Recognizing that internships are often the foundation of informed career choices, the Minority Internship Program (the "Program") was established in 1990. Today, with the co-sponsorship of JP Morgan Chase & Co., Raymond James & Associates, Inc., RBC Capital Markets, and Samuel A. Ramirez & Co., Inc., these internships are an established point of entry into the business of public finance. Each year, up to four interns are selected for the year-long Program which includes two six month terms. The first term is spent working at the New York State Housing Finance Agency on single and multi-family debt issuance, real estate finance, and mortgage insurance issues. For the second six-month term, the interns will work at one of the co-sponsoring private sector firms, where they function as analysts in these and other related areas.
The interns are selected from dozens of applicants. After admission to the Program, each intern is assigned a mentor, enrolled in a finance course, and is given the opportunity to be involved in all aspects of housing finance.
Responsibilities can include, but are not limited to:
- analyzing a developer's proposal for a low income housing development,
- producing cash flows for new money issues and refundings,
- preparing presentations to credit rating agencies,
- organizing the mailing of offering documents for a bond issue,
- participating in bond pricing calls,
- reviewing documents for and assisting at bond closings, and
- assessing the creditworthiness of a housing development and underwriting it for mortgage insurance.
Those eligible to apply are minority students who have, or expect to receive, a baccalaureate degree prior to the start of the internship. The Program is only available to New York State residents who are permanent residents of the United States. Quantitative ability, as demonstrated in courses such as economics, business administration, or mathematics, is important, but it is not necessary to have majored in one of these areas. Successful candidates will have an interest in finance, be familiar with governmental institutions, and have the willingness to work long hours in the furtherance of an exciting and rewarding career. Individuals with advanced degrees or who are in advanced degree programs are not eligible. The salary for the one year internship is $40,000 plus medical benefits.
Program mentors work closely with interns to develop strong resumes, to refine interviewing skills, to identify potential employers, and to develop an understanding of various firms' recruiting schedules and requirements. Successful completion of the internship has resulted in employment opportunities in both the public and private sectors.
To apply for the Minority Internship Program, please submit the following on or before April 15, 2009:
- A cover letter of introduction which outlines your interest in public finance and provides background information on previous employment experience,
- an unofficial academic transcript,
- noteworthy scholastic achievements,
- your resume, and
- a list of three references.
Please send all materials and refer all questions to:
Internship Program
c/o Equal Opportunity Officer
New York State Housing Finance Agency
641 Lexington Avenue
New York, New York 10022
Phone: (212) 872-0340
Click here for the 2009 Minority Internship Program brochure.