The FDIC is Hiring Financial Management Scholars

If you are looking for positive news in the mix of updates on the collapse of Silicon Valley Bank (SVB) and Signature Bank, there are Career Opportunities being advertised by the Federal Deposit Insurance Corporation (FDIC).

On January 30, 2023 the FDIC announced the beginning of the acceptance of applications for the Financial Management Scholars (FMS) 2024 summer internship program for college students. Announced months ahead of the unanticipated bank failures by SVB and Signature Bank, FMS is an annual program intended to attract college students pursuing a course of study required by financial regulators: accounting, finance, economics, business administration, mathematics, statistics, information technology, and cybersecurity. FMS 2024 is open to students across the country.

FDIC is recruiting students to Join the Team as summer interns, promoting the FMS program as an opportunity to “get an in-depth, firsthand look" at how the agency accomplishes its mission with on-the-job training. As one of the financial regulatory agencies, the mission of the FDIC is to maintain stability and public confidence in the nation's banks. In line with this goal, interns are placed on teams with experienced professionals and mentors over an 11-12 week period for training related to the agency’s day-to-day activities to ensure that banks are following safe banking practices and complying with consumer protection requirements.

In the FMS announcement the FDIC references two divisions for potential placement: RMS and DCP. RMS is the acronym for the Risk Management Supervision Division where Scholars will work on teams to examine a bank’s financial condition, risk management program, and internal controls to assess compliance with safety and soundness regulations. Scholars selected for DCP or the Depositor and Consumer Protection Division will work on teams to determine whether a bank has effective internal controls and procedures to comply with regulations governing consumer protection, privacy, community reinvestment, and fair lending.

The FDIC notes that Scholars might expect that up to 50% of the duration of their internship will involve travel. As with full time positions, work assignments will be located in proximity to an official duty station requiring travel in support of on-site bank examinations. At the RMS and DCP webpage is a link that provides an introduction to the FDIC Region and Field Office locations and the pre-pandemic travel percentages associated with each FDIC field office location. Scholars will be reimbursed for travel expenses. No doubt, a part of the FMS training will focus on how to document, track, and submit claims for reimbursement in a timely manner.

Candidates selected as Financial Management scholars will attend a one-week orientation session in Arlington, VA, most likely the L. William Seidman Center, to be followed by an on-the-job training assignment working out of one of the FDIC's field offices.

With the announcement of FMS 2024 on January 30, 2023, the FDIC invited interested applicants to visit the On-Campus Recruiting page for the dates of in-person and virtual events to introduce the opportunities for participating in the internship program. More than seventy (70) recruitment events were announced in January. Except for the virtual session scheduled at Howard University on Thursday, March 16, Maryland and Virginia events are scheduled for the following upcoming dates.

If your college is not listed on the On-Campus Recruiting page, interested applicants are advised to provide contact information using the Join our Talent Network link.

The FDIC has already begun to accept applicants for internships who are happy to announce on LinkedIn that they have accepted the FDIC offer as a Financial Management Scholars intern and are looking forward to the June start date. You can search LinkedIn at FDIC FMS to see the increasing number of successful applicants.

NEXT STEPS

1. Carefully review the Financial Management Scholars (FMS) Program Announcement posted at FDIC.gov Home | About | Careers | Student Opportunities.

2. Visit the On-Campus Recruiting page for the dates of in-person and virtual sessions at your college.

3. Follow the guidance provided by the FDIC is completing the FMS 2024 Application.

4. Review the following FDIC News Releases. Even if you have read the latest news about the bank closures in national news sources and your local newspaper, you will want to be familiar with the news as reported by the FDIC.

• FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California, March 10, 2023
• FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY, March 12, 2023
• Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC, March 12, 2023
• FDIC Acts to Protect All Depositors of the former Silicon Valley Bank, Santa Clara, California, March 13, 2023

Graduating Seniors might want to focus on the current entry-level job offerings posted at the FDIC Career Page, with a link to USAJobs.gov and also posted at LinkedIn. There are 50+ positions available for the following jobs, advertised with the position location.

Financial Institutions Specialist - Risk Management (RMS Division)

· Open & closing dates: 02/21/2023 – 04/20/2023

· Salary: $64,809 - $87,261 per year | Starting at $64,809 per year

Financial Institutions Specialist – Compliance (DCP Division)

· Open & closing dates: 02/21/2023 – 04/20/2023

· Salary: $64,809 - $87,261 per year | Starting at $64,809 per year

Best Wishes to a promising career in the Financial Services Industry!

FMS 2024 could be viewed as the first step to a long-term career in the financial services industry. While the news of the past week seems dire, there is no indication that there will be an undetermined number of bank failures. A short-term summer internship will nevertheless position you to be able to pursue full time employment with the FDIC in the future. We will be counting on you to help bankers maintain internal controls and implement loss mitigation procedures to stem future losses. All the best to those who respond to the invitation to Join the FDIC Team