The Federal Reserve Bank of New York is looking to hire up to 50 more people in its bank supervision department, many of them risk managers, according to Richard Cahill, a vice president at the New York Fed and head of that department. Bank supervision currently employs 650 people.
Catastrophes mean jobs for risk management professionals. And considering that most financial problems seem to be falling into the laps of government bodies, it is unsurprising that Uncle Sam is one of the hottest employers of risk managers right now.
Cahill, speaking at a Global Association of Risk Professionals (GARP) chapter meeting in New York said the Federal Reserve is increasingly involved in overseeing banks and how they can cause systemic risk since the financial crisis, which has resulted a greater need for risk professionals.
The Fed is looking for finance pros with a combination of data skills and a dedication to public service, said Cahill.
If a willingness to draw a paycheck from Uncle Sam is not enough, Cahill has another incentive for risk managers to join the Fed: "You have the opportunity to know what's going on everywhere, we really are the eyes and ears," he said. "And it's not boring."
And it's not just bank supervision that's looking. Other banks and departments across the Federal Reserve system need similar skills, and they're all looking to hire.
Many jobs posted at the New York Fed's career site require between five and 10 years of experience in the sector, a master's degree and knowledge of basic accounting and data skills.
Gov Gearing Up
MaryJo Roberts, director of the career center at GARP, said that there has been an increase in the number of job postings on the GARP job site by governmental or quasi-governmental agencies since last year. There have been a total of 87 job postings from these agencies since January of this year; in the same period last year, there were 61. "I think these agencies are gearing up to meet an expected increased need in staffing because of the pending regulatory legislation in Congress," she said. "It could also be a loosening of hiring freezes, which many agencies instituted last year."
Write to Shareen Pathak
Correction: When originally published, this article had the demand for new hires at the NY Fed at 350. It has since been corrected to 50. We regret the error.