NABE/Fed Clubs Open Window on Variety of Careers

More than 40 high school students from nine Chicago schools got a close look at a day in the life of a futures trader at the Chicago Mercantile Exchange in late January.  New York City students worked on deadline with Wall Street Journal reporters, getting a sense of how a working knowledge of economics can translate into a journalism career. 

Add trading floor simulations and visits to Federal Reserve Banks to the mix and it describes a rousing start of the third year of high school economics clubs sponsored by the NABE partnership with Fed District Banks and branches. This year the program includes clubs in Chicago, New York, Boston, Houston, and Baltimore.

Participating Fed banks and branches recruit between 25 and 50 high school students and host on-site visits to the local Federal Reserve.  NABE members work with Fed education specialists to establish curricula that include visits to businesses and activities such as trading floor simulations.

Through involvement of NABE members and the companies they represent, the program encourages “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,” said Kathleen Camilli, who initiated the program for NABE in 2005. 

Internships will be part of year-end competition among the students in New York and Baltimore this year.  Camilli urged NABE members to explore ways that their companies might offer internships as part of the programs in their home cities. The NABE Foundation supports the program, mainly by funding transportation for students.

Chicago Club Starts With Trading at Merc

Students from Chicago area schools visited the Chicago Mercantile Exchange on Jan. 25, and the visit included a mock trading session at the futures exchange.  Marva Berger, manager of public affairs at the Chicago Fed, said students are enthused about having the opportunity to engage in hands-on activities.  NABE member Jeffrey Blumenthal, vice president of Blumenthal-Hart, Ltd., worked with Fed education specialists to arrange the Merc program.

Offering a new benefit this year, the Chicago Fed gave each student a 30-page “2008 Econ After School Monthly Planner” that includes not only calendars, but also descriptions of each of the seven firms or institutions that they will visit and information about websites that students are encouraged to check out ahead of time.  The program “enables students to explore a wide range of career opportunities and understand how many of the principles related to the study of economics factor into day-to-day business operations,” the Chicago Fed explains in the planner.

This year, the Chicago students also are scheduled to visit the Chicago Fed bank, U.S. Equities Realty, Deloitte, Northern Trust, J.P. Morgan Chase, and the Union League Club.

Baltimore Begins First Year of Program

Kicking off its first year, the Baltimore economics club plans a visit to T. Rowe Price and the Baltimore branch of the Richmond Federal Reserve bank on Feb. 28, according to Karen Kokernak, economic education specialist with the Baltimore branch of the Richmond Fed.  NABE member Alan Levenson, chief economist at T. Rowe Price, helped to plan the program.

In March, the Baltimore students will travel to Washington, D.C., for visits to either Ernst & Young or the Bureau of Economic Analysis.  Former NABE President Rosemary Marcuss, deputy director of BEA, and NABE member Tom Neubig of Ernst & Young are involved in planning these programs.  In April, plans call for the students to take part in a high school Academy of Finance conference and in May, the program will conclude with a competition with two paid internships as awards.

New York, Boston Students Welcome Hands-On Activities

On Jan. 17, New York high school students paid a visit to the Wall Street Journal newsroom, where they worked with reporters and editors on news stories. Lloyd Bromberg, director of education services at the New York Fed, said, “the visit went very well.”

The involvement of private economists and their firms, plus the activities planned at Fed banks hosting the clubs, combine to give students a well-rounded look at “what goes on behind the scenes,” said Bromberg.  “The program also shows students how private firms fit into the larger economy,” he added.

On Feb. 7, the New York students traveled to PricewaterhouseCooopers and learned about careers in that firm.   The club’s NABE/Fed sponsors have planned a March visit to Standard & Poor’s and a May program at the offices of Credit Suisse.

Scott Guild, director of education at the Boston Fed, agreed that students enjoy and derive important information from hands-on activities, such as mock trading sessions featured in a January visit to Loomis Sayles, a bond-trading firm at One Financial Center.

NABE member Brian Horrigan, Loomis Sayles chief economist, talked to the students about careers in economics and the firm’s operations.  Students were enthused about the final stop, a visit to the trading floor, according to Albert Barnor, an education specialist at the Boston Fed.  Other visits planned for this school year include Fidelity Investments, he said.

Houston Students Explore Regional Issues

Regional economic issues—notably energy and housing—top the agenda for students participating in the Houston club this year, according to Robbie O. Moses, economic education coordinator for the Houston Branch of the Dallas Federal Reserve Bank.  “At meetings at the Houston Branch, we are focusing on current regional developments in employment, energy, housing, and career paths,” she said.

Houston students recently met with Patrick Jankowski, research director for the Greater Houston Partnership and president of NABE’s Houston chapter. Bill Gilmer, senior economist at the Houston Branch and a NABE member, continues to help organize the program.  Moses also said plans are in the works for “a field trip to the Rice University simulated energy trading desk and to a local mutual fund management company.”

Members interested in taking part in the high school economics clubs should contact Camilli or chapter presidents in cities involved in the program.