FID, First-Line Credit Analyst - Derivatives Trading (Associate / Vice President)

Morgan Stanley•New York, NY

12d•$150,000 - $250,000

About The Position

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries. As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture. The Fixed Income Division is comprised of Interest Rate and Currency Products, Credit Products and Distribution. Professionals in the Division assess and actively manage risk, trade securities, and structure as well as execute innovative transactions in the fast-paced and constantly changing global markets. The Commodities Division is a market leader in energy, metals, and agricultural product trading worldwide whose professional’s trade in both physical and derivative commodity risk. Background Morgan Stanley’s derivatives trading businesses operate in fast-moving global markets across asset classes. The First-Line Credit team partners directly with investment bankers, corporate derivatives marketers, traders, and structurers to evaluate counterparty and transactional credit risks, ensuring both strong business enablement and disciplined risk management. We are seeking a mid-level credit professional to support evaluation of new derivative transactions, develop balanced credit recommendations, and articulate views clearly to senior stakeholders.

Requirements

Bachelor’s Degree required.
4–8 years of relevant experience in one or more of the following:
Credit rating agency (corporates, financial institutions, or structured products)
Leverage / Acquisition Finance team
Secured lending team
Bank credit risk management team
Structuring or credit-intensive role within a bank’s trading or capital markets division
Strong analytical ability and comfort working with complex information under time pressure.
Demonstrated ability to develop coherent credit views and communicate them clearly—both in writing and in discussions with senior stakeholders.
Familiarity with traded products, ISDAs/CSAs, and exposure concepts preferred.
Ability to work independently in a fast-paced trading-floor environment while managing multiple deliverables.
Strong interpersonal skills and a collaborative mindset to partner effectively with front-office teams.

Nice To Haves

Experience with derivatives exposure metrics, stress testing concepts, and transaction structuring.
Experience presenting credit recommendations to committees or senior risk stakeholders.
Comfort interacting with clients, counterparties, and internal teams across the Firm.
Interest in market, sector, and counterparty-specific developments relevant to traded credit exposures.

Responsibilities

Transaction Evaluation & Credit Underwriting Evaluate new counterparty risk associated with derivative transactions across corporate counterparties, PE funds, and securitization structures.
Develop clear, balanced, and well-supported written credit analyses assessing counterparty fundamentals, transaction structure, collateral/CSAs, exposure dynamics, stress outcomes, and key risks.
Present and defend transaction recommendations to senior leaders within the business and Firm Risk Management.
Participate in transaction discussions with trading, structuring, capital markets origination and sales to ensure a shared view of credit appetite, structural mitigants, and commercial considerations.
Stakeholder Engagement Act as a first-line partner to the trading desk—ensuring efficient information flow, early identification of credit issues, and collaborative problem-solving.
Build strong working relationships with second-line Credit Risk Management, Legal, Trading, and Operations to support smooth execution of transactions.
Support senior team members in due diligence discussions with counterparties for new relationships or complex structures.
Ongoing Portfolio Monitoring Maintain active oversight of assigned counterparty portfolio, including review of financial performance, industry trends, limit usage, and exposure changes.
Identify emerging risks proactively and escalate as appropriate.
Assist in preparing periodic portfolio reports summarizing ratings changes, excesses, and market impacts for senior management.
Documentation & Reporting Prepare concise yet thorough credit memoranda, exposure summaries, and transaction approvals for internal committees.
Contribute to ad hoc presentations for business leadership, Firm committees, and regulatory inquiries.
Review trade requests for exposure profiles, tenor, documentation considerations (ISDA/CSA), and structural elements.