Bank of England Interview Questions and Assessments

The Bank of England is the UK's central bank. It sets monetary policy through Bank Rate, supervises banks and insurers through the Prudential Regulation Authority, and works to keep the financial system stable. It recruits apprentices, interns, industrial placement students and graduates through its Future Talent programmes, and experienced professionals through its online recruitment portal.

This page explains both routes, gives practice questions in the style of the situational judgement test and numerical screening, and lists the interview questions you should prepare, with example answers.

The early careers process step by step

The Bank's how-to-apply page sets out an application form and three assessment stages for its apprenticeship, internship, industrial placement and graduate programmes.

  1. Application form. You register, confirm eligibility, describe your education and experience, upload a CV and answer free-text questions about your motivation. You may submit only one application, and only your first is accepted.
  2. Online situational judgement test. Scenarios based on working life at the Bank, designed to show how closely you align with its values. Passing moves you on.
  3. Video interview. Recorded questions in a video portal, with a short preparation period and a time limit for each. You cannot re-record. The Bank says successful applicants hear two weeks after the application deadline.
  4. Virtual assessment centre. One group exercise and one interview. The interview covers motivation, behaviour-based questions and analytical or technical questions.
  5. Pre-employment checks. References, security clearance, identity, criminal record and credit checks, qualifications, immigration clearance where relevant and a medical questionnaire. National Security Vetting usually takes three to four weeks after an offer.

Applicants through the Disability Confident scheme who meet the minimum requirements are fast-tracked to the video interview, and their situational judgement test score is not considered.

The experienced hire process

For roles advertised on the recruitment portal, the Bank's application tips page describes a different route:

  • Anonymised screening. Hiring managers do not see your CV or cover letter during the first review, so your work history and screening question answers carry the decision.
  • Tests for some roles. Analytical, clerical and administrative roles usually include one or more tests before interview. You are told in advance.
  • Interview. Virtual or in person, with at least two members of staff, covering your application, the skills the role needs and the Bank Behaviours. A second interview with a senior manager may follow, and senior or specialist roles may have a third.

The Bank Behaviours are act inclusively, drive growth and deliver outcomes. Prepare at least two examples for each.

Practice questions

These are our own practice items. They are not Bank of England test questions.

Practice question 1

You are working on a briefing note due to a senior manager at 5pm. At 3pm a colleague in another team tells you the dataset you used was updated this morning with a correction. What is the most effective action?

  • A) Submit the note on time as it is, since the change is probably small.
  • B) Check the correction quickly, update the note if it affects the figures, and tell the manager if you need more time.
  • C) Ask the colleague to send the note for you.
  • D) Delay the note until tomorrow without telling anyone.

Answer: B. Accuracy matters more than hitting the deadline with wrong numbers, but flagging the issue early keeps the manager informed. A risks publishing incorrect analysis, C passes on your responsibility, and D leaves the manager without information.

Practice question 2

In a team meeting, a quieter colleague makes a point that others talk over. You think the point is important. What do you do?

  • A) Say nothing, since it is not your point to make.
  • B) Bring the meeting back to the point, credit your colleague and ask them to expand.
  • C) Make the point yourself later as your own idea.
  • D) Mention it to your colleague privately after the meeting.

Answer: B. It shows the inclusive behaviour the Bank asks for and improves the discussion. A and D lose the contribution, and C is dishonest.

Practice question 3

A basket of goods cost £250 last year and £262 this year. What is the annual inflation rate for the basket?

  • A) 4.6%
  • B) 4.8%
  • C) 5.0%
  • D) 12%

Answer: B. The increase is £12. 12 ÷ 250 = 0.048, or 4.8%. A divides by the new price, and D confuses pounds with per cent.

Practice question 4

A savings account pays 4% a year and inflation is 3%. Approximately what is the real return?

  • A) 7%
  • B) 4%
  • C) 1%
  • D) –1%

Answer: C. The real return is roughly the nominal rate minus inflation: 4% – 3% = 1%. The exact figure is slightly lower, (1.04 ÷ 1.03) – 1, which is about 0.97%.

Practice question 5

A bank's loan book grows from £80 billion to £92 billion. Its capital stays at £8 billion. What happens to its capital as a share of loans?

  • A) It rises from 8.7% to 10%.
  • B) It falls from 10% to about 8.7%.
  • C) It stays at 10%.
  • D) It falls from 10% to 8%.

Answer: B. 8 ÷ 80 = 10%. 8 ÷ 92 ≈ 8.7%. Lending grew while capital did not, so the ratio fell.

Practice question 6

Read the statement: "If the Monetary Policy Committee raises Bank Rate, borrowing generally becomes more expensive, which tends to reduce spending over time."

Which conclusion follows?

  • A) Raising Bank Rate always lowers inflation immediately.
  • B) Higher Bank Rate tends to reduce spending over time.
  • C) Bank Rate has no effect on borrowing.
  • D) Spending only falls when Bank Rate is cut.

Answer: B. It restates the passage. A adds "always" and "immediately", which the passage does not say, and C and D contradict it.

The interviews: format and questions

At the assessment centre, expect a mix of motivation, behaviour and analytical questions. Experienced hires face competency-based questions linked to the Bank Behaviours. Use the STAR method and keep each answer specific. For the recorded stage, our video interview tips explain how to structure answers within the time limit.

1. Why do you want to work at the Bank of England?

"I studied economics, and what interests me is policy that affects everyone, not just one firm's profit. The Bank describes itself as promoting the good of the people of the UK by maintaining monetary and financial stability, and that is exactly the kind of purpose I want. I also like that analysis here has to be rigorous and independent, because decisions are public and scrutinised."

2. Why this programme and not another?

"The analytical stream suits me because my dissertation was a data project on regional house prices. I want to keep building those skills on questions that matter, and rotations would let me see how analysis feeds into policy and supervision."

3. Tell me about a time you acted inclusively.

"Situation: in a group project, one member was an international student who rarely spoke in meetings. Task: we needed everyone's input. Action: I suggested we share a written agenda in advance and take written comments as well as discussion. Result: she contributed the strongest section of the analysis, and we got the top mark in the module."

4. Describe a time you delivered an outcome under a tight deadline.

"During my internship I had two days to produce a market summary for a client meeting. I agreed the three questions the summary had to answer, built it around those and shared a draft halfway through for feedback. It went out on time and the manager reused the structure afterwards."

5. Give an example of how you have driven your own growth.

"I was weak at coding when I started university. I set myself a project to learn Python by automating a dataset I used for coursework, asked a friend to review my code each week and took feedback seriously. By final year I was teaching other students in a workshop."

6. How does a change in Bank Rate affect the economy?

"Higher Bank Rate makes borrowing more expensive and saving more attractive, which reduces spending and investment over time. It can also strengthen the pound, making imports cheaper. Those effects reduce inflationary pressure, but with a lag, which is why the MPC looks at forecasts, not just current inflation."

7. What is the difference between monetary policy and financial stability?

"Monetary policy is about keeping inflation at the target set by the government. Financial stability is about making sure the system keeps working in a shock, through things like bank capital requirements and stress testing."

8. Tell me about a time you changed your mind because of evidence.

"I assumed a price trend in my dissertation was driven by interest rates. When I controlled for local wages, the effect almost disappeared. I rewrote the chapter around that finding, and my supervisor said it made the work stronger."

9. How would you explain inflation to someone with no economics background?

"Inflation is how fast prices rise on average. If inflation is 3%, what cost £100 last year costs about £103 now. If wages do not keep up, people can afford less."

10. Tell me about a time you disagreed with a team member.

"We disagreed about which model to use in a project. I suggested we test both on the same data and agree beforehand what would count as better. One clearly performed better, and the disagreement ended there."

11. What current issue facing the Bank interests you?

Pick a topic from the Bank's recent publications, such as a Monetary Policy Report or Financial Stability Report, and explain it clearly in two or three sentences. Interviewers care more about your reasoning than your opinion.

For more on group exercises and the full assessment day, see our assessment centres guide.

Practical tips

  • Read the Bank's own material: recent speeches, the latest Monetary Policy Report and the careers pages on behaviours and application tips.
  • Practise the SJT: do several sets of situational judgement questions and explain to yourself why the best answer is best. The free practice tests at Assessment-Training.com are a good warm-up.
  • Practise numbers: percentages, ratios and real versus nominal rates come up in analytical questions. See our numerical reasoning practice questions.
  • Group exercise: contribute early, build on other people's points and help the group reach a decision on time.
  • Use AI carefully: the Bank's tips page says AI can help with research and practice, but it wants a detailed description of your personal experience and asks you not to use AI during a live interview.
  • Common mistakes: applying to several programmes, generic motivation, and not checking junk mail for invitations.

Frequently Asked Questions

What are the stages of the Bank of England graduate application?

The Bank describes an application form followed by three assessment stages: an online situational judgement test, a recorded video interview and a virtual assessment centre with one group exercise and one interview. Successful candidates then complete pre-employment checks, including National Security Vetting.

Can I apply to more than one Bank of England programme?

No. The Bank says you can submit only one application to its early careers programmes and that only your first application is accepted, so choose the programme that fits you best before you apply.

Can I re-record answers in the Bank of England video interview?

No. The Bank states that you cannot re-record your answers. Each question has a short preparation period and a time limit, so practise structured, concise answers before you start.

What are the Bank Behaviours?

The Bank lists three behaviours on its application tips page: act inclusively, drive growth and deliver outcomes. Experienced hire interviews assess them alongside the skills and experience the role needs.

How long does Bank of England vetting take?

The Bank says National Security Vetting usually takes three to four weeks after an offer but can take longer, and it advises candidates not to resign from their current job until clearance is granted.

About the author

Ingmar van Maurik is a specialist in test and interview preparation who helps candidates perform better in recruitment processes.

References