Operations, Asset Servicing & Risk · related to Product Control Analyst

P&L Analyst

Full profileYour role

L3 salary: Not published yetSalary figures open with the salaries section.
Upcoming dated changes: 2 changes aheadNext: 1 Jan 2027
Where the changes come from
Each change in the Regulatory calendar comes from an official text, linked on its page.
A change affects this role directly when it names a process that is one of the role's main tasks.
Top critical skills: P&L production and explanation
Independent price verification
Derivatives and how they work

What the role does

A P&L analyst produces and explains the daily profit and loss (P&L) of trading desks and reconciles it with the books and records. The role checks that all trades, market data and adjustments are captured, attributes P&L to market moves through risk sensitivities, new trades, fees and carry, investigates unexplained amounts with traders, and books month-end adjustments. It is the daily production arm of product control and feeds management reporting and financial statements.

Read a day in the life

A day in the life

The analyst arrives before the desk and checks that the overnight P&L run completed. Two portfolios are missing because a market data feed failed, so the analyst reruns them with the support team. Next comes the comparison of front office P&L with the official figure, where a small difference is traced to a trade amended after the close. The analyst then builds the P&L explain for an FX options desk: spot moves through delta, volatility moves through vega, time decay through theta, plus new trades and fees. A large unexplained amount remains, and a short call with the trader shows that a barrier option was hit and its risk changed sharply. The commentary goes out to the desk head mid-morning. After lunch the work turns to month-end: booking accruals and adjustments, reconciling P&L with the general ledger and preparing figures for management reporting. The day ends with answering finance questions and updating the list of recurring breaks.

Levels

L1 Starting out 0-2 years
L2 Independent 2-5 years
L3 Senior or specialist 5-9 years
L4 Leads a team or an area 8-14 years
L5 Leads the function 12+ years

Full level descriptions and job titles

The EFO level names are the common scale; job titles differ between employers.

Levels of P&L Analyst
Level	What the work looks like	Typical years	Typical job titles
L1 Starting out	Runs daily P&L and reconciliations with defined steps, prepares simple explains, books standard adjustments and learns products, sensitivities and the ledger under supervision.	0-2	Banks: Analyst, Junior Analyst, Associate (asset servicing), Trainee, GraduateAsset servicers: Junior, Specialist (entry), Officer
L2 Independent	Owns daily and month-end P&L for a desk, explains P&L to traders and management, investigates complex breaks and trains L1 analysts.	2-5	Banks: Analyst / Senior Analyst, AssociateAsset servicers: Specialist, Senior Specialist, Senior Officer
L3 Senior or specialist	Specialist in complex products or P&L attribution methods, handles new products and system changes, and represents P&L production in audits and projects.	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 P&L team for a business line, owns P&L sign-off controls and service levels, and is the escalation point for desks, product control heads and financial reporting.	8-14	Banks: VP, Manager, Senior ManagerAsset servicers: Team Lead, Manager, Head of Section
L5 Leads the function	Head of P&L production for a legal entity or region, sets standards and the operating model, and reports to product control and finance leadership.	12+	Banks: Director, Executive Director, Managing Director, Head of functionAsset servicers: Head of Department, Director

Skills

The percentage is the skill's share of the role; the bars are drawn relative to the anchor skill, which is shown full.

Critical 6

The job cannot be done without these.

P&L production and explanationWeight 12.5%Anchor skillExpected level: practitionerRelevant to you
Independent price verificationWeight 8.3%Expected level: practitionerRelevant to you
Derivatives and how they workWeight 8.3%Expected level: practitionerRelevant to you
Risk measures and sensitivitiesWeight 8.3%Expected level: practitionerRelevant to you
Accounting fundamentals (double entry)Weight 8.3%Expected level: practitionerRelevant to you
Period-end close and reconciliationsWeight 8.3%Expected level: practitionerRelevant to you

Important and supporting skills 16

Important 8

Needed in most positions.

Advanced Microsoft ExcelWeight 4.2%Expected level: practitionerRelevant to you
Attention to detailWeight 4.2%Expected level: practitionerRelevant to you
Investigative reasoning on anomaliesWeight 4.2%Expected level: practitionerRelevant to you
Querying data with SQLWeight 4.2%Expected level: practitionerRelevant to you
Professional written communicationWeight 4.2%Expected level: practitionerRelevant to you
Trading and risk systems (Murex, Calypso)Weight 4.2%Expected level: practitionerRelevant to you
Trade lifecycleWeight 4.2%Expected level: practitionerRelevant to you
Working to tight deadlinesWeight 4.2%Expected level: practitionerRelevant to you

Supporting 5

Help in many positions.

International accounting standards (IFRS)Weight 2.1%Expected level: working knowledgeRelevant to you
Control mindset (what could go wrong)Weight 2.1%Expected level: working knowledgeRelevant to you
Stakeholder managementWeight 2.1%Expected level: working knowledgeRelevant to you
Collateral and marginingWeight 2.1%Expected level: working knowledgeRelevant to you
Data cleaning and validationWeight 2.1%Expected level: working knowledgeRelevant to you

Useful 3

Occasionally useful.

Python for data analysisWeight 0.7%Expected level: working knowledgeRelevant to you
Prudential and regulatory reporting (COREP, FINREP, US call reports)Weight 0.7%Expected level: working knowledgeRelevant to you
Collaboration and teamworkWeight 0.7%Expected level: working knowledgeRelevant to you

Processes

The work the role takes part in.

What each process covers

Financial reporting and accountingMainClosing the books and producing financial statements under IFRS or local rules.
Market risk measurementMainMeasuring sensitivities and potential losses on trading positions.
P&L and valuation controlMainProducing and explaining daily P&L and independently checking prices.
ReconciliationsMainMatching positions and cash between internal records and external statements.
Securities settlementSupportingExchanging securities and cash on the agreed date, and fixing failed settlements.
Trade capture and bookingSupportingRecording trades correctly in the bank's systems after execution.
Trade confirmation and affirmationSupportingAgreeing trade details with the counterparty before settlement.

Where the role concentrates

How AI is changing the role

P&L production, reconciliation and standard attribution are among the most automated product control tasks, and AI tools now draft explain commentary and highlight unusual moves for review.

Read the full assessment

P&L production, reconciliation and standard attribution are among the most automated product control tasks, and AI tools now draft explain commentary and highlight unusual moves for review. Routine production work is shrinking, especially in service centres. Value grows in explaining complex P&L, challenging traders, finding root causes of breaks and checking AI-written commentary, since P&L feeds audited figures. The World Economic Forum Future of Jobs Report 2025 names analytical thinking and AI and big data among the fastest-growing skills.