Since 2002 she has been the James R. and Helen D. Russell Distinguished Professor of Finance at the Kellogg School of Management of Northwestern University.

[4][7][8] After becoming interested in macroeconomics during her undergraduate years, Eberly went on to graduate work in economics at the Massachusetts Institute of Technology.

[10] During graduate school she spent one year as a junior economist in George H. W. Bush's Council of Economic Advisers.

[2][8] After earning her Ph.D., Eberly joined the faculty of the Wharton School of the University of Pennsylvania as an assistant professor of finance in 1991.

President Barack Obama announced he would nominate her to the position in May 2011,[11] and the U.S. Senate confirmed her the following October.

[14] Later in 2013 the Obama administration considered appointing Eberly to a vacant seat on the Fed Board of Governors.

[15][16] Eberly trained as a macroeconomist at MIT but has taught in finance departments at business schools since 1991.