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International Finance Institutions Field Guide
Overview
Two important international financial institutions were created in the post-World War II environment of the 1940s, the International Monetary Fund (IMF) and the World Bank, collectively called the Bretton Woods Institutions (BWIs). Generally, the IMF has been responsible for fashioning the rules and expectations governing the behavior of member countries in their financial and economic relations with the rest of the world, especially with respect to exchange rates (the value of your country’s currency), monetary policy (i.e., policies regarding the supply of your country’s currency), and fiscal policy (i.e., policies regarding government taxes and spending). The World Bank’s primary role has been to make loans to countries pursuing development projects or undertaking major structural changes in their economies. Much of what international investment entails relates to a specific area that is commonly referred to as foreign direct investment, or FDI. FDI is the movement of capital across national frontiers in a manner that grants the investor control over the acquired asset. Thus it is distinct from portfolio investment which may cross borders, but does not offer such control. Firms which source FDI are known as ‘multinational enterprises’ (MNEs).
Career Opportunities
International finance institutions (IFIs) provide an array of products, including loans, equity, trade finance, structured finance, and syndications to encourage development. This financial assistance enables countries to rebuild their reserves, stabilize their currencies, pay for imports, and restore conditions for economic growth, while enacting policies to correct underlying problems. Investment professionals focus on identifying investment opportunities, executing transactions, and managing portfolio projects. IFI staff also “work with governments, civil society groups, the private sector and others in developing countries around the world, assisting people in all areas of development, from policy and strategic advice to the identification, preparation, appraisal and supervision of development projects” (World Bank Group).
Types of Jobs
Engineer
Resource manager
Operations officer
Financial analyst
Credit risk officer
Lawyer
Agricultural specialist
Qualifications + Skills
Technical expertise
Diverse nationalities and experience
Strong teamwork and interpersonal skills
Geographic mobility
A passion for improving lives through promoting private sector development in emerging markets
PRO TIP: The World Bank offers several young professional programs across many of their institutions. If you are interested in working for the World Bank or a similar organization, look for these types of programs to provide first-hand experience of what working there will be like.
Sample Employers
Governments
Luxembourg Ministry of Finance
The Netherlands Ministry of Foreign Affairs
New Zealand Ministry of Foreign Affairs & Trade
Swedish International Development Cooperation
U.K. Department for International Development
U.S. Agency for International Development
Switzerland State Secretariat for Economic Affairs
Australia Department for Foreign Affairs & Trade
Austria Federal Ministry of Finance
Global Affairs Canada
Development Bank of Austria
European Commission
Finland Ministry of Employment and the Economy
Japan Ministry of Finance
South Korea Ministry of Strategy & Finance
Hungarian Export-Import Bank
International Finance Institutions
African Development Bank
Asian Development Bank
Inter-American Development Bank
Institute of International Finance (IIF)
International Monetary Fund (IMF)
World Bank Group
NGOs and Foundations
Bill & Melinda Gates Foundation
eBay Foundation
Ford Foundation
Global Greengrants Fund
Goldman Sachs Foundation
Hindustan Unilever Foundation
Kauffman Foundation
MasterCard Foundation
Omidyar Network Fund, Inc.
PepsiCo Foundation
Sample Maxwell Classes
Anthropology of Global Transformations
Topics in Economics and Gender
The Geography of Capital
International Macroeconomics and Finance
Stabilization and Growth in Emerging Markets
Global Energy, Economics and Geopolitics
International Trade and Economic Negotiation
Issues in Global Economic and Financial Security
Economic Dimensions of Global Power
Business and Government in the Global Economy
Political Economy of Development
Social Polity: Financing the Poor
Resources
International Monetary Fund
World Investment Forum
The World Bank Group
International Finance Corporation
Center for Global Development
Related Career Guides
Economic Development
International Development
Trade Policy
Think Tanks
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