As a student interested in economics and monetary policy, I recently had the invaluable opportunity to participate in an externship at the Federal Reserve Bank of Dallas. This experience, facilitated by a Rice University alumnus working at the Fed, provided an insightful glimpse into one of the nation's most important financial institutions.

My journey began on 12Twenty, where I discovered this unique externship opportunity. The connection through Rice's alumni network proved instrumental in securing this experience, highlighting the importance of university relationships in opening doors to professional opportunities.

The day began with a comprehensive overview of the Federal Reserve System and its crucial role in shaping macroeconomic policy. Learning about the Fed's dual mandate of maintaining price stability and maximum employment from those working within the institution offered a perspective that no textbook could provide. I was able to apply my academic knowledge from my macroeconomics class to real-world examples of monetary policy actions taken by the Federal Reserve Banks.

One of the most valuable aspects of the externship was the resume workshop, which provided practical guidance on positioning ourselves for careers in economic policy and financial regulation. The career panel that followed featured representatives from various departments within the Fed, offering a broad view of the diverse career paths available within the institution. From policy buffs to researchers to sushi enthusiasts, I learned that there is something for everyone at the Fed. The panelists were kind and thorough in providing information and even gave us their contact information to discuss more about opportunities at the Federal Reserve Bank. 

A highlight of the externship was analyzing a speech by Vice Chair for Supervision Michael Barr. This hands-on exercise demonstrated how the Fed communicates its policies and decisions to the public, offering insight into the careful consideration that goes into every word of Fed communications. This exercise brought the entire day’s learnings together since we were able to see how each department comes together to inform domestic and international policy recommendations.

This externship at the Federal Reserve Bank of Dallas provided more than just a glimpse into the workings of monetary policy — it offered practical career guidance and networking opportunities that will prove invaluable in my professional journey. The experience reinforced my interest in economic policy and gave me a clearer picture of potential career paths within the Federal Reserve System.

For students interested in economics, finance, or public policy, I highly recommend seeking out similar externship opportunities. These experiences provide unique insights into how theoretical concepts learned in the classroom translate into real-world policy decisions that affect millions of Americans.

-Navya, Jones ‘27 (Published on 1/22/2025)