Success Starts Here.
Join the FDIC as a Financial Management Scholar
Protect and Connect: The Division of Depositor and Consumer Protection
FDIC bank examiners determine if financial institutions follow safe-and-sound banking practices, implement effective internal policies and procedures, and comply with consumer protection, anti-discrimination, and community reinvestment laws and regulations. When you join the agency as a Financial Management Scholar (FMS), you will get an in-depth, firsthand experience with how the FDIC accomplishes its mission of maintaining stability and public confidence in the nation’s financial system. As an FMS, you will improve your current skills and develop new abilities to help you prepare for your career after college.
Why the FDIC?
The FDIC supervises a vast majority of the country’s community banks. These institutions provide loans to farmers and small businesses, make it possible for entrepreneurs to launch start-ups, support local governments as they build libraries and parks, and help foster local economies. These essential functions are the very things that help keep America running.
As an FMS in our Division of Depositor and Consumer Protection (DCP), you will enjoy a meaningful internship with impact on the financial industry, and gain knowledge of how the FDIC fulfills its mission through these critical functions:
- Assisting in the evaluation of financial institutions to determine if they treat consumers and depositors fairly and operate in compliance with federal consumer protection, anti-discrimination, and community reinvestment laws; and
- Helping to build and strengthen positive connections between banks and consumers, depositors, small businesses, and communities.
Other highlights of our program:
Work when you can – Financial Management Scholars work 11-12 weeks during the summer, giving you time to build your resume during your break from the busy peaks of the fall and spring semesters.
Work where you are – We provide FDIC laptops to our interns and offer opportunities to network and connect with other interns and colleagues. For the time being, FMSs will attend virtual orientation sessions, and perform work remotely for a specific office throughout the duration of the internship.
Work toward your future – FMSs complete an automated writing assessment during the summer assignment. Upon passing the writing assessment and successfully completing the program, FMSs may be offered full-time positions to commence after graduation. In addition, FMS positions are salaried, and you may be eligible for certain federal employee benefits.
Commitment to Diversity, Equity, and Inclusion – The FDIC achieves its mission by creating an inclusive work environment that recognizes and appreciates all employees’ perspectives and talents, allows employees opportunities to reach their highest potential, and attracts and retains the most talented employees.
What will you learn?
American banking consumers look to the FDIC to ensure that financial institutions keep their money safe, treat them fairly, provide them with products and services that help them meet their financial goals, and serve the needs of their communities. As an FMS in DCP, you will gain direct experience performing a number of the duties and responsibilities assigned to the FDIC’s commissioned examiners. You will be part of a team that assesses banks 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.
Under the direction and supervision of a more experienced examiner, some of the duties you will perform or assist include:
- Reviewing the initial disclosures, periodic statements, advertisements, and other information financial institutions provide to consumers;
- Assessing financial institutions’ overall compliance with applicable regulations, such as the Truth in Lending Act, Home Mortgage Disclosure Act, Fair Credit Reporting Act, and Equal Credit Opportunity Act;
- Reviewing the Home Mortgage Disclosure Act loan application register for accuracy and assessing the bank’s overall reporting procedures;
- Examining residential, consumer, commercial and agricultural loan files to determine compliance with applicable lending-related regulations;
- Participating in the discussion of the examination process for evaluating the financial institution’s Compliance Management System, which includes senior management oversight, policies, monitoring, and training, and audit procedures;
- Reviewing the financial institution’s performance under the Community Reinvestment Act, participating in discussions regarding assigned ratings, and preparing a summary of each performance factor describing why the rating was assigned; and
- Preparing drafts of schedules, exhibits, and comments for inclusion in the report of examination.
The FDIC is now accepting applications for FMS positions within the Division of Depositor and Consumer Protection through November 30, 2021 at 11:59 pm (EST). To be considered, you must:
- Be a U.S. citizen;
- Be enrolled at least half-time in a bachelor’s degree program at an accredited college or university;
- Have a major in Accounting, Banking, Business Administration, Commercial or Banking Law, Economics, Finance, Marketing, or other related fields;
- Have a current overall GPA of at least 3.25;
- Complete your junior year of college prior to entering the program; and
- Have a planned graduation date between December 2022 and December 2023.
Due to the coronavirus pandemic, duties may be performed from the incumbent’s current location for a limited time.
FMS positions will be available in select locations across the country. As an applicant, you may select up to five of these locations for consideration. Please note: Starting salaries range from $41,930 to $58,111 per year, depending on location. Scholars may elect to receive a one-time $2,500 stipend (in addition to the bi-weekly salary) at the beginning of the program.
The FDIC plans to make internship offers in January 2022. Successful applicants will start with the FDIC beginning in summer 2022, and will be placed into one of two sessions:
- Session 1: May 09 – July 29, 2022 (12 weeks)
- Session 2: June 06 – August 19, 2022 (11 weeks)