Bank of England Career, Assessment, Interview & Centre Guide
Last Updated on July 19, 2022
Whether you have already submitted your Bank of England application form or you are still considering applying for one of their programmes. You need to make sure that you are prepared for one step of the application process. These are the assessments done at the Bank of England Assessment Centre.
Starting your career with the Bank of England will provide you with a solid foundation in the field that you are interested in. By giving you hands-on experience and high-quality training.
If you are ready to prepare for your Bank of England assessment, you are right. In this article, we will highlight the key points that you need to know about this assessment, including the Bank of England Assessment centre, the types of questions that you can expect to see in the assessment, and a few tips that will help you get prepared.
About The Bank of England
The Bank of England has been the central bank in the UK since 1694. Their main focus is monetary policy and ensuring financial stability.
The Bank of England is also responsible for manufacturing banknotes. The organisation follows a Prudential Regulation Authority, which means they have a different economic climate than other organisations. Simply put, this is not the England bank that you should go to if you want to deposit money.
The Bank of England understands the importance of collaboration, education and professional growth in their organisation. There are several career opportunities available at the Bank of England, including the company’s internship programmes and graduate programmes. This is why the company requires candidates who are serious about joining their team to go through quite an extensive assessment process.
About the Bank of England Assessment Centre
Whether you are considering applying for a Bank of England programme or you have an upcoming assessment at the Bank of England Assessment Centre. One of the most critical stages of the recruitment process that you need to make sure you are prepared for is the assessments completed in the Bank of England Assessment Centre.
Even though this is the final stage of the recruitment process, it is the only in-person portion of the application. This is why it is so essential that all candidates make sure that they are fully prepared for the assessments that they will be completing.
The Bank of England Assessment centre is located in London. Usually, assessments will be completed at the assessment centre, while others can be completed at a rented venue. All candidates need to note where their assessments will be held to avoid missing them.
The Bank of England Assessment Centres stage of the recruitment process aims to assess potential candidates in a formal workplace environment. This will help evaluate whether the candidate is suited and has the necessary skills for the job they are applying for. These assessments also help the organisation gauge if a potential candidate fits into the Bank of England work dynamic.
The assessments that are done during this stage of the interview include; interviews, group activities, assessment tests and workplace simulations. However, each programme will require different assessments. This means that candidates applying for specific programmes might not be necessary to do all of these assessments. These assessments will also be tailored to the specific job that you are applying for.
Bank of England Assessments
Two assessments are usually required for almost all Bank of England programmes. This includes:
Bank of England Interviews
There will usually be at least one interview required in every Bank of England programme. A few programmes might even require two interviews to be done or even have two interviewers present during the interview. The questions asked during these interviews are usually technical questions and competency questions.
Bank of England Group Exercises
Almost all of the Bank of England programmes require applicants to complete a group exercise. These exercises are thirty minutes and consist of candidates being watched by assessors while thy complete the group exercise.
Group exercises usually consist of four people who are required to have an informative discussion about a specific topic. All group members must get to share their views on the topic, and each member of the group listens to the other’s views. The assessors are looking at how well the applicants manage to balance listening and speaking during these exercises.
Bank of England Assessment Centres
There are four Bank of England Assessment Centres conducted each year. Each of these assessment centres is only up for a few months in the year. The Bank of England Assessment Centres include:
Usually, the Internship programmes assessment centres are run between January and February every year. However, the assessments of the Internship programme may change depending on the applicant’s school year. The assessments in the programme assess the applicant’s skills and teamwork abilities.
Graduate Development Programme
The Graduate Development programme assessments are similar to the assessments done in the Internship programmes assessment centres. The Graduate Development assessments centre runs from January through to February. The main focus of these assessments is to evaluate the applicant’s skills. The assessments usually included in this programme include an interview and group exercises.
Future Capability Programme
Usually, the Future Capability Programme assessment centres are run in April each year. There are two assessments which are done in this programme this includes group exercises. The other assessment in the Future Capability Programme is an interview, which will be done with two interviewers.
Industrial Placement Programme
The Industrial Placement Placement programme assessment centres are run between November and December. The assessments in this programme are similar to the assessment done in the Future Capability Programme as it includes both group exercises and an interview done with two interviewers who will assess the candidate’s performance.
Bank of England Assessment Recruitment Process
All candidates interested in applying for the internship or graduate programme are required to go through the same recruitment process. While the application process might seem overwhelming and competitive, it is definitely worth the effort. The application process consists of the following four steps:
Step One: Submitting the Application Form
While the first step of the application process is to fill out and submit the application form, there is one crucial step that all candidates need to do before that. This is to go through the information about the programme they are interested in applying for. You can find the available programmes on the Bank of England’s programmes page, which will have information about the programme itself as well as the entry requirements needed to be considered for the programme.
Once you have read over the information about the program you are interested in and are sure that you meet the minimum requirements, you can then start filling out your application form. This form will require information about your qualifications and work experience.
All international applicants will need to convert their international qualifications using UCAS points to their application form. This can be done by using the UCAS tariff points calculator.
Step Two: Online Testing
The next step of the Bank of England’s application process is their online testing. There are three tests that all candidates will have to complete online, this includes:
Cognitive Test – The Cognitive test consists of two tests which are the verbal and numerical reasoning tests. The verbal online tests focus on the candidate’s written communication skills. In contrast, numerical reasoning tests focus on the candidate’s ability to work with numbers and data.
Situational judgement Test – The Situational Judgement test focuses on how the candidate will respond to different situations that they might experience in the workplace. This test also focuses on the candidate’s decision-making skills.
Personality Test – The personality test aims for the Bank of England to get to know the candidate that they will potentially be hiring. This allows the interviewer to assess if the candidate has the necessary personality skills required in the job they are interested in.
Step Three: Video Interview Process
After you have completed the online testing step of the application process, you will then move on to he the video interview process. During these video interviews, candidates will only be asked five questions, and their responses will be recorded. This will not be a one on one interview.
Step Four: Bank of England Assessment Centre
The final stage of the application process is going to the Bank of England Assessment centre. Depending on the programme that you are applying for, you will be required to complete certain assessments.
What Types of Questions are asked in the Bank of England Interview?
Interviews can be completely nerve-wracking, especially when it comes to a position that you want. One of the best ways to help you feel a bit more relaxed before an interview is to find out the type of questions that you will be asked.
Just like ING, The Bank of England interview questions consist of a combination of technical questions and competency questions. Most of the questions asked during Bank of England interviews focus on the applicant’s goals with the organisation and the applicant’s knowledge of the department they are interested in.
Sample interview questions:
- What is your understanding of the department?
- Why do you want to work for the Bank of England?
- What do you think the future of the Bank of England will be?
- What are your strengths?
- What are your weaknesses?
- What is your dream job?
How to Prepare for the Bank of England Assessment Centre
While the Bank of England assessments can be daunting, there is one thing that you can do to help feel a bit more relaxed as your assessments get closer. This is to start preparing for your upcoming assessments. A few ways to prepare for the Bank of England Assessments include:
Find out what assessments are included.
Even though this might seem obvious, it is a crucial step to help you prepare for your upcoming assessments. Finding out the type of assessments that are usually required to be completed in the programme you are applying for is essential. Once you know which types of assessments you can expect, then you can start preparing. We recommend taking Jobtestprep’s practice test for better results.
Mock group exercises
The best way to prepare for the group is to practice speaking in groups. If you can find a group to join that speaks about different topics, this will be the best way to prepare for this assessment section. During these mock group exercises, remember to share your views and listen to the other group members because this is what the assessor will be looking for.
Before any interview, you should always research the possible questions that you might be asked during the interview. You can plan how you will answer these questions during the actual interview by doing this. Having time to plan your answers will allow you to make sure that you include the information your interviewer is looking for.
The Bank of England offers great graduate opportunities that will help you to kick start your career. However, getting into any of the Bank of England programmes requires a lot of work and can be very competitive.
One of the most important parts of the recruiting process for these programmes is the Bank of England assessment centre. This is usually the final stage of the recruiting process and consists of interviews and group assessments.
Luckily, you now know everything you need to know about these assessments, including what to expect during these assessments. As well as how to prepare so you don’t have to spend time worrying and simply focus on getting ready for your assessments. Don’t waste any more time and start preparing for your upcoming Bank of England Assessment Centre.