FAQs
The following Frequently Asked Questions relate specifically to the graduate programmes. For more general questions about working at the Bank, please click here .
How many vacancies do you have each year?
This varies according to business needs, but we typically recruit approximately 30 graduates each year.
I graduated a few years ago. Can I still apply?
We are happy to accept applications from all graduates, no matter when you graduated. However, if your experience is substantial, you may find that the Experienced Professionals section of the site is more appropriate for you.
Which universities do you recruit from?
We recruit from all universities. The selection process looks for a range of skills and abilities rather than which university you attended, or which course you completed.
What if I have a degree from an overseas university?
That is not a problem. The Bank regularly recruits graduates with degrees from overseas.
Are there any particular academic disciplines that you look for?
For first degree graduates, we accept applications from all disciplines. However, to apply for our postgraduate programme, your Masters would need to be in Economics or Finance. For the IT graduate programme a strong interest in IT is essential. All programmes have a requirement for strong analytical skills.
Are economists at an advantage over generalists?
In some parts of the Bank – Monetary Analysis and Statistics and Financial Stability in particular – many jobs require a postgraduate qualification in Economics.
However, if you do not have economics knowledge there are other parts of the Bank in which you can very successfully pursue a career.
People with degrees in Maths, Finance, scientific or analytical disciplines are often particularly successful.
Do I have to choose a particular business area when joining the programme?
No, we will allocate you to an area of the Bank that seems appropriate to your skills, experience and knowledge.
Is it possible to defer entry?
We are usually happy to accept deferred entry for graduates. You should request this after you have received a formal job offer.
What preparation can I do before the selection centre?
You cannot prepare specifically for the exercises at selection centre. The best preparation you can do is to be up-to-date with what is happening in the economy and what the key issues are for the Bank at the time of your selection day. For more information, see our selection process page.
Will I get feedback on my selection centre performance?
We can provide feedback on request.
How much will I earn?
The starting annual salary for graduates in 2007 was £26,000 for first degree entrants and £28,000 for Masters entrants. IT graduates started on an annual salary of £28,000.
If your one-year probation period is completed successfully you can expect a 10% salary increase. Salaries are then reviewed annually based on merit. You would also have the opportunity to be awarded a bonus subject to performance.
Where will I be located?
In our Head Office in Threadneedle Street. Although the Bank has regional agencies and cash centres in Essex and Leeds, new graduates are not recruited directly into these offices.
Do all graduates follow the same training scheme?
Yes – the Analyst Career Training (ACT) programme. This would also include IT graduates.
Do I get the opportunity to make a real contribution to the Bank’s work during the ACT programme?
Yes, you will do a series of real jobs throughout your training programme and be given responsibility immediately.
How will my career develop in the Bank?
We believe graduates should have the opportunity to work in different areas of the Bank. You will therefore have the opportunity to move between divisions, being exposed to different issues and using a range of different skills.
Can I undertake further study?
For first degree entrants joining our ACT Programme, there is a longer-term possibility of sponsored study – ranging from the London School of Economics and summer school to postgraduate study. Your eligibility for sponsored study will be assessed once you have been with the Bank for at least a year and will be based upon your performance and suitability for such study.