Board of Governors of the Federal Reserve System

Program Information

The Federal Reserve Board is committed to attracting, developing, and retaining a talented and diverse workforce. As such, we encourage submissions from groups traditionally less represented in economics and finance and from a wide range of Ph.D. programs. We recognize the benefit derived from different perspectives and look to foster this when reviewing candidates.

We offer paid in-residence fellowships for graduate Ph.D. students to conduct research on-site at the Board in Washington, D.C. While at the Board, fellows work on a topic of their own choosing, usually furthering dissertation research begun before the fellowship, and give 1-2 seminars on their work. Fellows are also encouraged to participate in our extensive seminar series, collaborate with Board economists, and to learn more about preparing for the job market.

Fellows are at the Board for 12 weeks and placements are in the Divisions of Financial Stability, International Finance, Monetary Affairs, and Research and Statistics. Most positions are offered in the summer, but occasionally we have positions in the spring and fall.

• Applications open January 1 and interested students may visit our careers website to apply.
• For priority consideration for the summer, applications should be submitted by February 15. Applications received after this date still may be considered depending upon where we are in the evaluation process. 
• Summer fellows usually start in late May or in June.

The Board is interested in Ph.D. candidates with specialties drawn from a broad range of topics in economics and finance, including, among others: behavioral economics; econometrics and data science; economic measurement; financial institutions and markets; financial stability and macroprudential policy; foreign economies; industrial organization; international trade and finance; labor; macroeconomics; microeconomics; monetary economics; payment systems; and public economics. We are also interested in research on diversity and inclusion related topics, such as differences in economic outcomes or experiences across groups.

To Apply

Please visit our careers website by selecting the Start Job Search link at the top left of the page. The following materials will be required for consideration: 

• vita
• work from the thesis
• transcript of graduate work
• two letters of reference

Dissertation Fellowships Frequently Asked Questions

1.  In what stage should my dissertation be to maximize my chances of acceptance?

   We find that fourth- and fifth-year students gain the most from this type of fellowship. Occasionally, a third-year student is far enough along on their dissertation to gain the benefit of the program.

2.  Do I have to be a U.S. citizen to apply to the dissertation fellowship program?

   No. However, candidates must be legally authorized to work in the United States and citizenship may be a consideration.

3.  Should I indicate my interest in the fall and spring sessions even though my primary interest is in the summer session?

   Yes. The number of applications for summer fellowships far exceeds the number of available positions. Because fewer students are available for fall and spring fellowships, the chances of being contacted for a fellowship are greater for those sessions if there is an opening.

4.  Do I need to reside in Washington, D.C., during my fellowship?

   In-office requirements vary, but average 2-3 days per week. Flexibility is given for visits back to the university as needed, although the Board does not pay for travel expenses. 

5.  How many fellows are hired per session?

   Generally, 15-17 fellowships are granted for the summer. If fall or spring fellowships are offered, usually it’s for one or two positions.

6.  How long do fellowships last?

   Fellowships last 12 weeks.

7. In addition to furthering dissertation research, are there other requirements during the fellowship?

   Fellows are required to make one or two presentations during their stay, with the first one occurring early in the fellowship and the second one occurring towards the end of the fellowship.

8.  I have a question not listed on the FAQ, who should I contact?

   Questions should be sent to: [email protected]