First, temper the fantasy

Let's get the unromantic part out of the way. The Fall 2026 HQ program is a volunteer position — zero pay. That's a real shift worth knowing: the program has run since 2022, and earlier cycles were paid (summer 2023 was hourly, spring 2024 was salaried). Pay has always varied by term and office, and this fall's HQ track landed on unpaid. Budget accordingly and don't assume a stipend that isn't there.

Second truth: these roles do not convert to permanent jobs. No amount of crushing it turns the internship into a full-time offer through some side door. As one law-side alum put it bluntly, the only real downside was not being hireable afterward — and that's a federal rule, not the SEC being stingy. Come for the experience and the network, not a guaranteed foot in the door.

What you get instead is genuinely good: a ten-week run (starting August 24 or September 8, 2026 ), a minimum of 16 hours a week, and access to the mentor program, formal training, networking events, career counseling, and a transportation benefit. Take all of it.

The timeline is a waiting game — plan for the silence

The official Fall 2026 window ran March 12 to April 16, with selection in April–May and the background check in May–June. That's the tidy version. The lived version is slower and quieter.

One applicant described getting the "you're among the best qualified candidates, you've been referred to the hiring manager" notice — and then hearing nothing for weeks. That's not a rejection; it's the system. Another intern reported the whole thing taking roughly five months from online application to offer, and when the offer finally came, they had about ten days to accept. The background investigation is the slow part; once you're actually in the interview pipeline, things move fast (some heard back within a week).

Survival rule number one: treat "referred to the hiring manager" as a maybe, keep applying elsewhere, and don't put your life on hold waiting for a federal email.

Getting picked

The paperwork is unforgiving in small ways. Two-page resume, hard stop — anything past page two goes unread, and no photos. Cover letter, a writing sample under ten pages scrubbed of anything non-public, transcript, and proof of enrollment. You rank your top three offices and get priority for them, but any of them can pull your file, so choose deliberately.

On the interview: expect it to circle three things — your grasp of financial markets, your handle on regulatory concepts, and the question people fumble, why public service instead of going straight to Wall Street. Have a real, specific answer. The format leans scenario based, often several rounds by phone, and it's not a gotcha — interns describe interviewers who answered their questions easily and made it feel conversational. A referral genuinely helps; more than one person got in through one. And if you're passed over, ask HR for feedback and reapply. This program rewards the people who come back around.

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Where they put you matters more than the letters "SEC"

This is the thing veterans wish someone had told them: your experience is made or broken by the office, not the agency. The divisions are wildly different animals — Enforcement and Examinations (which dominate the regional offices) feel nothing like DERA, Corporation Finance, Investment Management, or the Crypto Task Force.

A Division of Economic and Risk Analysis intern gave the sharpest warning: without the right clearance, you can get quietly left out of meetings your team is running. Someone else found themselves slotted into an industry group with no connection to their background. Pick your three offices for the work and the people, and if you're lucky enough to talk to your future supervisor, ask point-blank what an intern actually touches day to day.

For the Fall 2026 program, you will be given priority consideration of these offices but may be contacted by any of them. SEC.gov | SEC Divisions Homepages

• Office of Chairman Atkins

• Office of Chairman Atkins- Crypto Task Force

• Office of Commissioner Peirce

• Office of Commissioner Uyeda

• Division of Corporation Finance (CF)

• Division of Economic and Risk Analysis (DERA)

• Division of Enforcement (ENF)

• Division of Examinations (EXAMS)

• Division of Investment Management (IM)

• Division of Trading and Markets (TM)

• EDGAR Business Office (EBO)

• Office of Acquisitions (OA)

• Office of Administrative Law Judges (OALJ)

• Office of the Advocate for Small Business Capital Formation (OASB)

• Office of the Chief Accountant (OCA)

• Office of the Chief Data Officer (OCDO)

• Office of the Chief Operating Officer (OCOO)

• Office of Ethics Counsel (OEC)

• Office of Credit Ratings (OCR)

• Office of Equal Employment Opportunity (OEEO)

• Office of Financial Management (OFM)

• Office of the General Counsel (OGC)

• Office of Human Resources (OHR)

• Office of International Affairs (OIA)

• Office of Inspector General (OIG)

• Office of Information Technology (OIT)

• Office of the Investor Advocate (OIAD)

• Office of Investor Education and Advocacy (OIEA)

• Office of Legislative and Intergovernmental Affairs (OLIA)

• Office of Municipal Securities (OMS)

• Office of Public Affairs (OPA)

• Office of the Secretary (OS)

• Office of Support Operations (OSO)

The unglamorous truths nobody posts on LinkedIn

Interns are surrounded by people with advanced degrees and years of specialized reps, so the learning curve is steep — and because you don't have that graduate degree yet, some of the work you're allowed to do can feel basic. That's not a knock on you; it's the nature of a ten-week unpaid slot in a regulator.

Onboarding is uneven, too. One Student Honors intern who was there during the Jarkesy aftermath described a thin, figure-it-out-yourself setup — a few guides on the intranet and off you go — and found the culture buttoned-up and homogeneous. Not everyone has this experience, but go in self-directed. The interns who thrive are the ones who ask for work, chase down mentors, and build their own structure.

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The part that makes it worth it

Now the reason people still light up talking about it years later. The recurring theme in the good accounts isn't the résumé line — it's the people. One intern said they were genuinely surprised by how lively and warm the place was, that their mentors were the best part, and that they still talk with them months after leaving DC. Another kept coming back to the same observation: their colleagues could have made far more money in corporate roles and chose the mission instead. Because the internship was unpaid, more than one office seemed to take it personally that the intern grew and enjoyed the work, building projects around what the intern actually found interesting.

That's the trade you're making: no paycheck, but proximity to smart, mission-driven people who will pick up the phone for you for the next decade if you earn it.

Surviving an unpaid DC fall

Solve housing and money first. Line up subsidized student housing, a sublet, or a school stipend before you accept. This is the make-or break, not the work.

Use the transportation benefit and live near the Red Line. HQ sits basically on top of Union Station — a blessing by Metro, a genuine nightmare by car. Don't plan to drive.

Front-load your networking. The seminars, roundtables, mentor program, and networking events are the real compensation. Put them on your calendar in week one, not week eight.

Keep a running "asks" list. Slow weeks happen. Have projects and people ready to chase so you're never idle.

The insider's cheat sheet

Apply early, expect silence, keep other options warm.

Two pages. No photos. Proof of enrollment ready to go.

Rank offices by the work, not the prestige.

Nail the "why public service" answer.

A referral is worth more than a perfect GPA.

Assume unpaid and no conversion — plan your life around both.

More about SEC Scholars Program: https://www.sec.gov/about/careers-securities-exchange-commission/students-recent-graduates-programs/sec-scholars-program

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A friend of mine have gone through this exact process. While his identity will remain anonymous, his experience sheds a ton of light on what it takes to land a role in one of the most prestigious economic policy offices in the federal government.

Surprisingly, the government hiring process for Econ PhDs isn't a completely unique bureaucratic labyrinth. In fact, it mirrors the private sector and academia quite closely. Here is a breakdown of what to expect if you score an interview with the Macro Office.

The First Round: The 30-Minute Sprint

Your first real interaction with the team is typically a short, 30-minute screening interview. This is not the time to dive into the deep mathematical weeds of your models. Instead, this round is about the big picture.

The committee wants to hear the broad sweep of your job market paper (JMP) and your overall research agenda. The Macro Office provides analysis directly to senior Treasury and Administration officials, so interviewers are evaluating your ability to communicate complex macroeconomic concepts clearly and concisely under tight time constraints. You need to hook them on why your research matters.

The Second Round: The "Flyout"

If you pass the initial screening, you will be invited to the second round, universally known in the Econ world as the "flyout." This stage is much more rigorous and is split into two distinct parts:

1. The Seminar Presentation

You will present your job market paper in a full 1- to 1.5-hour seminar-style setting. This is your moment to prove your analytical rigor. The economists at the Office of Macroeconomic Analysis are top-tier, and they will likely interrupt with questions, challenge your assumptions, and test the robustness of your data. You are treated as a peer defending your work, very much like a standard academic department seminar.

2. The Gauntlet of Short Meetings

Following your presentation, you will have a series of short, 15- to 30-minute panel meetings or one-on-ones with a range of staff members in the department. These chats test your versatility, your fit with the team's culture, and your grasp of current macroeconomic developments. They want to see how you think on your feet about policy issues beyond your specific dissertation topic, as well as how you would collaborate with other federal agencies.

How It Compares to Academia and the Private Sector

The most striking takeaway from my friend's experience is how standardized the Econ PhD hiring process has become across the board. The Treasury's structure is remarkably similar to what you will face in the private sector (like economic consulting or tech) and at academic institutions.

The only major difference? If you are interviewing for a tenure-track university position, you almost always have an added component: a teaching demonstration. The Treasury skips the teaching demo to focus entirely on your research, your policy chops, and your ability to brief leadership.

Final Thoughts

Interviewing at the Office of Macroeconomic Analysis is a rigorous trial, but it relies on a very familiar playbook. If you are preparing for the Econ job market, polish the elevator pitch for your JMP, be ready to defend your methodology in a seminar, and prepare to chat dynamically with a diverse lineup of economists.

A friend of mine spent years working in the federal government, reporting to members of its executive corps. He agreed to share the lessons of that experience on the condition of anonymity, and I have edited his account for clarity, adding brief explanations of government terminology for readers outside the public sector.

The Senior Executive Service (SES) is the corps of career executives who hold the top leadership positions in most federal agencies as the layer between political appointees and the rest of the career workforce. Within many agencies, SES positions are grouped into tiers, with Tier 1 the most junior executive rank and Tier 3 the most senior.

His overall assessment is not a flattering one. In his experience, genuinely good executives exist but are the exception. Most junior executives are preoccupied with reaching the next tier; the most senior are preoccupied with protecting their standing; and those in the middle are doing both at once. The result is a working environment shaped by ambition and self-preservation.

The sixteen rules below are how he learned to operate inside it.

1. Speak less, observe more. In meetings and hallway conversations alike, volunteer little and absorb everything. Information flows toward people who are not competing to talk.

2. Listen beyond the words. Pay attention to tone, stress, and hesitation. An executive's delivery often reveals more about their priorities and pressures than the content of what they say.

3. Provide structure and certainty.Executives frequently issue vague direction but expect precise results. Translate every assignment into concrete steps, sequences, and deadlines, and confirm them in writing, so that ambiguity never becomes your problem.

4. Do not tell them they are wrong.However diplomatically it is framed, contradiction is rarely rewarded. In his words: agreement is survival. Rule 5 covers the situations where the stakes are too high to stay silent.

5. Know the regulations better than they do. When an executive is about to cross a line, like a procurement rule, a personnel policy, find an indirect way to bring the relevant regulation to their attention rather than confronting them directly. Then send a follow-up email summarizing the discussion. The written record protects you if questions arise later.

6. Connect everything to strategic goals. Federal agencies operate on formal strategic plans, and executives are evaluated against them. Frame every proposal, request, and report in terms of those goals.

7. Lead with the conclusion. Government writing follows a convention called BLUF, for "bottom line up front": state your main point in the first sentence and keep the whole document as brief as possible. Assume nothing past the first paragraph will be read.

8. Manage expectations about timelines. His rule of thumb was to assume everything takes thirty days. If a task would take him two days, he quoted ten. Once leadership learns your true speed, it becomes the new baseline, and the only reward for efficiency is a heavier workload.

9. Document everything. Keep dated notes of meetings, decisions, and instructions, even notes no one else will ever read, especially when a rule is bent or broken. In government, a paper trail is not paranoia; it is basic professional protection.

10. Understand your place in their world. To many executives, staff are interchangeable resources: if one breaks, another can be requisitioned. Behaving as though you are indispensable invites disappointment at best. Do excellent work, but keep your expectations of loyalty realistic.

11. Anticipate their needs. Learn what your leadership will ask for before they ask, and have it ready. Preparation is the most reliable way to build a reputation for competence.

12. Present data simply and visually. Analysis matters, but presentation matters more. One clear chart accomplishes more than ten pages of thorough prose. If leadership has to work to understand your material, it has already failed.

13. Maintain professional skepticism upward. Do not assume your executive's interests align with your own. Think through the tactical, operational, and strategic implications of everything you are asked to do.

14. Maintain it sideways and downward, too. Colleagues and subordinates each answer to their own executive, and when interests conflict, expect them to protect their own chain of command rather than you.

15. Protect sensitive information with a simple test. When he needed to share something delicate, he told each person a slightly different version of it, changing one small detail per listener. If a particular version later circulated back to him, he knew exactly who had repeated it. Intelligence agencies call this a canary trap.

16. Stay alert. His own phrasing of the final rule was blunter, but the substance is this: the environment rewards the vigilant and exploits the naive. Do not let familiarity or flattery lull you into forgetting rules one through fifteen.

Postscript: The View from the Field

Not everyone's experience matches my friend's. Since this piece first ran, I have heard sunnier accounts of the SES, most of them from people whose dealings have been mainly with executives in the field rather than at headquarters. In these tellings, field executives are often perfectly content to remain at Tier 1, and they lose little sleep over job security: removals are rare, and it is widely assumed that an executive's resume would travel comfortably into the private sector. The executives in these accounts are pleasant to work with, and the failing most often named is not ruthlessness but indecision — a habit of consulting every stakeholder and seeking advice up the chain that can stall action for months. All of government is indecisive for structural reasons; it becomes debilitating when the indecision sits in the executive's chair.

What is striking is that even the sunnier accounts treat the sixteen rules as sound practice — less a survival kit than the basic discipline of dealing with people whose time is expensive, a discipline most staff are never taught and, when handed their first executive presentation, visibly lack.

My friend, for his part, has since softened his account without retracting it. In some agencies, he now allows, the kinder picture may well be accurate; much depends on the agency, on how an executive came up, and on their skill set. He remains skeptical that any executive could simply walk into a private-sector vice presidency at double the pay — "It's not just 'I'll go be a VP somewhere.'" On indecision he needs no persuading: Tier 1 executives, in his experience, are "the water boys," who make no real decisions and do nothing without first asking someone's permission. (His actual phrasing was, once again, blunter.) And he does not dispute that executives are pleasant. Of course they are pleasant; they have to be. Behind the scenes, in his words, they are "scumbags." The job, as he sees it, is to be an ass without looking like one. Genuinely nice ones probably exist; he is not buying it. Every agency is different.

By his own accounting, then, he is half right and half wrong. "The truth," he says, "is somewhere in the middle." Read the rules accordingly: less as a field guide to villains than as sensible ways of working with people whose time is valuable. They hold up in the sunny agencies and the dark ones alike.

Before you rank your choices

The SEC is a large organization — six Divisions and a number of Offices, most of which break down further into Sections or Groups. Externship applicants are typically asked to list their top choices among the divisions and offices that accept law externs. The goal of this guide is to help you pick work you'll actually find interesting, because a multi-month placement is a long time to spend on the same kind of issue.

A couple of things worth knowing going in:

• The SEC doesn't work alone. It coordinates closely with other agencies, including the Department of Justice, and externs get to see how federal agencies share information and responsibility on overlapping matters.

• The "revolving door" is real. Many SEC attorneys are former big-law lawyers who have cycled through government, corporations, and firms. Even if you never plan to work in government, an SEC externship is a window into how the agency thinks and builds cases — knowledge that pays off later if you ever defend clients against SEC actions in private practice.

Advice from people who've done it

Former externs consistently offer the same handful of tips:

• Build your network. Talk to attorneys about their work, their backgrounds, and their advice for you as a law student. Reach out beyond your assigned section to broaden your contacts across the agency.

• Do your homework before you apply. Four months is a long time to spend on the same issues, so make sure the work in a given division or office genuinely interests you. The big divisions contain very different sub-offices doing very different things, and you won't know which to prioritize unless you research them.

• Ask to observe. Request to accompany your supervising attorneys to witness testimony or depositions.

• Push for substantive work. Some supervisors hand it to you naturally; if yours doesn't, ask for more substantial assignments. Be proactive about seeking out the work you care about.

The Divisions

Division of Corporation Finance

Corporation Finance oversees corporate disclosure to the investing public — the information companies must provide when they first sell stock and on a continuing, periodic basis afterward. The staff reviews disclosure filings, helps companies interpret the rules, and recommends new rules to the Commission. (Importantly, the Division does not judge the merits of any transaction or whether an investment is appropriate — responsibility for complete, accurate disclosure lies with the company.)

Interns are generally assigned to one of roughly a dozen industry-focused disclosure review groups, or to one of the support offices. Typical assignments include:

• researching legal interpretive requests;

• reviewing company shareholder proposals;

• assisting with reviews of public-company or foreign-government filings;

• working on small-business disclosure and exempt-offering initiatives;

• summarizing public comments on rulemaking proposals; and

• assisting with reviews of tender offers and "going private" transactions.

The support offices, briefly:

• Office of Chief Counsel (OCC) — answers legal questions across the federal securities laws the Division administers, supports filing reviews, reviews rulemaking releases and proposed legislation, and assists the SEC's Office of General Counsel on amicus matters.

• Office of Enforcement Liaison — coordinates between Corporation Finance and Enforcement on tips, delinquent filers, and registration revocations.

• Office of Mergers and Acquisitions — handles disclosure issues in change-of-control deals: mergers, tender and exchange offers, proxy contests, going-private transactions, and beneficial-ownership reporting.

• Office of Chief Accountant (CF-OCA) — handles financial-reporting questions and the form and content of required financial statements.

• Office of International Corporate Finance — covers Regulation S and offshore offerings, Rule 144A, ADRs, foreign-issuer matters, and liaison work with IOSCO, the OECD, and other international bodies.

• Office of Small Business Policy — handles disclosure issues for smaller reporting companies and limited, private, and intrastate offerings; liaises with state regulators and the SBA.

• Office of Rulemaking — drafts proposing and adopting releases and leads most of the Division's rulemaking projects.

• Office of Capital Markets Trends — tracks macro and micro market trends and novel securities, and leads work on derivatives products and Dodd-Frank Title VII implementation.

• Office of Structured Finance — reviews assetbacked securities filings and other structuredfinance disclosure.

Division of Enforcement

First and foremost, the SEC is a law-enforcement agency, and Enforcement is where that function lives. The Division recommends investigations, recommends civil actions in federal court or administrative proceedings, and prosecutes those cases. It works with criminal authorities in the U.S. and abroad when a matter warrants criminal charges. All SEC investigations are conducted privately; with a formal order of investigation, staff can subpoena testimony and documents. Many cases ultimately settle without trial.

Interns are usually assigned to a group of roughly 6 to 15 people and work on that group's investigations, litigation, and projects. They're typically offered chances to observe key steps, including investigative testimony and conference calls. Common experiences include:

• reviewing document productions and flagging relevant material;

• assembling exhibits, preparing questions, and attending witness testimony;

• researching legal standards and precedent to focus investigations and support litigation;

• analyzing tips and referrals to assess whether they warrant investigation;

• drafting pleadings or memoranda outlining key events or legal issues;

• attending meetings with witnesses, whistleblowers, defense counsel, and criminal authorities; and

• attending non-public Commission meetings discussing Enforcement recommendations.

Division of Economic and Risk Analysis (DERA)

DERA integrates economic analysis and data analytics into the SEC's work, interacting with nearly every other division and office. Its two main functions are supporting Commission rulemaking and policy with economic analysis, and providing risk assessment and data analytics to focus the agency's resources on the highest-risk matters in litigation, examinations, and registrant reviews. DERA also supports Enforcement with economic and quantitative analysis.

The Division has several specialized offices, but interns are all placed in the Office of the Chief Counsel (OCC), where they help the office's attorneys advise DERA staff and other divisions. Past interns have helped develop guidance for conducting economic analysis in rulemaking, researched Administrative Procedure Act requirements, supported economists on pending rulemakings, and worked on risk-assessment and structured-data projects.

Division of Investment Management

This Division oversees America's investment management industry — including registered funds that together hold more than $39 trillion in assets — through regulation of mutual funds, ETFs, fund managers, and investment advisers to individual customers. Because so many individual investors are concentrated in these products, the Division focuses on whether disclosures are useful to retail customers and whether regulatory costs are reasonable. It also interprets the law for the public and for inspection and enforcement staff, responds to no-action and exemptive-relief requests, reviews fund and adviser filings, and supports related enforcement matters.

Sub-offices:

• Chief Counsel's Office (CCO) — issues noaction and interpretive letters under the Investment Company Act and Investment Advisers Act, reviews exemptive applications and rulemakings, prepares Congressional testimony, and advises non-U.S. regulators and international bodies. Its Enforcement Liaison Office advises Enforcement on investigations involving those Acts and handles tips, complaints, and referrals.

• Disclosure Review and Accounting Office (DRAO) — reviews investment-company and variable-insurance filings and helps ensure full, fair financial disclosure.

• Rulemaking Office — considers whether to propose, adopt, or amend rules under the relevant Acts and provides technical assistance on recent rulemakings.

• Analytics Office (formerly the Risk and Examinations Office) — monitors and analyzes industry data, provides ongoing financial analysis of the asset-management industry, and maintains technical expertise to support the Division's work.

Division of Trading and Markets

Trading and Markets works to keep markets fair, orderly, and efficient. Its staff provides day-to-day oversight of the major market participants: securities exchanges and firms; self-regulatory organizations such as FINRA and the MSRB; clearing agencies; transfer agents; securities information processors; and credit-rating agencies. It also oversees the Securities Investor Protection Corporation (SIPC), the private nonprofit that insures cash and securities in customer accounts against the failure of a member brokerage firm — though, importantly, SIPC does not cover losses from market declines or fraud. The Division also runs the financialintegrity program for broker-dealers, reviews proposed SRO rule changes, and issues interpretations affecting market operations.

Law-student interns are generally assigned to one of the Division's offices — Market Supervision, Derivatives Policy and Trading Practices,

Clearance and Settlement, Broker-Dealer Finances, or the Office of Chief Counsel — and tend to get the same kind of work as junior attorneys, with exposure to both securities and administrative law. Typical experiences include:

• reviewing proposed SRO rule changes and helping prepare Federal Register notices;

• conducting legal research to help develop the staff's positions;

• reviewing requests for interpretive, no-action, or exemptive relief and drafting responses;

• joining meetings and calls with regulated entities and other SEC components; and

• helping draft new rules or amendments and reviewing proposed legislation.

Office of Derivatives Policy and Trading Practices

This office leads the Division's work implementing the Dodd-Frank derivatives provisions and administers Regulation SHO and other shortselling and market-manipulation rules. It also provides legal and policy expertise to Enforcement on market-regulation matters.

From former externs in this office:

"Very much regulatory focused — concerned with instituting some of the rulemaking provisions of Dodd-Frank. I got to be involved in the thinking behind a few rules as well as with the drafting of the federal register explanations."

"I gained exposure to the comment letter process and insight into how the SEC approaches rulemaking. I was able to sit in meetings during which they tried to address some of the challenges posed by rulemaking in the derivatives space (proprietary trading vs. risk hedging — activities performed by very different constituencies)."

"In my situation, I had to grapple with the reality that my internship was to be much more passive than active. I had all the access I wanted and I was asked for research and analysis from time to time, but the majority of the internship I was left to explore the available resources on my own. I imagine that many regulatory internships are similar (though perhaps the needs of some groups may be more than others), and would recommend that students be prepared to find their own learning in the materials available to them during their time at the Commission. Other divisions (namely enforcement) seemed to have much more focused programs, with students getting involved in specific cases, and as a result they had more structured experiences. While I'm glad I had the internship that I had because of the material I was exposed to, I would probably have chosen a more structured experience to gain the most out of my semester from a skills and practice perspective."

Were you able to secure a wide variety of assignments working with a variety of attorneys? "Yes, though projects were at times hard to come by due to the nature of the work being difficult to just delegate to an intern."

Best part of the experience? "Sitting in on meetings where highly intelligent and experienced attorneys debated the strategy of drafting."

Advice for future students: "Don't just default to enforcement. But be flexible because big divisions like Trading and Markets and CorpFin have very different sub-offices that do very different things. You probably won't know exactly what they do (and know to prioritize them) unless you do a lot of research."

Division of Examinations (EXAMS)

Formerly the Office of Compliance Inspections and Examinations (OCIE), this is now a standalone division.

EXAMS runs the SEC's nationwide examination and inspection program for registered SROs, broker-dealers, transfer agents, clearing agencies, investment companies, and investment advisers. Exams are designed to encourage compliance, detect violations, and keep the Commission informed about the regulated community — with a premium on quickly and informally correcting problems. When examiners find deficiencies, they issue a "deficiency letter" and monitor until the issue is fixed; violations too serious for informal correction are referred to Enforcement.

Interns work with teams of attorneys and examiners across all stages of an inspection.

Typical assignments include:

• reviewing document productions and writing memos identifying significant issues;

• helping review tips, complaints, and referrals and preparing follow-up questions;

• joining teleconferences with registered entities;

• researching regulatory issues and preparing memos on key developments; and

• attending National Exam Program meetings, presentations, and conferences.

Examination program areas include:

• Investment Adviser / Investment Company exams — covering more than 16,000 SECregistered investment advisers (managing well over $170 trillion in regulatory assets) and hundreds of registered investment-company complexes, for compliance with the Investment Advisers Act and Investment Company Act.

• Broker-Dealer exams — covering the roughly 3,200 broker-dealers in the U.S., with particular focus on the Securities Exchange Act.

• Market Oversight — risk-based examinations of securities exchanges and other SROs (governance, trading regulation, member-firm exam and disciplinary programs, arbitration, listing compliance, and more).

• Clearance and Settlement — examining clearing agencies and coordinating the examination program for the several hundred transfer agents across the regional offices.

• Technology Controls Program (TCP) — inspecting the automated trading and clearing systems of markets and clearing organizations, covering information security, data privacy, market access, and resilience to outages and disruptions.

• Office of the Managing Executive — supports the program through risk analysis and surveillance, registration, training, and IT initiatives.

• Office of Chief Counsel — provides legal, policy, operations, and ethics advice to examination staff nationwide (Legal), and develops and maintains the program's compliance function (Compliance and Ethics).

The Offices

Office of Credit Ratings (OCR)

OCR oversees the credit-rating agencies registered as nationally recognized statistical rating organizations (NRSROs). It monitors the industry, administers NRSRO registration, and conducts the legislatively mandated annual, riskbased examinations of every registered NRSRO, plus special risk-targeted exams. Interns may work with the monitoring group (researching industry trends and preparing reports) and/or the examination program. Typical activities include:

• legal research on NRSRO statutes and rules, with written summaries;

• document review, data analysis, and preparing worksheets and summaries;

• assisting with exam administration (organizing files, maintaining logs, drafting memos);

• comparing rating methodologies across agencies; and

• researching information for public reports.

Office of Equal Employment Opportunity (EEO)

The EEO Office works to prevent employment discrimination and discriminatory harassment so that all SEC employees have a supportive working environment. To stay neutral, it is independent of any other SEC office, and its Director reports to the Chairman. Interns assist with internal memoranda for the complaints process, trainings, and discrete assignments such as researching demographic barriers in the workforce and assisting with final agency decisions. The office aims to have interns work with every member, exposing them to all aspects of EEO work.

Office of the General Counsel (OGC)

The General Counsel is the Commission's chief legal officer and chief legal advisor to the Chairman. OGC represents the SEC in civil and appellate proceedings, runs an amicus curiae program in private appellate litigation involving important securities-law questions, coordinates with DOJ on briefs for the United States, oversees attorney professional standards, and does the final drafting of proposed legislation. It is divided into four groups: Appellate Litigation, General Litigation, Adjudication, and Legal Policy. The work is heavily research- and writing-focused. Interns are assigned to one group and assist attorneys with securities-law and other research; common experiences include:

• researching a legal question and drafting part of a brief, memorandum of law, or letter to opposing counsel;

• assisting with court filings in litigation where the SEC is a defendant;

• reviewing records and drafting all or part of an adjudicatory opinion or order; and

• researching legal theories for enforcement litigation.

From former externs in OGC:

"The work was litigation focused. Working in the GC's office was almost like being a law clerk — the office writes the opinions of the commission, and it is very research and writing-focused. I worked random research tasks throughout the semester, but my main project was a single opinion, which I wrote the entire draft of."

"I had a variety of assignments, but all related to opinion-writing. I worked with at least 5 different attorneys over the semester."

"Very substantive legal writing experience, and the entire division was extremely friendly and helpful. I feel like I made good contacts."

"I initially wanted to work in Enforcement, and given my current career, I do think that would have been more helpful. I work in securities litigation (defense) and criminal and regulatory investigations (including by the SEC), and Enforcement work would have been more pertinent and possibly more interesting. However, I was able to attend a few witness interviews by expressing my interest in enforcement, and I probably could have done more if I had pushed for it."

Office of Inspector General (OIG)

OIG conducts internal audits and investigations of SEC programs and operations to identify and mitigate operational risks, enhance integrity, and improve efficiency. It contains an Office of Audits (independent audits and evaluations of internal programs across headquarters and the regional offices) and an Office of Investigations (allegations of misconduct, which may involve administrative, civil, or criminal violations). Interns may support both units, often with legal research, and get unusually broad exposure to the agency. Common experiences include:

• researching legal questions and drafting summary memoranda;

• assisting investigators by organizing case documents, running email searches, preparing and joining witness interviews, and summarizing them;

• conducting preliminary inquiries into complaints to determine whether further investigation is warranted; and

• assisting auditors with interviews, audit testing, and drafting portions of audit reports.

Office of International Affairs (OIA)

OIA promotes cooperation among national securities regulators and supports high regulatory standards worldwide. It negotiates bilateral and multilateral agreements on regulatory cooperation and enforcement assistance, advances the Commission's agenda in international meetings, and runs a technical-assistance program for countries with emerging securities markets. Its work spans International Enforcement Assistance, International Regulatory Policy, a Comparative Law and Regulation unit, International Supervisory Cooperation (memoranda of understanding governing cross-border oversight and information sharing), and an International Technical Assistance Program that trains thousands of regulatory and law-enforcement officials from around the world.

From former externs in OIA:

"I supported the Enforcement unit within the office and my work was litigation focused, though only in a very generally supporting role of answering discovery requests of various nature. This is a fairly specialized office and it is purely a matter of odds whether you are assigned to a unit within the office that focuses on work which might apply to roles outside of this specific office. While Regulatory Affairs does a fair amount of research into proposed regulations, many of the other functions, such as Enforcement, focus on very niche areas (like requesting subpoenas on behalf of foreign financial regulatory authorities) which can be difficult to transfer into any other role."

"The intern program in the OIA is much smaller than other divisions or offices. There were only about 7–10 student interns in my office, which means that each of us were extremely involved in the office and given a lot more responsibilities, unlike other offices from what I have heard. I was able to work directly on international insider trading investigations, drafting documentation such as evidentiary requests. I was also able to sit in on calls with regulators all over the world. Given my interest in international relations, this was the best position for me, as I learned about the international laws that govern cross-border securities issues such as insider trading. I also helped research and prepare materials for various international meetings among the G-20 and bilateral meetings with the FSA. Some days I did have to work long hours, but the experience I got was invaluable. I would strongly recommend that anyone interested in working for a law firm or international organization abroad apply to work in the OIA, especially because many of the U.S. practices in law firms abroad are securities practices and this experience provides some insight into the liability issues that come with working on these types of corporate transactions."

Office of the Investor Advocate

Established by Section 915 of the Dodd-Frank Act, this office promotes the interests of investors: analyzing the impact on investors of proposed Commission and SRO rules, identifying where investors would benefit from changes, assisting retail investors with significant problems involving the SEC or SROs, and proposing changes to the Commission and Congress. Interns help meet the office's annual objectives, for example by:

• performing substantive issue and policy research;

• drafting Congressional reports;

• analyzing and interpreting legislation, regulations, and SRO rules affecting investors;

• coordinating and joining meetings with industry professionals and legal experts;

• supporting the Investor Advisory Committee and its quarterly meetings; and

• assisting with tips, referrals, and complaints under the Ombudsman's direction.

Office of Minority and Women Inclusion (OMWI)

Established under Section 342 of the Dodd-Frank Act, OMWI is responsible for matters related to diversity in management, employment, and business activities at the SEC, working to leverage diversity and inclusion across the agency's mission.

Office of Municipal Securities

This office coordinates the SEC's municipalsecurities activities, advises the Commission on municipal-bond-market policy, and provides technical assistance on major initiatives in the area. It supports Enforcement and other components on municipal-securities matters, works with the industry to educate state and local officials and conduit borrowers, and reviews and processes MSRB rule filings, acting as the Commission's liaison with the MSRB, FINRA, and industry groups.

Office of Human Resources

The HR office handles the strategic management of the SEC's human capital — recruitment, staffing, classification, compensation and benefits, employee and labor relations, performance management, leadership development, and the agency's disability, work/life, and telework programs — and serves as the SEC's liaison to the Office of Personnel Management and other federal agencies.

How to choose

If there's one through-line in the advice above, it's this: don't default to Enforcement just because it's the famous one. Enforcement does tend to offer the most structured, case-driven experience, and that's a legitimate reason to want it. But the large divisions — Trading and Markets, Corporation Finance, Investment Management, Examinations — contain very different sub-offices doing very different work, and some of the best-regarded placements (like the small, hands-on International Affairs program) are easy to overlook. Research the specific office, be flexible, and once you're in, ask for the substantive work you came for.

She refused to disclose her personal medical information regarding COVID vaccine status, viewing it as privileged. This decision created friction with supervisors. Though she moved positions and bases, the issue followed her. When asked again on official documents, she noted it as protected medical information she would not provide. Despite a long and honorable career, she wasn't yet eligible for standard retirement. When early retirement options became available under President Trump, she accepted.

The sense of being targeted never fully dissipated. In the relatively small world of senior DoD leadership, those aware of her stance were positioned to block further advancement. Her experience highlights a troubling reality: institutional memory and informal networks can quietly sideline those who don't conform, regardless of their contributions.

Stories like this are not isolated. They reflect deeper systemic issues in federal hiring, promotion, and culture—issues that waste talent, discourage innovation, and undermine the effectiveness of government service.

The Core Problems

HR processes in federal agencies often act as gatekeepers that reinforce rather than challenge the status quo. Nepotism and "incestuous hiring" prevail, where retirees from the same system—often the very individuals who helped create or perpetuate inefficiencies—are brought back in as contractors or senior civilians. The "no retired O-6 left behind" mentality ensures familiar faces cycle through positions, bringing the same perspectives and habits that contributed to existing problems.

This creates a self-perpetuating loop. People protect their "rice bowls"—defending obsolete programs, duplicative efforts, and unnecessary billets—because efficiency today might mean losing resources or positions tomorrow. Cooperation across organizations suffers when credit and visibility drive promotions more than results. Those who have never experienced the impact of bad policy from the ground level often craft rules disconnected from operational reality.

The Washington, D.C. bubble compounds these issues. Too many policymakers and senior leaders have spent their careers insulated from field conditions or private-sector pressures. Without broader experience, it's difficult to drive the kind of pragmatic, innovative change the public deserves.

Practical Reforms Worth Considering

Drawing from real-world frustrations in federal service, here are several targeted ideas for reforming federal HR and talent management:

End preferential hiring for retired military officers in civilian roles. Many excel at leadership in uniform but lack hands-on execution experience in the specific technical or operational domains they later oversee. Federal roles should prioritize proven domain expertise over rank alone.

Expand internships and early-career pipelines. Bring in recent college graduates from relevant fields with fresh perspectives, energy, and up-to-date technical knowledge. This creates a healthier talent flow and reduces over-reliance on internal cycling.

Require diverse experience for key positions. No one should be assigned to headquarters or policy-making roles in D.C. or the Pentagon without substantial time spent in field or operational assignments elsewhere. Similarly, aspiring senior leaders should spend meaningful time in industry to understand efficiency, innovation, and real-world constraints outside the government ecosystem.

Limit the revolving door of problem-creators. Prioritize candidates who demonstrate a track record of solving issues rather than managing them. Career progression should reward those who have implemented efficiencies, even when it means challenging established structures.

Incentivize cross-organizational cooperation. Shift promotion criteria away from individual credit-seeking toward measurable collaborative outcomes. Protect those willing to streamline or eliminate duplicative efforts rather than penalizing them.

These changes wouldn't require massive overhauls—just a deliberate shift in priorities toward competence, fresh thinking, and accountability to the mission over personal or institutional comfort.

A Tribute to Those Who Serve

To the woman who shared her story, and to the countless federal employees across the Department of Defense and other agencies who show up every day committed to public service: thank you. Your dedication often goes unrecognized, especially when you push back against inefficient systems or stand on principle. Many of you continue working within challenging structures because you believe in stronger, more effective government that truly serves the nation.

True reform won't come from recycling the same perspectives in new clothing. It requires opening pathways for new talent, demanding real-world experience from leaders, and building systems that reward results over relationships. The goal is a more innovative, forward-thinking federal workforce—one better equipped to handle complex national challenges.

The inefficiencies are plain to those living them daily, yet often invisible to those writing the rules. Sharing these perspectives is a start toward demanding better. What reforms have you seen work—or fail—in federal service? I'd welcome thoughtful discussion in the comments.

The official announce is here. Make sure you have followed the application process and timeline.

Interview Structure

Applicants invited to interviews should expect to devote at least half an hour per office. The interview is generally conducted by an office manager (a director or deputy director) and an international economist in the office. Interview questions will cover the candidate’s background, interest in working for Treasury, responses to the application essay questions, and technical questions to evaluate analytical competency and fluency across topics in macroeconomics, development finance, and financial markets.

For instance, a candidate may be asked the following sample technical question: A country faces a dilemma as to whether to move away from a fixed exchange rate. How would you analyze the potential risks and benefits?

In both the initial application review and panel interview, interviewers are looking to assess the candidate’s technical competencies and how successful they may be in achieving the Junior Fellows job competencies as described in the Junior Fellows job description. In their responses, candidates should draw from their own academic and professional experience and cite relevant and specific examples in their responses. Candidates should be prepared to respond clearly and concisely and discuss relevant academic principles, policy implications, and real-world examples.

Candidates’ interviews are evaluated across the following broad categories:

• Technical competence in macroeconomics and other IA core competencies (e.g. development finance, financial sector analysis);

• At least 52 weeks of relevant experience as described in the Junior Fellows job description; and

• Oral presentation and interpersonal skills.

Preparation Tips

We recommend that you prepare for the interview both by reviewing the academic concepts noted and by familiarizing yourself with current events and global economic, financial, and development challenges. The goal is to determine whether there is a match between vacancies within IA and your skills, interests, and qualifications.

Writing is a critical component of the Junior Fellow position. Application reviewers closely examine both the substantive arguments made and the clarity of the writing in the application essay questions. Essay responses are used throughout the evaluation process and shared with hiring managers. We recommend devoting sufficient time to this portion of the application. At any point throughout the interview and evaluation process, we may request additional writing samples for further assessment.

Familiarizing yourself with the organizational structure of IA for more information about different offices and their responsibilities may provide helpful background. IA is made up of both functional (e.g. Trade, International Financial Markets, etc.) and regional (Europe and Eurasia, East Asia, etc.) focused offices. Offices collaborate extensively with each other, foreign counterparts, and other U.S. Government agencies. Most offices have one Junior Fellow; as this fellowship is a 2-year rotation, not every office is hiring each cycle. Within their office, each fellow generally is responsible for a portfolio of countries or policy issues, in addition to working on projects with International Economist colleagues.

IA also includes Treasury staff working in the International Financial Institutions; U.S. Executive Directors’ offices (including at the International Monetary Fund and World Bank), technical advisors to foreign governments, and attachés in U.S. embassies. We work regularly with international counterparts and external stakeholders to engage in international economic diplomacy. Examples of IA work include representing the United States at the G7 and G20, Financial Stability Board, and other international engagements; assessing lending policy and reform priorities; managing national security reviews of foreign investments; negotiating trade and investment agreements; monitoring economic conditions abroad to anticipate and mitigate crisis; and enhancing understanding of U.S. policies to promote growth and stability. Fellows should be prepared to work independently and in teams across a range of these and other issues.

If you're a former fed fellow or seasoned government professional, your experience is exactly what young applicants need right now — and Fed Fellowship Hub wants to help connect you with them.

Mentors set their own terms. You decide your availability, how you're contacted, and what you charge. We simply put your bio in front of motivated, talented young people who are serious about entering public service.

How to sign up:

PM me, or Email FedFellowshipHub@proton.me with the following:

- Your preferred contact method (email, LinkedIn, Signal, etc.)

- Your hourly rate, if any

- Relevant background — past fellowship experience, current or former role, specific strengths (essays, interviews, agency culture, etc.), or anonymized success stories

- How you'd like your bio presented on the Mentorship Service page

Once received, we'll do basic due diligence and post your approved bio so applicants can reach out to you directly.

If you spent years building something for your career and public service, let's make sure that your knowledge gets handed forward.

Ready?

-Fed Fellowship Hub

FedFellowshipHub@proton.me

Experienced federal employees—dedicated professionals with decades of knowledge—are leaving in large numbers. Many departed through the 2025 Deferred Resignation Program (DRP), whether by choice or circumstance. Fed jobs have lost the job security that once made them competitive with the private sector. Pay, benefits, and stability no longer draw or retain top talent.

This erosion matters because federal institutions depend on deep technical competence and institutional memory — neither of which can be rebuilt quickly once lost.

The official OPM Pathways programs exist for recent graduates and undergraduates—but they cast too wide a net. They’re designed for broad access, not for identifying and developing exceptional talent. The bar simply isn’t high enough to build the next generation of public servants our country needs.

Meanwhile, the post-2025 staff shortages have made federal recruitment painfully slow. Agencies are stretched thin, HR capacity has shrunk, and the pipeline for bringing in new talent has ground to a near halt.

That’s exactly why competitive federal fellowship programs matter more than ever. These programs work because the incentives are genuinely aligned. Fellows get unmatched early-career experience working on real, consequential analytical and policy work. Agencies get sharp, motivated contributors at a stage in their careers where the work itself is the reward. It’s not purely altruistic on either side — and that’s precisely what makes these programs sustainable and effective.

There’s another dimension worth being honest about. Research-focused fellowships — particularly at institutions like Department of Treasury and the Federal Reserve — don’t just develop young talent. They also make those institutions more attractive to senior economists and experienced researchers, who are far more willing to join an organization that gives them dedicated, capable research support. In this way, fellowships strengthen the entire talent ecosystem, from the bottom up and the top down.

These fellowships don’t just launch careers. They give young talent time inside federal institutions to gain real experience, observe what works and what doesn’t, form thoughtful plans for reform, and decide whether public service is their long-term path.

My mission is clear: Help build a stronger public service for the future by making these fellowships more accessible to the next generation.

The Hub provides practical guides, application tips, success stories, and a welcoming space to connect with experienced contributors who want to give back. Everything here is completely free and non-commercial — driven solely by my belief that talented young people belong in the right place.

If you’re a recent grad or undergraduate exploring fellowships, I hope The Hub makes the path clearer and less daunting.

If you’re a former fellow or seasoned fed, I invite you to share your insights and help pass the torch.

Together, we can rebuild the steady, capable pipeline our country needs.

Thank you for joining the effort.

— Fed Fellowship Hub

FedFellowshipHub@proton.me

The Hub exists to rebuild a stronger public service pipeline. That mission only works when experienced voices step up to share what they know. Whether you have a quick tip, a hard-won story, or the willingness to mentor the next generation, here‘s exactly how to get involved.

For Experienced Contributors (Insights and Career Stories)

If you‘ve worked in a federal fellowship, agency, or related role, I warmly invite you to share practical advice, application lessons, or career reflections.

PM me, or email me at FedFellowshipHub@proton.me (I use ProtonMail to protect your privacy).

Tell me whether you want your name and identifying details publicized or kept anonymous.

First-time contributors:

Please include brief proof of your real experience.

In return, I‘ll send a thank-you gift card directly to your PM or email—$50 for a useful tip or short piece, $100+ for deeper, insightful contributions.

For Those Ready to Mentor Future Applicants:

If you want to offer 1:1 guidance to recent grads and undergraduates applying to programs:

PM or email me at the address above with:

Your preferred way to be contacted (email, LinkedIn, Signal, etc.)

Your hourly rate (if any)

Any details that build trust—past fellowship experience, current role, success stories (anonymized if preferred), or specific strengths (essays, interviews, agency culture, etc.)

How you would like your bio presented on the “Mentorship Service” page.

I‘ll review your information, perform basic due diligence, and post an approved bio so applicants can reach out directly.

For Applicants Looking for Mentorship

The contributor bios you see on The Hub are shared in good faith. I do my best to verify experience and background, but I cannot take responsibility if any information turns out to be inaccurate. Please use your own judgment, ask good questions, and treat every conversation as an opportunity to learn.

Ready to Get Started?

Whether you want to write one tip, become a listed mentor, or simply share your journey as an applicant, PM or email me today. Every contribution helps give young talent the steady foothold our federal institutions need.

Thank you for helping build a stronger, younger, and steadier public service.

— Fed Fellowship Hub

FedFellowshipHub@proton.me