Credit Risk Management
Position Description
Morgan Stanley has an opening for an Analyst or Junior Associate for the Commodities team within Credit Risk Management (CRM). CRM is a global group that is responsible for oversight of credit risk arising from the businesses of our Sales Trading and Investment Banking divisions. The primary location is alongside our trading floor in Westchester, although flexibility to work out of CRM's main office in Manhattan is necessary. While relevant work experience is preferred, candidates with exceptional academic, analytical and project management accomplishments may apply.
The Commodities activities covered by Credit include both sales and trading and direct lending. Sales and trading includes OTC derivative and structured transactions involving electric power, natural gas, crude oil, and refined products, as well as other energy, metals and agricultural products. Both financial and physical trading activities are within scope. Activities also include lending via a variety of structures employed in energy, including solar project finance, exploration and production reserve based lending, and other specialized structures. Counterparties include integrated oil and gas companies, exploration and production companies, refiners, airlines, commodity traders, municipalities, energy cooperatives, hedge funds, financial institutions, and others.
Responsibilities
• Fundamental research and credit analysis: Perform financial statement analysis, including preparation of credit reviews that assign an internal credit rating and risk limits, calculation of asset valuations, and credit scenario analysis.
• Sector Analysis: Comparables company analysis for counterparties to which Morgan Stanley has exposure.
• Trade Analysis: Use financial and trade modeling tools to estimate how much a counterparty could owe Morgan Stanley in expected and tail probability scenarios. Modeled exposure drivers of Monte Carlo simulations are compared to historical price levels and evaluated for reasonableness.
• Transaction Negotiation and Structuring: Assist in the evaluation and negotiation of master agreements that govern credit terms between Morgan Stanley and the counterparty. Investigate document issues, create summaries, and develop action plans to implement enhancements.
• Exposure Monitoring: Assist in the preparation of reports that track financial exposure to counterparties, sectors, and other groups.
• Regulatory Capital Evaluation: Assist in the calculation of capital requirements and return on capital performance.
Skills Required
Skills Required
• Education: Undergraduate degree with a problem solving and analytical orientation is preferred. For example, engineering, business analytics, economics or applied math/science.
• Experience: We expect an experienced analyst to have had one to three years post undergraduate experience in a financial services or consulting role, or in the energy industry, preferably involving credit analysis or evaluation of corporate debt or equity. Junior level associates, recent graduates, or candidates with experience that is not directly applicable may apply; the levels of responsibility and compensation will be calibrated to experience.
• Personal: Strong interpersonal skills to work in a team oriented, high-energy trading floor environment. Well organized and detail oriented. Note that the role is in based at Morgan Stanley's commodities trading floor in White Plains, NY, but the individual will be expected to attend meetings and spend time in the Firm's Manhattan locations frequently.
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