policy-oriented and academic research full-time for 24 months starting in the fall of 2023.

We are looking for candidates with diverse backgrounds, interests, and perspectives. During the two years they spend in the Department, we mentor our Research Associates (RAs) and provide them with many opportunities to learn, in their daily work interactions with economists and other RAs, as well as attending seminars and lectures, and giving presentations in RA-led study groups. We provide a friendly and academically-oriented environment where RAs can learn, grow and develop their own skills and interests, while contributing to our policy and research projects.

What You Will Do:

The RA pool supports multiple economists with their academic research on wide-ranging topics (including general equilibrium macroeconomic models, time-series econometrics, labor economics, financial economics, contract theory, public and health economics, industrial organization, and regional economics). Responsibilities include writing computer code to solve dynamic economic models or analyze time-series and panel data, literature reviews, and helping with model derivations. RAs also use these tools to assist in the preparation of policy briefings. The position is an excellent opportunity for students interested in pursuing graduate studies in economics.

Visit us online for more information about the Research Department and the RA program.

Application Requirements:

Please submit the following three documents in the Attachments/Resume/Cover Letter section of the application (please be sure to include ALL required documents listed here):

  • Resume (CV)

  • College transcripts (unofficial copies are okay at this time)

  • Cover letter stating why you are a good match to the job, how you became interested in research, what diverse perspective you hope to bring into the profession, and how the RA experience will fit into your future academic or professional career. As an optional addendum to the cover letter, if relevant, you are also encouraged to explain anything unique about your education history (a transfer of schools, irregularities in your grades, or explaining what certain classes are on your transcripts). Although there is no length limit for the cover letter, addressing these issues should not take more than 250 words.

***Note that in the next step the system will prompt you to upload your resume only, but you should upload all three documents in that step.

Applications are reviewed on a rolling basis. Interested candidates are strongly encouraged to apply by September 1, 2023, though the position will remain open until the opening is filled.


We are seeking candidates with a Bachelor’s degree and extensive coursework in economics (preferred), mathematics (required), and statistics. Applicants must have a GPA of 3.3 or higher. Experience with computer programming and statistical analysis software packages (such as Matlab, Stata and R) is highly valued. Strong oral and written communication skills are required. Evidence of interest in research in the form of previous work experience as a research assistant, or completion of a senior thesis, is a plus.

Discover the Reason Why So Many People Love It Here!

When you join the Richmond Fed, not only will you find a challenging and purposeful career, you’ll also have access to a wide range of benefits and perks that support your health and wealth, including:

  • Great medical benefits

  • Pension and 401(k) with employer match

  • Paid time off

  • Tuition reimbursement

  • Employee resource networks

  • Paid volunteer leave

  • Flexible work options

  • Onsite amenities that make working here fun

Other Requirements and Considerations:

  • Candidates should review the Bank’s Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.

  • Employees who work at and/or visit another Federal Reserve entity or outside business as part of their job duties are required to comply with any onsite safety and health protocols of those organizations (including, but not limited to, requirements to vaccinate or test, mask, social distance, etc.).

  • Candidates must be U.S. citizens or Green Card holders, since sponsorship or practical training extensions are not available for this position.

  • Selected candidate is subject to special background check procedures.

  • The salary for this role is $59,700, annually.

  • Applications are reviewed on a rolling basis. Interested candidates are strongly encouraged to apply by September 1, 2023, though the position will remain open until the opening is filled.

Full Time / Part Time

Full time

Regular / Temporary


Job Exempt (Yes / No)


Job Category


Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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