Long time readers of this blog (so that will be my wife then) will know that I'm finding it difficult to be an engineer at the moment. I lost my job a year ago, and getting work through my own business is tricky in the current climate. So when one of the engineering job boards advertised posts at the Financial Service Authority (
FSA) saying "You may not have considered a career at the FSA. We are actively recruiting numerate candidates from outside the financial services, and have a thorough in-house training programme" I was very tempted. The stated salary was certainly attractive. After some soul searching I gave in and applied.
The online process was lengthy, and involved essays of a broadness of scope I'd not seen since the Cambridge entrance exam general paper nearly thirty years ago. Come to think of it, maybe that was the model. Still, it seemed to do the trick since I was then told to expect a telephone interview. That was a pleasant chat with a very nice lady. I asked the obvious question. "Aren't you going to be shut down?" There was a sigh. I clearly wasn't the first to ask. "We have already been in discussions with the Bank of England, and there has been an agreement that the recruitment of front line staff actually needs to increase, not decrease. Many of them will be transferred to the Bank of England in the near future. There will be savings in the HR and admin functions, but not in the roles we are discussing." So that's all right then. I was then told to do an online financial exam, against the clock. I ploughed through it, ignoring the telephone and personal callers who all seemed to decide that was a good moment to want to speak to me. There must be some sort of "hassle" feature on my computer. Again, it seemed to do the trick as I was asked to check my online account to chose a date for an assessment at Canary Wharf. It turned out that this was a "Hobson's Choice." One date. In two days time. And there was an N.B. "The FSA does not reimburse candidate travel expenses." Gulp. Not for the first time I wished there was such a thing as a normal person's railcard. Still, I girded my loins, broached my wallet, wielded my plastic, and bought the tickets.
Those of you who've ever been to FSA HQ in Canary Wharf will know just how impressive it is. A startlingly huge building, replete with framed pictures which I suspect are not mass produced, and surfaces which sparkle. A small band of candidates were ushered to one of a multitude of meeting rooms. I chatted to one of the two HR helpers assigned to us. "Oh, there was a huge reluctance to consider candidates from outside the financial services. Lot of arguments. In the end the blockers said ' Well, they won't pass the online exam anyway' so gave in. But in fact, we're finding candidates from outside the industry are getting higher marks on the exam than those already in financial services!" I warmed to our guide, but wondered how he felt about being involved in a massive recruitment effort when his function had been identified as a target for reduction. Did he even know?
The process had two parts. The first was the examination of a massive bundle of (invented) data on a (fictitious) financial situation. I had to prepare a presentation of exactly ten minutes on it to two interviewers, who would then quiz me on it for twenty minutes. They were strict on the limit, actually setting a timer off. This is the sort of thing I'm now trying to do for a living, albeit presentations for investment, and investors have shorter attention spans than bankers. I drew my presentation to a close, said "any questions" and the buzzer went. One of my interviewers said "Wow. Good job!" and was quickly silenced by a glance from the more senior member. The questions seemed straightforward and I left the room feeling hopeful.
The next session was a competency based interview. The panel of two was a relatively young woman (late 20s/early 30s) and her boss. The temperature plummeted as I entered the room. Something certainly didn't feel right. "So, why have you applied for the job when you're an engineer?" "Well, I saw the advert, and I'd already come to realise that financial services can't be regarded as separate to engineering. They are important to it. So it seemed to be an opportunity to help fix an industry that needs to work well for engineering in the UK to work." There was a pause. "And what training would you need?" I thought for a moment. "Well, I understand that your training course covers an introduction to financial services. I'd need to understand the culture and legislation." The atmosphere seemed to warm a little, and there followed a ten minute description of how excellent their training course was.
At the end of the session I had the opportunity to ask questions. "Is there anything about the FSA you don't like?" I asked the young woman. "Well," she said, "the pay is quite low compared to the industry norms." I gave a start; the range quoted for what was clearly a fairly junior audit clerk type role was more than I had been making as a director in a £30M turnover manufacturing company. She ignored her boss's warning glance and carried on. Clearly I had ignited her fuse. "It's not uncommon for people to leave to go into the City on multiples of what they earn here." Her boss stepped in. "Well, we are aware of this, and I think I can say that the upcoming reorganisation does give us the opportunity to rescale in line with the industry norms." I could hear banking's siren call, and it sounded remarkably like the ringing of cash registers ...
So a week later I was called up by an HR person. "I'm sorry to say..." It wasn't unexpected; I had wondered whether I'd come across as too willing to take risks or not willing to go back to a junior role. I asked the obvious question. "Why?" The woman on the other end clearly ran down a chart. "Well, erm, let's see. Your case study. Oh, that was one of the best we've had. Hmm. Oh here we are. You didn't reach the required standard in two areas. 'Motivation' - you apparently applied because you saw an advert. 'Knowledge of the financial industry' - apparently you don't know much about the industry."
I was quiet for a few seconds. "Sorry, could you repeat that?" She did. As did her supervisor. As did her supervisor's supervisor, by e-mail, over the period of a month. Apparently I scored one of the best marks they've had on the case study, the test of how well someone could do the job, but because I'd been persuaded to apply for the job by an advert, asking for applicants from outside the industry, and was from outside the industry, I was ineligible. Bizarrely I'd also scored very highly on my understanding of the challenges facing the industry. Despite apparently not understanding the industry. I noted that it was a bit of a waste of public money advertising for candidates who, if they answered the advert, were ineligible to be considered. "Oh, it's not public money" I was told, with no defence of the "waste" part. I pointed out that funds obtained by being the monopoly supplier of a government mandated regulatory service were certainly not gained through private enterprise, and most if not all of the financial industry regarded that payment as a tax. At which point the by now quite senior person I was exchanging e-mails with said, in effect, "look, if we just pay you for your travel will you fuck off?" But with more words, and no swearing.
I accepted, and took it as a valuable lesson. I'm pretty sure from my conversation with the HR person that many of the senior people within what is, for the moment, the FSA are dead set against non-financial service candidates being offered posts. If any with that mindset end up assessing the competency interview then such candidates have no chance at all of being accepted. I'd also say, from my experience and the comments made to me, that anyone expecting the whole edifice to get any cheaper from the reorganisation is deluded. Clearly those working there are viewing it as a fantastic opportunity to get a bigger trough to put their snouts in.
The dark side is seductive, but those on the dark side aren't looking for new recruits! Did I get a lucky escape? Mind you, the money would have been nice!