Innovation competition

Our Innovation competition launches again in 2024 for UK students aged 16+

Competition

We are offering UK students the opportunity to apply for and  win a paid internship with us. 

We’re looking for students who are passionate about data science to join us in the summer, 2024.

To enter this year’s competition, you should create either a five-minute video or a five-slide presentation, answering the following question:

The aim of the Bank of England and Prudential Regulatory Authority (PRA) is to promote the safety and soundness of the firms we regulate. How can data and technology help us to achieve that?

Tips 

To help you get started, try to consider the following questions:

  • Why is data and technology important in helping the Bank of England and Prudential Regulatory Authority (PRA) achieve its aims?
  • What emerging technologies could the Bank of England utilise?
  • What are the potential challenges and benefits of these emerging technologies for the Bank of England?
  • What aspects of emerging technologies in the financial sector excite you and why?

In the last few years we have seen a number of emerging technologies being adopted across the financial sector. Some that you could consider are: 

  • distributed ledge technology (DLT), 
  • artificial intelligence (AI),
  • quantum computing. 

Diversity in science, technology, engineering, and mathematics (STEM)

Our competition is open to all UK students aged 16+. This includes students who are in school, college or university (undergraduate and postgraduate). We are committed to increasing diversity in STEM subjects, and we encourage female identifying students and students from underrepresented backgrounds in particular to apply for this competition.

Prize

The winners of the Innovation Competition 2024 will be awarded with a paid internship working in the data and innovation team at the Bank of England in the summer of 2024.

This internship can be completed in one of our offices or virtually.

Closing date

The closing date for the competition is midnight (GMT) on 31 March 2024.

    1. Anyone studying at sixth form, college or university (“You”) is eligible to enter the technology competition (the “Competition”).  Employees of the Bank of England (the “Bank”) and their families are not eligible.
    2. By entering the Competition You are accepting these terms and conditions.
    3. All entries to the Competition and associated correspondence must be in the English language only.
    4. This Competition is aimed at students studying in the United Kingdom. Entries are particularly encouraged from female applicants and from applicants from underrepresented groups.
    5. You are responsible for the cost and expense (if any) incurred in preparing and sending your submission (the “Submission”) to us.
    6. We must be able to open your Submission on a standard Windows-build desktop computer.
    7. Only one Submission is permitted per person, with the Submission to include the name, telephone number and email address of the applicant. Multiple entries using different registration information for a single individual will be disqualified. In the event of a dispute over the identity of an entrant, the Submission will be deemed submitted by the authorised account holder of the email account of the email address submitted during the registration process.
    8. The closing date and time of the Competition is 23.59 GMT on 31 March 2024. Submissions received after that date and time will not be considered.
    9. By submitting an entry to the Competition you represent and warrant that your Submission:
      1. is your own work and not plagiarised. If there is reason to believe that your Submission is not your own work or otherwise breaches this paragraph 10 then it may not be considered; and
      2. does not contain any third party intellectual property rights,  data or content that You do not have permission to use (and where you have permission, such third party intellectual property rights, data or content is appropriately referenced and the Bank has the necessary permission to use such third party intellectual property rights, data or content contained in your Submission as set out in paragraph 9a); and
      3. is not obscene, defamatory or in breach of any applicable legislation or regulations.
    10. The judging panel will choose 8 winning entries (or at its discretion, more or fewer winning entries) from the shortlist of Competition Submissions with reference to the published award criteria.
    11. The judges’ decision of the winning Submissions will be made in the month of April. The judges’ decision is final and no correspondence will be entered into. The Bank of England’s decision is absolute.
    12. The winning Submission will give the participants the opportunity to secure a 4 week paid internship (we are flexible on the length) at the Threadneedle Street or Moorgate premises of the Bank of England, and online via Microsoft Teams. We reserve the right to conduct the internship virtually, either in part or entirely, in the event of changing public health guidance related to the COVID-19 pandemic, or at the Bank’s discretion. Please note that participation in the paid internship is conditional on the participants achieving appropriate security clearance and on obtaining any necessary visas. The decision of the Bank of England regarding security clearance will be final.
    13. Participants securing a 4 week paid internship will need to fund their own travel and accommodation for the duration of the internship.
    14. We take no responsibility for entries that are lost, delayed, misdirected or incomplete or cannot be delivered for any technical reason.
    15. Questions regarding the Competition or these terms and conditions should be addressed to Ask-InnovationCompetition@bankofengland.co.uk. We will endeavour to respond to your query within three working days.
    16. Any complaints regarding the Competition should be sent to: Public Information and Enquiries Group, Bank of England, Threadneedle Street, London EC2R 8AH.
    17. To the maximum extent permitted by law, other than for personal injury or death caused by our negligence or our wilful default or fraud, we accept no liability for any costs, damages, disappointment, expenses, liabilities or losses incurred or suffered by You as a result of Your entering the Competition, downloading any data or materials in connection with the Competition, or accepting any prize.
    18. We reserve the right at any time and from time to time to modify or discontinue, temporarily or permanently, this Competition with or without prior notice.
    19. Your personal data will be processed in accordance with the Bank’s privacy policy.
    20. These terms and conditions and the Competition shall be governed by English law and You agree to submit to the exclusive jurisdiction of the English courts.

Entry

The competition is now closed.

Questions

You can email us at Ask-InnovationCompetition@bankofengland.co.uk.

2023 competition winners experience 

Some of our 2023 winners told us how the competition helped them:

  • “I was able to speak to a lot of different people working in a wide variety of divisions and this helped me to learn the kind of tasks they tackle on a daily basis and allowed me to be able to realise which one’s interest me the most.”

     

  • “I have always been interested in artificial intelligence (AI) and all technical roles but because this field is so vast I was not sure how to narrow my path to one profession. This experience made me feel how it’s like to be a data scientist and how it’s like to work in a company. I now have more clarity on what some professions look like.”

     

  • “It allowed me to get a sense of what it is like to work in an office, as well as possible pathways related to data science and coding, informing me of what I might want to do in the future.”

Thinking about your career options? Take a look at career opportunities at the Bank of England and read about the experiences of some of our colleagues in the early stages of their career.

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This page was last updated 20 March 2024