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Typically recruit approximately 30 graduates each year.
You do not have to be a UK citizen to work at the Bank but to join the ACT programme you must be eligible to work in the UK, without requiring a work permit.
All Bank staff must pass security clearance. These include a police check, credit reference, counter-terrorist and other standard checking procedures. You can be security checked if you are a foreign national; however, you will need to have resided for five years in countries where the UK security services have reciprocal checking procedures.
It is not appropriate for internship candidates to defer entry - you should apply in the year that you want to complete the summer placement. For graduate entry we are usually happy to accept deferred entry. Candidates should request this after they have been made a formal job offer.
We believe graduates should have the opportunity to work in different areas of the Bank. You will therefore have the opportunity to move between divisions being exposed to different issues and using a range of different skills.
I graduated a few years ago, can I still apply?
- The graduate programme typically comprises new graduates with little or only a small amount of work experience. If your experience is substantial you may find that the it is more appropriate for you to join as an experienced professional.
Are economists at an advantage over generalists?
- In some parts of the Bank - Monetary Analysis in particular - many jobs require a post-graduate qualification in economics. We may offer sponsorship to outstanding individuals who wish to acquire a post-graduate qualification.
If you do not have, or acquire, economics skills there are other parts of the Bank in which you can very successfully pursue a career. People with degrees in Maths, Finance or one of the Sciences or from another discipline, but with strong analytical skills are often particularly successful.
In 2004, 34% of students had MSc Economics, 38% had first degree Economics and the remaining 28% held other degrees (these included Maths, Physics, International Relations and Social Sciences).
Are there many opportunities for foreign travel?
- In some jobs and areas of the Bank this is a possibility although it would rarely be a major part of your role.
Are there many opportunities for secondments to other organisations?
- If you are proactive in pursuing these then there are a small number of opportunities available. At any one time there are around 20 Bank staff on secondment across a range of levels. Possible secondments exist to the European Central Bank, the Bank for International Settlement, the New York Federal Reserve Bank, the Financial Services Authority and the Washington Embassy among many others.
Will I be able to use my language skills?
- Not usually, most international committees use English as a working language.
Where will I work?
- In our Head Office in Threadneedle Street, London. Although the Bank has regional Agencies new graduates are not recruited directly to these offices.
How many employees are there?
- The average number of staff during the 2004/05 financial year was 1,918. This includes staff at our Cash Centre in Debden, Essex; our Stock Registration Function in Gloucester; and our regional Agencies.
Which universities do you recruit from?
- We recruit from all universities. The selection process looks for a range of skills and abilities rather than what university you studied at or course you completed.
What if I have a degree from an overseas university?
- This is not a problem. The Bank regularly recruits graduates with degrees from overseas.
Are there any particular academic disciplines that you look for?
- No, although strong analytical skills are essential. Again, the selection process looks for a range of skills and abilities rather than what university you studied at or course you completed.
Do all graduates follow the same training scheme?
- Yes, the Analyst Career Training (ACT) Programme, although some of the participants may be IT specialists.
Do I have to choose a particular business area when joining the programme?
- No, we will allocate you to an area of the Bank, which seems to be appropriate to your skills, experience and knowledge.
Do I get the opportunity to make a real contribution during the ACT programme?
- Yes, you will do a series of real jobs throughout your training programme and be given responsibility immediately.
What preparation can I do before the selection centre?
- You cannot prepare specifically for the exercises at selection centre. The best preparation you can do is to be up-to-date with what is happening in the economy and what the key issues are for the Bank at the time of your selection day.
Can I undertake further study?
- Yes, if relevant to your role,
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