The FDIC's Financial Management Scholars Program is a paid summer internship program for college students majoring in economics, business administration, finance, accounting, or a related field (including mathematics and statistics). The program is available to students nationwide.
Financial Management Scholars (FMSs) get an in-depth, firsthand look at how the FDIC accomplishes its mission by ensuring that banks are following safe and sound banking practices, managing their institutions effectively, and complying with consumer protection, anti-discrimination, and community reinvestment laws and regulations. Scholars participate in a two-day virtual orientation session followed by on-the-job training in one of the FDIC’s driver divisions: the Division of Risk Management Supervision (RMS) or the Division of Depositor and Consumer Protection (DCP).
At the FDIC, we recognize the value of providing our Scholars real work from day one so that they have a realistic expectation of what it is like to work as a commissioned bank examiner. We believe a hands-on experience empowers them and equips them with the confidence they need to succeed as early career professionals. Additionally, when we resume on-site bank examination work, Scholars will have the opportunity to travel up to 50% of their internship duration to various banks.
For the health and safety of our employees, the FDIC is currently working fully remote during the COVID-19 pandemic, and offers the FMS Program as a 100% remote experience. Our Scholars are provided laptops and security tokens to safely access and secure their work. They are equipped with manuals, given access to the FDIC’s learning portal and provided web-based training courses. Scholars also receive a $2,500 stipend for office supplies, high-speed internet, office furniture, etc.
To compensate for the absence of on-site events and opportunities, the FDIC uses Microsoft Teams to train Scholars and to schedule weekly and daily meetings with mentors or Examiners -in-Charge to discuss and review work. Scholars are also provided networking and social opportunities to keep them connected with other interns and colleagues at the FDIC.
Our Financial Management Scholars participate in a two-day virtual orientation session followed by on-the-job training in one of the FDIC’s driver divisions – the Division of Risk Management Supervision (RMS), or the Division of Depositor and Consumer Protection (DCP). The virtual orientation consists of several presentations covering topics such as: the FDIC’s mission and values; ethics; diversity, equity, and inclusion; and performance reviews. Day 1 of virtual orientation consists of a welcome presentation that introduces Scholars to the FDIC’s mission and values, as well as a presentation that details the FDIC’s Human Resources policy and security privacy awareness policy. Scholars are virtually introduced and meet one-on-one with their field supervisors. Day 2 consists of several presentations on the FDIC’s benefits, ethics, telework, and commitment to diversity, equity, and inclusion. Additionally, we review with our Scholars developmental feedback forms, which explain how they will be reviewed throughout the internship program.
Our on-the-job training places interns on teams with experienced, FDIC-commissioned examiners and mentors to gain hands-on experience. Scholars work 11-12 weeks during the summer, giving them time to build their resumes during their break from the busy peaks of the fall and spring semesters. In RMS, our Scholars work on teams to examine a bank’s financial condition, risk management program, and internal control structure. The teams also assess compliance with safety and soundness rules and regulations, including anti-money laundering and bank secrecy laws and regulations, as well as bank information technology controls. In DCP, our Scholars work on teams to determine whether they maintain effective internal controls and procedures to comply with all applicable laws and regulations, such as those relating to consumer protection, privacy, community reinvestment, and fair lending.
In addition to the regular benefits offered by Federal agencies, the FDIC offers other benefits to employees on a full-time work schedule. These benefits, some at minimal cost, are among the best and most competitive in both the private and public sectors.
Extensive travel may be required. Bank examinations are conducted on-site at banks, sometimes at great distances from the FDIC office. Scholars are reimbursed for travel expenses, but are responsible for providing their own transportation to bank examination sites (public transportation may not be available).
If selected, scholars will be required to serve a trial period.
- U. S. citizenship.
- Enrolled at least half-time in a bachelor’s degree program at an accredited college or university.
- Completion of the junior year with a major in economics, business administration, accounting, or related field, an overall Grade Point Average of 3.25, and a planned graduation date between December 2022 and December 2023.
- Successful completion of the FDIC’s background investigation requirements.
- Must be registered with Selective Service (males born after Dec 31, 1959).
- All interns are required to sign the FDIC Internship Program Participant Agreement. Moderate Risk Position--Minimum Background Investigation (MBI) required.
If selected for the position, you may be asked to provide the FDIC with your COVID-19 vaccination status.