Operational risk
Interviewing for a role in operational risk management, in Europe. I'm from a non target and never got a good job in finance before so anything in a top bank would be good for me. Having said that I've also had final rounds for IBD in other top banks. I've no offers yet. Want to ask about exit opps though and what this role might entail.Thanks to all who know anything and answer.
Update: job description for VP
1. Resolve risk related queries from S&T
2. Undertake investigations into conduct incidents and operational incidents
3. Assist with remedial actions identified by compliance
4. Daily review of surveillance reports and escalations to supervisors
dont know the group but it sounds like its ops risk management which is the least desireable. otherwise they would say you were in market risk or credit risk for a BU.
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Nope, don't be afraid about reneging. Just don't tell them where you're going, be short and professional that you decided to pursue a different direction in your career. Let them know as soon you sign the contract to work at a new firm.
This is a BO role, and moving from BO to front office is not easy. If your manager is not supportive of you, and the team you're interested in wants relevant experience and/or aren't too friendly, you'll be stuck. MS doesn't allow you to move for about 1.5 years I think. Also, I've heard many BO roles at MS are filled with finance hardos and there can be long hours.
IBD is definitely preferable if you're close to an offer there, but if you're nowhere near finance/don't really have the profile for it then you gotta start somewhere. Risk pays decently enough (around $100-120k all in with new raises) and is basically a 9-5, so there's that.
That said I agree with the above - credit risk or market risk are definitely more desirable with better exits. Risk exits to AM a lot, markets occasionally, if you really hustle IB internally/within same coverage area is doable. Credit risk you can get looks at credit-focused PE roles.
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You could always try to move to market/credit risk after 1 year
I am in Credit Risk, I always thought I would need to go to IB next, did not think it is possible to go from Credit to PE?? It already seems fairly difficult to get into IB and I thought PE wants you to do IB as a prerequisite.
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Found out the salary is $40k for London office. Hard pass...
Anyone else have insights?
Given your update it is quite clear this is a compliance job. A particular red flag for me is point 2 mentioning 'conduct incidents' and 'operational incidents'. That means your job won't even entail looking at the markets, you'll just be looking at the people within your firm who fuck up in some way. Let me first say that if you have no other offers you should take this job because having a job beats being unemployed. That said, you will not learn any finance nor will you get any market exposure. If you must, get the job but do not consider your job search over. Just start getting paid and keep recruiting as if nothing has happened. I wouldn't even put the job on my resume until after maybe 3 months in.
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