Can someone explain how this department relates to the other departments in a typical Investment Bank? I'm assuming this is more of a 'middle' office type position? Do you work closely with traders or are they seperate? What is the typical career progression for someone in this department? And any other useful information would be appreciated!
It is a middle office position and even though one interacts significantly with F/O and B/O, by necessity, it's separate, distinct and independent of F/O. Credit Risk is the group that approves, limits or denies trading for F/O based on counterparty credit analysis. Don't know about career progression; am going through it right now...
I do enjoy the mathematical aspect of credit risk but I've got mixed feelings. I worked for a discount brokerage out of university for 4.5 years and loved watching the markets (didn't trade much because I was paying back student loans) but hated dealing with retail investors. Now I'm dealing with institutional investors, which is a lot better, but am a bit insulated from the markets with no quote screen right in front of me. I've looked at setting up my own trading system from home but right now, with a baby on the way, I need job stability. I will probably continue to save money with the intention of making a go of trading for a living, from home, in the future.