Market Risk - XVA (Risk Management) : Job Level - Associate

Morgan Stanley; New York (NY); On-site; USD 100,000 - 140,000; Full time

Job summary

MorganStanley is seeking a junior Market Risk Manager to join the XVA Coverage team within the Market Risk Department. The role focuses on CVA/FVA and related valuation adjustments for counterparty risk, requiring curiosity, independence, and strong IT/data analysis skills.

Responsibilities include dialogue with trading desks, monitoring VaR and stress tests, and supporting risk modelling and regulatory projects. Base pay is disclosed below with potential incentive components.

Qualifications

• 2+ years experience in a trading or market risk department.
• Proficient Excel, VBA and SQL.
• Strong written and verbal communication skills.
• Knowledge of VaR and CCAR is a plus.

Responsibilities

• Maintain dialogue with trading desks and Front Office support on positioning and risk representation.
• Monitor market risks via VaR, sensitivities, and stress testing.
• Support market risk modelling enhancements and regulatory initiatives.
• Collaborate with global Market Risk Department and Model Risk Management.

Skills

Market risk concepts

Analytical thinking

Communication skills

Fixed Income/Equity derivatives

Education

2+ years experience in trading/market risk

Tools

Microsoft Excel

VBA

SQL

PowerPoint

Job description

Firm Risk Management

Firm Risk Management (FRM) supports MorganStanley to achieve its business goals by partnering with business units across the Firm to realize efficient risk-adjusted returns, acting as a strategic advisor to the Board and protecting the Firm from exposure to losses as a result of credit, market, liquidity, operational, model, and other risks.

Background on the Position

The role will reside within the Firm Risk Management's Market Risk Department (MRD) which is a team dedicated to providing independent market risk oversight across the MorganStanley's trading and banking activities. The position is for a junior Market Risk Manager working in the XVA Coverage team which oversees firm's CVA (Credit Valuation Adjustment), FVA (Funding Valuation Adjustment) and other related/emerging VAs on the firm's counterparty.

Primary Responsibilities

• Maintain on-going dialogue with trading desks and Front Office support groups regarding positioning, market developments, trading strategies, limit usage, and risk representation of new and/or exotic trades.
• Monitor market risks through the review of portfolio risk sensitivities, Value-at-risk (VaR), stress scenario analysis and limit monitoring.
• Support projects involving your coverage area, such as market risk modelling enhancements, development of stress tests, or regulatory initiatives (e.g. Fundamental Review of the Trading Book).
• Collaborate closely with colleagues from the global Market Risk Department and other support groups, including Model Risk Management Finance & Technology.

Experience

• 2 Years + experience in a trading or a market risk department is a plus
• Curiosity and self-motivation to develop expertise in financial products, markets, and risk management practices
• Ability to synthesize complex problems and conceptualize appropriate solutions
• Proactive with the ability to work as both part of a close-knit team and independently
• Strong IT skills are desired to facilitate data analysis, competence MS Excel, VBA, and SQL
• Excellent communication skills for written, graphical and verbal presentation, with high competency in PowerPoint
• Knowledge of market risk concepts like VaR and regulatory activities like CCAR is a plus
• Product expertise in Fixed Income and/or Equity products including derivatives is desired

WHAT YOU CAN EXPECT FROM MORGAN STANLEY:

At MorganStanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At MorganStanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work‑life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work.

To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices into your browser.

Expected base pay rates for the role will be between $100,000 and $140,000 year at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long‑term incentive packages, and other MorganStanley sponsored benefit programs.

MorganStanley is an equal opportunity employer committed to building and maintaining a workforce that is diverse in experience and background. Our recruiting efforts reflect our strong commitment to a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents.

Our workforce reflects a broad cross-section of the global communities in which we operate, bringing a variety of backgrounds, talents, perspectives, and experiences.

For more information, please visit: https://www.morganstanley.com/people-opportunities/eeo.