Bank of England Assessments

Prepare for the Bank of England recruitment process with tailor-made practice materials.

Careers at 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 Application 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

Bank of England 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.

Bank of England Aptitude Tests

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.

Bank of England Blended Tests

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.

Bank of England 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.

Bank of England 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.

Bank of England 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.

Bank of England Elements Tests

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.

Bank of England Video Interview

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?

Bank of England Assessment Centre

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.

Sample Bank of England Assessments question Test your knowledge!

Score: /5

After reading the passage about the responsibilities of the central bank, which of the following is not a typical function of such institutions?

A central bank operates as the primary monetary authority in a country and is a pillar in the financial stability of a nation. Its essential functions often include managing the nation's currency, controlling inflation, setting interest rates, acting as a lender of last resort, and regulating the banking industry.

  • Setting immigration policies
  • Managing the nation's currency
  • Controlling inflation
  • Regulating the banking industry

In a sequence where each box contains three different symbols, and each subsequent box shifts the position of the symbols counter-clockwise, which of the following is the correct next box?

  • Box with symbols in original order
  • Box with symbols rotated clockwise
  • Box with symbols rotated counter-clockwise
  • Box with symbols in a random order

If all roses are flowers and some flowers fade quickly, which of the following statements is logically true?

  • All roses fade quickly
  • Some roses are not flowers
  • Some roses may fade quickly
  • No roses are flowers
  • All flowers fade quickly

Consider a reference number 'D5T9R2' that should match a given string. Identify the correct matching string.

  • D5T9R2
  • D5T2R9
  • DST9R2
  • D5T9R3

A central bank has a reserve requirement ratio of 10%. If a local bank receives a deposit of £1,000,000, how much can it lend out?

  • £900,000
  • £1,000,000
  • £100,000
  • £1,100,000

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Bank of England Assessments Tips

Know Your Basics

Before venturing into the specific nuances of the Bank of England's recruitment exams, ensure you have a strong grasp of basic financial concepts and principles. A solid understanding of economics, banking processes, and financial analysis forms the bedrock of these assessments. It’s not just about memorizing formulas; it’s about knowing how and when to apply fundamental theories to real-world scenarios.

Understand the Format

Familiarize yourself with the type of questions likely to come up in the Bank of England’s tests. At Fintest, we provide a range of practice exams that mirror the actual test format you’ll encounter. By understanding the structure beforehand, you can develop an effective strategy for tackling each section — time management is often as important as financial knowledge.

Reflect on Feedback

After completing each practice exam on Fintest, take the time to review your answers, especially the ones you got wrong. Understanding why an answer was incorrect will help you avoid making similar mistakes in the future. Remember, practice is about learning and improving, not just repeating the same process over and over.

Simulate the Test Environment

Try to replicate the conditions of the actual test environment when taking practice exams. Find a quiet space, set a timer, and resist the urge to use calculators or reference materials if they won't be allowed during the real exam. This will help condition your body and mind for the actual test-taking experience.

Stay Informed on Current Affairs

The Bank of England plays a pivotal role in the UK's financial system, and being up-to-date with current economic affairs can give you a sharp edge. While the exams may not directly quiz you on current events, understanding the context within which the bank operates can help inform your approach to problem-solving and analysis.

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Bank of England Assessments FAQs

How hard is it to get a role at the Bank of England?

Bank of England roles are generally quite competitive and the hiring process is moderately challenging - particularly the assessments. Practicing and preparing for the tests will be crucial to a candidate's success.

What qualifications do you need to work in a bank in the UK?

BOE typically require their employees to have at least 4 GCSE qualifications with 9-4 or A*-C grades, and passing grades in English and Maths although this varies depending on the role you apply for.

What tests can I expect to take when applying for the Bank of England?

The Bank of England uses Korn Ferry's Blended assessment which assesses situational judgment, personality, and cognitive abilities. You can practice free test questions here.

What are the Bank of England's core values?

The core values of the Bank of England are collaboration, inclusivity, empowerment, decisiveness, and openness.

What are some Bank of England interview questions?

Some questions you might be asked during your BOE interview include:

  • Why does BOE care about productivity?
  • What would you do in a situation in which you believed someone was wrong?
  • How do you see your role in supporting the BOE's objectives?