The Federal Home Loan Bank of Boston is a leading provider of wholesale funding for housing and community finance in New England serving more than 420 financial institutions across the region. The Federal Home Loan Bank of Boston is committed to making New England a better place to live and do business, and our employees are integral to our success. As a cooperative, we are owned by more than 420 banks, credit unions, insurance companies, and community development financial institutions that access tens of billions of dollars of our reliable, wholesale funding each year. Our funds are a vital resource that helps our members succeed, provide families with safe, decent affordable housing, and generate economic development that creates jobs in communities throughout our region.
Our highly skilled team of 225 is innovative, collaborative, and passionate about the work we do. We seek other professionals excited to share their knowledge, talent, and passion for our mission to join our team. We offer opportunities for career development, robust benefits, and a work-life balance.
Bank Interns are expected to work in our Prudential Tower office in Boston’s Back Bay neighborhood as often as possible. The Bank does offer full-time employees a hybrid work model that does require weekly in-office time.
This internship has the potential to be extended beyond the summer and possibly lead to a full-time, entry-level role at the Bank. To support this, we are seeking intern applicants that are current undergraduate seniors (graduating in Spring 2026) or recent graduates.
The Bank does not offer remote internships.
The Bank is unable to sponsor work authorization for interns or for entry-level roles.
Internship Summary
John Goldsmith served on the Board of Directors at the Federal Home Loan Bank from 2007-2014. He brought extensive capital markets experiences to the Board having spent his career as a senior executive in the financial services industry. In John’s memory the Bank has created the John Goldsmith internship, which offers an intern the opportunity to become versed in the Enterprise Risk Management (ERM) function where John regularly contributed his invaluable expertise and guidance.
The internship will concentrate on risk modeling across various functions within the Bank, including credit risk modeling, interest rate risk modeling for both balance sheet items and off-balance sheet derivatives, as well as activities related to model risk and model validation. The ERM intern will support the Bank’s work by evaluating the accuracy, ongoing development, and upkeep of financial models. These models are used to assess how interest rates impact market value, expected earnings and hedged effectiveness. The intern will also analyze housing and commercial real estate stress and the resulting effects on collateral valuation and loss estimation. The intern may assist in operating the models, compiling results and comparing the relative performance of the models. The intern may provide input on a variety of key drivers of the models, including macro-economic research related to the economy and the housing market, statistical analytic methodologies, backtesting and benchmarking, etc.
Specific Responsibilities
· Assist with instrument level cash flow modeling, back testing, and benchmarking.
· Assist with the creation of market and credit risk analytics for presentations to Senior Management.
· Actively participate in ad hoc assignments / projects related to the enhancement of a variety of market risk and credit risk measurement techniques / analytics affecting both valuation, loss forecasting and income sensitivity.
· Assist in the validation process of models used in the Bank.
· Performs other duties as assigned.
Benefits for the Intern
· Opportunity to strengthen skills in Finance/Risk Management, Excel, PowerPoint, SQL, and/or other analytical tools.
· Receive hands-on guidance from Senior Risk Analysts and Vice Presidents / Managers within the Enterprise Risk Management team to ensure a successful internship experience.
· Gain experience with sophisticated valuation, interest rate and credit risk models. Specifically, view first-hand how a large bank analyzes the balance sheet and projected future earnings against potential interest rate risk exposure. Additionally, interns will engage in analyzing risk associated with collateral pledged to the bank, evaluating the quality and reliability of assets used to secure loans or other exposures. This process involves assessing the market value and creditworthiness of collateral ensuring the bank maintains appropriate safeguards.
· Exposure to fixed income modeling concepts applied to various asset types.
Qualifications
Education
· Open to current undergraduate seniors and graduate students on track to complete a degree in Business, Finance, Statistics, or a related quantitative field by May 2026.
Experience
· Some prior work experience in an office setting is preferred.
· Experience in Microsoft Office Suite (Excel, PowerPoint, Word). Experience using SQL for data queries a plus.
· Prefer experience/course work in mortgage modeling, risk modeling, or quantitative modeling.
Knowledge/Skills
· Knowledge and understanding of fixed income products, with emphasis on those related to mortgage markets.
· Ability to manage and efficiently work with large data sets.
· Strong analytical skills and a high degree of attention to detail must be demonstrated.
· Effective written and oral communication skills are required for this position.
· Prefer candidates who show a willingness and drive to learn new concepts, are not afraid to ask questions, and want to be a member of a highly collaborative team.
As an Equal Opportunity Employer, we strongly encourage applicants from every ethnicity, color, religion, gender, age, national origin, disability, veteran or parental status and sexual orientation.
Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time.