Ever wonder what an employee in UK’s central bank does? Most would think the few thousand employees in the City of London aim to save the economy on a daily basis. During summer 2014, as a summer intern, I got an insight of what really goes on inside the walls of The Old Lady on Threadneedle Street.
After the application stage which consisted of online application and assessments, and an interview, I was offered a place as an intern for six weeks at the Bank. The surreal feeling and excitement, in being offered such an internship, was felt in the lead up to my first day. The first couple of weeks were rigorous and draining if I’m honest. Commutes into London started in the early hours which only lead to chaos at Bank station before seeing endless suited humans rushing to get onto the Tube at 5pm prompt. There were many new things that had to be picked up quickly, from the management of work emails to reading minutes as preparation for meetings. But after a couple weeks of settling in, as the new intern within the division, I really started to understand what the Bank offers as a place to work.
I was mainly based within the Prudential Regulation Authority which is a new part of the Bank developed from the expansion in April 2013. Along with 30 other First Year Interns, we all were allocated different divisions to work in. However, each lunchtime I mainly lunched with my fellow interns and we got to know one another really well. Discussions ranged from the classic intern dilemmas, to supporting one another on work issues. From this, I was notified of work going on in the different areas of the Bank. This has expanded my knowledge of the running of the Bank of England. Within the short time frame I was there, I have definitely met other students with similar goals as me which was lovely and definitely hope to remain in contact with them. Of course, as expected, us interns were keen to network and socialise outside of working hours. The City of London offered everything we could have wanted.
Being allocated the role of interning in the Risk Architecture Team, my team focused on the data used by the Supervisory Risk Specialists. Questioning and improving the data sets collected from firms,I attended meetings which saw different teams come together to discuss topics and feedback on work relating to the Bank’s data strategy. The main project highlight for me was helping my team prepare for the monthly Board presentation and it was nerve-wrecking yet rewarding seeing my work being presented in front the PRA Data Board. Moreover, I was given the chance to go along to some unique meetings such as the Pre-MPC Meeting and an Inflation Report Press Conference. It was lovely being welcome and treated as an employee from day one and experiencing the friendly and welcoming atmosphere at the Bank.
As interns, our performance was assessed throughout which was useful as this challenged us and helped us develop our financial knowledge. The work I was given was diverse and I definitely expressed my interests to the team and projected any queries or suggestions that I had. Overall, I had an amazing time interning at the Bank of England and hope to return one day for a more permanent position.
– Sarah Wong is in her penultimate year, studying for BSc Actuarial Science with a year in industry