What they can offer students
On the 8th November this year, The Bank of England came onto campus to deliver a talk on their company culture and recruitment tips. Our Careers Consultant, Erica Rowell, went along to the talk and compiled some of the information that was given into a two-part blog for those who couldn’t attend this insightful event. Below, in Part One of her blog, Erica talks about the different kind of employment opportunities they can offer students.
The Bank of England offers a number of internships and graduate programmes. Here are some of those programmes:
- First year internship (6 weeks duration)
- Penultimate year internship (8 weeks)
- Postgraduate internship (8 weeks)
- Industrial placement (13 months)
All of the students on these internships are inducted together as a cohort and treated as part of the team they are allocated to. There are no special projects and interns are expected to ‘hit the ground running’ and work alongside staff. They do have support systems in place including a mentor and line manager; however there is no financial or other support from the Bank for accommodation while on an internship.
The first and penultimate year internships are suitable for students with a degree in any discipline. The Postgraduate internship is for students with a degree (1st class or 2:1) in Economics and/or Finance.
For the first year internship the Bank will look at UCAS points gained. For the penultimate year the Bank will want an update of grades achieved so far. There is a free text box if you need to explain why current grades do not match the predicted class of your degree.
The Industrial Placement offers opportunities as:
- Research Assistant – will gain first-hand experience in the Bank’s core work. Working alongside economists on a wide range of issues, and gain experience of briefings and produce charts and tables for Monetary Policy and Financial Policy Committee. Will also manipulate economic and financial data for research projects.
- Project Assistant – are based in either Banking Services or the Programme Office and can work in a variety of roles, including assisting with project processes, supporting testing, trialling and implementation, as well as senior team members.
- IT Associate – will be part of the Technology Division, working in the Application, Development and Maintenance area or the Infrastructure Group. Experience will include contribution to the success of challenging projects and valuable hands-on experience from technical experts.
Operations – generalist scheme, and is open to Graduates from any degree discipline. This stream opens up opportunities in many areas across the Bank, including Banking, Notes and Central Services.
Economist – need to be studying an Economics or Finance undergraduate degree. This stream will develop your skills at the heart of the UK economy.
Risk – this stream develops Graduates to provide technical expertise in areas such as stress testing, the Help to Buy scheme, or wider market risks. They work within areas such as Supervisory Risk Specialists. Strong analytical skills are key for this stream.
Data – these roles are vital for collecting, compiling and analysing data for publication. The Bank looks for students studying a quantitative degree, such as Maths or Engineering. These roles are in areas such as Advanced Analytics, Statistics and Regulatory Data and the Chief Data Office.
Technology – the Technology division enables everything at the Bank, including supporting systems like the Real-Time Gross Settlement (RTGS), enabling the UK financial services sector to transfer trillions of pounds in payment transactions every year. You don’t have to be studying a Computer Science degree –they are also looking for students with an interest in Technology. Based on your interests and skillset, you will be matched to a pathway, such as: Developer, Infrastructure, Service Management or IT Security.
Supervision – open to Graduates from any degree discipline, you’ll be at the heart of the Bank’s work to protect the stability of the UK’s financial system by supervising financial institutions. You could be supervising insurance companies, international banks, building societies, key financial infrastructure or UK banks of all sizes. Supervision puts your analytical, problem solving and professional skills into practice; you will work closely with senior internal and external stakeholders to identify and mitigate potential risks before they can have an adverse effect on the financial system and the public.
Postgraduate – if you are studying for a Masters degree in an Economics or Finance discipline and are looking for a Graduate position, this is the stream for you. These roles are in research-focussed areas such as Monetary Analysis, International or Markets.
Actuarial – qualify as a Fellow of the Institute and Faculty of Actuaries (Enjoy a salary increase each time you pass an exam!)
All entrants take the Central Banking Qualification, and then study towards a postgraduate certificate in central banking and financial regulation – accredited by Warwick University. It is a 27 month programme and cohorts of entrants are grouped together for the whole of the programme for study days. These take place in the Shard, London.
There are approximately 150 internship/graduate programme places and over 1000 applicants. There are fewer applications for the economic stream. Also, if you apply for this stream and are not successful the Bank may recommend you joining an alternative application stream.
Applications for the graduate stream closed on 13th November 2017, however the internships are open until mid-January 2018.