Holding the reigns

It has been quite a year for the global economy. Faced with the financial crisis, the Bank of England has taken extraordinary actions. It has cut interest rates to 0.5 per cent, the lowest since the Bank was founded in 1694. And the monetary policy committee (MPC) embarked on a programme of asset purchases - sometimes known as quantitative easing - to inject money directly into the economy in order to meet its inflation target. The MPC will next meet in November to decide on how to proceed. 

To help fulfil its objectives, the Bank recruits graduates to a wide variety of roles. Indeed, last year the Bank won an award from the Association of Graduate Recruiters (AGR) for having the best graduate development programme.  The programme develops graduates into high performing analysts who deliver the Bank’s core purposes of setting the interest rate and maintaining stability in the financial system.  The Bank therefore presents a unique opportunity for graduates to be at the cutting edge of policy.  The Bank employs over 1700 staff and recruits approximately 30 graduates per year from all degree backgrounds into a range of roles.  All of these roles offer an intellectual challenge as entrants are quickly expected to become the expert in their subject.  If they perform well, the level of responsibility will increase rapidly, as will their exposure to senior people in the Bank. 

The programme begins with a 3-week graduate induction.  All areas of the Bank assist in designing a mix of tasks, projects and simulations. The emphasis is on interactivity - there are no PowerPoint presentations!  The aim is to help the graduates to understand the core purposes of the Bank whilst challenging them to demonstrate their skills, knowledge and potential. A milestone in the 3-year programme is the Professional Development Workshop (PDW), which takes place after 18 months.  It’s a challenging, two day, off-site event where senior line managers help the graduates to take stock of their performance through focussed feedback and create a development plan that will lead to their promotion from the programme.  The Bank is keen to retain the talent it recruits. This year it is providing a new workshop for third year graduates to help them build successful careers inside the Bank. 

Measuring the specific value that the graduates bring is difficult to do in an organisation that doesn’t have a traditional ‘bottom line’. Their value is evidenced by the significant budget, time and effort that senior managers are prepared to devote to the selection and development of their new graduate staff.  It is understood across the organisation, from governor down, that the ability of the Bank to deliver its vital role to the economy now - and in the future - is dependent on the calibre and capability of the graduates it brings in today.