By now you’re probably getting the feeling that we’re not your typical bank – and you’d be right in thinking that. What we hear most often from graduates is how surprised they are by the relaxed and upbeat atmosphere here. We play as hard as we work, and whether it’s functions, sports or other social events, there’s always something to get involved in.
Our graduates will join our Economics, Financial Markets, Prudential Supervision or Macro Financial departments. Suitable candidates for the programme are at least honours level graduates who have studied macroeconomics, monetary economics, finance, applied econometrics, international economics or public economics.
With about 30 staff our core function is to formulate monetary policy by achieving and maintaining stability in the general level of prices, so inflation is kept between one and three percent per annum.
Our numerous responsibilities include providing analysis, research and advice on the Official Cash Rate, as well as advice on implementing the Policy Targets Agreement, and research on New Zealand’s monetary policy framework. We also prepare the Bank’s quarterly Monetary Policy Statements, ensure that best practice modelling methods and a wide range of data are used in generating forecasts and monetary policy advice.
Our team enables the Bank to make and put in place policy decisions that help us achieve our vision of promoting a sound and dynamic monetary and financial system. The Department is arranged into five teams, and you may have the opportunity to spend time in a few of them when you join us as a graduate.
The Domestic Markets team and the Foreign Reserves team both transact directly with the market. Domestic Markets maintains and controls the liquidity of the New Zealand banking system and puts monetary policy into place. Foreign Reserves manages the Bank’s foreign reserves (as the name would suggest), monitors the markets and undertakes foreign exchange market intervention.
Two teams are responsible for the collection and distribution of data and market intelligence, which support a number of the Bank’s key outputs. The Financial Markets Research team collect, decipher and relay market information from New Zealand and international markets to the relevant people, including the Monetary Policy Committee.
The Risk Unit provides the Department and Governors with quantitative advice on the risks that come about from the core activities of the Financial Markets Department.
Think of us as financial doctors who monitor the “health” of financial institutions (banks, non-bank deposit takers and insurance companies) in New Zealand, as well as the country’s financial system. We take on graduates of economics, finance and law. We provide advice to the Governor of the Bank, and the government, on matters to do with the operation of the financial system. This includes:
- advising on laws and regulations for financial institutions,
- monitoring the compliance of financial institutions with these laws and regulations, and
- engaging with financial institutions to facilitate our advice and monitoring role.
We’re also concerned with the payment system, including the well-known parts like EFTPOS, credit cards, cheques and direct debits, as well as the systems that transfer large sums of money between financial institutions and across borders.
With about 25 staff the Macro Financial Department is responsible for assessing the soundness and efficiency of New Zealand’s financial system and the implementation of macro-prudential policy.
The Department is arranged into three teams. The Financial Systems Analysis Team produces the six monthly Financial Stability Report, which assesses the overall health of the financial system, and undertakes research on matters relating to the financial system. The Policy Team is responsible for advising on the use of macro-prudential instruments and their deployment, while the Statistics Unit produces high quality financial statistics to assist the Bank and the public in understanding developments in the financial system.
You’ll be an Honours level graduate at least, and you’ll really know your stuff when it comes to economics and/or finance. Ideally you’ll be a macroeconomics, monetary economics, finance, applied econometrics, international economics or public economics graduate. It goes without saying that you’re curious, analytical, a critical thinker and a team player. Strong written and verbal English and superb communication skills mean you know how to get your point across clearly and concisely. You won’t be backwards in coming forwards, which means you’re not afraid to voice your opinion, and you’ve got the confidence and knowledge to back yourself. Our graduates are diverse in their backgrounds and interests. This makes for a dynamic team that has plenty of fun.
We welcome applications from international students, provided you are legally entitled to work in New Zealand.
We’re not your typical central bank, therefore we don’t take a typical approach to recruitment. Instead of the usual campus presentations, we’ll be visiting universities in March to have an informal chat. If you’re a third or fourth year student, feel free to meet us over coffee. Don’t be afraid to pick our brains about what it’s like to work at the RBNZ or ask any other questions you have.
Following the application closing date, we interview the shortlisted applicants on campus. These interviews usually take place in May.
If you’re selected, you’ll be invited to the Bank in Wellington for a second interview during July. Employment offers for graduate positions are usually made in July.
Our graduate recruitment team visit Auckland University, Waikato University, Victoria University, Canterbury University and Otago University during March each year. Massey Albany students are invited to attend the campus visit at Auckland University and Lincoln students are invited to attend the campus visit at Canterbury University.
Applications for the 2014 Graduate Recruitment round have now closed.
For further information please contact:
Human Resources Adviser
Reserve Bank of New Zealand
Telephone: (04) 471 3680