At a Glance
- Tasks: Conduct impactful research in monetary and financial policy while collaborating with top economists.
- Company: Join the Bank of England, a leader in central banking and public policy.
- Benefits: Enjoy a competitive salary, flexible work environment, and extensive training opportunities.
- Other info: Be part of a diverse team committed to inclusion and innovation.
- Why this job: Make a real difference in policymaking while pursuing your PhD in a supportive setting.
- Qualifications: Must hold or expect to complete a PhD by 2027, with a focus on macroeconomics.
The predicted salary is between 60000 - 60000 £ per year.
Research at the Bank of England covers the full scope of our remit for delivering monetary, macroprudential, and microprudential policy, centred around the five themes in the Bank of England’s Agenda for Research (BEAR). Our large research community includes researchers from a range of disciplines, with a common interest in issues relevant to central bank and public policymaking. Our research economists enjoy a rich and stimulating environment, have close engagement with policymakers, and make a key contribution to policy analysis. We have active seminar programmes and host high-profile international conferences. We actively engage with leading research institutions and academics, as well as other public bodies, providing researchers with the opportunity to work with external experts.
This is a permanent position, of which the first three years are spent on the PhD Research Programme. Researchers on the programme work within one of the Bank's policy areas, and spend at least 50% of their time producing, publishing and disseminating research that is relevant to the Bank's policy and research agendas. We also offer excellent training opportunities, both to expand researchers’ technical skills and knowledge, and to help researchers develop the skills to maximise the policy impact of their work. As a large central bank, we provide sizable computing resources and have unique, rich and novel datasets.
Candidates must hold or expect to complete their PhD by end-2027. This year we are looking for applicants with research skills in International Macroeconomics, Open Economy Macroeconomics and International Finance. Although these are the skills we are prioritising in 2027, as our recruitment needs often evolve, we would also welcome applications from any other discipline relevant to central bank policymaking.
Successful candidates should demonstrate a desire to carry out and publish innovative, policy-relevant research, as well as to contribute to live central bank policymaking. As well as presenting at academic seminars and conferences, our researchers are expected to communicate their research internally and engage policymakers with research.
Salary: £60,000 per annum (London based) and £54,000 (Leeds based) for the first two years, plus competitive benefits and pension.
The total package includes:
- An 8% benefits allowance with the option to take as additional salary or purchase a wide range of flexible benefits;
- A non-contributory, Career Average Revalued Earnings (CARE) pension that is calculated annually (based on your pensionable earnings and chosen accrual rate for that year). This provides a guaranteed retirement income (subject to completing the two-year vesting period) and is revalued to reflect inflation every year. The current standard accrual rate offered to new joiners is 1/80 of your annual salary.
- 26 days annual leave with the option to buy up to 12 additional days through the flexible benefits;
- Private medical and dental insurance and income protection insurance;
- Reimbursement of relocation costs may be available for candidates based abroad.
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.
For most roles where work can be carried out at home, we aim for colleagues to spend at least half of their time in the office (minimum of 50%) per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.
We are proud to be a member of the government’s Disability Confident scheme (DCS). We are committed to creating an equitable interview process for disabled candidates through our membership of the DCS and this means we guarantee progression to first stage interview for disabled applicants who meet the minimum criteria for the role. If you wish to apply under this scheme, please select 'Yes' to the DCS question at the end of the application form. We understand, however, that not all applicants with a disability may wish to apply through this scheme, and we fully respect that choice; you will still be fully supported with any support or adjustments you may require.
As we are an equal opportunities employer, we are committed to providing adjustments and support to disabled applicants throughout the recruitment process. Should you require support with completing your application and require any adjustments for this (even if you do not wish to be considered under the Disability Confident Scheme), please contact the recruitment team at PhD-Recruitment@bankofengland.co.uk who will work with you to provide the support you require. Please be aware that we may need to ask for more information about your disability so that we can provide the necessary support.
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 at offer stage for successful candidates. Information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice.
The Application Process
Important: Please ensure that you complete all details in the application form including education, work history and all job specific questions, even if these are covered on your CV. Your application will not be considered if all mandatory questions are not fully completed. Please ensure you upload a CV and Research Paper when prompted.
The assessment process will comprise of 3 stages: online application, a virtual interview and in person selection centre.
2027 PhD Research Programme in London employer: Bank of England
The Bank of England is an exceptional employer, offering a dynamic work environment where innovation and user-centred design are at the forefront of its mission. With a strong commitment to employee development, the Bank fosters a collaborative culture that values diverse perspectives and encourages professional growth through training and mentorship. Located in London, employees benefit from a comprehensive benefits package, flexible working arrangements, and the opportunity to contribute to meaningful projects that shape the future of financial services.
