At a Glance
- Tasks: Oversee credit risk management across global portfolios and analyse risk drivers.
- Company: Leading financial firm with a strong focus on risk management.
- Benefits: Competitive salary, professional development, and a dynamic work environment.
- Other info: Opportunity to work in a collaborative environment with excellent career growth.
- Why this job: Join a team that shapes credit risk strategies and influences market decisions.
- Qualifications: 8+ years in risk management with strong quantitative skills and credit product knowledge.
The predicted salary is between 75600 - 92400 £ per year.
The Firm seeks a senior Risk Manager to join its Credit Risk Management team in London. The successful candidate will oversee the independent risk management of credit portfolios across corporate bonds, loans, credit derivatives, and structured credit in EMEA, US & Asia.
Primary responsibilities include:
- Own independent risk oversight: Oversee global credit portfolios, with a clear view of exposures across credit spread, default, recovery, curve, basis, convexity, embedded optionality, ratings migration, financing, liquidity, and correlation.
- Analyze P&L and risk: Analyze risk drivers, P&L attribution, hedging efficiency, scenario behaviour, and tail outcomes for portfolios trading corporate bonds (investment grade and high-yield), leveraged loans, credit indices (CDX, iTraxx), single-name CDS, tranches, and structured products such as CLOs and non-agency MBS.
- Develop and oversee risk guidelines: Establish guidelines for portfolio construction, concentration, liquidity, gap risk, financing, and drawdown. Ensure mandates are defined, scalable, and consistently observed.
- Review trade and portfolio construction: Review positions with close attention to bond and loan terms, covenants, capital structure, seniority and security, structural protections, embedded optionality (calls, puts, prepayment and extension risk), CDS documentation, index and tranche construction, financing and margin assumptions, and event risk (ratings actions, refinancings, restructurings, and defaults). Assess both directional and relative-value risk, including basis and capital-structure trades.
- Review portfolio risk: Work closely with portfolio managers to assess positions where risk may be mispriced, crowded, imperfectly hedged, or less aligned with mandate, liquidity, or market regime, with particular focus on default and downgrade risk, complex structures, and crowded credit themes.
- Evaluate portfolio manager candidates: Assess prospective Portfolio Manager candidates by testing the strength of their process, risk discipline, hedging approach, portfolio construction, and historical returns.
- Improve risk infrastructure: Enhance the Firm’s models, systems, and reporting for credit risk. Work with quantitative researchers and technologists to improve valuation, stress testing, exposure decomposition, default and loss modelling, and real-time reporting.
- Communicate with precision: Present key exposures, stress results, and changes in market structure clearly to senior leadership and investment teams.
- Monitor global market developments: Track primary and secondary market activity, issuance trends, liquidity, market structure, rating migration, default cycles, and regional differences in the U.S., Europe, and Asia that may affect risk-taking and portfolio construction.
Required Qualifications & Skills
- Experience: At least eight years of experience in risk management, trading, structuring, or desk strategy, with significant exposure to traded credit products and credit relative-value strategies. Deep knowledge of traded credit instruments and their key risk drivers, including credit spread and default risk, recovery assumptions, term structure and curve risk, basis and correlation, volatility and optionality (calls, puts, prepayments, extensions), financing, and liquidity. Strong understanding of how corporate bonds, loans, credit indices (CDX, iTraxx), single-name CDS, tranches, and structured products (including CLOs and non-agency MBS) interact with related instruments such as rates, FX, equities, and index options, as well as capital-structure and basis hedges. Demonstrated ability to oversee day-to-day portfolio risk while leading complex strategic projects. Experience in trading, structuring, or portfolio construction is highly desirable, though this is a dedicated risk management role. Experience across U.S., European, and Asian credit markets is strongly preferred.
- Skills & Knowledge: Strong quantitative and programming skills, including Python and SQL, for data analysis, model development, and automation. Strong understanding of derivative pricing, asset pricing, financial econometrics, and risk techniques relevant to credit products, including spread and default modelling, recovery and loss-given-default modelling, correlation and tranche modelling, and liquidity and gap-risk analysis. Sound judgment in assessing portfolio risk under normal and stressed conditions, including gap risk, short squeezes, credit events, volatility shocks, and liquidity deterioration. Excellent written and verbal communication skills, with the ability to build effective relationships with portfolio managers, traders, quantitative researchers, and senior stakeholders.
- Education: A degree in a quantitative discipline, such as Finance, Economics, Engineering, Mathematics, or Computer Science. A graduate degree is strongly preferred.
Risk Manager - Credit in London employer: Millennium Management
As a KDB Developer - Equities, you will join a dynamic front office team that thrives on innovation and collaboration, working in a fast-paced environment that values your contributions. Our company offers a supportive work culture with ample opportunities for professional growth, mentorship from experienced developers, and the chance to work on cutting-edge technology platforms that are pivotal to our trading operations. Located in a vibrant financial hub, we provide a unique opportunity to engage directly with investment professionals while enjoying a competitive benefits package and a commitment to work-life balance.
StudySmarter Expert Advice🤫
We think this is how you could land Risk Manager - Credit in London
✨Tap into Campus Networks
If you're still in uni, don’t forget to engage with your campus's career services and attend finance-related events. Banks often do presentations and recruitment drives on campus, so put yourself out there and make use of these opportunities to show off your passion for the field.
✨Get Certified
Consider pursuing relevant certifications like the CFA or ACCA while you’re job hunting. They not only beef up your CV but also connect you with professional bodies which can lead to networking opportunities and even job openings in banking and financial services.
✨Connect on Professional Platforms
Join finance-focused groups on platforms like LinkedIn and engage in discussions. This can really help you stand out from the crowd, allowing potential employers to see your knowledge and interest in industry trends. Plus, you might stumble upon job postings shared exclusively within the group.
✨Apply Directly and Be Proactive
Don’t shy away from reaching out directly to firms like Millennium Management. Use their websites and apply through them, but also consider following up with a polite email to express your enthusiasm. Being proactive can make a huge difference in getting noticed in the competitive financial services sector.
We think you need these skills to ace Risk Manager - Credit in London
Some tips for your application 🫡
Show Off Your Numbers!:In the banking and financial services world, quantifiable achievements are key. Make sure your CV highlights your grades in relevant subjects, any financial certifications you hold, and specific projects where you've delivered measurable results. Employers love to see how your skills translate into real-world success.
Tailor Your Cover Letter to the Role:When applying for a full-time position, your cover letter should make a direct connection between your experience and the job description. Don't just state your enthusiasm for finance—dive into how your background in banking or financial analysis sets you apart. Let your passion shine through while being specific about what you can bring to Millennium Management.
Include Relevant Financial Software Experience:If you've worked with financial modelling tools or software like Excel, SAP, or specific analytical tools during your studies or internships, bring that up! Highlighting your proficiency can really make your application pop and show you're ready to hit the ground running in a full-time role.
Research and Reflect:Before hitting that 'apply' button on Millennium Management's website, do a little digging. Look up their recent projects, values, and culture. Reflecting their ethos in your application can make a huge difference and show you’re genuinely interested in being part of the team!
How to prepare for a job interview at Millennium Management
✨Brush Up on Financial Analysis Skills
Make sure you're well-versed in financial concepts and analytical techniques relevant to banking and financial services. Get comfortable with tools like Excel for modelling or financial forecasting, as technical questions in this area are common during interviews with Millennium Management.
✨Prepare for Case Studies
Expect to tackle case studies that demonstrate your problem-solving skills in real-world banking scenarios. Familiarise yourself with the types of problems you might face—think risk assessments or investment evaluations—and be ready to articulate your thought process clearly.
✨Show Your Passion for Finance
Since this is a full-time position, employers at Millennium Management will be keen to see your genuine interest in finance. Be prepared to discuss recent industry trends or news articles that excite you, showcasing your enthusiasm and engagement with the field.
✨Network with Industry Professionals
Before your interview, reach out to current or former Millennium Management employees on platforms like LinkedIn. They'll offer unique insights into the company's culture and the interview process, which can give us a delightful edge in showcasing a good fit for the team.
