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Analyst, Data & Statistics

The Data and Statistics Division (DSD) is part of the Data and Analytics Transformation Directorate (DAT). It is a division with responsibilities spanning production and management of some of the Bank’s core datasets, to aspects of data management and data culture that reach into the working lives of almost all Bank staff. This is a time of significant change: the way we collect and manage data, and compile statistics, is evolving as we seek to make use of new technology and techniques. This means drawing on a wide range of skills, including: data management; data science; operational work; expertise in aspects of economics, statistics; and people and process management.

The Team

The role sits in the Money and Credit Group’s (MCG) statistical team, whose primary focus is to quality assure, produce, explain and publish the Bank’s monthly money and credit statistics.

MCG’s data production responsibilities include compiling, quality assuring and communicating the key messages of the Bank’s monthly Money and Credit statistics. These play an important role in the Bank’s core policy work as well as making key contributions to work by other organisations such as ONS, BIS and IMF. MCG also works on quality assuring SONIA submissions to give confidence in Market’s published benchmark rate.

The group, and the division more widely, have made good progress building skills in R and Tableau, and incorporating these into their work and will continue to do so in the near future. This experience will also contribute to wider directorate work aimed at producing a new, tailor-made system which will sit at the centre of its data production work.

The role will focus on responsibility for MCG’s core datasets, which cover the banking sector’s interaction with the broader UK economy as well as their business outside of the UK. You will ensure that the data meet the high standards of quality expected by users, through the use of analytic and data science techniques, whilst also gathering MI that enables you to present analysis of the data in a coherent and compelling way. You will have to apply your problem solving skills regularly to tackle operational issues as they arise, whilst building strong supportive relationships with reporting bank teams and internal users of our data. A wider interest in economic headline stories is useful, as you will try to link patterns you see in our data to these stories. Each month, you will work with the team to anticipate areas of interest for our MA colleagues and seek to identify early trends in the data. These are high profile data series that feed into, and influence, some of the Bank’s core functions such as MPC and FPC. They also meet the Bank’s obligations towards the Office of National Statistics, IMF and BIS.

The role will include application of data science techniques across project work, mainly to improve efficiency through automating production processes across datasets, modernising our approach to data visualisation and analytics, and engaging with other groups across the division on projects. It aims to do this by working with colleagues across DSD to deliver single solutions to similar problems using technical expertise. The role will also enable you to gain exposure to a wide variety of data and statistical techniques.

The data science aspect will give the opportunity for you to play a role in a wider divisional initiative aimed at delivering new infrastructure to interrogate and produce our statistics. You will have opportunities to help the team identify and develop new and innovative ideas and processes, using tools such as R, Tableau and Python, that keep our work as agile and efficient as possible. In doing this, you will collaborate with colleagues at all levels (both within the team and across the division more widely) to ensure a cohesive and open approach towards sharing of knowledge and process improvements is maintained.

Role Requirements

Criteria

• You will have excellent workload management skills and an ability to effectively reprioritise.

• A good team player, but also able to work autonomously, through self-directed learning.

• Strong internal and external stakeholder management skills.

• Ability to escalate issues when appropriate.

• Motivated and able to work calmly under pressure.

• Analytical approach to resolving issues.

• Excellent written and verbal communication skills.

• You will have a drive to improve how the Bank can use the data we collect to understand developments in the financial system through the use of data science techniques and implementation of a logical data structure.

• Previous experience will demonstrate strong numeric skills and be keen to learn and implement new methods to DSD’s work.

• You will be able to demonstrate good coding skills with experience with tools such as R or Python, and be willing to learn new technologies (essential for the project role/desired for data analyst roles).

• A keen interest in data and data science techniques, and how these can be used to help shape the future working environment of a data centric division.

• You will be able to critically assess data, and the process through which raw data is used to produce statistics. This includes ability to identify problems in processes and present possible solutions.

• You will have good communication and interpersonal skills to ensure stakeholders are informed and effectively feed in to the project.

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. You can find more information on what this means here. 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

This specific role offers a base salary of circa £36,860 - £39,800 per annum (depending on skills and experience) on a full-time basis. 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.

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

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that for the Benefits year 2023/24, this will increase to 8%)
• 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 at Privacy and the Bank of England | Bank of England.

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.