Research/Technical Economists, Monetary Analysis and International Directorates

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  Location

  (UK) and various

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  Job Reference

  21085

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  Functional Area/Experience

  Business, Accounting & Finance / Fresh Graduate

Job Description & Qualifications

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 5,000 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.

Monetary Analysis (MA) provides the core analytic support that underpins the setting of Bank Rate each month by the Monetary Policy Committee (MPC) to meet the inflation target. We are closely linked to the MPC Unit, which supports the external members of the MPC.

ID analyses developments in, and risks to the United Kingdom from, the global economy and financial system and devises together with other directorates, appropriate responses to them in support of all the Bank's policy objectives.

Department overview

MA consists of five divisions plus the Bank’s Agency network  and the new Monetary Policy Transformation Unit:

• Current Economic Conditions Division (CECD) provides a real‐time view of the current state of the UK economy and the near‐term outlook. This involves the production of nowcasts and nearcasts and an associated narrative for the economy’s near‐term prospects.
• External Engagement Division (EED): leads MA’s engagement with the outside world and the rest of the Bank. This involves the production of the Monetary Policy Report and, in conjunction with Communications, associated layers.
• Monetary and Financial Conditions Division (MFCD): assesses financial, monetary and credit conditions and what they tell us about the economic outlook. It is also responsible for the design of unconventional policy instruments.
• Monetary Policy Outlook Division (MPOD): assists the MPC in producing its quarterly economic forecasts, provides advice on its monetary strategy, and contributes to MA’s modelling strategy.
• Structural Economics Division (SED): delivers medium-term analysis and research on the structure of the UK economy, both cross-sectionally and over time. It gives the MPC a clear picture of key structural changes and their underlying drivers.

We are also closely linked to the MPC Unit, which supports the external members of the MPC. As well as a Monetary Policy COO Division which collaborates with senior management to determine the strategic direction and culture of the Monetary Policy governorship and empower the area with the right people, processes, information and technology to deliver that strategy.

The new Monetary Policy Transformation (MPT) unit has been established in 2024 as part of the Bank’s response to the Bernanke Review. The unit is responsible for designing, leading discussion on, and implementing a series of improvements to the way that the MPC approaches its policy discussion and how staff support that discussion. These include potential changes to the nature and format of the Bank’s forecast, the consideration of risks, policy analysis and external communications, together with the technology and modelling approaches that underpin these.

The roles in ID will sit in a new investment team across the International Surveillance Division (ISD) and Global Analysis Division (GAD).

International Surveillance Division (ISD) is responsible for assessing the outlook for, and risks from, the world’s major economies and financial systems, presenting a single, coherent view to the key policy committees of the Bank (MPC, FPC and PRC). 

Global Analysis Division (GAD) identifies the major risks from global economic and financial developments and understands their impact on the UK and conducts research and analysis on international issues of relevance to the Bank’s mission.

Locations: 

London, United Kingdom
Leeds, United Kingdom

Job description

We are recruiting research or technical economists to join the Monetary Analysis Directorate (MA) or International Directorate (ID), including to assist in a rejuvenation of the modelling that underpins the MPC’s forecast and policy analysis.

Responsibilities across roles will differ but could involve:

• Analysing and interpreting micro- and macro-economic data
• Presenting analysis to the Monetary Policy Committee and discussing approaches and key results with Committee members
• Supporting the production of the MPC’s forecasts and policymaking process
• Developing new ways of analysing data 
• Contributing to internal notes and external publications
• Linking the latest academic thinking to issues facing the MPC and the wider Bank
• Contributing to the design and implementation of MA and ID’s overarching modelling strategies and supporting frameworks and toolkits.
• Contributing to the design and development of specific models, depending on your abilities and interests.
• Evaluating candidate policy decisions and forward policy strategies
• Contributing to the design and implementation of methodologies to undertake a variety of optimal policy experiments
• You will work closely with colleagues around the directorate, and the wider Bank. You will have opportunities to engage directly with MPC members and contribute to the policymaking process. 

Successful candidates will demonstrate a desire to carry out and publish high-quality, innovative, and policy-relevant research or technical analysis, as well as to contribute to live central bank policymaking.

This is a cross-directorate recruitment round and opportunities are available across different divisions and roles, including as new vacancies may arise during, and as part of, the recruitment process. 

For those without PhD-level training, there is an expectation that economists hired via this application will take part in the Bank’s internal “Technical Skills Programme”, working with a senior technical or research economist to expand their capabilities over time.

For applicants that are part-way through PhD studies, the Bank may consider making an offer under which they could complete their studies alongside their work at the Bank.

Applicants with a PhD-level or equivalent training and demonstrated ability to produce high quality, independent research will have the opportunity to spend at least 30% of their time on research.

Please see Requisition 552 for the equivalent application to Policy Economist  roles (which are limited to MA). 

Role requirements

Technical skills

• Relevant qualifications: A Master’s degree or PhD in economics, finance or other relevant subject, or an undergraduate degree and equivalent technical work experience.
• Application of expertise: Experience of drawing conclusions from varied and conflicting information sources in relevant area of expertise.
• Analytical & problem solving: Ability to apply a range of analytical approaches to address novel issues.
• Application of statistical/economic skills: Ability to work with a range of statistical/economic tools/models to infer conclusions from conflicting data sources.
• Research/technical skills: A research (or skill-development) agenda. An ability to program in at least one major language (e.g. R, Python, MATLAB, Julia, etc.) and, ideally, an understanding of version control systems (e.g. Git). 

[Desired] expertise in at least one of:

• Model development: Developing macroeconomic or statistical models (e.g. DSGEs, semi-structural models, heterogeneous agent or OLG models, Bayesian or Frequentist VARs, state-space systems, MIDAS models), or structural identification and inference; or
• Policy analysis: For example, the consideration of alternative monetary policy options, especially under uncertainty, or estimating the effects of conventional and unconventional policy tools; or
• Other specialist subject areas, such as open economy models, the labour market, the household or corporate sector, etc.
• Interpersonal skills
• Work independently: Ability to identify, scope and progress concrete pieces of analysis on complex issues.
• Work with others: Ability to work collaboratively and inclusively with colleagues, including via a network of contacts and a diverse range of stakeholders.
• Communicate with impact: Ability to explain complex material and convey key messages, in written and verbal form.
• [Desired] Manage projects: Experience of co-ordinating analytical projects.

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. 

At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

We aim for colleagues to spend half of their time in the office, with a minimum of 40% per month.  Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Salary and Benefits Information

We encourage flexible working, part time working and job share arrangements.  Part time salary and benefits will be on a pro-rated basis as appropriate.

This role offers a salary as follows:

• Leeds ranging from £47,430 to £54,720.
• London ranging from £52,730 to £60,840.  

In addition, we also offer a comprehensive benefits package as detailed below:

• 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 our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• An 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.   
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits. 
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy.  Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice.

The Application Process

Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

The closing date for applications is 23 October 2024. 

The assessment will comprise two interview stages and will be fully virtual. We plan to carry out the first stage starting in the week commencing 28 October, and the second stage starting in the week commencing 25 November. Reasonable adjustments to this timetable can be made given individual circumstances.

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.

About Us

We are the UK's central bank - and we are a bank like no other; known by our peers for our world-leading thinking on policy and strategy.

Our mission is to promote the good of the people of the UK by maintaining monetary and financial stability. We seek to keep prices stable and people's money safe. We know our work matters to people, to families, up and down the UK. We are driven by curiosity and the desire to do important, challenging work. 

It takes a great team to run the Bank of England. We rely on each other to play our part. We benefit from a collaborative culture and long-established flexible ways of working, supporting our colleagues balance their work and personal lives. We strive to be a place where people feel they belong and have equal access to opportunities, because different perspectives helps us make the best decisions for the public.

There's much to gain from working with us - from career defining work at the heart of the UK economy, being part of a fantastic team, and a rewarding compensation package. 

Join us and find a bank like no other. Together, we can make a difference.

The Bank of England will use and protect the information you provide when you apply for a role with us, in line with our obligations under data protection law.  This is so we can assess your suitability for the role and administer your application. If you’re successful we’ll use it to offer you a position and onboard you to join the Bank.

If you would like more details about how your information will be used and your information rights, please visit our recruitment privacy notice