Authorisations assesses over 2,000 regulatory transaction applications each year. It supports the delivery of the Prudential Regulation Authority (PRA) objectives by ensuring the appropriate management of critical events in a firm’s lifecycle.
Programmes available: Industrial Placement, Graduate Programme, Internships
Firms wishing to carry out PRA-regulated activities, or make changes to the activities they undertake, must apply to the PRA to ensure they meet the relevant legal requirements and standards. The Authorisations division is the gateway to receiving these applications, working closely with Supervision and other stakeholders to draw together sound recommendations and analysis that underpin the decision-making for each case.
Authorisations is an excellent place to develop analytical skills, technical expertise, knowledge of the regulatory environment, and a broad overview of the financial sector. You will work with experienced professionals across the Bank, practising oral and written communication skills and learning about effective stakeholder management.
Work in the Banking and Payments directorates is fast-paced, and offers a unique insight into the key operations of central banking. We settle high-value payments in real-time, provide banking services to systemically important institutions and act as lender of last resort.
Programmes available: Industrial Placement, Graduate Programme, Internships, Future Capability Programme
We operate UK’s Real-Time Gross Settlement (RTGS) system which processes around 600 billion pounds worth of transactions every day. We are also the operator of the CHAPS payment system which is used for high-value and time-sensitive payments.
We also provide wholesale banking services (e.g. sterling banking, FX settlement and gold custody) to a small number of systemically important customers such as the UK Government and other central banks. We also coordinate the implementation of emergency liquidity assistance if a bank runs into temporary difficulty.
This is an exciting time to work in Banking and Payments: the internal and external banking and payments landscape is changing rapidly, and you’ll be at the forefront. You’ll have plenty of independence and the work is varied and exciting, with the opportunity to get involved with many high-profile projects.
Data and Analytics Transformation Directorate is the Bank’s core data science and analytics function.
Programmes available: Internships, Industrial Placement, Apprenticeship Development programmes, Graduate programme, PhD
The range of work we do is diverse. So you might work with colleagues from the other parts of the Bank to solve data analytics problems or you may get involved in research projects collaborating with top external academics. You might use your analytical skills to understand and communicate with financial institutions and engage with our experts. You might even contribute to developing data collection and management systems for the future. What you do will depend on your background and skills and the scheme you are interested in applying for. You'll learn alongside talented individuals with diverse backgrounds.
The Financial Market Infrastructure Directorate (FMID) is an area of the Bank that brings together supervisors, policy experts, risk specialists, data scientists and researchers.
Programmes available: Interns, First Degree Graduates, Post graduates and PhD
We supervise a number of firms that sit at the heart of global financial markets and the UK economy. Collectively, these firms are known as financial market infrastructures (FMIs). They allow people to receive salary payments, pay for goods and services and withdraw cash from their bank accounts. FMIs also allow financial institutions to settle payments with each other and to trade in securities and derivative products.
The Financial Market Infrastructure Directorate’s role is to ensure that FMIs are designed and operated in a way that reduces risks to financial stability and benefits the wider economy. We are at the forefront of ongoing international work to refine and strengthen the regulatory framework for FMIs, informed by research and analysis based on data uniquely available to us.
The Financial Market Infrastructure Directorate is varied and each day can bring new challenges and opportunities: you could be engaging directly with (often senior) staff at one of the FMIs supervised by us; you could be liaising with counterparts at other regulatory agencies (in the UK and internationally) on a policy initiative; or you could be conducting in-depth data analysis or research on topics related to FMIs. For example, this can include reviewing firms’ business models, governance arrangements and capital and liquidity positions.
FSSR works to ensure the UK financial system is resilient to, and prepared for, the risks it could face - so the system can serve households and businesses in bad times as well as good.
Programmes available: Industrial Placement, Graduate Programme, Postgraduate Programme, Internships, PhD Internships, PhD Research Programme
FSSR is responsible for supporting the work of the Financial Policy Committee (FPC), chaired by the Governor. We assess risks to financial stability from across the financial system and define the Bank’s strategy for responding to them. We also work closely with other areas, as well as foreign central banks and international organisations. The challenges are varied and ever-changing, so there are many opportunities to do ground-breaking work on new issues.
There are a wide variety of issues that you could work on. For example:
The work we do in FSSR is varied and challenging, and the Directorate offers a supportive and diverse environment in which to develop your career. If you want a role that is intellectually stimulating and has real impact, FSSR is the place to be.
Our role is to independently evaluate the Bank’s performance in policy areas and strategy. We report to the Court of Directors, which acts as the board for the Bank.
Programmes available: Industrial Placement
We support Court in governing the Bank, enhancing its accountability and transparency to Parliament and the wider public. We report directly to the Chair of Court to safeguard the independence and impartiality of our work and operate at arm’s length from business areas.
The IEO Quarterly Bulletin article describes our work: we conduct varied and interesting in-depth performance evaluations on key policy areas set by the Chair of Court.
No two days are the same. You will work on two in-depth performance evaluations of key policy areas, contributing to reports that are published unless this is not in the public interest. Recent evaluations include the Bank’s forecasting performance, sterling market liquidity provision, and resolution of failing banks.
Your role includes:
We will encourage you to contribute to every aspect of our work. You will be a valued team member.
You will work closely with senior people and report directly to our director. This role will help you develop analytical, numeric and written skills. You’ll be an important part of a small team that is based in the Governors’ area.
Protecting the nation’s insurance policyholders is vital – and you can help us do it.
Programmes available: Graduate Programme, Actuarial Programme, Internships
We promote the safety and soundness of over 500 insurance companies. We help identify and mitigate potential risks before they adversely affect the public and financial markets. You will have the opportunity to work in a fast-paced environment in market developments. You’ll join an area that focuses on domestic and international insurance firms, which vary in size, complexity and business models.
Our graduates help supervise firms, specifically on the technical elements of the risks a firm manages or operates with.
This might include:
We offer an interesting, varied actuarial role in a collaborative environment with a unique perspective of the insurance industry. You can also gain industry-specific knowledge and expertise whilst applying learnings from studying the actuarial exams. Your work can have a real impact on policyholders of the insurers we regulate and enables you to meet senior professionals in the industry.
Protecting the nation’s insurance policyholders is vital – and you can help us do it.
Programmes available: Industrial Placement, Graduate Programme, Actuarial Programme, Internships
We promote the safety and soundness of over 500 insurance companies. We help identify and mitigate potential risks before they adversely affect the public and financial markets. You will have the opportunity to work in a fast-paced environment, reacting to market developments and risk. You’ll join an area that focuses on domestic and international insurance firms, which vary in their size, complexity and business model.
Our graduates help supervise firms and cover the entire Prudential Regulation Authority’s risk framework.
This might include:
We offer challenging and interesting roles in a collaborative environment where you can also gain local industry-specific training and expertise. Your work can have a real impact on policyholders of the insurers we regulate and enables you to meet senior professionals in the industry.
We analyse developments in the world and whether these create any risks to the UK. When risks occur, we plan the appropriate response. We’re also responsible for the Bank’s international strategy.
Programmes available: Industrial Placement, Graduate Programme, Postgraduate Programme, Internships, PhD Research Programme, PhD Internships
We cover a broad range of issues. These include doing conjuncture analyses of other economies and addressing the international aspect of policy questions facing our organisation. We provide information to the Bank’s two most important committees, the Monetary Policy Committee (MPC) and the Financial Policy Committee (FPC).
The Bank publishes two flagship publications: The Inflation Report and the Financial Stability Report. We produce the international forecast for the former and analyse risks from the global economy and financial system for the latter. We also brief the most senior figures in the Bank, the Governors, when they participate in international conferences.
Roles can vary widely. You might specialise in a specific region and produce macro and financial stability analyses for the policy committees. Or you could influence the international policy agenda. In your role, you could work on topics such topics as:
We’re an exciting and diverse workplace. We analyse topical issues, covering both monetary policy and financial stability. You will enjoy great variety in your role.
Promotes the safety and soundness of 237 international firms, from over 50 overseas jurisdictions, including the largest global investment banks. To deliver effective prudential supervision, we provide rigorous, forward-looking assessments.
Programmes available: Industrial Placement, Graduate Programme, Internships
Financial supervision covers everything from recovery planning and authorising new banks to risk management and stress testing. You’ll be involved in high-profile banking issues, such as the major preparations needed for EU withdrawal and the internationally coordinated effort to end ‘too big to fail’. You may also find yourself working on international relationships, including home/host supervision practices.
Working here will build both your technical knowledge and softer skills, including time management, analytical skills and stakeholder management. Everyone gets the opportunity to work on cross-firm projects or become an expert in a specific topic.
We design and carry out all market operations as well as supporting the Bank's monetary and financial stability policy objectives through analysis.
Programmes available: Industrial Placement, Graduate, Postgraduate, Internships
Our role is diverse and includes:
Your work could involve:
We work directly with the Bank’s private sector counterparties and most of the other areas in the organisation. This is a unique opportunity to work at the intersection of policy and its implementation.
We provide research, analysis and insights from external contacts to help the Monetary Policy Committee (MPC) to set interest rates in order to reach its inflation rate target.
Programmes available: Industrial Placement, Graduate Programme, Internships, PhD Internships, PhD Research Programme
We assess the United Kingdom’s economy and shape as well as setting and communicating monetary policy. We value diversity of thought, skills and experience to ensure that we can deliver high-quality and innovative research and analysis to support and challenge policymakers. We work collaboratively as a team, with others in the organisation and those who are external to the Bank.
Monetary policy regularly shapes the public and media narrative around the economy and you’ll help determine what the MPC says. As well as briefing the MPC ahead of their meetings, we help produce forecasts for the UK economy and put together the Inflation Report.
You’ll develop your understanding of how the economy works - not just in theory - in practice. You’ll be given responsibility for monitoring a particular aspect of the economy and reporting back to the MPC.
There’s a huge scope for variety in the work we do. So you could find yourself:
We support our colleagues and work to ensure we get the most from our people and that our people get the most out of working here. Our work is far-reaching as we support every business area.
Programmes available: Industrial Placement, Graduate Programme
We play an integral role in the running of the organisation. We are closely involved in supporting structural and cultural changes. This includes:
Alongside this, we drive the Bank of England’s diversity, equity, inclusion and community work, provide pay and benefits to staff, and provide staff with valuable learning and development opportunities.
Working in People Operations means advising managers and staff on people related issues.
You might work on:
Wherever you work, you will be communicating with people across the Bank of England and fostering relationships.
You’ll gain experience of working with every department, and creating a wide network across the organisation. People Operations offers you unique opportunities and is a great place to start your career.
We help maintaining financial stability in the UK by designing, negotiating internationally and implementing effective regulations for banks and insurers.
Programmes available: Industrial Placement, Graduate Programme, Postgraduate Programme, Internships, PhD Internships, PhD Research Programme
We develop policies and frameworks that remove or reduce systemic risks and promote the safety and soundness of the firms we regulate. We also secure an appropriate degree of protection for insurance policyholders in a way that supports effective competition.
Since the financial crisis, we have played a vital role in the regulatory overhaul of the financial system. We are leading the Bank’s responsibilities in the EU withdrawal.
As a graduate in Prudential Policy, you could be:
Some recent examples of our work include:
Our work shapes some of the most pressing issues facing the UK today. Our graduates have the opportunity to apply their analytical and problem-solving skills to questions at the forefront of financial stability.
We are part of the Prudential Regulation Authority (PRA), which supports the work of the Supervision and Policy areas. We ensure the PRA can accomplish its responsibilities to ensure the smooth running of the organisation.
Programmes available: Industrial Placement, Graduate, Internships
We provide oversight and support through the following areas: Chief Operating Officer’s Unit, Change and Data Management, Authorizations, Supervisory Oversight, Secretariat and Governance. We work on areas as diverse as the PRA’s budget, operational readiness for Brexit and reviews of Supervision.
To broaden your experience, you’ll work in more than one area - whether it’s within regulatory operations, Supervision or another central function. You’ll have opportunities to work on:
Starting your career here will give you a unique view of how the PRA operates across the range of firms it supervises, the PRA’s strategic priorities, and how the PRA governs itself through appraising risk. You will work daily with experienced professionals within and outside our team. You will have the opportunity to take part in meetings with senior stakeholders externally and internally. You will prepare persuasive and succinct feedback on your findings and judgements. You will then communicate your recommendations.
The Resolution Directorate (RD) ensures that the Bank is prepared to deal with the failure of banks, and other firms within scope of the Special Resolution Regime, in a way that maintains financial stability and protects public funds.
RD is responsible for preparing for and managing the resolution of failed banks and other financial institutions under the UK’s statutory Special Resolution Regime. We set standards to ensure that firms are ready to be resolved, and hold them to account for meeting them.
RD’s work is crucial to delivering the Bank’s Strategic Priority 2 (‘Proactively prepare for emerging risks in the financial system’), and is highly visible to the Governor and his Senior Leadership Team. RD provides opportunities to make a real difference, both domestically and internationally.
RD is an exciting place to work, where it is possible to learn rapidly from a wide range of colleagues and situations. It is a highly dynamic area of around 110 people from a diverse range of personal and professional backgrounds including policy analysis, project management, supervision, central banking, economics, professional services (accounting, law, banking, credit rating agencies), and the public sector. Our growing team reflects the broad range of issues we confront.
The range of work we do is diverse. So you might work with colleagues from the other parts of the Bank to solve data analytics problems or you may get involved in broader research projects. What you do will depend on your background and skills. Supervisory Risk Specialists values demographic diversity and we recruit candidates from a variety of backgrounds.
We are responsible for technology that tracks all bank notes in circulation, records gold in the vaults, manages the Real Time Gross Settlement system that settles some £575 billion sterling payments and securities every day, and defends us from cyber-attacks. Just like our industry, we’re always evolving so it’s a fascinating time to be a part of this new era for the Bank.
Programmes available: Industrial Placement, Graduate Programme, Internships, Future Capability Programme
Across our seven divisions, highly skilled and passionate technologists work across every part of the technology lifecycle, from high-level architecture, system development and end-user support, to project delivery and governance. We take pride in having a team whose backgrounds and experiences are as diverse as the solutions they provide.
Technology is a fast-paced environment – few days are ever the same. Part of your role will include:
You’ll benefit from our culture of continuous learning and personal development – as well as experiencing opportunities to expand your skills.
We do our engineering and development work in-house. Join our team in:
We work at the heart of the UK financial sector to promote the safety and soundness of over 700 UK deposit takers, ranging from global institutions to start-up ‘challenger’ banks.
Programmes available: Industrial Placement, Graduate Programme, Internships
As our work is directly linked to the fall-out from the financial crisis, it cuts across a range of high-profile issues. For example, you might be focusing on anything from ‘challenger banks’ – new banks aiming to shake up the status quo held by the current market leaders – to working on the ring-fencing of some of the largest banks in the UK.
Work in UKDT is varied. You will use your growing analytical skills and economic understanding to deliver risk assessments, show your findings to management internally, and work closely with the leaders of a range of UK financial firms to ensure our supervisory strategy is being implemented. All this means you’ll get plenty of opportunity to develop your technical and interpersonal skills through exposure to engaging and challenging issues.
Working in UKDT places you at the centre of our mission to deliver financial stability for the UK. It will suit anyone looking for a challenge and great development opportunities.