Patrick

University:

University of Edinburgh

Degree Studied:

MA Hons Economics

Programme:

Postgraduate Internship

Business Area:

Markets - Sterling Markets Division Analysis

At the time of applying, the sheer prospect of working for an institution as influential and prestigious as the Bank of England was probably the most important factor encouraging me to “give it a shot”. I initially had little hope I would actually get the internship, but after passing the first couple of stages of the application process I got very excited. Evidently, a central bank is a very interesting destination for a recent economics graduate. You are guaranteed to actually use knowledge acquired throughout your degree and more importantly to keep learning more. These continue to be the most important factors for me when thinking about my career.

Entering the Bank on Threadneedle Street still gets me excited every morning and I really can’t see myself ever getting tired of just walking through this historic building. This may just be some kind of honeymoon phase phenomenon and eventually wear off, but fortunately there are many things that I like about working the Bank. Firstly, I enjoy being surrounded by open, kind and highly skilled colleagues who all seem to be genuinely interested in their work. Secondly, it is extremely rewarding to be working on highly relevant and sensitive topics and knowing that your contribution may have a real impact on society. Finally, the Bank’s working environment is very academic and skills acquired at university are therefore highly applicable to the job.

Having just finished my final year at university, it was a bit of a shock for me to realize during my first week that I knew next to nothing about Monetary Policy Operations. While macroeconomic aspects of interest rates had been covered throughout my degree to a fair extent, I guess I never really asked myself how monetary policy goals are actually achieved in praxis. Eventually I spent most of my first week at the Bank reading about the Sterling Monetary Framework slowly filling the gaps. This was in some sense new to me since in previous internships I had usually been able to actively work on a project from day one. I was positively surprised by how normal it was considered by colleagues and supervisors for me to just sit there reading.