Graduate Recruitment

Applications for the 2010 programme close Wednesday 21 April 2010 and are available to download below..

Working at the Reserve Bank – what to expect

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 or Prudential Supervision 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.

Outside of our graduate recruitment programme we sometimes take Accounting and Finance or IT graduates into other departments.

Economics Department

With about 50 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, and we collect and publish financial statistics.

Financial Markets Department

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 Stability Analysis team takes overall responsibility for producing the Financial Stability Report.

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.

Prudential Supervision 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.

Who are we looking for?

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.

University visits and the selection process

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.

Campus Visits Timetable

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 Canterbury.

Please see the 2010 Timetable for University Visits, below. If you would like to attend any of these visits please email Nicky Riches and confirm which visit you will be attending.

2010 Timetable for University Visits

University	Date	Time	Venue
Auckland University & Massey Albany	Monday 22nd March	1 - 3pm	Careers Centre Seminar Room, The Clock Tower, Auckland University
Waikato University	Tuesday 23rd March	1 – 3pm	Management School Building, 1.02, Waikato University
Victoria University	Tuesday 23rd March	11.30-1.30	Boardroom, Level 12, Rutherford House, Pipitea Campus
Canterbury University and Lincoln University	Wednesday 24th March	12 – 2pm	Forestry Building, Level 2, UC Careers & Employment Seminar Room
Otago University	Friday 26th March	12 – 2pm	Commerce #2.07

Application form

Application form available in Word (55KB) or PDF (13KB)

For further information please contact:

Nicky Riches
Human Resources Adviser
Reserve Bank of New Zealand
Telephone: (04) 471 3680
Email: nicky.riches@rbnz.govt.nz