Job Description

Department overview

The Market Intelligence and Analysis Division (MIAD) is the Bank's eyes and ears in financial markets, analysing and interpreting the latest developments and briefing monetary, financial stability and prudential policymakers. Using our unrivalled proximity to markets we bring insights from analysis, market intelligence and research together to influence policy. We play a central role in designing the market operations and facilities through which the Bank implements monetary policy and provides liquidity insurance to the banking system. We work closely with colleagues across Markets - including Sterling Markets Division and the Future Balance Sheet Unit - as well as with teams across the Bank including in Monetary Analysis (MA) and Financial Stability, Strategy & Risk (FSSR).

The MPC Expectations Team

The MPC Expectations Team is a high-profile team which sets the narrative on market expectations for the monetary policy stance of the MPC. It is the contact point on this for other policy areas of the Bank and feeds into various internal forums and briefings, which serve as direct inputs to the MPC policy round and Monetary Policy Report.

The team is broadly split in two, with one side leading on engagement with an extensive network of influential external financial market contacts, and tracking developments in UK interest rate markets in real time. The other runs the Bank's Market Participants Survey (MaPS), which gathers quantitative data from market participants on their expectations for the MPC and perceptions of the macroeconomic outlook, representing what is now one of the Bank's richest and most high-profile data sets. Across both strands the team produces a dedicated catalogue of integrated market intelligence offerings which are circulated to a senior Bank audience, including directly to the MPC.

Beyond the structured policy round outputs the team plays a pivotal role in the Bank's ongoing coverage of UK interest rate markets more broadly, with analysts also encouraged to develop a particular focus on one of gilt, money, inflation or derivative markets. Alongside this the team maintains its own vibrant and substantive analytical agenda seeing analysts get involved across a variety of longer-term financial market or MaPS projects, as well as having the opportunity to contribute to financial markets analysis across MIAD or beyond, for example via the Financial Markets Analysis (FMA) pool or regular Financial Markets Pre-MPC rounds.

The Role

There will be flexibility to tailor the role around the successful candidate's skills and expertise, and the team's management is committed to supporting development needs and finding opportunities for stretch. Nevertheless key responsibilities would include:

• Collaborating closely with the Market Intelligence Manager to plan and deliver the team's regular structured market intelligence round - the largest regular MI round in the Bank, with the successful candidate playing a leading role in authoring MI notes reporting on emergent themes.
• Working with the team to distribute the narrative on policy expectations into key internal forums, including by acting as an analyst on the Financial Markets pre-MPC presentation or being part of the team working on the Day 1 speech delivered to the MPC by one of the Markets area's two Directors.
• Playing an active role in monitoring developments across the UK rates complex. On top of ad-hoc conjunctural updates, this would include joining the rota to present at the daily Markets Morning Meeting, acting as an author of the Markets Evening Report and as a co-author of the Markets Weekly. The successful candidate will join one of the UK Rates Sub-Teams (money markets, inflation, gilts or derivatives).
• Playing a leading role in longer term analytical work pertaining to UK interest rate markets and policy expectations, with opportunity to tailor your workload in line with your interests.

Essential criteria

• Good interpersonal skills and confidence. There will be a large amount of senior external engagement in this role, so it would suit someone with some prior relevant experience that is comfortable engaging in these forums.
• Some understanding of interest rate markets and what influences them, as well as a keen interest in financial markets more broadly and a desire to enhance knowledge and skills in this space.
• A curiosity for the economic environment and an understanding of basic macroeconomic concepts, particularly the purpose of monetary policy and how it influences financial markets and the real economy.
• An inquisitive mindset and analytical capabilities to shed light on policy relevant financial market questions. A solid quantitative proficiency and competency in Excel is required, while some experience of undertaking analysis in R Studio would be advantageous.
• Strong written and verbal skills, and the ability to summarise a number of complex themes in a clear, articulate, impactful and often creative manner to a senior audience.
• Effective organisational skills and a dynamic working approach; priorities can shift quickly on the team as markets move fast!

Desired criteria

• External stakeholder engagement experience. For example through experience of market intelligence gathering, via PRA/supervisory work, or cross authorities' engagement (e.g. with HMT).
• Being a qualified Market Intelligence Gatherer.
• Prior experience of working in a financial markets role, particularly if you have previously covered developments in interest rate markets or worked in a front office environment.
• A relevant advanced academic qualification. For example, an undergraduate (or higher) degree in Economics, or another highly quantitative subject like Finance, Statistics, Mathematics, Physics, or completion of the CFA or similar.
• A proficiency in coding or advanced data analysis techniques.

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.

For most roles where work can be carried out at home, 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

This specific role offers a base salary range of £52,730 - £55,000 per annum (depending on skills and experience) on a full-time basis.

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.
• A 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 assessment process will comprise of two stages.

The closing date for applications is 1 August 2024.

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