The Federal Reserve Bank of Boston has provided mentoring and paid internships to inner-city high school students since 1982. The most recent initiative, FinTech Scholars, prepares young people specifically for careers in financial services.Federal Reserve Bank of Boston ; Student internships

Lillian Seay

English

Research Papers in Economics

Winter  2007 10
This statement by a former high school
summer intern is the reality for many
Federal Reserve Bank of Boston
employees who have secured perma-
nent employment inside or outside the
Bank thanks to the student work pro-
gram. The program is just one example
of what many organizations are now
doing to contribute to their communities.
Former interns credit the Federal
Reserve with critical support, such as
mentoring, skills training, and job
experience. A recent intern writes, for
example, that working at the Bank
improved his communication skills
and his ability to work with others—
giving him an edge in his future career.
The Boston Compact
In 1982, the City of Boston, recogniz-
ing the need for an organized effort to
put young idle hands to work for the
summer months, partnered with the
Boston Private Industry Council (PIC)
to organize Boston’s summer jobs pro-
gram. The Boston Compact, a document
developed the same year, encouraged
local businesses of all sizes to commit to
hiring high school students for summer
jobs. Many businesses established for-
mal partnerships with schools. 
The Federal Reserve was matched
up with South Boston High School.
When South Boston High School, like
many large schools in the Boston sys-
tem, was divided up in 2001 to capture
the potential advantages of smaller
schools, it got a new name—Excel 
High School—but retained the Bank’s
ongoing commitment.
For 25 years, hundreds of students
have been employed for seven to eight
weeks in the summer at the Bank.
Some have used their clerical skills;
others have gained additional skills by
assisting with department projects.
Some interns have been fortunate
enough to get assigned to their special
interest, such as art or media. For most,
the job is their first exposure to the
world of work and to people outside
their communities. They quickly learn
that adapting to the work culture and
striving for outstanding performance
could lead to an after-school job when
summer is over.  
Students who successfully partici-
pate in the job program, who graduate
from high school, and who do not have
immediate plans to attend college have
the option of applying for entry-level
jobs at the Bank. Tuition reimburse-
ment and in-house training are also
available and have helped many stu-
dents further their education and
advance on the job. 
Expanding the Outreach
In 1999, a newspaper article drew pub-
lic attention to the poor reading scores
of Boston Public School students who
took the Massachusetts Comprehen-
sive Assessment System (MCAS). 
The results caused concern because 
the MCAS would eventually deter-
mine whether or not a student received
a high school diploma. Federal Reserve
Bank of Boston President and CEO 
Cathy Minehan rallied corporate 
leaders to get companies involved in
finding solutions. 
Workplace Education
That summer, the Bank and two other
organizations provided 90 minutes of
paid release time during the work day
for MCAS tutoring by trained Boston
school teachers. Students participated
in Classroom at the Workplace on-site
at the companies. 
The results were impressive.
Overall, students achieved a 1.5 grade
level increase in reading ability that
first year. In 2001, math was added to
the program. Other companies joined
in the effort, and Classroom at the
Workplace became a staple in the
Boston summer jobs program. Today it
is privately funded. 
The Bank has offered other educa-
tional opportunities, including sum-
mer classes in advanced English and
technical writing, and workshops in
personal finance and credit. Last sum-
mer, interns took part in a YMCA
Training, Inc., business simulation. For
this class, a section of the Bank’s eco-
nomic-education suite was converted
into a mock business workplace.
Students were assigned job responsibil-
ities, such as purchasing or accounting,
and were set the task of increasing 
the bottom line. After meeting that
challenge, they gave a PowerPoint pres-
entation on the work. Practicing the
presentation was another learning
experience. One student wrote that it
by Lillian Seay, Federal Reserve Bank of Boston
When I came to the Bank for a summer job, I was a junior from South Boston High School. I worked
through the school year and the following summer. When I graduated, I thought I would leave after the 
summer job had ended and never see this place again. It’s been 20 years at the Bank. I am now a supervisor.
I am married with two children and have a house. The Bank has been good to me.
“
”
25 Years 
of Internships& Banking Communities 11
improved his skills and taught him that
tasks are “easier when you are pre-
pared.” The biggest success, however,
was that students from culturally
diverse backgrounds learned to work
productively toward a common goal. 
FinTech Scholars
In 2006, building on the success of
Classroom at the Workplace, the Bank
launched an initiative to help urban
students pursue careers specifically in
business and finance. The FinTech
Scholars program started with 12 stu-
dents. As Public and Community
Affairs Assistant Vice President
Marques Benton puts it, the strength of
the program is that “work provides a
context for learning.” 
First, juniors at Excel High are
introduced to business through a Bank-
sponsored class held at the school. 
The curriculum comes from the
National Foundation for Teaching
Entrepreneurship (http://www.nfte.
com). Students from the class may
apply to FinTech at the Bank.
Requirements are a minimum 2.5 
grade point average, teacher recom-
mendations, and a stated interest in
business. Business casual dress code is
emphasized. Because some students 
prefer not to wear business casual to
school, they change their clothes when
they get to work. 
Students with a GPA lower than
2.5 may be admitted to the program on
a probationary basis if they are
endorsed by at least three teachers as
having improvement potential. After
their interviews, they are given jobs
around the Bank. The student who fails
to increase his or her GPA, or fails to
meet program standards, or does not
work well in the assigned job is obliged
to depart. Having high expectations
works. One student who entered the
program with a very low GPA is now
on the honor roll. It is not uncommon
for students on the cusp of success to
start improving right away. In FinTech’s
first year, the average quarterly GPA
went from 2.3 in the first marking peri-
od to 2.65 in the third. Additionally,
students reported making improve-
ments in teamwork, organizing, 
conflict management, ability to 
take orders, and presentation skills. 
Intangibles
When businesses offer paid internships
to urban youth, they are doing more
than providing a paycheck. They are
offering new role models to young 
people and a group of adults who are
interested in their welfare. At the
Federal Reserve, students learn life 
lessons as well as career lessons.
Each FinTech Scholar is given a
mentor. The mentor is selected from a
department other than the one to
which the student is assigned and 
provides support and an objective
viewpoint on work, school, career—
and sometimes life direction.
As the FinTech Scholars near grad-
uation, they are encouraged to enroll in
college, and Bank departments that have
interns are asked to let them work part-
time while they pursue higher educa-
tion. All the FinTech Scholars who 
graduated from Excel in 2006 are now
enrolled in accredited colleges. After
they graduate, the goal is to find them 
a job at the Bank or at a local participat-
ing financial-services company.
When organizations become active
members of their communities, the 
benefits are widely shared.
Lillian Seay is Education and
Partnership Specialist at the 
Federal Reserve Bank of Boston.
FinTech Scholars from Excel High School hold paid internships at the Federal Reserve Bank of Boston.
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uThis Communities & Banking article is copyrighted by the
Federal Reserve Bank of Boston. The views expressed are 
not necessarily those of  the Bank or the Federal Reserve
System. Copies of articles may be downloaded without cost at
www.bos.frb.org/commdev/c&b/index.htm.

25 years of internships

http://www.bostonfed.org/commdev/c&b/2007/winter/internships.pdf

25 years of internships

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