The Bank of England
The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
The Bank of England is a diverse organisation. Its 4,000 people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
Macroprudential Strategy and Support Division
Want to join a lively Division of motivated, enthusiastic people surrounded by friendly and supportive colleagues? Enjoy fast-paced and varied work? Care about diversity and inclusion and want to have an impact on behaviours on your colleagues? This might be for you.
The Macroprudential Strategy and Support Division (MSSD) in the Bank of England’s Financial Stability, Strategy and Risk (FSSR) directorate is recruiting across all of its three teams, offering the chance to a number of people to play a pivotal role in helping the Financial Policy Committee to identify, analyse and respond to major financial stability challenges including those associated with Covid-19!
The Financial Policy Committee (FPC) was set up after the global financial crisis to monitor and remove or reduce risks in the UK financial system. It is made up of external members as well as senior Bank of England staff including the Governor and Deputy Governors.
Due to several recent promotions and upcoming parental leaves we are looking to fill a number of exciting roles across the Division which would suit a wide range of individuals and different career paths. We’re keen to think creatively about how we design jobs around the successful applicants which might sit across the three teams in the Division and which support all sorts of flexible working arrangements including job shares, part-time working patterns, commitments across the Bank of England’s networks, study and research. And because some of the roles are temporary cover arrangements there’s the chance to try before you buy a longer term position in MSSD!
Helping to make the Bank of England a more diverse and inclusive place to work really matters to MSSD. If you join us you’ll have plenty of opportunities to drive change in the Division, in the directorate and in the Bank of England, with help from your colleagues to do so. You’ll also have a say in how we make the FPC a more inclusive and less intimidating forum – something we’re thinking about hard at the moment. Your views on how to make the FPC more diverse in its approach, more open to challenge and more accessible and transparent in how it debates issues and reaches decisions will help shape its future ways of working, improve financial stability outcomes and, importantly, influence the culture at the Bank.
So if a flexible role, designed around you in a forward-thinking Division working on really important high-profile issues sound appealing please send us an application. Applicants will be considered for roles in all three teams unless they indicate otherwise.
The teams in MSSD and description of the roles
The Financial Stability Report (FSR) team: The team is responsible for producing the Bank of England’s Financial Stability Report, one of its flagship publications, which is issued twice a year. As the successful candidate, you will work alongside three authors in the team over a ten-week period to write a part of the Report, reflecting the views of FPC members as you do so. You will write about a variety of topics, learning about a new area of financial stability with each new edition of the Report. You will report to the FSR Editor. When you are not working on the Report, you will work on projects for the FPC through project teams set up across the directorate. You will have plenty of support in matching you to a project that suits your long-term goals and/or your strengths: there are opportunities to do in-depth analytical work, write material for publication, develop policy options or synthesise messages for the FPC. In addition to the requirements set out further down, we are looking for a keen interest in effective external communication and in improving the ability of the FPC to deliver its message to a wide audience, as well as strong drafting skills.
The FPC Secretariat: You’ll work in a supportive team of 5 partners/advisers who collectively provide a full Secretariat service to the members of the FPC and the colleagues from across the Bank that present to, and engage with, FPC. Specifically you will manage the relationship between the Secretariat and the Financial Conduct Authority’s CEO, who is a member of the FPC (Nikhil Rathi, FCA CEO from 1 October), advising him on all aspects of the Committee’s work and strategy, as well as liaising at a high frequency with the FCA team which supports him in his role as an FPC member. You will help colleagues across the Bank generate maximum impact and engagement when they bring their work to the FPC. Within the role, there is big scope to influence the ways of working and propose innovation and improvement for how we manage FPC rounds and our interaction with the Committee and cross-Bank teams. We are looking for excellent stakeholder management skills, keen interest in financial stability/financial system topics within the FPC’s remit, as well as creativity and energy.
The Framework team: You’ll work in a team of six analysts/economists to develop the macroprudential policy framework. We split our time between policy-focussed quarterly analysis for the FPC and long-term research and analysis aimed at building the FPC’s overall macroprudential framework. The work could be improving the quality of the FPC’s understanding of and how it thinks about vulnerabilities; the FPC’s setting of the countercyclical capital buffer or discussion of a longer-term issue such as assessing how the macroprudential framework has performed in the Covid-19 crisis. We are looking for an ability to think creatively about policy questions and try to find new ways to answer them and someone who is motivated by challenges on a wide range of financial stability topics. You’ll need good stakeholder management and communication skills too: our team’s work interacts a lot with other directorates and divisions and it’s important to be able to translate a lot of technical material into outputs the FPC can use.
There will be lots of advice, guidance and on-the-job training for the successful candidates from a close knit and mutually supportive management team.
You will be genuinely interested in the work of the FPC and feel excited by the opportunity to contribute to ensuring that the UK financial system can serve UK households and businesses in bad times as well as good (the former being particularly pertinent right now). You will also be able to demonstrate that you:
Enjoy taking ownership of a piece of work and will be able to clearly take issues from problem to solution.
Have really sound judgement, including the ability to pre-emptively identify and manage risks and know how and when to escalate issues.
Be at ease juggling competing deadlines and priorities while working under pressure.
Be able to present information clearly and effectively across seniority levels and able to adapt your communication to the appropriate audience.
Find developing and maintaining effective working relationships across a wide group of stakeholders and levels of seniority a natural part of the way you work.
Be at ease switching to different topics or areas of work between or even during FPC ‘rounds’, reflecting the Committee’s priorities.
Don’t worry if you don’t think you have all the skills and experience we have set out. We work closely as a team so there will be opportunities for you to do what you are best at as well as get support and guidance in developing new skills.
You don’t need to be a trained economist or to have worked on financial stability issues before. You do need to be enthusiastic, willing to learn, have a practical approach and an interest in financial stability issues, and be committed to improving diversity and inclusion at the Bank by seeking and creating opportunities to do so.
We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the applications form questions as requested because incomplete submisssions will not be reviewed.
We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.
This job advert is aimed for roles at the Bank of England’s pay Scale E (example of job titles would be senior analyst, senior economist or senior adviser) and would offer a salary of £59,400 or above (subject to experience and skillset).
MSSD is also hiring for roles at lower pay scales (Scale F). If you would like to apply at that pay scale, please see our other advert.
As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives including an on-site medical and dental unit.
The total package also includes:
• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year. The current cost to the Bank of providing this pension is 35% of your salary.
• A discretionary performance award based on a current award pool and target award of 10%, with a maximum potential award of 25%
• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits
• 25 days annual leave with option to buy up to 13 additional days through flexible benefits
• Private medical insurance and income protection insurance
The closing date for applications is 9 October 2020.