Bank of England Careers
- High-impact work with a social purpose
- Some very talented colleagues
- People are generally very friendly and supportive, which makes it a nice place to work
- Starting salary is competitive with that offered by private sector employers
- Great benefits (pension, ability to buy extra holiday)
- Great work/life balance - depending on your manager it can be easy to work from home, get flexihours etc.
- As you progress in your career the salaries on offer become progressively lower than those you could command in the private sector. With some areas of technical expertise this starts to kick in after only a couple of years
-The Bank is a hierarchical organisation which takes important and sometimes politically sensitive decisions. This can lead to bottlenecks as you await sign off on your work
- Suffers a little from the public sector disease of coasters who do not contribute properly but who, instead of being let go, are just passed from team to team
- Resourcing is rigid, so it is extremely rare to be promoted in your role and get a pay rise. Instead you have to apply for something new
Specific to grad scheme:
- Training does not hit the mark. A lot of money seems to be spent on pseudoscience "workshops" - "neuro linguistic programming" etc. - and new grads are now forced to undertake a compulsory bespoke qualification in "central banking studies", which of course is not really transferable. Presumably this is to enhance retention.
- My understanding of graduate schemes is that entrants come through a rigorous selection process, are given stretching work, and then become candidates for rapid promotion, the idea being that they have a lot of potential. This is not the case at the Bank. Even when you exit the grad scheme, you are subject to restrictions from HR on when you can be promoted. When you are eventually promoted you are subject to central restrictions on pay increases. These restrictions are an incentive to quit the Bank, work in industry, and then come back as an external hire, for whom the Bank is willing to pay far more. This seems to be the only way to progress in pay and responsibility at any speed and is very frustrating for those who are otherwise happy at the organisation. It is also at odds with their retention aims.
Overall, the organisation is great. The grad scheme is awful. Go elsewhere and then come in as an external hire.