2024 Sophomore Career Exploration Program - Legal & Compliance Group

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

New York, NY, USA
Posted on Wednesday, August 30, 2023


Federal Reserve Bank of New YorkWorking at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems.

The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person. Employees can expect to be in the office a couple of days per week as needed for meetings and team collaboration and should live within a commutable distance.

*Please Note - apply to all areas that you are interested in within the various tracks. For example, to apply to the entire policy track, you must submit applications for Markets, Research, and Supervision. This does not apply to Technology.*

Program Description:

The Sophomore Career Exploration Internship provides outstanding undergraduate students with the opportunity to gain valuable work experience with a unique institution. Through project work assignments and professional development activities, sophomore interns are provided with both an introduction to professional life, and an understanding of the work of the New York Fed.

In addition to their daily responsibilities, sophomore interns will develop personal and professional skills to support their success in the workforce. Interns will experience a cohort-model of learning, while receiving a mentor pairing with a more experienced professional at the Bank. Sophomore interns will also have the opportunity to learn more about the Junior Summer Analyst program, which serves as a recruitment pipeline for the New York Fed’s entry-level hiring.

What we do:

The Legal & Compliance Group comprises five separate and distinct Functions: Bank Applications, Compliance, Group Operations and Strategy, Legal, and Records Management. Internships will be available in the:

  • Compliance Function: Identifies and assesses risks related to the failure to comply with the Bank's code of conduct, internal policies, and regulations principally associated with anti-money laundering, U.S. economic sanctions compliance, fraud risk, sensitive data management, trading operations, and other restrictions related to employee conduct.

  • Group Operations and Strategy Function: Provides the Legal & Compliance Group with resources and strategies in furtherance of group and Bank objectives through its three business units: Business Operations and Strategy, GOAS Prime Services, and Risk Management and Contingency Planning.

  • Legal Function: Provides effective, efficient and client-focused legal services to the Federal Reserve Bank of New York. The Enterprise Legal Services (ELS) division provides a range of expertise in support of the Bank’s mission and operations through its four business units: Enforcement and Litigation, Financial Intelligence and Investigations, Employment and Corporate Matters, and Technology and Contracts.

What we are looking for:

  • A demonstrated interest in finance, accounting, economics, capital markets, business, ethics and compliance, or operational management with a strong academic record and passion for data analysis.

  • High interest in Finance, Banking, or Economics, with a strong academic record and a passion for public service.

  • Detail oriented with excellent interpersonal and written communication skills. Demonstrated working knowledge of Microsoft Office Suite (e.g., Excel, Word, PowerPoint) and Acrobat.

  • Ability to work independently as well as in a team environment.

  • Preferred cumulative GPA: 3.0

  • Expected graduation between Winter 2025 and Spring 2026

To Apply: Please include a resume and unofficial transcript. The application deadline is October 4th, 2023 (11:59 PM EST)*.

This is a paid internship. Please note, summer housing is not provided.


Your regular wages for the eight weeks will be paid on a semi-monthly basis and will be calculated based on an annual salary of $64,300.00, less applicable taxes.

Our Touchstone Behaviors—Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership—help shape the culture of the Bank. They also provide a shared language for how we work together and achieve success, and they set clear expectations for leading with impact at every stage of your career with us. Learn more.

Federal Reserve Bank of New York summer internships are limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so. Interns must remain in the United States for certain aspects of the pre-employment & background check process, which will start approximately 6 weeks (around mid-March) prior to the first day of the internship.

The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.

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.

Privacy Notice