Prepare for Bank of England Situational Judgement Test, Online Tests, Video Interview Questions & Assessment Centre

This PrepPack™ offers Talent Q-style Aspects and Elements numerical and verbal tests, situational judgment tests, guides, and tutorials.

Applying to more than one bank to maximize your chances? Check out our UBS Online Assessment and HSBC APTA Value preparation!

If you are applying for the Bank of England graduate scheme, internship, or industrial placement, you have to go through the competitive Bank of England recruitment process. As part of the Bank of England application process, you might be required to complete a cognitive test which has both numerical and verbal aspects to it, situational judgment and personality tests. These tests are provided by Korn Ferry Talent Q.

In the Bank of England situational judgment test, you are presented with scenarios that you could face in your position. You have a number of different responses that you can choose from and you have to choose the one that most suits your judgment. Whilst you may think that this is quite haphazard and random, the opposite is true. These tests really determine how well you would perform your role in the bank and they are therefore very important. With the practice pack offered here, you will get a realistic simulation of the test you hope to take and gain an understanding of what and how you need to answer the questions when you take the real thing.

The Talent Q Dimensions test is 25 minutes long and it gives your employer with extensive knowledge about you. The results will dictate whether or not you are hired. Also, they will determine if you are capable of leadership skills and detail how you function in a team, your compatibility with the culture and environment, your level of sales skills and other dimensions. The items are presented in groups of four statements, preceded by the question: “How true is each statement about you in relation to your behaviour at work?” You are required to rate each of the statements on a scale of 1 to 5, between “very true” and “completely untrue”.

There are two different tests in the cognitive test that you have to take: Verbal and Numerical reasoning. The numerical reasoning questions assess your reasoning skills using figures, data and statistics.

In the verbal assessment, you are measured on your analytical reasoning skills vis a vis written information and business-related reports. You have to read the information and answer the multiple-choice questions relating to the text.

Once you have come through the Bank of England online tests you have to go through the Bank of England video interview. This is a pre-recorded video interview, meaning you will have to record your answer to five different questions that are used to assess your compatibility with the Bank’s values, field knowledge, reasons for applying and the operating climate. The questions have a time limit and if you have not finished answering - the recording will cut out. It’s important to get some preparation for the Bank of England video interview and the interview service is the perfect way to do so. Here you can record your answers, just like you will have to do on the real video interview. You will also be able to listen to them back and analyze your performance, so it will be perfect for the real thing.

• What are the two biggest risks that the UK economy may face?
• What is the main difference between BoE and commercial banks?
• Do you think cash will ever become redundant in the UK economy?
• What are two challenges facing the UK economy and how will they affect the Bank of England?
• In a full barter economy, can you get inflation?

Applicants to all Bank of England graduate schemes will be invited to London for the Bank of England assessment centre. Here you will experience a group exercise and a further interview. You may have more than one interview during the day. a half-day selection centre as the last stage of the recruitment process. 

In this 30-minute exercise, a group of four applicants are given a discussion topic as a group, with individual roles for each member of the group. Your task is to represent this viewpoint in the wider discussion and then come to an agreement as a group. You are watched throughout the exercise by a team of assessors, who are looking at your ability to communicate and work in a team. As an applicant, you need to balance between listening to others, speaking up when you don’t agree with something and contributing to the discussion.

The number of interviews you can expect depends on the role you are applying to. All roles will have at least one interview, with some involving two or three interviews. Some applicants may have a telephone interview early on in their recruitment process.

Interviews are usually with two members of BoE staff or management. Most interviews are competency-based, but may also involve technical questions or questions about your CV. Ahead of your interview, review your CV as well as the area of the company you are applying to. Look at the list of competencies for your job and prepare examples from your past experience that demonstrate that you have these skills. Use the STAR method to organise your answers to ensure you cover all the important points of your example and tell the interviewers what they want to hear.

Ahead of any interview, research what the Bank of England does and, in particular, the area you are applying to. What systems and approaches do they use? Are there any wider factors that may impact their work?

Once you have pulled together all the background knowledge, the final step to your preparation is to rehearse delivering your answers. 

The questions you can expect in any interview are a mix of competency questions and technical questions. You are advised to prepare on the wider issues affecting the BoE. You should also prepare questions to ask your interviewers.

Some example Bank of England questions are as follows:

• What is the future of the Bank of England?
• Why does the Bank of England care about house prices?
• Technical questions on inflation, interest rates, core purposes, and the concept of money.
• What is your opinion on the winter fuel allowance?
• Is there any need for physical money with all the other payment options now available?

In some cases, you will be asked to take a written test. The written exercise is a 90-minute report based on a case study. In this test, you are given an information pack including reports, graphs, tables and so on. You will be asked to write a report to a senior manager, in which you give answers to a set of questions using the information provided. This exercise is designed to assess your written communication skills, analytical ability, as well as drive and determination. The economist test for applicants to financial and economist positions also assesses your technical knowledge. The most difficult element of this exercise is time-management, as you need to balance reading and understanding the information with completing your answers. Gain more tips and prepare for your written exercise with the product's case study pack.

The Bank of England assessment centre will either occur on-site or in a rented venue. During your time at the assessment centre, you will be met with a number of group exercises, workplace simulations, assessment tests and interviews. The assessment centre is an important means for Bank of England to obtain a better-rounded profile of all participants in regard to their suitability for the position, as well as their compatibility with the company’s standards. The Assessment Centre pack is an essential element of the Bank of England PrepPack™, as it will give you tips on how to compose yourself while participating in the assessment centre, as well as simulations of the sorts of activities you will be engaging in while there.

Most interviews include questions regarding your availability, work experience, salary expectations, what you know about the position being offered (responsibilities, duties, etc.), why you would like to work for the Bank of England, etc. During the Bank of England interviews, it is advisable to be aware all of the potential questions you may be asked and the proper way in which to respond to each. Since aptitude tests are often part of the Bank of England recruitment process, it is also recommended to familiarise yourself with their formats, materials and answers. The highly specialized PrepPacks™ have been designed to cover every aspect of a given company’s recruitment process and will undoubtedly give you an advantage over the other Bank of England applicants.