For a newly minted Ph.D. in economics or an experienced economic researcher, an economist position at the Federal Reserve Bank of New York may be the dream job of a lifetime. After all, the Federal Reserve is one of the world's most powerful central banks, and economists at the New York branch conduct economic research and analysis in one of the leading financial centers. In addition to working in an intellectually stimulating environment, economists at the Federal Reserve Bank of New York receive competitive salaries for their work.
Average Salary
The Glassdoor website reported in 2010 that economists at the Federal Reserve Bank of New York received an average salary of $136,182 a year, with salaries among individual economists ranging from $115,000 to $150,000 a year. Senior economists at the New York Fed earned an average salary of $146,784 a year. Glassdoor reported that it received information from anonymous postings by New York Federal Reserve Bank employees.
Comparison
The salary averages for economists at the New York Federal Reserve appear competitive with salaries offered to Ph.D.s working as professors of economics. The American Economics Association reported on its website that many doctoral-level economists pursue academic careers and that tenured associate professors at Ph.D.-granting universities earn an average annual salary of $128,600, about $8,000 a year less than the salary received by Federal Reserve Bank economists.
Considerations
Securing a job as an economist at the Federal Reserve Bank of New York requires extensive preparation and a high level of achievement. In addition to a doctoral degree in economics, you should possess excellent spreadsheet and statistical analysis skills, as well as the ability to use statistical software programs, such as SAS. You also need excellent written and verbal communication skills.
Benefits
In addition to a competitive salary, economists at the Federal Reserve Bank of New York receive a package of benefits that includes medical and life insurance and a retirement plan. The bank reports on its website that the value of the benefits equals about one-third of most bank employees' base salaries. Furthermore, economist jobs at the bank are not limited to experienced economic researchers. The bank reports that it recruits new Ph.D.s as well as experienced economists for jobs in its research and statistics division.
Internships
The Federal Reserve Bank of New York offers three internship positions each year for doctoral students in economics and finance who are completing their dissertation work. Interns work for eight to 10 weeks between June and August of each year, with their compensation based on an annual salary of $80,600. Based on a 52-week year, this translates to weekly earnings of $1,550.
