Our fifth internship post comes from Grace, MPP post grad 2014.
Sometimes, you just need to call a time out and catch your breath. That’s what this blog post is for me, a quick breather in the constant whirlwind that is New York City. I’m starting to understand better why the city is called the big apple, the city that never sleeps, Gotham City, and the city so nice they named it twice.
This summer, I’ve been working at the Federal Farm Credit Banks Funding Corporation. Yes, you read that right, farming and NYC do in fact have something in common – the Funding Corporation. This government sponsored entity issues loans to farmers and facilitates investment in the market.
Where’s the policy, you ask? The Funding Corporation uses policy in reactionary ways. They look mainly at monetary policy, farm policy, and regulatory policy. What is the Federal Reserve’s interest rate? When will this rate change? How are Ben Bernanke’s public announcements going to affect the market? Will the Farm Bill change the number of people that need loans? How will the Dodd Frank Act and other “too big to fail” policies affect internal policies? As a government sponsored entity, the Funding Corporation keeps a keen eye on the policy world.
The Funding Corporation doesn’t set policy, they study it. They react to it. They understand it. And they need to follow policy because without knowing the intricacies of financial policy, they would not be able to set competitive rates that can help farmers. In reality, that’s what it all comes down to – helping the farmers. The internship has exposed me to a corporate environment with a strong mission. What is better than that?
Working in New York, well, that’s quite something. Working in the financial world in New York, that’s something even more special. After all, this is the financial capital of the world (ok, London too, but I’m not in London, so NYC it is). Ten weeks ago I couldn’t tell you about a debt security, 5-year non-call, or a floater. Now, I not only can explain these terms, but I can stand on a rooftop at happy hour, talk with a financial analyst at Morgan Stanley, and not stick out like a sore thumb. New York’s financial world is full of jargon that is the equivalent of muscle flexing – Did you issue a 3-year callable? Well I did. Look at my muscles. BAM.
So work really never ends here. Sure, my job is 8-4pm, but then there’s the post-work discussion, the weekend analysis, and the non-stop emailing about the market. New York has, in every way, lived up to all of its nicknames.
Who has the countdown until the start of the fall semester? I’m counting 4 weeks. That’s 4 more weeks of internship experiences and financial jargon, combined of course with a little tourism and good ole fashioned New York City fun.