Research Associate Program
Boston Fed
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Benefits offered by this job
Job summary
The Boston Fed's Research Associate program is a two-year opportunity for recent graduates in economics, math, statistics, or related fields to work with economists in the Research Department on projects analyzing regional, national, and global economies and monetary policy.
RAs assist with data gathering, econometric analysis, and literature reviews; they write code in STATA, MATLAB, R, Python, or SAS, and prepare analyses for policy memos and journals.
Qualifications
- A bachelor’s in economics, math, statistics, computer science, international relations or a related field with a concentration in economics
- Strong analytical, communications, and organizational skills
- Experience with statistical software packages and knowledge of statistics and econometrics
- Previous economic research experience or involvement in an independent research project is helpful, as well as fact-checking and proofreading papers, reports, and memos
Responsibilities
- Assist economists with time-critical analysis of current economic data for important monetary policy work
- Perform data collection, statistical and econometric analysis, and literature reviews
- Coauthor articles and prepare presentations in support of scholarly research projects
- Review, organize, and analyze economic and financial data
- Write programs using statistical software such as STATA, MATLAB, R, Python, or SAS
- Conduct economic research for policy memos and articles intended for publication in academic journals
- Prepare charts and tables using spreadsheet and graphic software packages
- Design programs to analyze data, perform statistical tests, and run regressions
Skills
Education
Tools
Job description
The research associate (RA) program at the Boston Fed is a two-year program designed for recent college graduates with a bachelor’s or master’s in economics, math, statistics, or a related field. RAs work with economists in the Bank’s Research Department on a variety of projects. They provide support for ongoing analysis of the New England, U.S., and global economies and monetary policy, as well as of bank regulation, the payments system, and financial markets.
Working as an RA for the Boston Fed can be a valuable step along your career path. If you want to gain meaningful work experience, expand your career options, and serve the public, we encourage you to apply for the program.
- Assist economists with time-critical analysis of current economic data for important monetary policy work. Thisincludes gathering and interpreting data and preparing material that will be used for briefings on regional andnational economic conditions.
- Perform data collection, statistical and econometric analysis, and literature reviews. RAs may also coauthorarticles and prepare presentations in support of scholarly research projects.
- Review, organize, and analyze economic and financial data.
- Write programs using statistical software such as STATA, MATLAB, R, Python, or SAS.
- Conduct economic research for policy memos and articles intended for publication in academic journals, on bostonfed.org,and in business periodicals.
- Conduct literature reviews and prepare written summaries of data analysis for economists.
- Prepare charts and tables using spreadsheet and graphic software packages.
- Design programs to analyze data, perform statistical tests, and run regressions. Update and maintain data seriesregularly used by economists.
- Proofread and fact-check articles and papers.
- A bachelor’s in economics, math, statistics, computer science, international relations or a related field with aconcentration in economics
- Strong analytical, communications, and organizational skills
- Experience with statistical software packages and knowledge of statistics and econometrics
- Previous economic research experience or involvement in an independent research project is helpful, as well asfact-checking and proofreading papers, reports, and memos
RAs are presented with tremendous opportunities for professional and intellectual development. These experiences build knowledge of economics as well as analytical, quantitative, and writing skills that can be used to pursue advanced studies in a variety of fields.
RAs have access to numerous training opportunities. Through our in-house program, they can learn how to use MATLAB, Stata, SAS, R, and Python. The Bank's generous tuition-reimbursement program and flexible work schedules encourage RAs to take advantage of the excellent academic institutions in Greater Boston. Each year, RAs enroll in a variety of graduate courses at Harvard University, MIT, Boston University, and other local universities.
RAs are invited to attend weekly in-house seminars, where prominent economists present their research and receive feedback. These seminars educate RAs on a broad range of current economic research and expose them to the scholarly peer review process.
RAs have access to a vast library of books, periodicals/journals, newspapers, and data sets through our Economic Research Information Center.
The Boston Fed prides itself on its collegial and supportive environment. RAs assist each other in developing their analytical and programming skills, and they play a central role in helping the Bank achieve its goals and objectives.
In addition to the previously noted benefits, the Boston Fed offers a highly competitive benefits package which includes an employer-matching 401(K) savings plan; a commuter transportation subsidy; health, dental, and vision insurance options; paid vacation and sick leave; and an on-site fitness center and cafeteria. RAs are also encouraged to get involved in numerous Bank-sponsored activities and volunteer opportunities.
London School of Economics and Auburn University
University of Connecticut
Boston College
Maxwell Cozean
Brown University
Oberlin College
Chan Park
Macalester College
Insoo Kang
Spencer Ma
George Washington University
University of Alabama at Birmingham
Noel Feller
University of Illinois at Urbana-Champaign
The Macro Monetary Group studies topics related to monetary and fiscal policies and the macroeconomy.
The Macro Finance Group conducts research on a wide range of topics, including banking, financial markets and institutions, asset pricing, payments technologies, and financial stability.
The Household Decision-Making Group studies topics related to labor markets, housing, consumer behavior, and household finance.
The Macro International Group studies topics related to the international macroeconomic environment, global financial conditions, the international coordination of economic policies, and cross-country analyses of medium and long-run economic trends.
The New England Public Policy Center aims to promote better public policy in New England by conducting and disseminating objective, high-quality research and analysis on strategically identified regional economic and policy issues. When appropriate, Center staff work with regional and Bank partners to advance identified policy objectives.
We are seeking candidates who have an undergraduate or graduate degree with a concentration or extensive coursework in economics, computer science, mathematics, statistics, or a related field. Candidates must possess an excellent academic record and strong written and oral communication skills.
While RAs are not “computer programmers,” the nature of Boston Fed projects requires them to write code that will perform advanced computations and automate certain processes. In your application, you should highlight any experience you have with computers and IT systems. Some of the most popular statistical packages and languages used at the Boston Fed are Matlab, Stata, and SAS, or “R.”
Additionally, candidates should demonstrate a strong foundation in mathematics and statistics. Coursework in linear algebra, calculus, and statistics will prove highly useful. Training in economics through the intermediate-theory level will also be advantageous. Each of our economists specializes in a specific area of economics, and each RA has the opportunity to do so as well. In your application, please indicate any preferences you have. Please review the economist biographies for more information on their areas of study.
In addition to developing expertise in widely used statistical packages such as SAS, Matlab, and Stata, you will have the opportunity to assist Boston Fed economists in cutting-edge research.
Most RAs become confident in using quantitative modeling, applied economic theory, and higher-order mathematical concepts during their time at the Boston Fed. Most RAs also become specialized in a particular area of finance or economics, such as fixed-income instruments or risk management, and can apply their experience in subsequent positions or in graduate study. RAs who continued on to graduate school report that their experience at the Boston Fed helped solidify their decision to pursue an advanced degree and that it strengthened their grad school applications.
In addition, the Bank has a tuition-reimbursement plan for employees who want to pursue a degree part-time or take classes that enhance their qualifications for other job opportunities at the Bank. Also, the Research Department frequently hosts seminars during which economists, econometricians, and other social scientists present their latest research.
More details can be found on the Careers benefits page.
This is a two-year position. Most RAs find that two years is sufficient to learn the economic, modeling, computational, and research skills associated with the job.
Most RAs return to school after leaving the Boston Fed. The majority have pursued PhDs in economics, while others have gone to top law schools or business schools, or enrolled in public policy or other graduate programs.
In addition, many RAs have continued their careers in the public and private sectors. Positions often become available in other Boston Fed departments, at other Reserve Banks, or at the Board of Governors. Many RAs find jobs in the financial sector at investment or commercial banks or financial research firms. Recent RAs have also gone on to work for economic consulting firms, the United States Foreign Service, and education nonprofits.
Yes. The Research Department summer internship program is open to undergraduate and graduate students majoring in economics, finance, statistics or mathematics. Interns are matched with one or more economists who conduct research in areas related to the intern’s field of interest. We accept applications annually beginning in the spring, and successful candidates begin work in late May. Questions about our summer internship program can be directed to ResearchIntern.BOS@bos.frb.org .
Yes. The Bank’s summer internship program is open to students who have completed their sophomore year of college by the start of the internship. The program emphasizes advanced assignments through which students can enhance their business skills, their ability to conduct financial analysis, and their research and writing skills. This makes it ideal for students interested in applying for the RA program in the future. Learn more about the Bank’s summer internship program .
We provide RAs with a generous signing bonus, which can be used for relocation expenses, and we provide information on Boston neighborhoods and housing options. For more information, send a note to Bos.RA.Recruiting@bos.frb.org .
The writing sample should be an analytical piece that is three to five pages long. It can be an excerpt from your thesis or from a paper you wrote for an economics or political science course.
Initially, an unofficial transcript is sufficient, although we may ask for an official transcript at some point in the recruiting process. If your transcript is in a language other than English, an unofficial translation is also sufficient, although we may ask for an official translation later.
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