Research Assistant Review

I work at the Bank of England as a Research Assistant, in the Data and Statistics division - more specifically I work in the Banking team which falls under the Regulatory Data Group. The Regulatory Data Group works closely with the Prudential Regulatory Authority (PRA), Financial Conduct Authority (FCA) and European Bank Authority (EBA) to ensure that the Financial Policy Committee (FPC), firm supervisors and all other users have accurate, high quality and timely data presented to them. As a Research Assistant, my role is to understand and improve the accuracy and reliability of regulatory data. This is achieved through improving processes, collating data, performing plausibility and data quality checks on CRDIV regulatory data and sending regulatory data to various stakeholders – both internal and external.

During my time within the role so far and upon completion of the Business Administration Diploma, I have acquired many skills such as organisational and presentation skills which has led to meeting deadlines and completing work to a high standard. I have also developed strong communication skills which have been demonstrated by presenting at her sixth form college as part of the Diploma, and also to other departments such as Supervision and the team. I have learnt to support and train new colleagues as well as work across teams. Alongside this, I have grown in communicating through strong stakeholder management with other departments in the Bank and external stakeholders. I have built regulatory knowledge within my current role which has aided to complete the diploma and the Data Science Training Programme alongside completing projects for external stakeholders. Apart from a formal qualification from the apprenticeship, I have also completed 2 MOOC courses through the Data Science Training Programme offered through my department. In addition to this I have attended a series of training courses for Excel, R and regulatory data knowledge session held internally in the Bank.

It has been a fantastic journey working in the Bank and exploring the wide range of things that the Bank has to offer, meeting people with a variety of skills and backgrounds and being involved in working with different datasets. My team were very welcoming and have supported me till date, especially me manager who has been a great coach in terms of mentoring me with learning all the new systems, processes, datasets, etiquette etc. The Bank’s culture in general is what encouraged me to join the Bank, due to the friendly and flexible atmosphere. With regards to the actual programme, it could have been more challenging in terms of the qualification; however, the skills gained through it can be applied in many facets.

The Bank values every employee which is evident through the Benefits+ system and the flexible working regime. The Early Careers team looks after the school leaver well, ensuring they settle well in the Bank, providing guidance throughout the programme and if wanted/ need be, after too. In terms of the team I am in, despite joining from college, my views and skills are taken into account which motivates me to do better. My manager, various colleagues within my team and other teams are always open to giving constructive feedback and appreciating the tasks I do well.

The programme had a good induction explaining the basics of the qualification. The qualification gained was an equivalent to A-levels which we already completed upon joining the Bank which seemed a bit pointless and not stretching. However, we did have the chance to meet our assessor monthly to speak about our development and how we can improve to gain the best out of the qualification. In terms of career progression and what is expected of us after the programme, guidance was slightly unclear.

We had roughly a session each month with our training provider who guided us through what was expected and also provided few resources which aided our assignments which were helpful. The change of training provider throughout the programme caused a bit of instability but it was manageable. We were able to email the training provider at any time who was happy to help and check our work for feedback.

My manager was very supportive in ensuring we are not burdened with too much work. We had constant catch ups throughout the course of the programme to assess how well I was doing, meeting assignment deadlines and also completing my day-today roles to a high standard. A community of other school leavers in my cohort was helpful to consult when we faced similar issues.

As I live in London with my parents, living costs and travel costs are not too bad. Therefore the salary/package seems reasonable considering the qualifications I have. However, I do feel that as I am able to do the same role, tasks and have the same responsibilities as someone who has higher qualifications as me, and I carry them out all to a similar standard as them, I sometimes feel whether I should be paid higher. However, the benefits and flexible working opportunities in the Bank is great which is not limited to what scale or age.

Being part of a working group in my department I am involved in setting up and taking part in community events such as helping charities which involves exploring areas outside the Bank. I also enjoy visiting schools as part of career fairs that the Bank holds, where I can share my experience and inform others of the opportunities that the Bank has to offer.

Yes

The Bank is an amazing place to work in being in the heart of London and playing such a big role in the financial world. The Bank offers many career opportunities no matter what experience or age you are ranging from school leavers to experienced hires. It is a friendly and flexible environment, providing a range of skills and exposure to lot of data and knowledge.

My advice is to apply early and ensure you do your research in terms of where you are applying and why you are applying. Also, keep asking questions, as if you don’t you will never know/ find out. Do not put on an appearance, be who you are as that is what the employer will see and accept, so be honest in all aspects. Analyse the costs and benefits of going to university and joining from school. Whatever route you take, the Bank offers a programme for either, but be sure you make a decision you like, and are happy with.