Bank jobs in United Kingdom

Senior Manager, Economist in Monetary and Financial Conditions Division

Job Description

Monetary and Financial Conditions Division (MFCD) Overview

Within the Bank's Monetary Analysis (MA) Directorate, MFCD proactively influences current and future policymaking. We are expert advisers and pioneering researchers on monetary, credit and financial conditions, their relationship with the real economy and the transmission of monetary policy. We use this expertise to innovatively design and rigorously evaluate the monetary policy and wider Bank balance sheet toolkits. We collaborate extensively with colleagues in the Monetary Analysis Directorate and other areas of the Bank across our broad remit. We work particularly closely with Markets Directorate, and also have close links with Financial Stability Strategy and Risk Directorate and the Prudential Regulation Authority.

MFCD is around 35 people in total, with a Leadership Team (two co-Heads of Division, Senior Managers and Advisers), research and policy economists and data analysts. We are organised into three teams:

• The Interest Rate and Asset Pricing team extracts signals from asset prices to understand the underlying drivers of financial market moves, including the shocks hitting the UK economy, how asset prices influence the outlook, and how financial markets are interpreting monetary policy.

• The Credit, Banking and Finance team produces expert analysis on the outlook for UK credit conditions and broad money, and assesses how monetary policy decisions transmit through banks and capital markets to credit conditions.

• The Policy Framework Team (PFT) is focussed on readying the Bank's monetary policy toolkit and balance sheet for future shocks, collaborating extensively across the Bank on toolkit/balance sheet design and evaluation. PFT also leads on designing and assessing the MPC's quantitative tightening strategy.

Policy Framework Team

The Policy Framework Team (PFT) is focussed on better understanding the MPC's unconventional policy toolkit, as well as readying that toolkit and the Bank's wider balance sheet for future shocks. That includes designing and assessing the MPC's quantitative tightening strategy and telling policymakers what they need to know about conventional and unconventional monetary policy tools and their interactions, including with the rest of the Bank's balance sheet toolkit. PFT is at the forefront of integrating insights from research into policy, and in investing in big questions like how different mixes of tools should be used to respond to different shocks.

Job description

The PFT senior manager (SM) is responsible for ensuring that PFT delivers high-quality analytical work for MPC and other policymakers that is timely, focused and influential, making effective use of MFCD's research and technical expertise; for supporting team members to develop and move forward with their careers; for helping to drive forward MFCD's strategic evolution; and for being an effective member of the wider management team in the Monetary Analysis Directorate.

As well as directly influencing MPC, PFT represents MA across a broad range of topics led out of other areas of the Bank, with an extensive array of stakeholders. The PFT SM maintains good sight of relevant developments across the Bank, advising seniors on when and how best to engage.

MFCD benefits from 5 Senior Advisers, 2 of whom predominantly work with PFT. These 2 advisers support the PFT SM through leading on specific topics/areas of expertise, as well as sharing some management responsibilities. The exact split of responsibilities across the PFT SM and Advisers will evolve depending on the experience, skills and preferences of the successful candidate.

Number of direct reports: Around 6, depending on split with senior advisors.

Role requirements

You don't need to tick all boxes, but we are looking for candidates who:

Minimum Criteria

• Experience of leading and empowering teams
• Experience running projects that have delivered high-quality analysis for policymakers;
• Strong evidence of developing strong working relationships across a wide group of stakeholders and varying levels of seniority, and using those relationships to deliver team/divisional objectives and provide effective challenge where necessary;
• Evidence of ability to synthesise a range of information and explain complex ideas to a non-expert audience;
• Strong evidence of the necessary analytical skills to set strategic direction; reach appropriate judgements based on complex analysis; and constructively support and challenge the work of others/the team;
• Demonstrated expertise on at least one of: monetary policy transmission, monetary policy strategy, relevance of central bank balance sheet operations for monetary policy.
• Evidence of ability to prioritise and show willingness to change course if existing plans and assumptions are no longer suitable;

Desirable Criteria

• Have a track record of tangibly improving diversity and inclusive culture, and encouraging others to do the same;
• Evidence of leading others through a period of change;

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it's by drawing on different perspectives and experiences that we'll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the 'Candidate Personal Information' under the 'Disability Confident Scheme' section of the application.

Salary and Benefits Information

We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.

We offer a salary as follows:

Leeds circa £81,040 - £91,170

London circa £90,000 - £101,250

In addition, we also offer a comprehensive benefits package as detailed below:

• Currently a non-contributory, career average pension giving you a guaranteed retirement benefit of 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/65th) or decrease (to 1/105th) in exchange for salary through our flexible benefits programme each year. The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time.
• A discretionary performance award based on a current award pool.
• An 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
• 26 days' annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice.

The Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis.

The Application Process

Important: Please ensure that you complete the 'work history' section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It's therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

This role closes on 24 June 2025.

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.

About Us

We are the UK's central bank - and we are a bank like no other; known by our peers for our world-leading thinking on policy and strategy.

Our mission is to promote the good of the people of the UK by maintaining monetary and financial stability. We seek to keep prices stable and people's money safe. We know our work matters to people, to families, up and down the UK. We are driven by curiosity and the desire to do important, challenging work.

It takes a great team to run the Bank of England. We rely on each other to play our part. We benefit from a collaborative culture and long-established flexible ways of working, supporting our colleagues balance their work and personal lives. We strive to be a place where people feel they belong and have equal access to opportunities, because different perspectives helps us make the best decisions for the public.

There's much to gain from working with us - from career defining work at the heart of the UK economy, being part of a fantastic team, and a rewarding compensation package.

Join us and find a bank like no other. Together, we can make a difference.

The Bank of England will use and protect the information you provide when you apply for a role with us, in line with our obligations under data protection law. This is so we can assess your suitability for the role and administer your application. If you're successful we'll use it to offer you a position and onboard you to join the Bank.

If you would like more details about how your information will be used and your information rights, please visit our recruitment privacy notice

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