Enthusiastic Students Find Value in NABE/Fed Program

Not only did Chicago area high school students turn out in greater numbers for this year’s program, but also they were so enthused about what they learned in the economics club sponsored by NABE and the Federal Reserve district bank that they put together an impressive Power Point show highlighting the year’s activities.

From trading floors and exchanges to bank board rooms, the Chicago students and their counterparts in four other cities gave high marks to the economics clubs, which just finished their third year under the partnership between NABE and Fed district banks and branches. Over the summer, NABE and Fed partners will be working to expand the program to other cities and to enhance current programs.

Mock job interviews gave Baltimore students new insights and economics clubs in New York and Baltimore capped the years with essay competitions leading to summer internships for the winners.

“Our year went really well and there were more students this year than a year ago [2006-2007],” which was the first year in Chicago, said Marva Berger, manager of public affairs at the Chicago Fed.  “This year we had a core group of between 26 and 28 students who came to every session, even when the weather was really bad.  We think we have a really good program here and we hope it continues,” she told a May 12 conference call of program leaders.

During the final site visit for the Chicago club at the Union League, students made what Berger said was a very impressive Power Point presentation highlighting the full year’s activities.  Chicago students had an especially busy calendar this year, with seven site visits to firms and institutions where they learned first hand about a wide range of careers that require a background in economics.

In closing the program for this academic year, Berger said that she and NABE member Jeffrey Blumenthal, who helped arrange site visits earlier in the year, presented the students with certificates.  Blumenthal is vice president of Blumenthal-Hart Ltd.

Summer Months Will Focus on Expansion

Kathleen Camilli, who initiated the program for NABE in 2005, said on the conference call that she has “thoroughly enjoyed spearheading this third year of the partnership.  We have quite a few districts up and will continue to work on it through the summer months.”

Participating Fed banks and branches recruit between 25 and 50 high school students and host on-site visits to the local Federal Reserve.  NABE’s role is to enlist members’ participation in working with Fed education specialists to establish criteria that include visits to businesses and hands-on activities such as mock stock or commodity trading during the site visits.

Camilli said she is encouraged at the growth of student participation and the enthusiasm of students, Fed partners, and NABE members as they work together to offer students opportunities to learn more about careers in economics and how a variety of companies and institutions rely on the economics profession. From NABE’s perspective, the program also provides a “an outreach to the business community that has a vested interest in having well-informed citizens and potential employees who have a grounding in economics,” she added.

Job Interviews In Baltimore

In April, more than 20 Baltimore students taking part in the economics club put their job interview skills to the test with an average of seven interviews per person, according to Karen Kokernak, education specialist with the Baltimore branch of the Federal Reserve Bank of Richmond.  “It was a grueling but enlightening experience for the students,” who were required to wear proper business attire as well as present themselves well in the interviews.  The Fed and NABE partners also helped students write resumes.

On May 21, the Baltimore club students took part in an essay contest, with the awarding of a summer internship at the Baltimore branch of the Federal Reserve for the winning entry. The topic for the essay contest was: contrast today’s economy with what took place in the 1980s.

Kokernak added that she and other education specialists at the Fed will meet with school district officials over the summer and hope to expand the program next year.

New York Students Compete for Internships

In New York, students capped the year with what has become the annual essay competition.  This year the topic was the appropriate role the government should play in the economy, according to Lloyd Bromberg, director of education services at the New York Fed.  Once the 10 finalists are chosen from among the written essays, students make oral presentations and the top four presenters are awarded paid summer internships:  two at the Federal Reserve Bank of New York, one at Standard & Poor’s and one at Credit Suisse.
 
Bromberg commented on the popularity of this year’s visit to Standard & Poor’s, where NABE member David Wyss takes part, and to the newsroom of the Wall St. Journal.  Students learned how knowledge of economics is importance to reporters and editors at the newspaper, working with them on deadline.

In Houston, the high school economics club concluded its academic year with a visit to the Houston branch of the Federal Reserve Bank of Dallas.   Robbie Moses, economic education coordinator for the Houston branch, said the visit focused on career paths in business and banking.

Earlier in the year, Houston students meet with NABE members Patrick Jankowski, research director for the Greater Houston Partnership and president of NABE’s Houston chapter, and Bill Gilmer, senior economist at the Houston branch.

As it reorganizes its program, the Boston high school economics club hosted a few site visits this year, including one to Loomis Sayles, where NABE member Brian Horrigan, the firm’s chief economist, talked with students about careers in economics and the firm’s operations.

Camilli said she would “encourage our NABE members in Boston to help us build the presence of NABE and the NABE/Fed programs in the area, by offering a student visit to your institution."

Members interested in taking part in the high school economics clubs should contact Camilli (kcamilli@camillieconomics.com) or chapter presidents in participating cities.