So I've been looking at Vault Salary surveys and I saw that risk management (is that considered back office?) 1st yr analysts are paid up to 100K-110K all in. I was wondering if this was an exaggeration.
If not, for someone who is more worried about lifestyle, wouldn't this be a better deal? Better hours, job security, and a decent pay?
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bump...anyone?
someone I know is at Lehman operations full time....you will start off at 45-55k...maybe a small bonus, not sure....please keep in mind thats 45-55k in nyc...so its much less elsewhere....i dont know what the vault survey meant by risk management, but im pretty sure operations doesn't quite fit that category of 100k+ starting...
thanks, mack.
Anyone else?
i think risk management is referring to maybe credit risk management or portfolio management.
I believe its is connected to debt capital markets, maybe corporate banking, CDOs, CMBS, basically any Asset Backed Finance field.
It can also be connected to due diligence on clients (ie hedge funds) for the IBs, alot of other stuff.
I guess the all encompassing term would be Structured Finance at the IB and i doubt that its really back office. It may not be a revenue generator (front office) but its probably mid office. I guess its same as the those Phd's who run quant models for hedge funds or IBs to help hedge certain risks.
There's a lot of stuff on this. Probably best thing to do is to find someone who works in this field and talk to them.
I worked in Risk Management for awhile at a BB. Let me tell you that as a first year analyst you will not make 110k. Your salary will be the street average 60k. Your bonus will be in the range of 15-25k. Risk Management is not backoffice. It is more of a middle office role which is aligned with the trading areas. Risk management is more of a control function and is essential to revenue generation since they keep the traders in check (we would like to think so!). The reason why bonuses are higher than operations/finance is that they are more aligned with the revenue being generated instead of operations (reconciling trades)& finance( counting beans).
how are the exit ops or career outlook?
Is it possible to jump up to front office sometime or get into corp finance?
And how is the promotion ladder? Is it a dead end or not?
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