We’re not your typical bank.
The Reserve Bank is New Zealand’s central bank and we offer graduates the opportunity to influence policymaking at the highest level. Our graduates join teams from across the organisation; Economics, Financial Markets, Supervision, Financial System Policy and Analysis or Data and Statistics.
When you join us, you’ll be able to explore your interests and rotate within teams and departments so that you get the broadest experience possible. We value our people and make sure they are recognised for their efforts. We really develop our employees through on the job experiences, mentoring, workshops and training programmes. Graduates have access to local, national and international development courses run by the Bank of England, Swiss National Bank and Federal Reserve Bank of New York. Many of our employees have taken part in secondments worldwide and some are involved in further study for a Masters or a PhD while working full-time with us, and in some cases we fund the study.
You’ll be a Masters or Honours level student (or have recently graduated), or have a post graduate qualification with some relevant work experience. Majors including economics, finance, mathematics, law and/or accounting are ideal. Subjects that are useful to take include macroeconomics, monetary economics, finance, applied econometrics, law and/or mathematics subjects like QUAN (mathematics for economics and finance).
You will be curious, analytical, a critical thinker and a team player. You will be eager to learn and are serious about building a career with us. Strong written and verbal communication skills mean you know how to present your work clearly and concisely. Our graduates are diverse in their backgrounds and interests. This makes for a dynamic team that has plenty of fun.
You will need to be a NZ Citizen or have NZ Permanent Residency status to be eligible to apply.
We will attend Career Expos and hold presentations at various University campuses throughout March; University of Auckland, Waikato University, Victoria University, Canterbury University and Otago University. These will be attended by our Reserve Bank recent graduates and other RBNZ representatives. Don’t be afraid to pick our brains about what it’s like to work at the Reserve Bank or ask any other questions you have.
Following the application closing date, there’s a few steps in the process before we can offer you a position to ensure that we are the right fit for each other. If your application meets our requirements we will request that you participate in some short online assessments. Following this, you will participate in a pre-recorded Video Interview where you will be asked some motivational and competency-based questions.
From here, the shortlisted candidates are then invited to the Reserve Bank in Wellington for an Assessment Centre in late April. You will find out whether you will be offered a role with us in early May – after which you can relax and focus on your studies!
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, providing advice on implementing the Policy Targets Agreement, and conducting research on New Zealand’s monetary policy framework. We also prepare the Bank’s quarterly Monetary Policy Statements and ensure that best practice modelling methods and a wide range of data are used in generating forecasts and monetary policy advice.
The Market Operations team transact directly with the market. They maintain and control the liquidity of the New Zealand banking system and put monetary policy into place. They also manage the Bank’s foreign reserves, monitor the markets and undertakes foreign exchange market intervention. The International and Markets Analysis team collect, decipher and relay market information from New Zealand and international markets to 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 Reserve Bank, and the government, on matters to do with the operation of the financial system. This includes:
We are responsible for assessing the soundness and efficiency of New Zealand’s financial system and the implementation of macro-prudential policy and advising on laws and regulations for financial institutions.
Our Financial Systems Analysis team produces the Financial Stability Report twice a year, which assesses the overall health of the financial system, and undertakes research on matters relating to the financial system. Our Policy team is responsible for advising on the use of macro-prudential instruments and their deployment. Our Industry Insights and Thematics team identifies areas to investigate and lead the delivery of thematic reviews on risk, governance and compliance across banks and insurers, and assesses risks to the industries that we supervise and their compliance with our regulations.
We are responsible for meeting the statistical needs of the Bank’s policy departments and those of its external stakeholders. We have a strong customer focus, seeking continually to improve the quality, timeliness and range of statistics available within the Bank and to external users to enable quality decision making.
The Bank publishes financial statistics for use by a broad range of external users, including the general public, media, economists and financial analysts. We maintain the Reserve Bank’s statistical databases and actively develop new financial statistics in consultation with both internal and external stakeholders. A strong emphasis is placed on the quality of statistics, their fitness for purpose, and the application of world best-practice methodologies and processes when developing and producing them.