Today’s Insight Day•10.00am - Welcome and introduction to the Bank•11.00am - Case study/business game•12.30pm - Networking lunch•13.30pm - Selection skills session•14.30pm - coffee Break•15.30pm - Panel discussion

•16.15pm - Summary and close•16.30pm - Networking

Before we start…• Toilets• Breaks

• Mobile phones

• Fire alarms

• Security

• Confidentiality

Welcome to the BankMegan Butler

Director

International Banks,

Banking Supervision, PRA

The Team TodayAlex Brackfield

Rachel Green

Todays ObjectivesTwo way process/discussion

• What do you want to get out of the day?

• Why are you here?

• What do you want to know?

Todays Objectives• To find out more about the Bank

• To network with current graduates and otherBank representatives

• To understand the type of work on offer

• To understand the skills required to secure ajob

• To decide whether this is right for me

Top Tips• Get stuck in

• Ask lots of questions

• Speak up

• Enjoy!

Introduction the Bank

Opportunities at theBank

Why join us?• Cutting edge of policy

• Ability to implement - and shape - a new approach to regulation

• Challenging and stimulating work

• Mix of urgent and important plus long-term research

• Progressive, modern organisation

• Early responsibility combined with support

• Excellent training and development opportunities

Our Programmes for 2014• Summer Internship (13)

• First Degree All Discipline

• First Degree Economist(3)

• First Degree IT

(31)

(17)

(7)• Postgraduate Sponsorship Scheme

• Postgraduate Economist (20)

Areas of Work• Banking Services

• Finance

• Financial Stability

• Human Resources

• Information, Service andTechnology

• Internal Audit

• Markets

• Monetary Analysis

• Prudential Policy (PRA)

• Special Resolution Unit

• Statistics and RegulatoryData Division

• PRA Supervision

What do we look for?• All candidates

- interest in applying strong economics, finance or quantitativeskills to live issues

- strong communication skills

• Experienced Masters students- specialist technical knowledge / expertise

- relevant work experience to bring fresh perspectives

Graduate Programme OverviewThe programme has been designed to give graduates a depth of Knowledge fortheir future career.

As such the scheme will be as follows:• 3yrs staying within the directorate hired to

• Rotation possible after 2nd yr in directorate

• Core ‘graduate training’ but much more role specific technical training

• ‘Analyst’ and ‘Specialist’ programmes (e.g. HR, Audit &IT)

• Induction with all other grads

• Further study

• Secondments

• Coaching

The Rewards• £29,000 per annum

• season ticket loan and 25+ days holiday

• Flexible working

• Flexible benefits

• Medical insurance

Intern Programme OverviewThe Internship has been designed to give you wider understanding ofwhat the Bank does and if it fits with your future career.

The scheme works as follows:• A specific intern and corporate induction

• 8 weeks within a specific project team

• Graduate level work

• Core training for all but also some role specific technical training

• Interim and final review

If successful Interns are fast tracked to a graduate role

Sandwich Placement OverviewThe placement has been designed to give you a wider understanding of

what the Bank does and if it fits with your future career.

The scheme works as follows:• A specific placement and corporate induction

• 13 weeks within a specific project team

• Slightly lower level work

• Core training for all but also some role specific technical training

• Interim and final review

If successful you are fast tracked for graduate

assessment

The Rewards• £19,400 per annum for Placements (+ bonus payment)

• £65 a day for interns

• season ticket loan and 25+ days holiday

• Flexible working hours (overtime)

Successes

Case Study

Introduction• Monetary operations are a crucial tool that central banks utilise to

achieve their policy goals.

• Many central banks use monetary operations to influence short-termmarket interest rates by adjusting the terms on which they permit

access to reserves.

• In this exercise we will demonstrate how two of

the most common framework of monetary

operations achieve their objectives.

Corridor System• One-day system, which does not require reserve requirements.

• Open market operations are used to ensure the optimal quantity ofreserves is available to the system.

• The central bank relies on lending and deposit

standing facilities charged at penal rates tocreate opportunity costs around its target rate.

Corridor System• Structure of game:

- 8 banks, charged with achieving a balance of zero on their reserves account andmaximising profits.

- Banks receive an initial estimate of cash flows.

- Open market operation conducted, followed by a market trading session.

- Updated estimate of cash flows provided.

- Further trading session including ability to

access standing facilities.

- Any excess or deficient balances

automatically converted to standing facilities

Corridor System• Current interest rates:

- Policy rate 4.00%

– Deposit facility 3.00%

– Borrowing facility 5.00%

Macroeconomic and garreth.rule@bankofengland.co.uMonetary Policy k

09:00 22 Mar 12 BANK OF MUGGLE

BOM/MONEYOPS1

Size of OMO offered G400mn

A round of fixed rate operations isinvited at 10.00am. The operation will

comprise deposits at 4.00%.

09:00 22 Mar 12 BANK OF MUGGLE

BOM/MONEYOPS1Standing facility rate Loans 5.00%

Deposits 3.00%

Reserves Averaging• Current interest rates:

- OMO rate 4.00%

– Remuneration Rate 4.00%

– Deposit facility 3.00%

– Borrowing facility 5.00%

Macroeconomic and garreth.rule@bankofengland.co.uMonetary Policy k

Networking Lunch

Skills Session

Aims of the session:This session is designed to make you selection confident:

• Succeed at initial application

• Succeed at the FAT

• Tackle competency based interviews

• Shine during a group exercise

• Understand and prepare for a case study

Plus lots of top tips for success!

Selection process for 2013/14The application process will remain the same for this campaign.

- Students apply online for either an Economics or All discipline programme

- Online test sent at application (Not IT)

- 1st stage selection centre (regional) with a written and numerical test

- 2nd Stage selection centre (Bank) with a group exercise and Interview

Certain exercises have been refreshed for this year’s campaign

Bank application processOnline Assessment

test centre 1

FAT

Onlineapplication

WrittenExercise

Assessmentcentre 2

Interview

Offer

GroupExercise

Selection timetable• Applications open in September

• All schemes close on 11th November

• 1st stage selection centres from 27th Nov to11th Dec

• 2nd Stage 13th Jan to 28th Feb

• Offers in March

What is an online applicationform?

• Usually the first stage of selection

• A tailored information gatherer

• Used for volume sifting

• May be used alongside other tools e.g. online tests

• Just as important as every other stage in therecruitment process!

What does it consist of?• Usually a combination of one or more of the following:

- Academic data

- Work experience

- Motivation

- Key skills

- Research / business acumen

- Demographic data

Avoiding rejection - top tips1) Academic data

• Check the minimum entry criteria

• Don’t lie on pre-screen questionnaires

• If in doubt - ask the recruitment team beforeapplying

Avoiding rejection - top tips2) Work experience

• Detail - who, why, what, where, when

• Skills - relevance

• Work experience can be paid or unpaid

Avoiding rejection - top tips3) Motivation

• Why this organisation?

• Why this specific scheme?

• Be specific - do the ‘replace’ test

The ‘replace’ testExample:

‘I want to work for the Bank because I did

finance at university and really enjoyed it.’

A better example would be:

‘I am interested in working for the Bank of England

as it is the Central Bank of the UK and is

involved in…’

Avoiding rejection - top tips4) Key skills

• Read the question carefully

“Please give us an example of where you have proactively sought totake responsibility for actions and decisions”

What it this asking?

Structure

- Situation - set the scene

- Task - what did you have to do?

- Actions - what did you do?

- Results - what was the outcome?

Avoiding rejection - top tips5) Business Acumen

Your motivation:- Why this organisation?

- Why this specific scheme?

Do further research - news articles, Google, company website, annual reports• Strengths, weaknesses, opportunities, threats

Remember the ‘replace’ test

Financial Appraisal Test (FAT)The Financial appraisal test is at the first

stage assessment centre.

Examples for practicing:- SHL Practice tests

- students.efinancialcareers.co.uk

- Assessmentday.co.uk

- Books

Written Exercise - PreparationThe written paper is all about pulling information from

together.

• Choose a subject / company

• Find articles/ websites/ information

• Set yourself a question

• Time yourself and write an answer

Coffee Break

Practice Group Exercise

Group Exercises• Top tips:

- Don’t dominate

- Don’t be silent

- It is not a competition, be collaborative and support others

- Use people’s names

- Bring others into the discussion

- Don’t criticise others

Interviews• Usually look at the areas we have covered already in

more detail• Can be telephone, face to face (or both)

• Preparation is key• Research

- Check the format- Become an expert in the company/role

- Prepare examples- Re-read your application

Interviews• Structure

- Situation - set the scene

- Task - what did you have to do?

- Actions - what did you do?

- Results - what was the outcome?

Interviews• Most interviews are competency based

What is a competency?

Competencies are a signal from the organisation to theindividual of the expected areas and levels of performance.They provide the individual with a map or indication of the

behaviours that will be valued, recognised and in someorganisations rewarded. (CIPD)

Give me some examples of a competency…

Exercise - Competencies- What are the key factors of competencies?

- What would make a ‘model’ answer?

• Practice using the STAR format

Avoiding rejection - top tips• Listen to the question carefully

“Please give us an example of where you haveproactively sought to take responsibility for actions

and decisions”

What is it asking?

Avoiding rejection - top tips• Evidence - it’s all about the verbs

• Always be thinking of how YOU contributed

e.g. ‘I …… advised, analysed, audited, coached,controlled, delivered, developed, evaluated,

implemented, proposed, reviewed….etc.’

Interviews• Top tips for interviews

- First impressions

- Listen to questions

- Think before you speak

- Be enthusiastic

- Know when to stop talking

- Tell the truth

- If you are not sure - ask!- Give relevant, structured answers

Summary

• Evidence your skills

• Structure your answers

• Listen to the instructions

• Relax!

Panel Session

The PanelCaroline Turner

Kerryn Dinsdale

Nicole Lee

Carrieann Foster

Rachel Hammond

Salma Ahmad

Mary Williamson

Wrap upThank you all for coming!

Recruitment@bankofengland.co.uk

www.bankofenglandgraduates.com

Please review us at www.Ratemyplacement.co.uk