How we are working towards the Department for Education’s 2.3% apprenticeship of the workforce target
During 2018, we have provided 37 new apprenticeships to our new and existing staff, benefiting 1% of our workforce. 6% of new recruits last year joined as an apprentice. The apprenticeships at the Bank in 2018 covered a range of subjects relevant to the Bank’s work, including; Project Management, Data Analytics and Electro Mechanics. In support of our commitment to build a more inclusive workplace, 49% of those who have taken up apprentices in 2018 are women.
Apprenticeships are part of a much broader training and development programme that the Bank of England offers colleagues. We are encouraged that at the last count, over three quarters of our staff believe that the Bank offers good opportunities for learning and development. That’s 19% higher than the UK average.
158 of our colleagues studied for degrees or professional qualifications in 2017 and 874 reskilled through internal job moves across directorates.
Our Central Banking Qualification (CBQ) meanwhile is designed and delivered in partnerships with Warwick Business School (WBS) and gives colleagues the opportunity to train in a wide range of central bank disciplines. Launched in 2016, colleagues can earn Certificate, Post Graduate Diploma and Masters level qualifications. It is a key part of our graduate development programme, but is open to colleagues from the wider Bank. To date, 283 colleagues have benefited from studying the CBQ.
Building our apprenticeship offering will complement these existing schemes. Next year, we will reshape our A-level entrants scheme to include degree apprenticeships. A number of our staff will also undertake new apprenticeships in Economics, Data science and Intelligence analysis. These apprenticeships will help to build the capability of our work force and develop the skills needed for the Bank to continue to fulfil our mission of maintaining monetary and financial stability.
We also recognise that at present, there is a shortage of recognised apprenticeship standards that are relevant to the Bank’s work. To address this, the Bank has been involved in three ‘Trailblazer’ groups to develop new apprenticeship standards relevant to the Bank, for example in Economics and Data science. We are committed to increasing the number of apprenticeships at the Bank in future years as more official standards are recognised.Find out more about careers at the Bank.
Bank of England apprenticeships in 2018
* The first year of modern apprenticeships
Bank of England apprenticeships in 2017
* The year prior to the first year of modern apprenticeships
Using the previous year’s headcount, 0.86% of staff are on an apprenticeship.
(a) Includes employees who were already working for the organisation before beginning their apprenticeship, as well as new apprentice hires.
(b) There continued to be 37 employees on apprenticeship training at the end of the reporting period on 31 March 2018.
(c) As of 31 March 2017, 19 members of staff were studying for apprenticeships. Between 1 April 2017 and 31 March, a further 37 apprenticeships were started by both new entrants to the Bank and current employees. Of these 56 apprentices, 19 have subsequently completed or left the scheme.