* Applications are now closed *

Location: UK: London (Threadneedle Street)

Opportunity: Supported hiring into permanent roles

Starts: ASAP

Apply by: 17 March 2022

The Bank of England is recruiting a Lead Policy Analyst into their Market and Counterparty Risk Division and welcomes professionals who have taken an extended career break to apply for these roles. Successful hires who have taken a career break of 2+ years will receive coaching support through the transition period from Women Returners.

The Bank of England is the UK’s central bank. Their mission is to deliver monetary and financial stability for the British people. It is a diverse organisation. Each of its 4,000 plus 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.

The Bank is fully committed to having a diverse and inclusive working environment, and is open to considering how the roles might be carried out with flexible working. These roles are therefore open to flexible working patterns.

The Bank has hired a large number of returners over the last few years. Read Melissa’s story here. Learn more about working at the Bank here.

About the Directorate

Prudential Policy Directorate are responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives.

Department Overview

Banking Capital Policy Division (BCPD) leads on policy relating to prudential requirements, which are there to ensure banks identify and manage risks appropriately, are adequately capitalised, and have sufficient liquid assets. The division plays an active role in policy development, implementation, evaluation, and horizon scanning, in close collaboration with staff across the Bank, and internationally. The division also contributes to cross-Bank work, including that related to the new UK regulatory framework and Fintech. Analysis and research is undertaken across the Division to ensure that the Bank stays at the forefront of the intellectual debate on prudential policy.

Job description

They are responsible for designing policy related to financial market risks for banks. That is, they look at risks that arise when banks own and trade financial instruments like equities, bonds and derivatives. These include: the risk of losses from changes in the price of financial instruments; from a counterparty defaulting; or valuation uncertainty. In addition, they develop and contribute to new and emerging financial markets issues such as crypto assets, climate change and LIBOR reform. They have a busy, but exciting programme of work, developing policies and approaches for banks in the UK that trade in financial markets, and engaging with international counterparts.

They are looking for someone who is comfortable tackling topics that may be complex and unfamiliar, and working through any issues to find solutions. You will be happy drawing on theory, working with data and understanding market practice to build a case for the proposed policy approach. You will be supported by a friendly, diverse and experienced team. You will also have many opportunities to collaborate with other areas. This is a very exciting time to join them! They contribute to high-profile work shaping the future UK policy framework and evaluating post-crisis reforms.

As the rapid evolution and constant innovation of the financial markets will always present challenges to regulators, the nature of their work is intellectually stimulating. Over time, team members gain exposure to the full range of their work. This includes contributing to or leading on specific issues as they arise and representing them in various internal and external engagements. The exact role can be tailored to the skills and experiences of the successful candidate, but as a start, you will play an important part in the following:

  • Leading on either entire policy files, or components of the UK implementation of rules on market risk, counterparty credit risk, or interest rate risk in the banking book, including writing policy, analysis of impacts, and monitoring implementation.
  • Supporting their work on other policy issues, including equivalence assessments of other jurisdictions’ regulatory frameworks and questions from firms and industry bodies.
  • Assessing approaches by banks in relation to innovative financial products or structures. For example, recent work has looked at the risks of crypto assets.
  • Contribute to local and bank-wide work streams and projects. Recently they have contributed to bank projects on LIBOR reform and a review of proprietary trading.

Role Requirements

Minimum Criteria

  • Some exposures to or basic understandings of finance, capital markets, financial instruments and associated market and/or counterparty credit risks, gained through career experience or academic study.

Essential Criteria

  • Excellent analytical skills, experience in carrying out analysis and delivering high quality output and attention to detail.
  • Excellent written and verbal communication skills, including the ability to explain complex technical issues accurately and succinctly, and to flexibly adapt communication styles to an audience with varied backgrounds.
  • They do not expect you to have all the technical knowledge, but it is essential that you are willing to learn and develop your expertise in the role.
  • Excellent stakeholder management skills and ability to build constructive relationships with people of different seniority internally and externally.
  • Ability to manage multiple work streams and work dynamically to accommodate shifting priorities and timelines.

Desirable Criteria

  • Practical or theoretical knowledge and experience in prudential regulation, investment banking, financial markets and products, or relevant degrees such as finance, economics, law, mathematics and statistics.
  • Detailed knowledge in one area of market risk, counterparty credit risk, or interest rate risk in the banking book.

You should not be put off applying if you do not meet/ have all of these criteria – as they would encourage you to get in touch to discuss what support you might need to close any gaps and/or any other skills you might have which you think could be helpful in role. They have extensive support and training for team members, particularly new joiners, to support development

Reward Package

The Bank of England is a distinctive institution and their rewards are one of the things that set them apart. As well as enjoying a competitive salary, you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

The salary range for these vacancies is approximately £45,900 to £59,000, dependent on relevant skills and experience. In addition, the total reward 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 their flexible benefits programme each year
  • A discretionary performance award based on a current award pool
  • 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

About the Bank of England

As a place of work, the Bank feels different from most other organisations. The atmosphere is relaxed but professional, research-driven and also very much connected to real events in the economy. While organisations in the private sector are focused primarily on profits, the ultimate objectives for the Bank are always the quality of thinking and the rigour of analysis. This makes for an unusually satisfying place to develop your career. Whichever area of the Bank you join, you will almost certainly be working on high-profile and high-impact projects. The issues they deal with on a daily basis are often in the news headlines, and have implications for everyone in the country. For many of their people, this sense of contributing to the public good is one of the most rewarding aspects of working there.

The environment is extraordinary too: a historic building located in the heart of the City, which combines rich tradition with up-to-date technology and facilities. Just as importantly, they have a strong culture of support that exists within each of their teams and across the organisation as a whole.

To Apply

Please apply using the link here ensuring that you answer all the application questions, complete the work history and submit your CV, per the guidance below.

The closing date for applications is 17 March 2022.

IMPORTANT: When completing your application:

  • When answering the ‘Source Type’ question, please select ‘Job Board’ and then ‘Women Returners’ as the ‘Source Name‘. It is essential you select ‘Women Returners’ so the Bank can identify you as a returner and know you are applying on a supported hiring basis.
  • Due to the anonymised application process followed by the Bank (detailed below) it is essential to include your career break with dates in your work history, in the area of online free form text.

The Bank anonymises applications so hiring managers will not be able to see your personal information including your CV or any covering letters when reviewing your submission. Please complete fully the work history and application form questions as requested, as any incomplete submissions may not be reviewed.

The Bank values diversity and inclusion – they want to reflect the society they serve better, they want the best people to work for them and they want their workplace to be inclusive.  They value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation.  One way they support diversity and inclusion is through their staff-run networks, which are summarised here.

They are also committed to making workplace adjustments for all of their employees as needed, and also for candidates throughout all stages of the selection process. They are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.