I am currently looking in to penultimate year internships for various positions in banking. I am quite torn at the moment between central banking and commercial/corporate banking. I was wondering if there was any room for maneuver between these two career paths? ie if you worked in corporate banking for 5 year switching over to central banking. Also I was wondering if the Bank of England salary would be significantly lower?
Any advice would be greatly appreciated.
All the best
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Central Banking vs Corportate/Commercial Banking watch
- Thread Starter
- 05-11-2016 23:04
- 06-11-2016 17:08
The Bank of England salary is good by national and public sector standards, but most bankers would consider it very low.
The top officers at the Bank of England excluding the Governor earn around £80,000-£150,000+ per year I believe. An equivalent level officer in Corporate Banking would typically be earning triple that figure.
The Bank of England is a very academic place to work. It's really for those who genuinely have a passion for public service in finance and enjoy the academic side of finance. It's not really comparable to Commercial or Corporate Banking which is far less intellectually demanding, less academic and a lot more practical and hands-on.
But yes, people do move from being bankers to central bankers but the vice-versa move is much harder. Most central bankers go on to become academics.
Starting salary for most roles at the Bank of England is around £35,000 with no bonus and increases very slowly relative to Corporate Banking.
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