Advanced Analytics - Summer Internship at Bank of England

Top Employer
Duration
Internship (1-4 Months)
Region
London Central London and City
Review Date
Salary
£22,000 - £23,999
Roles
Accountancy Banking/Finance Computer Science

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Bank of England is a Top Employer

7.2/10

The Role
7.8
Organisation
7.0

Socialising

6.5

The Role

Role Description

Advanced Analytics is at the forefront of helping the Bank make creative use of data analytics to promote the public good. We do this by:1. Developing new Bank-wide data analysis capabilities. Delivering user-friendly tools and training to help the organisation make the most of its data.
2. Applying advanced analytical techniques. Analysing granular and unstructured data to meet business objectives.
3. Enhancing the data and expertise at the disposal of the Bank and the public. Communicating and linking with outside partners so the Bank is at the forefront of advances in data sources and analytical tools.

1. To what extent did you enjoy your work placement or internship?

All summer interns work on a project, mine was interesting and I had a lot of choice in the direction it would take. In many cases interns' work will be used to guide future work by economists in the bank so it is satisfying to know your work is important.

8/10

2. To what extent did you feel valued by your colleagues?

All of my colleagues were very friendly, however I worked in a large division and during a time that was particularly busy so I had less opportunity to get to know my colleagues. There is a variety of team sizes in the Bank so this can vary based on which division you work in.

7/10

3. To what extent were you given support and guidance by management/your supervisor(s)?

I had regular meetings with my line manager with a lot of opportunities for feedback. My manager also arranged for me to go on a course to learn to use statistical software which was very helpful in working on my project.

8/10

4. How busy were you on a daily basis?

The final two weeks of my 8 week internship were extremely busy, the summer internships involve giving a formal presentation of your results and writing up these results. These activities are usually in the final two weeks and can be very time consuming, however I found it satisfying to put a lot of work into them.

8/10

5. How much responsibility were you given during your placement?

The level of workload, and hence responsibility, depended on desk allocations and individual preferences. For me, I found my workload entirely manageable while giving me the time to take on additional tasks. E.g. partaking in a bond pitch.

7/10

6. To what extent did/will the skills you developed, and training you received, assist you in your degree studies and beyond?

My internship was very useful for developing skills, as mentioned above I was sent on a course to learn how to use statistical software. I also learnt a lot about empirical econometrics which I hadn't learned in my degree yet. I also learnt more about data analysis, which is important in a working environment but generally not dealt with in academic economics.

9/10

The Organisation

7. What was the general atmosphere in your office?

The people I worked with were very friendly, and I found that economists in the Bank are generally very approachable and happy to help if I was having difficulties. People can also be very busy however so there is not always a lot of interaction.

8/10

8. How well organised was the overall work placement or internship set up?

The organisation before the internship started was not clear and efficient. But from the induction onwards, contact via emails was regular when needed and it was easy to raise any queries which were answered promptly. The staff who organised the internship were approachable and honest.

6/10

9. In terms of personal training and development, to what extent did the company or firm invest in you?

The Bank encourages personal development hugely with weekly events/ seminars /talks across the Bank. As an intern this was really useful and training was offered where needed. The scope of the training available was quite diverse. However, on some courses, numbers are limited which can be quite annoying if you can't sign up in time.

7/10

10. What were the perks on your work placement?

  • Flexi Time
  • Subsidised Canteen
  • Sports and Social Club
7/10

11. How appealing are future employment prospects within the organisation?

Positive employment prospects in my opinion in terms of working hours, staff facilities, work/life balance and the work environment. Expect pay to be lower than the private sector though and career progression can be a lot slower than you would imagine.

7/10

Social

12. Was there a good social scene amongst any fellow placement students/colleagues?

In my cohort, there was constant interaction with fellow interns which was perfect for sharing any experiences/ problems. There was an initial social organised for the new interns but after that it was down to us to organise any socials or get togethers.

9/10

13. What was the cost of living and socialising in the area you worked in?

The Bank is in the financial district in central London, so it is unlikely to be cheap. There are a number of pubs nearby that are reasonably priced, it's probably best to find these on the internet and book a table in advance.

3/10

14. What was the Nightlife like in the area you worked?

There are a lot of pubs/bars nearby which are always popular on Friday nights. I went to a few of these with the other interns. The nightlife seems to be very good in this area, but I wasn't there long enough to experience a lot of it personally.

7/10

15. Were there many opportunities to get involved in activities outside of work?

Good opportunities for sports, societies across different interests. I was only there for a short time so couldn't really get stuck into anything but I know many employees that make good use of the gym and the other opportunities at the Bank.

7/10