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Assistant Financial Accountant

Finance & Performance Directorate plays a critical role in developing the corporate strategy and protecting the Bank's financial position and reputation. The overall purpose of the Directorate is to contribute to the successful execution of the Bank's aims and objectives by ensuring it has an appropriate financial platform for its broader responsibilities and for the challenges facing an organisation with a balance sheet of around £1 trillion. This is a critical time for the Bank, with significant uncertainties in the external outlook and major change programmes internally. More than ever, the Bank’s actions will be subject to close external scrutiny.

The Directorate has the following divisions: Financial Reporting & Control and Tax, Performance & Value, and the Corporate Portfolio Office.

Department Overview

The Financial Reporting & Control team is responsible for oversight and review of the financial control and accounting policy framework for the Bank of England (including the PRA) and its subsidiaries, including the Bank of England Asset Purchase Facility Fund (BEAPFF), the Covid Corporate Financing Facility (CCFF) and the upcoming Bank of England Alternative Liquidity Facility (BEALF). It is also responsible for preparation of the annual report and accounts and the weekly report and leads on testing requirements in respect of the general ledger.

Job description

The assistant financial accountant will be responsible for managing and reviewing the month end income, balance sheet and capital reporting of the Bank of England (the Bank) and subsidiaries of the Bank. The manager will support financial reporting and control projects that report into the Bank’s executive committees. The role holder will also manage the year end annual accounts process, being the liaison with both internal stakeholders and the Bank’s auditors. Provide general support to financial control and reporting senior management.

In addition, in 2021-22, the Bank intends to implement a new general ledger and new reconciliations systems as part of a significant transformation of IT and Central Services operating model. A first phase, the introduction a Share Services structure, has already taken place. The jobholder will have an important role to shape and deliver this implementation, to upgrade the team’s tools and processes and improve outputs and analysis for stakeholders.

Duties

• Completing daily/weekly profit and loss reports for assigned portfolios and working with front office to resolve any issues.
• Reporting and management information for portfolios, including posting month end adjustments, completing/reviewing reconciliations, obtaining substantiation, completing analytical review of movements and providing commentary.
• Preparation of forecast and budget numbers and providing commentary and explanation of variances.
• Contribute to the production of the annual report and accounts process for the Bank, Notes department, PRA, BEAPFF, Whole of Government Accounts, Pension Fund and BEALF ensuring they adhere to IFRS where applicable. Work with other business areas and external auditors as required (both the National Audit Office and KPMG).
• Provide analysis and impact assessment on the Bank’s statutory and internal reporting in light of any policy decisions and other projects as they arise.
• Support other areas of the Bank with ad hoc projects and activities.
• Support in the delivery of system change projects for Finance as they arise.
• Drive and lead on improvements in the financial control framework.
• Improve existing processes to ensure they are as efficient as possible and robust.
• Review the Bank’s statistical reporting and ensure it complies with guidelines.
  

Role Requirements

Minimum (Essential) Criteria

• The role holder needs to be a qualified finance professional or working towards a financial qualification.
• Good IT skills, including Excel, and the ability to learn new IT systems and processes.
• Experience of effective engagement with different stakeholder groups across an organisation and be able to maintain effective working relationships.
• The ability to take initiative and drive for results.
• Able to communicate, succinctly and in simple terms, both verbally and in writing.
• High attention to detail, ensuring work output is accurate and relevant.
• Good workload management skills with a core focus on delivery. Be flexible and adaptable in order to ensure tasks are prioritised effectively and delivered on time.
• Be a team player and able to work collaboratively with others and share knowledge.

The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive. We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way we support diversity and inclusion is through our staff-run networks, which are summarised here.

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working.

Where a role can be carried out from home, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. From 6 June 2022, we expect colleagues to spend a minimum of 40% of their working time in the office per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

We are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support us in this. We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

This specific role offers a base salary range of £36,860 - £43,650 per annum (depending on skills and experience) on a full-time basis.

In addition we also offer a comprehensive benefits package as detailed below.

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
• 26 days annual leave with option to buy up to 12 additional days through flexible benefits. (Note: effective from April 2023)
• Private medical insurance and income protection.

Employment in this role will be subject to National Security Vetting clearance and the passing of additional Bank security checks in accordance with Bank policy from time to time. Further information of vetting and security clearance requirements for the role will be provided to the successful applicant. Further information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England | Bank of England.

The closing date for applications is 2nd April 2023.