Federal Reserve Bank of PhiladelphiaThe Federal Reserve Bank of Philadelphia (the Philadelphia Fed) is one of 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., comprise the Federal Reserve System (System). Founded by Congress in 1913, the Federal Reserve System serves as the central bank of the United States. The Philadelphia Fed (3rd District) serves eastern and central Pennsylvania, southern New Jersey, and Delaware. Its mission is to formulate and implement monetary policy, supervise banks, bank holding companies, savings and loan holding companies, provide financial services to depository institutions and the federal government, and promote consumer protection and community development.
The Philadelphia Fed’s Research Department (Department) plays an important role within the System and has a long-standing reputation as a thought leader, innovator and influencer of monetary policy, informed by distinguished research, insights and analysis. The Department conducts research on a wide range of economic topics (macroeconomics, labor, finance, banking, and regional), produces analysis used in regional and national policy discussions, and conducts surveys to get timely pulse readings of the economy, including the Manufacturing Business Outlook Survey and the Survey of Professional Forecasters (which is the oldest quarterly survey of macroeconomic forecasts in the United States). It serves as a System leader in data analytics and governance and high‑performance computing. The Consumer Finance Institute (CFI), an innovative and unique cross-disciplinary team, sits within the Department polio and analyzes how people earn, spend, save, and invest, as well as how credit markets and payment systems affect the economy. Financial Statistics, which gathers and disseminates information from financial institutions, is also part of the Department portfolio.
The Senior Policy Advisor serves as an economic advisor to the President and Chief Executive Officer (Bank President) of the Philadelphia Fed. The Advisor will be part of the Research Department leadership with a primary responsibility to create and refine the process to deliver timely and relevant analysis and insights on economic and financial developments for the Bank President in their role as a member of the Federal Open Market Committee (FOMC). They will drive economic policy discussions that meet the needs of the Bank President and Bank economists by identifying critical topics, matching topics to experts from across the Bank, mentoring team members and providing feedback on memos and briefings, convening experts, and facilitating briefings. As a member of the department leadership team, the Advisor works collaboratively to manage multiple deliverables under evolving priorities. In addition, the Advisor may prepare presentations and updates for senior leadership and the Bank’s Board of Directors.
To succeed in this role,the ideal candidatemust haveexceptional analytical and critical-thinking capabilities, with the ability to assimilatenew information, interpret complex economic and financialdevelopments and research, and produce rigorous, high‑quality analysis. They mustdemonstrateexpertiseinmonetary policy andeconomics—supported by advanced theoretical and quantitative skills—and be recognized for their professional contributions.They must be able to deliver constructive feedback and work effectively with colleagues with a range ofexpertiseStrong communicationskills, both written and oral, are essential for effectively briefing senior leadership, crafting clear perspectives on monetary policy, and engaging with stakeholders across the Federal Reserve System. The candidate must also be adept at building relationships,conveningsubject‑matter experts,facilitatingpolicy discussions, and driving consensus. Success in the role further requires excellent organizational skills to manage evolving priorities, lead multiple complex projects, and consistently delivertimely, high‑quality outputs in support of the BankPresidentandtheResearch Department
The salary range for this position is: $249,500- $383,900 Final salary and offer will bedeterminedby the applicant's background,experienceand skills, as well as internal equity and alignment with market data.
Key Responsibilities
The scope of the role includes, but is not limited to:
Policy&Advisory Responsibilities
Identify,convene, andfacilitatepolicy discussionsacrossmultiple disciplines ofinternal and external experts.This includesassuming a lead rolein designing and contributing to the process forpreparingfor FOMC meetingsthat meet the needs of the Bank President
Support the Bank President’s speechdevelopmentand related briefing materials.
Lead advanced researchand policyprojects on monetary, financial, and economic topics.
Coach and Mentor
Mentor andsupport thedevelopment ofcolleaguesthrough coachingandproviding actionable feedback to strengthen policy analysisandbriefingskills, and to realize synergies between research and policy
Enterprise / System Engagement
Brief theBank’sBoard of Directors on monetary, financial, and regional economic issues.
Engage regularly with Federal Reserve System counterparts to stay current on policy issues.
Communication Responsibilities
Contribute to or produce research papers; review others’ work.
Engage in public educational or speaking activities on behalf of the Bank.
Build relationships with colleagues that result in positive outcomes.
Project & Priority Management
Lead multiple projects simultaneously, delivering highquality results under shifting priorities.
Education and Experience:
PhDand a minimum of7years ofdemonstratedexperiencewithinthe field ofmonetary policy,economics,orfinance
Extensive experience in economic research and policy analysis,through publications and engagements.
Familiarity with relevant economic institutions and available data sources.
Strongwritten and verbal communication skills
Knowledge and Skills:
Strong analytical and critical thinking, including ability to assimilate complex information.
Demonstratedexpertisein advanced theoretical and quantitative economic/financial methods.
Ability to build consensus with diverse stakeholders.
Strong organizational skills to manage evolving priorities and tight deadlines.
Other Requirements
Maintain a full-time onsite presence at the Philadelphia Fed
Willingness to travelas needed.
Ethics Considerations and Prohibited Activities
Employees of the Philadelphia Fedare held to the highest standards ofintegrity, impartiality, and public trust. Tomaintainconfidence in the Federal Reserve System, allemployees mustcomply withfederal statutes prohibiting financial conflicts of interest, and senior officialsare subject toadditionalrestrictions.
ThePolicy Advisoris subject to the Federal Reserve Board’sInvestment and Trading Policy for FOMC Officials. These rules prohibit certain investments, includingindividual equities, corporate or municipal bonds, asset-backed securities, agency debt, and derivatives.
ThePolicy Advisormust:
Provide 45 days’advance notice and obtain prior approval for securities transactions.
Hold investments for at least one year.
Refrain from trading during FOMC blackout periods or periods of financial market stress.
Disclose financial transactions.
These restrictions also apply to thePolicy Advisor’sspouse and dependent children. In addition, the Bank’sCodeof Conduct prohibits outside activities that conflict with official duties (e.g., serving as a director of a publiccompany) and certain partisan political activities.
Candidates should review the following to ensure compliance:
Having reviewed the above, candidates should also be prepared to confirm that they and their spouse willhave the ability to do the following:
Be in full compliance and adhere to all restrictions on standalone investments, includingretirement accounts from private employers.
Divest any investments that aredeemedimpermissible.
Advise if they own any cryptocurrencies
We offer a great benefits package that features:
Medical, Dental, and Vision Insurance
401k/Thrift Plan with generous employer match
Employer-funded Pension Plan
Paid Vacation/Sick Time & Holidays
Flexible Spending Accounts and Healthcare Spending Accounts
Life Insurance and Long-Term Disability Insurance
Parental Leave
Free onsite 24/7 Fitness Center
Additional Benefits, Discounts and More…
Additional Information:
The Federal Reserve Bank of Philadelphia takes your information privacy seriously. Federal Reserve Bank of Philadelphia staff will only email you from the “@phil.frb.org” domain or through the Workday system “rb@myworkday.com”.If you are initially contacted by phone, feel free torequestthat the caller provide you with their email address tovalidatetheir identity. If you have any questions about the validity of someone who contacts youregardingthis position, please email the Talent Acquisition team at TalentAcquisition@phil.frb.org
We are an equal opportunity employer committed to hiring the best candidates and toprovidingequal employment opportunity to all persons without regard to race, color, religion, sex, pregnancy, national origin, age, genetic information, disability, military service, or any other basis protected by law.
We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment. If you need assistance or an accommodation due to a disability, please email us at TalentAcquisition@phil.frb.org.
Background investigations and drug testing arerequiredfor all new hires as a condition of employment, after the job offer is made.Due to the nature of theinformationyou will have access to, we require that you also complete a more in-depth enhanced background screening. Employment may not begin until the Bank accepts the results of the background investigation.
All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
This position requires access to confidential supervisory information and FOMC information, which is limited to “Protected Individuals” as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisitetimeframe Candidates who are permanent residents must sign a declaration of intent to become a U.S. citizen when eligible to do so and pursue a path to citizenship. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information accessrequiredfor this position if they sign a declaration of intent to become a permanent resident and a U.S. citizen and meet other eligibility requirements. In addition, all candidatescomply withall applicable information handling rules. The Policy Advisor willbe requiredto provide work authorization to prove eligibility to work in the United States.
The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended tobean exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to bean accuratereflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
By applying for this position, you agree you will be available to work on-site in a full-time capacity.
Learn more about working for the Philly Fed here
Full time
Regular
Yes
Economics/Research Family Group
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.
Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.
The Federal Reserve System is the Central Bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded.
Today the Federal Reserve's duties fall into four general areas:
Conducting the nation's monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices and moderate long-term interest rates.
Supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers.
Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets.
Providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system.
