Summer Intern - Supervision & Regulation, Commercial Real Estate

Federal Reserve System•Philadelphia, PA

1d•$28 - $32•Onsite

About The Position

The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware. Bring your passion and expertise, and we’ll provide the opportunities that will challenge you and propel your growth! The Federal Reserve Bank of Philadelphia is seeking an PhD level or graduate student with preferred majors in Economics, Finance, or Real Estate. This opening requires an on-site presence. The work schedule is Monday – Friday (40 hours per week). This is a 10-week paid internship. The hourly rate for this position is as follows: $28.00- graduate level student $32.00 - PhD level student What You Will Do Intern Projects The intern will assist on preparing a commercial real estate lease index using CompStak data. CompStak has signed lease data on 1.3 million leases across the US including by property type. Existing lease indices are simplistic and only one paper does a repeat lease index. This paper did not index lease rates by property type or geography. We will create a more granular and effective lease index. The goal is to publish a paper, but this index could also be useful for other FRB applications. Could be used in modeling of CRE values/risk or in monitoring. The intern’s primary task will be cleaning and preparing the data. We will start running a model if there is time. Project timeline: Weeks 1-2: Introduction to CRE, lease indices, and data. I don’t expect the intern will be familiar with CRE, so this will be a “training” period. Weeks 3-5: Data work and cleaning. Identifying repeat leases will be challenging. The data does identify renewals, but what if the tenant signs a new lease for a different floor in the same building? And other such questions. Weeks 5-10: Begin working on the model and exploring feasibility. Will have a set of figures/chart/tables I request the intern create, and I will guide them through that.

Requirements

A master’s or PhD student pursuing a degree related to Economics, Finance, or Real Estate. Other fields related to the ones listed are also encouraged to apply.
Experience in Python, Stata, and MS Office Suite.

Nice To Haves

Verbal and written communication skills
Problem solving skills
Attention to detail is needed to make sure that the data work has been performed correctly
Organizational skills to annotate and document their work such that others can pick up where the project left off
Ability to work well independently with little supervision, the project manager will be available to assist
Strong presentation and communication skills to share what they have completed concisely and effectively