About The Bank of England
The Bank of England began as a private bank, founded in 1694 to act as a banker to the Government. Fast forwarded to today, The Bank of England is now the UK's central bank with lots of incredible history surrounding it. Did you know, for example, there are almost three billion Bank of England notes in use.
The bank employs over 80,000 people globally with a strong employee focus - its main HQ is located in Threadneedle Street, London. As an employer, The Bank of England offers great benefits and support to team members including opportunities to upskill and progress in their careers.
Work is varied from technology and HR to Internal Audit and Monetary Analysis with plenty of job opportunities. This makes it very attractive to graduates starting early in their career and experienced professionals look to progress higher up the chain.
If you're looking to land your dream job at the Bank of England look no further than this useful guide full of practical tips, practice tests and advice.
Bank of England Recruitment Process
The Bank of England uses a mixture of aptitude tests, interview questions and assessments to help them select the best candidates for the job.
If you are considering a career with The Bank of England, whether you're a graduate or a seasoned professional, we recommend using this guide to help you prepare for the hiring stages. In particular, practicing the different online tests will help you build confidence and allow you to score higher in the tests - helping you stand out and increasing your chances to become shortlisted.
The following entry routes can be taken for applicants who meet certain criteria:
- Industrial Placements
- Graduate Development Programme
- Internship Programmes
- Future Capability Programme
Online Application Form
The first stage of the Bank of England's recruitment process is to complete a short application form to check your eligibility.
You'll be asked about your education and work experience so it's important to keep your CV and LinkedIn profile up to date. Also note, if you are an international applicant you will need to convert your international qualifications into UCAS points.
It's also not encouraged to apply for multiple roles.
The next stage is a series of online tests, which help the Bank of England shortlist top candidates.
There are two main tests - a blended assessment and an elements test (elements test is role dependent).
The online assessment is referred to as 'blended' which just means the assessment contains a selection of different test formats blended into one. There are 3 sections and you can complete them in one sitting, or individually at separate times. Parts of the assessment are not timed and some are so it's important to practice under timed conditions to set your pace.
Korn Ferry's Blended assessment consists of a situational judgement test, personality assessment and cognitive assessment. You should allow up to an hour to complete the blended assessment.
1. Situational Judgement Test
Part one of the blended assessment is a situational judgement test (SJT). You will be provided with a range of scenarios similar to situations you might experience in your new role. You must use your judgement to select what in your opinion, is the best action to take. The test is designed to make sure you match the requirements of the role and your 'fit' to the bank's work behaviours.
2. Personality Assessment
The second part of the assessment is a Talent Q Dimensions test which is used to measure a candidate's behavioural preferences at work. It tests your approach to tasks and your sources of motivation and energy. There are no right or wrong answers, but you should be strategic with your responses.
The personality test involves answering questions along with a rating scale of one to five - from very true to completely untrue.
3. Cognitive Assessment
A cognitive assessment consists of a variety of questions that test your numerical and verbal skills. You will be given 21 minutes to complete the assessment
The numerical reasoning questions measure your analytical skills using numbers, data and numerical statistics. For each question, you are given a table of information with multiple-choice answers. You must use your mathematical reasoning skills to decide which is correct.
The verbal reasoning test measures your analytical reasoning skills in relation to interpreting written content and professionally written business reports. Similar to the numerical reasoning questions for each question you are given a passage of information with multiple-choice answers. You must use your comprehension and reasoning skills to decide which is correct.
If you have a disability that requires additional time, this is something that can be arranged upon request.
If you are applying to an apprenticeship you will need to complete the Elements numerical, verbal and logical tests which are compulsory if you are applying for certain types of roles. You can use the guide from the blended assessment to help pass these tests.
If you successfully pass the online tests, the next stage is a video interview where you are asked five thought-provoking questions about the Bank of England. These are pre-recorded responses that are submitted to the hiring manager to review.
The questions focus on its values, nature of services and how it operates.
Some of the video interview questions might include:
- What is the Bank of England's 2022 business objective?
- What are the biggest risks the United Kingdom's economy is facing now and in the future?
- In your opinion, will cash ever become redundant in our economy?
- What is a full barter economy?
Assessment days take place in London and the day is made up of group tasks, group assessments, role-play simulations and in-person interviews.
The purpose of the assessment day is to help hiring managers evaluate applicants in a work-like scenario so that they can determine their suitability for the job that's been applied for.
It also helps the bank assess if an applicant is a good cultural and company fit - something that is essential when hiring a new employee. There are 4 different types of assessment days established annually for different employment programs so the assessment day structure may vary.