OVERVIEW OF CENTRAL BANK OF THE BAHAMAS
Central Bank of The Bahamas, is the statutory agency charged with formulating and executing monetary and financial sector policies in The Bahamas, in a manner that fosters the stability of the environment and supports the orderly development of the economy. This includes pursuing policies that safeguard the value of the Bahamian dollar, fixed at parity against the United States’ currency. The Bank is the sole issuer of Bahamian currency. It also provides banking services to the government and domestic banks and manages the external reserves of the country. Its mandate extends to regulation and supervision of banks and trust companies, credit unions, payments services providers, and the credit bureau. The Bank also advises the government on monetary and financial sector issues, and provides broad support in public debt operations, functioning as registrar and transfer agent for domestic securities issued by the Government.
OVERVIEW OF EXECUTIVE PROFESSIONALS PROGRAMME (EPP)
The Bank established the Executive Professional Programme (EPP) to attract highly educated and motivated applicants with strong career prospects and interests in central banking, financial sector regulation and public policy. Each year, the Bank will select a small number of university graduates as Executive Professionals (EPs) with moderate or no work experience, who have the potential to be integrated into mid-management level technical positions within the Bank. These persons will be placed in career paths to become economists, statisticians, regulatory policy analysts, bank examiners/analysts, financial analysts and IT specialists. They would be expected to contribute meaningfully to work-streams within the Bank’s Strategic Plan, covering economic research/statistics, financial supervision/regulation, policy development, investment/ financial analysis and information technology. Their professional development plan will involve participation in local and international training, workshops and seminars, and rotational work assignments across key departments of the Central Bank.
At the conclusion of a three-year period, successful EPs will be eligible for a permanent placement within the key operations or policy units of the Bank.
STRUCTURE OF PROGRAMME
To be considered for the EPP, candidates are expected to have qualifications and experience up to the Master’s degree level, in at least one of the following disciplines:
- Public Policy
Regardless of degree specialization, candidates must have pursued courses that exposed them to rigorous quantitative and statistical methods at the graduate level, and at least undergraduate exposure to economic principles.
Candidates chosen for the EPP will follow a comprehensive training plan and develop competencies needed to contribute in a meaningful way to the Central Bank’s core operations. In addition, each candidate will have a direct supervisor and a mentor, who, ideally, will have a similar academic and professional background as the EP.
Up to three (3) EPs will be selected each year. The EPs will be required to work as a team on a number of key projects for the Bank during their one- year rotation in various departments, in order to obtain valuable “hands-on” experience. In addition, each EP will also be required to work individually on a specific project; based on the needs of the relevant Department, which may require them to supervise the work of other staff members within the Bank. Specialized training sessions and presentations will be conducted to assist EPs in, inter alia, formulating career strategies.
To be considered for the EP programme, potential candidates must meet the minimum requirements outlined as follows:
- Be a citizen of The Bahamas or resident with the right to work in The Bahamas.
- Be 30 years of age or younger by 30 June 2020.
- Have completed a minimum of a Master's degree in one of the specified disciplines within the last three years, or have an anticipated completion date that is no later than 31 July 2020.
- Have excellent analytical and quantitative skills.
- Submit a research paper (can be from a Master's or PhD thesis project).
- Complete a one hour test to assess writing and analytical skills.
- Be able to join the Bank on a full-time basis, from 1 September 2020.
- Have no more than two (2) years of relevant experience since the completion of graduate studies.
- Be willing to work in a team and also supervise other staff to achieve positive results.
HOW TO APPLY
To apply for a positon at the Central Bank, eligible candidates should follow the steps below:
Select the EPP vacancy ad and follow the on screen steps to apply:
Provide the following additional information:
- CV and cover letter
- Copy of final transcript or certificate (with evidence of degree granted)
- PDF copy of a graduate research paper completed in the applicant’s subject major
- Names and contact of two references
Interested persons can also obtain updates regarding the EPP through the Bank’s Facebook and Twitter pages.
EXPECTATIONS AT THE END OF THE PROGRAMME
At the end of the three-year period, EPs should have gained a deep understanding of the various professional work streams of the Bank and have developed strong team working skills. For further career progression in the Bank, recruits will have acquired or developed strong supervisory and management skills, to function in leadership roles within the organisation.
COACHING AND MENTORING
Each EP will be assigned a supervisor/mentor, who will have significant knowledge of the EP’s field of study, as well as the operations of the Bank. The supervisors may be changed, depending on the EP’s work. EPs will also be assigned peer advisors, who will assist them in understanding the expectations of the organization.
COMPENSATION AND BENEFITS
EPs will receive a salary that is competitive with the market for a mid-level professional at the Bank, based on their education and relevant work experience. EPs will also, once they complete their initial six-month probationary period, be eligible to enrol in the Bank’s comprehensive health care plan, along with other benefits, including a defined contribution pension plan.
RECRUITMENT AND SELECTION
EPs will be subject to a preliminary screening by a specially convened panel, which may include the Governor or the Deputy Governor, along with mid- level professionals from across the Bank in the respective applicant’s field of specialization, and representatives from the Human Resources Department. If shortlisted, candidates will then, under terms of the Bank’s Recruitment and Selection Policy, receive a final interview by the Selection Committee, which is comprised of the Deputy Governor and the Heads of Department of the Bank. The Selection Committee will make a final recommendation to the Governor for the approval of the EP’s application.
FREQUENTLY ASKED QUESTIONS
What projects will I be involved in as an EP?
EP projects will be designed to develop the candidate’s technical and leadership skills. As they rotate through the Bank, EPs will be assigned a wide range of tasks and projects, which fit the job description of junior/mid- management level roles. Assigned projects will reflect current research or development activities being undertaken within respective Departments as outlined in the Bank’s Strategic Activities Plan.
What is the Career Path for EPs?
As noted, EPs are expected to be highly motivated, educated and experienced persons, who will be trained to eventually assume leadership roles within the Bank. The career path aligns principally with senior roles in the departments for Research, Banking, Exchange Control and Bank Supervision, including the following:
- Economist/Snr. Economist
- Statistician/Snr. Statistician
- IT Specialist
- Regulatory Policy Analyst/Specialist
- Senior Bank Supervision Analyst
- Bank Examiner/Senior Bank Examiner
- Investment Analyst/Manager
Successful careers may culminate in senior management roles as the Head of the respective departments.
How will the Central Bank Support the Development of EPs?
Participants in the EP programme will also be eligible to participate in training workshops/seminars hosted locally, regionally and internationally, with structured courses in areas such as:
- Central banking and monetary policy
- Public finance and public debt management
- Payments system and financial markets infrastructure
- Financial sector supervision and regulation
- Investment and management of foreign reserves.
In addition to a supervisor and a mentor, EPs will also have access to a cadre of highly trained professionals, to assist them in their development, through presentations and meetings with EPs, as well as on-going guidance and support.
Is there any flexibility when it comes to the Age Limit for the Programme?
Yes, it may be possible to extend the age limit to 33 years; however, this would only occur if a candidate possesses a Ph.D. in an area which is relevant for the programme.
Should any Additional Documentation be submitted with the Application Letter?
Please visit the Bank’s website at: www.centralbankbahamas.com/careers for a listing of the documents which should be submitted for the EPP.
Deadline to apply?
Eligible applicants should apply by 31 May, 2020.