Summer 2027 Intern - Economic Research - Chicago

Federal Reserve System; Chicago (IL); On-site; USD 28,000 - 45,000; Full time

Job summary

The Federal Reserve Bank of Chicago offers an Economic Research Internship across macroeconomics, microeconomics, financial economics, and related areas. The program runs for 12 consecutive weeks starting in June, with interns working 40 hours per week in a department of interest.

It is open to undergraduate, graduate, and PhD students, designed to develop quantitative, analytical, and writing skills, and to build research portfolios for future graduate studies or RA opportunities.

Qualifications

• Evidence of quantitative/analytical ability through research (curricular/extracurricular).
• Pursuing at least a Bachelor's degree with graduation Fall 2027 or later.
• Some exposure to data/programming languages (e.g. Stata, R, Python, MATLAB).

Responsibilities

• Collect data, perform moderately complex statistical analysis, and organize results presentation.
• Assist economists with research and policy issues.
• Prepare charts, tables, and descriptive text for staff economists and management.
• Support multiple department projects during the internship period.

Skills

Quantitative skills

Analytical mindset

Research experience

Education

Bachelor's degree (expected 2027+)

Tools

Stata

R

Python

MATLAB

ArcGIS

Job description

Company

Federal Reserve Bank of Chicago

The Federal Reserve Bank of Chicago is recognized as one of the most influential, trusted and prestigious financial institutions in the world. We serve the Seventh District encompassing Iowa and most of Illinois, Indiana, Michigan, and Wisconsin, and is one of the 12 regional Reserve Banks in the United States. Together with the Board of Governors in Washington, D.C., the 12 Banks constitute the nation’s central bank.

JOB DESCRIPTION:

The Economic Research Internship offers a number of summer research opportunities across each of our departmental teams, inclusive of - but not limited to:

• Macroeconomics
• Microeconomics
• Financial Economics
• Community Development
• Regional Research

This program provides students with the opportunity to gain valuable research experience, network with peers in the field, and to work side-by-side with our economists and research assistants to support research and policy work. The program is designed to help students further develop quantitative analysis, critical thinking, and writing skills throughout the summer.

Summer projects typically ask interns to:

• Support economists in their basic and applied research - inclusive of collecting data, conducting moderately complex statistical analysis, and organizing the presentation of results
• Assist economists with their research and analysis of policy issues and events
• Prepare a variety of charts, tables, and descriptive text for staff economists and department management.

INTERNSHIP PROGRAM DETAILS:

The Federal Reserve Bank of Chicago Summer Intern Program is a paid internship that is open to undergraduate, graduate and PHD students. It begins in June and continues for 12 consecutive weeks. Interns work 40 hours per week and are assigned to one department.

These internships are ideal for students looking to build their research portfolios, who have a potential interest in graduate school, or who are considering applying for the Chicago Fed's Research Assistant program after graduation. Economic Research Interns are given priority consideration for 2028 RA openings providing positive recommendations regarding performance throughout their internship experience.

CANDIDATE REQUIREMENTS:

• Currently pursuing at least a Bachelor's degree, graduating Fall 2027 or later, in economics, finance, or related field (e.g. statistics, computer science, mathematics, etc.)
• Show evidence of aptitude of quantitative and analytical skills through research experience (curricular/extracurricular)
• Some exposure and experience using data/programming languages (e.g. Stata, R, Python, MATLAB, ArcGIS, etc.)

OTHER THINGS TO KNOW:

Salary Range: The anticipated hourly compensation range for this internship is $20 to $33, with the specific rate offered determined by the candidate’s academic level.

ADDITIONAL REQUIREMENTS:

• Applicants must be currently authorized to work in the United States without the need for visa sponsorship now or in the future.
• This position may require additional screening requirements due to the information accessed while performing the job. These additional screenings would be initiated at the time of offer acceptance. The screening covers areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well.
• As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting, who can provide you contact information for our ethics official if necessary.
• This document indicates the general nature and level of work performed by employees within this position. It is not a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job. An employee's responsibilities, tasks, and duties might differ from those outlined in the job description, and other duties, as assigned, are a part of the job. The Federal Reserve Bank of Chicago reserves the right to modify the elements of this job description, as business needs require.

We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender, gender identity or expression, or veteran status.

This document indicates the general nature and level of work performed by employees within this position. It is not a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job. An employee's responsibilities, tasks, and duties might differ from those outlined in the job description, and other duties, as assigned, are a part of the job. The Federal Reserve Bank of Chicago reserves the right to modify the elements of this job description, as business needs require.

Full Time / Part Time

Full time

Regular / Temporary

Temporary

Job Exempt (Yes / No)

No

Job Category

Internship Family Group

Work Shift

First (United States of America)

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.