Central Bank Apprentice Programme avenues - Central Bank of the Bahamas (2024)

CENTRAL BANK APPRENTICE PROGRAMME (CBAP)

Central Bank Apprentice Programme (CBAP) is the entry-level point for talented university graduates seeking a fulfilling career in central banking, public policy or financial regulation. Successful candidates will prove themselves capable of progressive career advancement, focused on policy & research, regulation & supervision of financial institutions, financial analysis & investments, and information technology. This programme exposes candidates to lucrative career opportunities in the public and private sectors, and is strong preparation for graduate level studies in a diverse set of professions in economics, finance, banking, public policy and law.

OVERVIEW OF CENTRAL BANK APPRENTICE PROGRAMME (CBAP)

The CBAP is formulated as a two-year training and developmental programme for highly educated and motivated Bahamian applicants. These applicants would have recently completed a Bachelor's degree in one of the qualifying disciplines, performing well above average in their academic studies. They must demonstrate both the aptitude and interest in eventually pursuing a Master's degree or other graduate level studies or professional certification that is equivalent to the Master's degree. Applicants must also have a drive to excel in a technically demanding environment and be a competitive candidate for vacant positions within the Bank.

Annually, the Central Bank will select a small number of university graduates as Apprentice Professionals (APs), according to the average number of unfilled vacancies for entry-level recruits. APs will be required to work as a team on a number of key projects, in six-month rotations, through four selected departments. They will also be given technical assignments based on strategic work streams of the Departments to which they are rotated. These include the following:

• Financial supervision and regulation
• Research and statistics
• Exchange control administration
• Banking, payments and investment operations
• Information technology and information security

After successfully completing the first six months on probation, APs will become permanent staff of the Bank and eligible for a full range of staff benefits. At the conclusion of the two-year apprenticeship period, and based on their qualifications, experience and the availability of suitable positions within the Bank, APs can apply for any vacant post or promotion that becomes available. Thereafter, they may also compete for in-service scholarships for full-time graduate studies, according to recruitment priorities for technical specialists.

STRUCTURE OF THE PROGRAMME

Through the CBAP, the Central Bank intends to build a cadre of professionals with the potential to fill any position that becomes available. Successful candidates are expected to have the relevant qualifications in at least one of the key disciplines:

• Accounting
• Banking
• Economics
• Finance
• Information Technology/Security
• Law
• Public Policy
• Mathematics
• Statistics

Successful candidates will receive a comprehensive development curriculum upon the start of their engagement. Over a two-year period, they will participate in structured internal workshops and seminars, delivered by experienced staff. These exposures are designed to help build technical competence to progress key career paths within the Bank. APs will have access to the varied international training provided to the Bank’s staff. They will each be assigned a direct mentor/supervisor, a human resources (HR) support specialist, and a peer support advisor from among staff who have already successfully completed the programme.

ELIGIBILITY

To be considered for the CBAP, potential candidates must meet the minimum requirements as outlined:

• Be a citizen of The Bahamas.
• Be no older than 23 years of age by 30 June 2022.
• Hold at least a Bachelor’s degree in one of the specified disciplines with a high calibre academic record (Minimum Grade Point Average equivalent of at least 3.5 out of 4.00); with the completion or anticipated completion date that is no later than 31 July 2022.
• Have excellent analytical and quantitative skills.
• Be able to join the Bank on a full-time basis from 1 September 2022.
• Have no more than one (1) year’s work experience since the completion of undergraduate studies.

APPLICATION PROCESS

To apply for a positon at the Central Bank, eligible candidates should follow the steps below:

Select the CBAP vacancy ad and follow the on screen steps to apply:
www.centralbankbahamas.com/careers

Provide the following additional information:

• CV and cover letter
• Copy of final transcript or certificate (with evidence of degree granted)
• PDF copy of an undergraduate research paper completed in the applicant's subject major
• Names and contact of two references

Each applicant will receive a unique tracking number. This number should be utilized in any subsequent correspondence regarding their application.

If shortlisted, the applicant will be given an interview and be invited to complete a 40-45-minute writing test.

EXPECTATIONS AT THE END OF THE PROGRAMME

At the end of the two-year period, candidates should have gained a comprehensive understanding of the key technical work streams of the Bank and have developed new skillsets in these areas. They should have also strengthened their team working skills.

COMPENSATION AND BENEFITS

The starting salary for APs is $31,696. Once applicants successfully complete their initial six-month probation, they will be eligible for an increment in line with the Bank's Performance Management Policy. On entry to the Bank, APs will be allowed to enrol in the employer-funded comprehensive health care plan. After the six-month probation period, this eligibility will extend to other benefits, including a defined contribution pension plan.

RECRUITMENT AND SELECTION

The CBAP will be governed by the Bank's Recruitment and Selection Policy. Candidates will be required to submit applications through the website address provided. If screened, applicants will be subject to a preliminary interview by a relevant Department/Unit Head, based on their field of study, a representative from the Human Resources Department and a committee of non-management peers from across the Bank. Short-listed candidates will be invited to a final interview with the Selection Committee, comprised of the Deputy Governor and selected Heads of Departments. The Committee will make a recommendation to the Governor for the approval of the AP's application.

FREQUENTLY ASKED QUESTIONS

What projects will I be involved in as an AP?

Apprentice projects will be designed to develop the participants’ analytical and technical skills at junior entry-level roles throughout the Bank. As candidates rotate through the Bank, they will be assigned a range of tasks and projects broadly consistent with those outlined in the Bank's Strategic Plan.

What is the Career Path for Apprentices?

As noted, Apprentices are expected to be highly motivated, above average achievers, who will be trained to eventually assume functions within the Bank as such as those below:

• Bank Supervision Analysts
• Exchange Control Officers
• IT Analysts and Programmers
• Information Security Officers
• Policy Analysts
• Statistical Analysts, Statistical Officers
• Research Analysts, Research Officers

How will the Central Bank Support the Development of APs?

Participants in the programme will be eligible to engage in relevant local and international training workshops/seminars. In addition to a supervisor/mentor, APs will also have access to a cadre of highly trained professionals to assist them in their development, through presentations and meetings, as well as ongoing guidance and support of the HR Department.

Is there any flexibility when it comes to the Age Limit for the Programme?

Yes, it may be possible to extend the age limit beyond 23 years; however, this would only occur in exceptional cases, such as if a candidate is working towards a Master’s degree 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/careersfor a listing of the documents which should be submitted for the CBAP.

Deadline to apply?

Eligible applicants should apply by 15 July2022.

I do not meet the minimum criteria. Can I still apply for a position?

This opportunity is highly competitive. If you do not meet the minimum criteria for the Apprentice Programme you should consider applying for other job openings at Central Bank. Please create a profile that you can use to apply for many other exciting openings. Continue to monitor the Bank’s website until a position opens up for which you feel qualified to apply.