Summarised and analysed new economic releases
Updated spread sheets and the intranet with information from latest economic data sets
Created presentations for the Monetary Policy Committee
Attended seminars on a variety of economics topics
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.
2. To what extent did you feel valued by your colleagues?
Although my team was mainly senior employees at the Bank which didn't offer the chance to connect with recent graduates/joiners, I was made welcome and everyone was offering to answer any questions or queries throughout the internship. It really showed that they valued my presence as well.
Highly valued in that my opinion was considered and listened to in various meetings, at times being actively asked to share my thoughts. My work contributed to the general output of the division, as well as my own research project which my colleagues got engaged with as well.
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.
Weekly meeting with line manager, whether it was administration or some questions about work. Friendly, helpful, and made it comfortable to ask any questions.
4. How busy were you on a daily basis?
In the mornings I would rush to complete my daily task which had a midday deadline, and in the afternoons I would have work to do about 50% of the time, so often I'd read the news online, or I would go for meetings with bank staff - this was actually really interesting or fun, and was encouraged by my manager. I actually met some people quite high up in management, and gave them the same complaints I write here.
5. How much responsibility were you given during your placement?
Essentially zero. I was never given a task that required anything more than excel experience, and everything I did was checked, usually by two separate people. I never felt that I was particularly useful to my team, nor did I feel like I had a proper role in the organisation.
6. To what extent did/will the skills you developed, and training you received, assist you in your degree studies and beyond?
If I hadn't been good at excel, I would now be good at excel. That's about it. I had basically no exposure to policy, learning about only a few very specific areas of the banks financial accounts. I did learn a bit about the Banks financial trading operations, but I applied for the Bank because I don't want to be a financial trader.
7. What was the general atmosphere in your office?
Friendly, but not invigorating. While in other areas of the Bank people were extremely passionate and interesting, in financial accounting people did not seem to love their jobs. My supervisor eventually admitted to me that they disliked the menial nature of their work, that when they applied they had thought it would be a financial analyst role, and that they were leaving very soon.
8. How well organised was the overall work placement or internship set up?
While I was meant to have a research project and a presentation, because the final presentations were not HR audited, myself and many other interns were never given a project, instead being used like operations interns. This year's winners of the Banks blockchain competition, all highly skilled developers, were asked to update descriptions the banks internal website, having been promised an exciting technology internship. HR displayed an impressive inability to place people effectively, and often ignored emails and questions. My request to return to my old team, who wanted me back, was entirely ignored.
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.
10. What were the perks on your work placement?
Working from home
11. How appealing are future employment prospects within the organisation?
I would be very happy to work at the Bank in the future, they perform extremely interesting economic research and there are a lot of opportunities to get involved in extra projects with other people working at the Bank. They have completely overhauled their initial system. Now it is essentially if you are a good performer you can stay with them.
12. Was there a good social scene amongst any fellow placement students/colleagues?
We were encouraged to socialise as a sandwich student group by our recruiters and the students that we replaced and this made the whole experience far more enjoyable.Yes the interns went for drinks and dinner on multiple occasions.
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.Bank pay is quite good though, above adult minimum wage but below living wage.
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. Overall a good nightlife.
15. Were there many opportunities to get involved in activities outside of work?
There is a gym on site. The Bank also has a sports club at Roehampton which interns get free access to. This has a wide array of sports teams rugby, cricket, football etc and a variety of teams which play for fun or competitively. However the focus of everything was in the work place, which is how I think it should be.