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Central banks and international financial institutions

Worldwide

African Development Bank| (ADB) 
The ADB is a regional multilateral development finance institution established in 1964 and engaged in mobilising resources towards the economic and social progress of its Regional Member Countries (RMCs). Its HQ is in Abidjan, but it is temporarily located in Tunis because of the unrest in Cote d'Ivoire.

Careers: In addition to posting job vacancies on its website it also provides information on internships for which you must be a current student (open to undergraduates and graduates), and meet the nationality criteria. Information is also available there on its Young Professional Programme for which you need at least a Masters degree, and must meet age and member country national criteria. Member countries include not only those in the region but also donor countries - so that USA, a number of European countries and China and Japan are included.

Asian Development Bank|
The Asian Development Bank is dedicated to poverty reduction in Asia and the Pacific, a region that is home to two thirds of the world's poor. Established in 1966 its HQ is in Manila, the Asian Development Bank is owned and financed by its 67 member countries, of which 48 are from the region and 19 are from other parts of the globe. It contributes low interest loans, guarantees, grants, private sector investments, and knowledge and advice to help build infrastructure and improve essential services such as health and education. The Bank's focus is on encouraging economic growth, social development, and good governance, while promoting regional cooperation and integration in partnership with governments, the private sector, NGOs and international organizations.

Careers: Check their website for details of the annual internship programme for which Masters and PhD students that meet the eligibility criteria may apply.

Bank of England| 
In pursuing its goal of maintaining a stable and efficient monetary and financial framework the Bank has two core purposes - monetary stability and financial stability. In pursuit of both purposes the Bank works closely with others, including: other central banks and international organisations to improve the international monetary system; and HM Treasury and the Financial Services Authority to pursue financial stability.

Careers: Internships are available to undergraduate, Masters and PhD students. Their graduate recruitment programme offers opportunities to first degree graduates from all degree disciplines. Postgraduate opportunities are offered to those who have a Masters degree in Economics and/or Finance. There is also a PhD Economist programme. Since deadlines and eligibility criteria vary (although work permits will be sought for suitably qualified candidates that require them), you should check the website early in the Michaelmas term of the year prior to when you wish to start the internship or permanent position.

Bank for International Settlements| (BIS)
BIS is an international organisation which fosters international monetary and financial cooperation and serves as a bank for central banks. The BIS fulfils this mandate by acting as: a forum to promote discussion and policy analysis among central banks and within the international financial community; a centre for economic and monetary research; a prime counterparty for central banks in their financial transactions; and an agent or trustee in connection with international financial operations. The BIS HQ is in Basel, Switzerland and there are representative offices in Hong Kong and Mexico City.

Careers: BIS vacancies tend to be offered on the basis of a one to three year fixed term contract initially. You will find current vacancies and information on the application procedure on the website.

European Bank of Reconstruction and Development| (EBRD)
The EBRD uses the tools of investment to help build market economies and democracies in countries from central Europe to central Asia. The EBRD is the largest single investor in the region and mobilises significant foreign direct investment beyond its own financing. Its HQ is in London. It is owned by 61 countries and two intergovernmental institutions. But despite its public sector shareholders, it invests mainly in private enterprises, usually together with commercial partners. It provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. It also works with publicly owned companies to support privatisation, restructuring state-owned firms and improvement of municipal services. The Bank uses its close relationship with governments in the region to promote policies that will bolster the business environment.

Careers: Opportunities are advertised under 'current vacancies' check its website for deadlines and eligibility criteria. Applicants must be nationals of member countries, but these do extend well beyond the EU, e.g. Australia, Egypt, Japan, Mexico, Russia and USA.

European Central Bank| (ECB)
In 1998 the ECB replaced the European Monetary Institute. Based in Frankfurt, it is responsible for the conduct of monetary policy and the performance of other central banking functions for the euro. It carries out these tasks together with the national central banks of the euro area. It is developing a strong reputation for research, particularly in monetary economics and is keen to attract talented from its member countries.

Careers: Internships are available for Masters and PhD students and very occasionally undergraduates. There is also a Graduate Programme for postgraduates, with PhDs particularly valued. Applicants for all programmes must be citizens of an EU country. These opportunities are advertised on the 'Working for Europe' section of the ECB website.

European Investment Bank|
The European Investment Bank was created by the Treaty of Rome in 1958 as the long-term lending bank of the European Union. The task of the Bank is to contribute towards the integration, balanced development and economic and social cohesion of the EU Member States. The EIB raises substantial volumes of funds on the capital markets which it lends on favourable terms to projects furthering EU policy objectives. It is based in Luxembourg. 

Careers: Recruitment for permanent jobs usually requires work experience but it is possible to apply speculatively for work experience. Citizenship of an EU country is a requirement.

Inter-American Development Bank| (IDB) 
The Inter-American Development Bank is the oldest and largest regional bank in the world, and is the main source of multilateral financing for economic, social and institutional development in Latin America and the Caribbean. Its loans and grants help finance development projects and support strategies to reduce poverty, expand growth, increase trade and investment, promote regional integration, and foster private sector development and modernization of the State. The IDB Group is composed of the IDB, the Inter-American Investment Corporation (IIC) and the Multilateral Investment Fund (MIF). The IIC focuses on support for small and medium-sized businesses, while the MIF promotes private sector growth through grants and investments. The Bank's HQ is in Washington, with regional offices in Latin America, Caribbean, France and Japan.

Careers: Employment opportunities include junior professional programmes ( you must have at least a Masters), summer and winter internships for graduate students, and separate summer/winter programmes for undergraduates. There are also several diversity programmes for Afro-descendants and indigenous peoples. All applicants must have citizenship in one of the 47 member countries. Fluency in at least two of the Bank's four official languages, English, Spanish, Portuguese and French, is required for most positions although, in practice, a good knowledge of Spanish is almost essential as that is what the staff speak in their daily interactions.

International Monetary Fund| (IMF)
The IMF is an international organization of 185 member countries, with its HQ in Washington DC. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment. The IMF performs three main activities: monitoring national, regional and global economic and financial developments and advising member countries on their economic policies ("surveillance"); lending members hard currencies to bolster their international reserves in order to support policy programs designed to correct balance of payments problems; and offering technical assistance in its areas of expertise, as well as training for government and central bank officials.

Careers: The Economist Program, the main point of entry for economists into the IMF, is primarily targeted at PhDs in macroeconomics, public and international finance, although Masters candidates with some years' of relevant experience at the policy-making level are considered. There is also an internship programme for PhD students working in macroeconomics or related fields. They also have a Research Assistants Program offering a two-year non-renewable appointment (i.e. you cannot start an economist career in the IMF from here) which is open to candidates who are just completing an undergraduate degree in economics, computer statistics, math, or business administration.

Organisation for Economic Co-operation and Development| (OECD)
The OECD brings together the governments of countries committed to democracy and the market economy to support sustainable economic growth; boost employment; raise living standards; maintain financial stability; assist other countries' economic development; and contribute to growth in world trade. The OECD HQ is located in Paris.

Careers: The OECD offers 'traineeships' similar to internships to full-time students, with economics a preferred discipline. Details of eligibility and how to apply are to be found in the 'Job Opportunities' section of the website, as well as details of the once every two years Young Professionals Program for which a PhD in Economics is preferred, but a Masters is acceptable.

United Nations| (UN)
Careers:
The UN recruits people from a wide range of academic disciplines and with varying levels and variety of work experience.  For opportunities with an economics focus use 'Economic Affairs' as a search word at the UN Galaxy e-staffing webpage|.
Internships are also advertised on this site. In addition employment opportunities with a specific Economic and Social Development aspect across the UN can be accessed at UN: about economic and social development|.

World Bank|
The World Bank Group, headquartered in Washington and owned by its 185 member countries, is a source of financial and technical assistance to developing countries around the world. It is made up of the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), and the Multilateral Investment Guarantee Agency (MIGA). It also has a subsidiary, the International Finance Corporation| (IFC), which acts as its private sector arm.

The IBRD focuses on middle income and creditworthy poor countries, while IDA focuses on the poorest countries in the world providing interest-free credit with long repayment periods. They provide low-interest loans and grants to developing countries for education, health, infrastructure, communications and many other purposes.

Careers: In addition to publishing job vacancies for experienced candidates the World Bank publishes opportunities for internships, its Junior Professional (JP) and Young Professional (YP) Programmes on its website. All have specific eligibility criteria and deadlines so it is essential to check the website if you are interested (look under Employment Opportunities).

The International Finance Corporation (IFC) also has some graduate entry level positions for Investment Analysts.  Recruitment for MIGA (Multilateral Investment Guarantee Agency) internships and full-time entry level positions is via the main World Bank recruitment process.

World Economic Forum| (WEF)
The World Economic Forum is an independent, international organization incorporated as a Swiss not-for-profit foundation. It runs the annual conference of world leaders at its annual conference in Davos. It sees itself as an international body representing the private sector (just as the UN represents the public sector. Its motto is 'entrepreneurship in the global public interest' and it believes that economic progress without social development is not sustainable, while social development without economic progress is not feasible. The Forum's headquarters are located on the outskirts of Geneva.

WEF members represent the 1,000 leading companies and 200 smaller businesses - many from the developing world - that play a potent role in their industry or region. The Forum provides member companies, governments and institutions the opportunity to work together to address global challenges. 

Careers: Job vacancies, usually requiring experience, are posted on their website.

World Trade Organisation| (WTO)
The WTO is a global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world's trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.

Careers: The WTO secretariat (based in Geneva) maintains a limited internship programme for post-graduate university students wishing to gain practical experience and deeper knowledge of the multilateral trading system. Details of eligibility and how to apply are on the WTO website.

Public sector in the UK

Government Economic Service| (GES)
The Government Economic Service (GES) is the UK's largest recruiter of economists with over 1000 professionals in more than 30 central government departments and agencies.

Careers: There are two ways to join (without substantial work experience): Fast Stream Assistant Economist (including the Diplomatic Service option); and Students Placements. A postgraduate degree in Economics is not essential but it is valued.

For an Economist position in the Diplomatic Service you must be a UK citizen, but for most other GES positions UK, EEA and Commonwealth citizens are eligible to apply. The Office of Fair Trading| (OFT) sometimes directly recruits entry level Masters and PhD Economists same nationality criteria apply. Citizens of other countries are likely to find that similar opportunities exist in the public sector of their home country.

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