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Senior Research Assistant - Monetary Analysis

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

Monetary Analysis (MA) provides the core analytic support that underpins the setting of Bank Rate each month by the Monetary Policy Committee (MPC) to meet the inflation target. We are closely linked to the MPC Unit, which supports the external members of the MPC.

Department Overview

Structural Economics Division (SED) has following mission:

To deliver incisive, impactful medium-term analysis and research on the evolving structure of the UK economy both cross-sectionally and over time, giving the MPC and wider Bank a clear picture of key structural changes and their underlying drivers.

Through considered, rigorous and policy-relevant staff work – typically produced over a period longer than the six-week cycle between MPC policy meetings – the division provides analysis and insights that influence policymakers across the Bank. That analysis draws on a wide range of approaches, both theoretical and empirical. For instance, we are making greater use of micro-data to understand key macroeconomic developments and how economic relationships have changed since the financial crisis the UK’s departure from the EU. Our areas of responsibility include: pricing and inflation dynamics, the labour market, the corporate sector including the economy’s productive potential, the household sector, trade, and the macroeconomics of climate change. We look to set the agenda on, and foster links between, these areas.

We comprise:

• a Leadership Team – a Head of Division, two Senior Managers, a Senior Technical Advisor and a Senior Research Manager
• around 20 economists, many with PhDs

one to two research assistants

Job description

We are looking for an enthusiastic Senior Research Assistant with an interest in economics and strong data and IT skills.

You will play a meaningful role in supporting the Bank’s policy committees by:

• Playing a key role in analysing and coordinating the Decision Maker Panel survey of firms – a key source of data for the Monetary Policy Committee
• maintaining a range of other datasets relating to the UK economy e.g. on the labour market, prices, households, companies, trade, productivity etc.
• providing expertise on data sources and ways in which we can improve the way we use them

There will also be scope for you to broaden the role depending on your preferences. This could include, for example, applying data science tools and techniques to the division’s datasets or working on analytical pieces of work to answer policy questions.

We strongly encourage and support staff development and training. In particular, we would support an application to the MSc apprenticeship schemes offered through the Bank in Data Science or Economics. We also encourage on-the-job learning of economics e.g. by working with and learning from economists on the team. Previous research assistants who have worked within the division have progressed further onto higher scales within the Bank.

Role Requirements

Minimum Essential Criteria

• Have an interest in economics and the work of the Monetary Policy Committee
• Have strong IT skills, and experience of working with data (e.g. time series or micro datasets)
• Have good analytical skills
• Be able to produce consistently accurate work, working independently, sometimes to tight deadlines
• Be proactive in identifying opportunities for further work
• Ability to communicate clearly in writing

Desirable Criteria

• Experience of writing computer code to manipulate data e.g. R, VBA etc.
• In particular, knowledge of Stata and/or R might be helpful, but training can be provided
• Have qualifications relevant to the analytical work of the division, particularly A-level maths and/or economics, or other quantitative subjects e.g. STEM subjects

The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive. We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way we support diversity and inclusion is through our staff-run networks, which are summarised here.

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to flexible working patterns.

Where a role can be carried out from home, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. From 6 June 2022, we expect colleagues to spend a minimum of 40% of their working time in the office per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

We are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support us in this. We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

This specific role offers a base salary of circa £28,810 - £30,000 per annum, (depending on skills and experience) on a full - time basis. In addition we also offer a comprehensive benefits package as detailed below. We encourage flexible working & part time working, therefore both salary and associated benefits will be adjusted on a pro-rata basis for part-time colleagues.

• 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 from April 2023 and for the Benefits year 2023/24, this will increase to 8%)

• Private medical insurance and income protection.

The closing date for applications is 27th February 2023.

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.