Middle Office Analyst
87% skill overlap
Your role
Collateral Management Analyst
Full profileYour role
- L3 salary
- Not published yet
- Upcoming dated changes
- 7 changes ahead
- Top critical skills
What the role does
A collateral management analyst makes sure that exposures from derivatives, repo and securities lending are covered by the right collateral at the right time. The role calculates daily margin calls under ISDA credit support annexes and clearing house rules, agrees or disputes calls with counterparties, moves cash and securities, checks eligibility and haircuts, and reconciles portfolios. It supports the uncleared margin rules for variation and initial margin and works closely with treasury, settlements and credit risk.
Read a day in the life
A day in the life
The day starts with the overnight exposure file. The analyst checks that valuations loaded for every agreement, then issues margin calls to counterparties and reviews the calls received. Most agree within minutes, but a hedge fund disputes a large call, so the analyst compares portfolios trade by trade and finds a swap missing on the counterparty side. Late morning is about deadlines: cash and bond transfers must be instructed before the cut-off times of the payment systems and the central securities depositories. The analyst checks that collateral offered is eligible under the agreement and applies the right haircut. A clearing house intraday margin call arrives and is passed to treasury for funding. After lunch the work turns to initial margin under the uncleared margin rules, reconciling sensitivities with counterparties and checking custodian segregated accounts. The day ends with an ageing report of open disputes and a note to credit risk on one counterparty that keeps paying late.
Levels
- L1 Starting out
- L2 Independent
- L3 Senior or specialist
- L4 Leads a team or an area
- L5 Leads the function
Full level descriptions and job titles
The EFO level names are the common scale; job titles differ between employers.
| Level | What the work looks like | Typical years | Typical job titles |
|---|---|---|---|
| L1 Starting out | Issues and agrees standard margin calls, books collateral movements, checks eligibility and haircuts and learns agreements, systems and cut-off times under supervision. | 0-2 | Banks: Analyst, Junior Analyst, Associate (asset servicing), Trainee, GraduateAsset servicers: Junior, Specialist (entry), Officer |
| L2 Independent | Owns a portfolio of counterparties end to end, resolves disputes and fails, trains L1 analysts and is first contact for counterparties, treasury and credit risk. | 2-5 | Banks: Analyst / Senior Analyst, AssociateAsset servicers: Specialist, Senior Specialist, Senior Officer |
| L3 Senior or specialist | Specialist in initial margin, clearing or collateral optimisation, handles complex disputes, new agreements and system changes, and represents collateral in projects and audits. | 5-9 | Banks: Senior Associate, AVP, Assistant ManagerAsset servicers: Senior Specialist, Expert, Team Lead (small team) |
| L4 Leads a team or an area | Manages a collateral team, owns dispute and fail controls, key risk indicators and staffing, and is the escalation point for counterparties, credit risk and treasury. | 8-14 | Banks: VP, Manager, Senior ManagerAsset servicers: Team Lead, Manager, Head of Section |
| L5 Leads the function | Head of collateral management for a legal entity or region, sets the operating model, collateral policy inputs and priorities, and reports to operations and risk leadership. | 12+ | Banks: Director, Executive Director, Managing Director, Head of functionAsset servicers: Head of Department, Director |
Skills
Where the skill weights come from
Each role lists its skills with a tier and a weight. The weights of one role add up to 100 percent.
Source: the EFO role catalogue, built from the ESCO classification and reviewed by the editors.
The percentage is the skill's share of the role; the bars are drawn relative to the anchor skill, which is shown full.
Critical
- Collateral and marginingWeight 13.4%Relevant to you
- Trade lifecycleWeight 8.9%Relevant to you
- Settlement and fails managementWeight 8.9%Relevant to you
- Derivatives and how they workWeight 8.9%Relevant to you
- Securities financing (repo and securities lending)Weight 8.9%Relevant to you
Important and supporting skills 17
Important
- Trading and risk systems (Murex, Calypso)Weight 4.4%Relevant to you
- Attention to detailWeight 4.4%Relevant to you
- Investigative reasoning on anomaliesWeight 4.4%Relevant to you
- Advanced Microsoft ExcelWeight 4.4%Relevant to you
- Working to tight deadlinesWeight 4.4%Relevant to you
- Corporate actions processingWeight 4.4%Relevant to you
- Querying data with SQLWeight 4.4%Relevant to you
- Risk judgment and escalation instinctWeight 4.4%Relevant to you
Supporting
- Financial markets knowledgeWeight 2.2%Relevant to you
- Client service mindsetWeight 2.2%Relevant to you
- Professional written communicationWeight 2.2%Relevant to you
- P&L production and explanationWeight 2.2%Relevant to you
- Control mindset (what could go wrong)Weight 2.2%Relevant to you
- Ticketing platforms (ServiceNow)Weight 2.2%Relevant to you
Useful
- Data cleaning and validationWeight 0.7%Relevant to you
- Stakeholder managementWeight 0.7%Relevant to you
- Conduct and investor protection rules (MiFID II, FINRA, SEBI)Weight 0.7%Relevant to you
Processes
The work the role takes part in.
- Collateral and margining
- Market risk measurement
- P&L and valuation control
- Repo and securities lending
- Securities settlement
- Trade capture and booking
- Trade confirmation and affirmation
What each process covers
- Collateral and marginingMain
- Market risk measurementMain
- P&L and valuation controlMain
- Repo and securities lendingMain
- Securities settlementMain
- Trade capture and bookingMain
- Trade confirmation and affirmationMain
- Corporate actionsSupporting
Where the role concentrates
How AI is changing the role
Margin call issuance, portfolio reconciliation and standard dispute matching are increasingly automated through industry platforms, and optimisation tools now suggest the cheapest eligible collateral.
Read the full assessment
Margin call issuance, portfolio reconciliation and standard dispute matching are increasingly automated through industry platforms, and optimisation tools now suggest the cheapest eligible collateral. Manual call processing is shrinking. Value grows in resolving complex disputes, understanding legal terms in credit support annexes, managing liquidity under stress and working with treasury on funding. The World Economic Forum Future of Jobs Report 2025 lists analytical thinking and technological literacy among the skills growing fastest.
Dated changes for this role
- ESMA guidelines on allocations and confirmations for T+1Relevant to you
- CSDR settlement discipline rules updated for T+1 in three stepsRelevant to you
- ECB Pontes: DLT settlement in central bank moneyRelevant to you
- EMIR 3 active account reporting every six monthsRelevant to you
- Switzerland and Liechtenstein move to T+1 with the EU and UKRelevant to you
Worth knowing
Salary snapshot
Salary figures are not published yet
The L3 salary range for this role, with its sources, will appear here when the salaries section opens.
Certifications
- FRM
- PRM
- CFA Program Level I
- ACCA Qualification
Concepts to know
- CCP (Central counterparty)
- Reconciliation
- Repo (Repurchase agreement)
- Break (reconciliation break)
- Clearing member
- Close-out netting
- Collateral management
- Collateral valuation
All 24 concepts
- Credit limit
- CSA (Credit support annex)
- Default fund
- ECMS (Eurosystem Collateral Management System)
- EMIR (European Market Infrastructure Regulation)
- Eurosystem collateral framework
- Free of payment (FOP)
- Haircut
- ICSD (International central securities depository)
- Initial margin (IM)
- Intraday credit
- ISDA Master Agreement
- Margin call
- Portfolio compression
- Portfolio reconciliation (EMIR)
- Rehypothecation (collateral reuse)
Neighbouring roles
Roles that need many of the same skills, by weighted skill overlap, with the skills you would need to add.
Confirmations Analyst
87% skill overlap
Your role
Reconciliations Analyst
87% skill overlap
To add: Period-end close and reconciliations
Your role
Settlements Analyst
72% skill overlap
To add: Payment systems and messaging (SWIFT, ISO 20022, SEPA, ACH, UPI)
Your role
Corporate Actions Analyst
71% skill overlap
To add: Corporate governance, Payment systems and messaging (SWIFT, ISO 20022, SEPA, ACH, UPI)
Your role
Securities Lending & Repo Analyst
60% skill overlap
To add: Period-end close and reconciliations, Investment book of record and portfolio data, Net asset value calculation
Your role
Do this job? Suggest a correction
Sources
Collateral managementCollateral management is the set of activities to give, take and monitor assets that secure an exposure: agreeing eligibility and haircuts, valuing positions, calling and paying margin, substituting assets and settling movements. Collateral optimisation chooses the cheapest eligible assets to deliver across obligations.
Repo (Repurchase agreement)A repurchase agreement (repo) is a sale of securities together with an agreement to buy them back at a set price on a later date. Economically it is a secured loan: the seller borrows cash, the buyer lends it and holds the securities as collateral, with the price difference representing the repo rate.
Securities lendingSecurities lending is the temporary transfer of securities from a lender, often a fund or pension scheme, to a borrower that returns equivalent securities later and pays a fee. The borrower gives collateral (cash or securities) above the loan value; lenders keep the economic benefit of income through manufactured payments.
Initial margin (IM)Initial margin (IM) is collateral collected to cover the potential future loss on a portfolio if a counterparty defaults, over the time needed to close out or replace the positions. Central counterparties collect it from clearing members; for uncleared derivatives, covered firms exchange it two-way and keep it segregated.
Margin callA margin call is a demand by one party, or by a central counterparty, for additional collateral when exposure rises or collateral value falls below the agreed level. The other party must deliver eligible assets within the agreed time, usually the same or next business day; disputes are reconciled and escalated.
Portfolio reconciliation (EMIR)Portfolio reconciliation is the regular comparison by two counterparties of the key terms and valuations of their uncleared over-the-counter (OTC) derivatives, to find and resolve discrepancies early. EMIR sets its frequency by portfolio size, from daily for 500 or more trades between financial counterparties to quarterly for small portfolios.