NABE/Fed Student Clubs Get Taste of Careers in Economics

More than 30 Baltimore high school students got a taste of what it’s like to work as economists at a large investment firm and at the Federal Reserve during late February outings planned by NABE and education specialists at the Fed.   It is the third year of the program that offers a variety of site visits and speakers in five cities around the country under the partnership between NABE and Federal Reserve District Banks and branches.

“What a great day we had with our students!  And the teachers were really happy with the program as well,” said Karen Kokernak, education specialist with the Baltimore branch of the Federal Reserve District Bank of Richmond.

ABE member Alan Levenson, chief economist of T. Rowe Price, told the students about his career and responsibilities at the Baltimore-based investment management firm.  Then students and their teachers toured the trading area and learned about careers in that part of the business.

n April, the Baltimore high school club plans to visit Bloomberg News headquarters in Washington, D.C.  The Baltimore students also are scheduled to take part in a high school Academy of Finance conference in April, and the program will conclude in May with a competition with two paid internships as awards.

Program Leaders Share Plans, Ideas for Activities

Kathleen Camilli, who initiated the program for NABE in 2005, congratulated both Fed educators and NABE members for designing programs for students to gain practical knowledge of economics through hands-on activities and discussions with professionals at their firms’ headquarters.  “Sharing your experiences is valuable to all participants, whether you are developing a new club or building on past years’ programs,” she said in a March conference call.

Each month, Camilli convenes a conference call for NABE members and the Fed education specialists to bring the group up to date on programs and share ideas on what has worked best with students.   For example, the question arose as to whether younger students should be invited to join the clubs, and leaders with a couple of years experience said they find it works best to invite only juniors and seniors to participate.

By involving local firms, many where NABE members work, the program encourages “an outreach to the business community” interested in educating students, who are potential employees as well as consumers, Camilli pointed out.  She urged NABE members interested in helping to form clubs in their communities to contact her about starting the process.

At the outset, the participating Fed banks and branches use their contacts to recruit between 25 and 50 high school students and plan to host on-site visits to the local Fed bank.   Then NABE members work with Fed education specialists to establish curricula that include visits to businesses and activities such as trading floor simulations. 

Houston Students Visit Fed Bank

Houston’s high school club participants enjoyed a February visit to the Houston Branch of the Dallas Fed, where they heard Bill Gilmer, the bank’s senior economist and a NABE member, talk about regional trends.  Students learned about the outlook for employment, energy, housing, and also about different career paths. 

The program included a “dress for success” session that was “very successful,” according to Rose O. Mosses, economic education coordinator for the Houston branch.

Earlier this year, the Houston students met with Patrick Jankowski, research director for the Greater Houston Partnership and president of NABE’s Houston chapter.  Plans are also in the works for a field trip to Rice University where students would observe a simulated energy-trading desk.

New York Club Hears from S&P Economists

Following what has become an annual tradition, students in the New York club visited Standard & Poor’s on March 20, according to Lloyd Bromberg, director of education services at the New York Fed.  Students are always enthused about visiting the S&P offices where they hear from analysts working in a variety of jobs.

New York area students will visit Credit-Suisse in May, Bromberg said.  Plus, the students have submitted written essays for the annual competition that will result in three or four students being awarded paid summer internships.   The topic this year is the appropriate role the government should play in the economy.

Bromberg also said that a January visit to the Wall Street Journal newsroom was a big hit with students, as they had an opportunity to work with reporters and editors on deadline.  The visit underscored how a working knowledge of economics can translate into a career in journalism.

Chicago Students Meet With Analysts at Northern Trust

Continuing its busy schedule, the Chicago high school economics club met at Northern Trust Bank on March 25th, where they heard from economists about the outlook and their own careers and education. 

Marva Berger, manager of public affairs at the Chicago Fed, said that about 28 students participated in a March 6 visit to the offices of Deloitte, where they talked with a few young associates in the firm about their jobs.  The visit also highlighted the five areas of accounting (audit, consulting, financial advisory, risk management, and tax services) and the typical job responsibilities of accountants.

Before the site visits, students in the Chicago club are encouraged to research the firm or organization, using the 30-page “Econ After School Monthly Planner” provided by the Fed bank.   Under the information for Northern Trust, for example, students were told that Northern Trust “has far fewer locations than most financial institutions.”  And they were asked: “Looking at the locations, can you infer their business focus?” 

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