Credit Risk Market Update: October 2023

What is happening in Credit Risk within the London market?

  • 2023 has been a solid hiring market within Credit Risk Management, but not
    exceptional
  • Confidence is growing in the hiring market despite a more generally tough
    economic backdrop.
  • Hiring has generally seen activity within Credit Risk at a Senior Analyst and
    AVP / Associate level
  • UK Senior level hires / MD level have been less frequent in 2023 so far
    Challenges
  • Candidates are generally in shorter supply due to nervousness around
    moving, desires to “wait until bonus has been paid” and also post-Brexit visa
    restrictions
  • Within organizations, salary levels have been increased due to cost-of-living
    adjustments (in some cases as much as 15%).
  • Market hiring has not necessarily factored this in, so there is often some
    disparity between hiring budgets and candidate expectations
  • Bonus levels from Feb to July on the whole have been average
  • IR35 has reduced the Contractor population, so many have taken Perm roles.
  • Lure of roles in mainland Europe

For more information please contact rob@theriskpartners.com

How to take your Career to the next level

1) Education

• Standing out academically is an excellent start. But what if you don’t? You can Strengthen your profile and knowledge with an MBA, and industry-based qualifications such as FRM, CFA or CISI.

2) Obtain relevant vocational exposure

• A related Internship could kick start your career at the outset
• As an experienced professional get involved in NED assignments to broaden your exposure / perspective
• The more senior you become, the broader your position is likely to be. Showing breadth of experience / responsibility will make you a more viable candidate for the top jobs
• Mentor and manage other professionals around you

3) Expand your network outside of your immediate team

• Network with peers
• Speak to divisional heads, team leads, team members and EA’s
• Stakeholder support will help propel you through the corporate world

4) Get your name known in the industry

• Get involved with specific industry groups, you can learn, network and grow
• By regularly attending and speaking at industry specific forums, your stock will certainly rise
• Consider forums such as: PRMIA, GARP, Risk.net events, Risky Women, The Risk Partners events
• Have an opinion – get involved in internal seminars, participate in online discussions / webinars / podcasts

5) Come up with new ideas & suggestions

• Successful new ideas and practices will propel your career
• Carve out a niche area and building something new

6) Reflect on your skills and your career plan

• Think about your career plan and milestone goals
• Reflect on what you are good at and showcase it
• Know where you want to be in the future, plan the path to get there

7) Consider exploring career options outside of your current firm

• There is a big world of opportunity out there, other firms want and need your experience
• Give The Risk Partners a call to discuss your path. We can confidentially talk about your trajectory, market value and recommended steps

The Risk Partners are here to help. Working with us will give you access to a wealth of advice, tips and stories from our Partners. We have trodden the paths before, so do let our experts help you.
Get in touch today: contact@theriskpartners.com