Long-Term Internship -Financial Accounting and Markets (FAM) - Accounting/Internal Reporting
Federal Home Loan Bank of Chicago
Location: Chicago, Illinois
Internal Number: R2400055
Join the FHLBC team!
At the Federal Home Loan Bank of Chicago, employees come first - that's why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.
* Retirement program (401k and Pension)
* Medical, dental and vision insurance
* Lifestyle Spending Account * Generous PTO plan * 11 paid holidays per year * Hybrid working model
An internship with The Federal Home Loan Bank of Chicago is not like your average internship. We can offer you a dynamic, collaborative and team-focused environment you won't find anywhere else. You will be engaged in projects that will provide you with real world, hands-on experience in the exciting world of financial services. We are currently seeking an intern to work in our Financial Accounting and Markets (FAM) - Accounting/Internal Reporting department. Successful individuals should be following an academic track in accounting, or other business discipline. Individuals should also be proficient in Microsoft products, especially Excel skills.
Who are we you ask? We are a federally chartered corporation and one of 11 Federal Home Loan Banks (FHLBanks) that, with the Office of Finance, comprise the Federal Home Loan Bank System. The FHLBanks were chartered by Congress under the Federal Home Loan Bank Act of 1932 to improve the availability of funds to support home ownership. Each FHLBank is cooperatively owned by member financial institutions in its district and operated as a separate entity with its own management, employees, and board of directors. Our district consists of the states of Illinois and Wisconsin. We are regulated by the Federal Housing Finance Agency, an independent federal agency.
This is a unique opportunity to work at a diverse financial institution. You will assist with projects that include coordinating internal requests/communications, report generation, financial analysis, internal meeting presentations, etc. In addition, you will learn and work in the Bank's financial and governance, risk and compliance applications. Cross departmental interaction (both in person and virtual) is an integral part of the intern's responsibilities and activities and will involve the following:
Analyze and reconcile specified balance sheet and income statement accounts on a monthly basis
Compile and analyze financial information to help prepare monthly, quarterly, and annual financial statements
Perform accounts payable processing and supplier payments
Support annual operating expense and capital budgeting process
Ensure financial records are maintained in compliance with accepted policies and procedures
Annual IRS reporting
Ensure accurate and timely monthly, quarterly and year-end financial close
Assist in the execution of, development of, and maintenance of accounting policies, procedures and controls in accordance with sound accounting principles, applicable regulations and laws, as well as best practices
Independently identify and resolve accounting discrepancies and irregularities
Participate in internal and external audits
Assess and advise on operational process improvement opportunities
HOW YOU WILL MAKE AN IMPACT
Supporting activities to promote and maintain internal and external customer expectations within the organization.
Bringing new ideas and skills to bring operational efficiency to the team and/or financial reporting group at large.
Applicants should be enrolled in an undergraduate program at an accredited institution.
Should have a GPA of at least 3.0 and be in good academic standing.
Desired fields of study include Accounting or other Business discipline.
Proficient in Microsoft Office products such as Excel, PowerPoint, and Word.
The start/end date and work hours may be flexible based on school schedule with maximum 7.5 hour work day, 20+ hours a week.
Executive Summary of Accounting/Internal Reporting
The Internal Reporting department of the Financial Accounting and Markets (FAM) group has responsibility for tasks and projects that support the FAM group and the Bank as a whole. The team owns the Bank's accounts payable and employee reimbursements processes and is responsible for accounting and reporting related to operating expenses, capital projects and fixed assets, and board of director expenses. The team also completes daily and monthly reconciliations of various general ledger accounts. The team's hard work, effort, and attention to detail help provide accurate financial statements on a daily basis, as well as makes sure vendors are paid on time to keep Bank-wide systems and software online. Being a part of the Internal Reporting team will provide experience in daily and monthly accounting activities that are supported by GAAP and financial analysis, as well as give experience working with many internal and external parties of the Bank. #LI-Hybrid
The Federal Home Loan Bank of Chicago is a $100 billion wholesale bank and one of 11 district banks chartered in 1932 by the U.S. Congress to support mortgage lending and community investment. Each FHLBank operates as an independent organization and is governed by a board of directors elected by its member institutions. As a cooperative, we provide reliable liquidity to our member banks, credit unions, insurance companies, and community development financial institutions located in Illinois and Wisconsin, focusing on the distinct needs of their individual businesses and communities.
We offer products and services to help our members fund loans and investments held in portfolio, manage liquidity, fund mortgages into the secondary market, secure third party agreements, and achieve asset liability management goals. Through our Community Investment and Affordable Housing programs, we also help our members to provide affordable housing and economic development in the communities they serve.
FHLBank Chicago is a place, where everyone can make a difference—both for our organization and for the communities we serve through our member financial institutions. We aim to create a diverse... and inclusive environment where employees are fully engaged and positioned to do their best work. Teamwork is valued, and even entry-level hires may find themselves working side-by-side with senior-level executives.