Analyst - UK Banks' and Building Societies Balance Sheets

The Bank of England, as the United Kingdom’s central bank, exists to ensure both monetary and financial stability.  MFSD collects monetary and financial data from banks and building societies operating in the United Kingdom.  These data are used by, amongst others, the Monetary Policy Committee, the Bank’s financial stability area and the Office for National Statistics as well as overseas institutions such as the International Monetary Fund and the Bank for International Settlements.  The division has around 60 staff and is located in the Bank’s main building in Threadneedle Street.   Follow this link, for more information about the division, and its statistical outputs.

Job summary

A statistical data analyst is required to compile and analyse data about UK banks’ and building societies’ balance sheets, with a focus on their domestic business.  The work is organised around monthly and quarterly data collections.  These data feed directly into the Monetary Policy Committee and are used in financial stability analysis.

The key responsibilities for this role are:

• To understand MFSD’s statistical returns in detail.
• To run the data compilation rounds, and ensure the accuracy of the outputs.
• To analyse and interpret the data, producing statistical releases and other analytical commentary.  This will require application of knowledge of relevant markets and/or financial developments.
• To respond to ad hoc requests for data.
• To undertake projects – for example, to undertake formal cost benefit assessments of possible changes to the statistical returns, or to consider issues raised for both returns and outputs by market developments such as increased securitisation of assets.
• To understand the customers’ and providers’ requirements and outputs, and brief them on movements in the data.

 Knowledge and experience/qualifications

 Candidates for the roles should have:

• A background in statistics, economics or finance.  While a degree is not essential, candidates will need to provide evidence of strong analytical and numerical ability. 
• An interest in financial markets and financial institutions.  Analysts are expected to keep reasonably well informed and relate developments to the data.

Skills and competencies required

Analytical and numerical skills.  The statistical data analysts need to be comfortable handling large volumes of data.  When analysing the data, they will need to be able to: ask probing questions of reporting institutions; research and investigate the data; identify trends;  and formulate possible explanations.  Where appropriate they will try to relate the data to macro economic developments.   The statistical research analyst needs to be able to assimilate a wide range of information about a subject, identify the key issues and formulate recommendations. 

 IT skills.  The jobholders will need to be able to get up to speed on using MFSD’s in-house database quickly.  They will also need to be proficient in Excel – for example, pivot tables are used extensively to analyse data, and charts are used for presentation.   Knowledge of macros is desirable, but not essential.

 Organisational and time management skills.  For the statistical data analyst roles the work is organised around monthly/quarterly data collections, and so the jobholders need to be comfortable with a structured work programme.  The deadlines can be tight, and so jobholders need to have good workload management skills.  The volumes of data are large, requiring a methodical approach.  For the statistical research analyst role, the jobholder will be working on several projects at once and so needs to be able to identify priorities and manage work to meet deadlines. 

 Interpersonal skills.  The jobholders will work closely with colleagues, and so will need to be strong team players.  The jobs do not involve formal supervisory responsibility, but junior staff will look to the jobholders for advice and expertise.  The jobholders also need to manage relationships with both the suppliers and users of the data.  

Communication skills, both written and oral.  Sound writing skills are important.  The statistical data analysts produce regular notes highlighting the key features and distilling the news in the data each reporting period.  The statistical research analyst will typically produce longer reports which present the results of their work clearly.  As the experts in their area, jobholders are expected to answer questions and give regular presentations.

Personal Attributes Required

Attention to detail is very important together with a keen desire to deliver work to high standards of accuracy – both in terms of the content of work and the process that needs to be followed.

Self motivated to manage regular and project work. 

An enquiring mind which takes an interest in topics outside their immediate remit and spots links and solutions from a variety of sources/experiences.

Flexibility to take on others’ work when required.

The statistical data analysts must be comfortable with working under pressure to achieve tight deadlines whilst maintaining high quality work outputs.  The statistical research analyst will typically work to longer deadlines.

Flexible working patterns can be considered if they are consistent with operational requirements.

MFSD can show some flexibility regarding the start date.

To apply please click here.