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

Valuation Control Analyst

Full profileYour role

L3 salary: Not published yetSalary figures open with the salaries section.
Upcoming dated changes: 3 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 valuation control analyst checks that trading positions are valued at fair value and that the uncertainty in those values is measured. The role runs independent price verification (IPV) of market data and positions against external sources, sets and reviews fair value adjustments such as bid-offer, model and funding adjustments, calculates prudent valuation additional valuation adjustments under the EU capital rules, and assigns the IFRS 13 fair value hierarchy levels. It works with traders, model validation and financial reporting.

Read a day in the life

A day in the life

Month end has just closed and the IPV cycle starts. The analyst collects broker quotes, consensus data and trade prices for credit default swaps and corporate bonds, then compares them with the desk's marks. Most fall within tolerance, but a group of illiquid bonds is marked well above external evidence. The analyst discusses the levels with the trader, documents the evidence and proposes an adjustment. Mid-morning goes to fair value adjustments: the bid-offer reserve is recalculated from current spreads and a model reserve is reviewed for an exotic product whose model has a known limitation. After lunch the analyst works on prudent valuation, updating the market price uncertainty and close-out cost inputs and checking the aggregation. Then comes the fair value hierarchy: positions without observable inputs are moved to Level 3 and the disclosure tables are prepared for financial reporting. The day ends with drafting the IPV pack for the valuation committee.

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 Valuation Control Analyst
Level	What the work looks like	Typical years	Typical job titles
L1 Starting out	Gathers market data and runs IPV tests with defined steps, checks tolerances, prepares evidence and learns valuation methods, adjustments and the fair value hierarchy under supervision.	0-2	Banks: Analyst, Junior Analyst, Associate (asset servicing), Trainee, GraduateAsset servicers: Junior, Specialist (entry), Officer
L2 Independent	Owns IPV and valuation adjustments for an asset class, challenges traders on marks, prepares committee packs 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, model reserves, prudent valuation or Level 3 valuation, handles methodology changes and represents valuation control in audits and supervisory reviews.	5-9	Banks: Senior Associate, AVP, Assistant ManagerAsset servicers: Senior Specialist, Expert, Team Lead (small team)
L4 Leads a team or an area	Leads a valuation control team, owns IPV, reserve and prudent valuation controls for its area, and is the escalation point for trading heads and the valuation committee.	8-14	Banks: VP, Manager, Senior ManagerAsset servicers: Team Lead, Manager, Head of Section
L5 Leads the function	Head of valuation control for a legal entity or region, sets valuation policy and standards, chairs or presents to valuation committees and reports to finance leadership, auditors and supervisors.	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 12.2%Anchor skillExpected level: practitionerRelevant to you
Independent price verificationWeight 8.2%Expected level: practitionerRelevant to you
Derivatives and how they workWeight 8.2%Expected level: practitionerRelevant to you
Risk measures and sensitivitiesWeight 8.2%Expected level: practitionerRelevant to you
Accounting fundamentals (double entry)Weight 8.2%Expected level: practitionerRelevant to you
Model validation and governanceWeight 8.2%Expected level: practitionerRelevant to you

Important and supporting skills 17

Important 8

Needed in most positions.

Advanced Microsoft ExcelWeight 4.1%Expected level: practitionerRelevant to you
Attention to detailWeight 4.1%Expected level: practitionerRelevant to you
Investigative reasoning on anomaliesWeight 4.1%Expected level: practitionerRelevant to you
Querying data with SQLWeight 4.1%Expected level: practitionerRelevant to you
Professional written communicationWeight 4.1%Expected level: practitionerRelevant to you
Trading and risk systems (Murex, Calypso)Weight 4.1%Expected level: practitionerRelevant to you
Trade lifecycleWeight 4.1%Expected level: practitionerRelevant to you
Working to tight deadlinesWeight 4.1%Expected level: practitionerRelevant to you

Supporting 6

Help in many positions.

International accounting standards (IFRS)Weight 2.0%Expected level: working knowledgeRelevant to you
Period-end close and reconciliationsWeight 2.0%Expected level: working knowledgeRelevant to you
Control mindset (what could go wrong)Weight 2.0%Expected level: working knowledgeRelevant to you
Stakeholder managementWeight 2.0%Expected level: working knowledgeRelevant to you
Collateral and marginingWeight 2.0%Expected level: working knowledgeRelevant to you
Data cleaning and validationWeight 2.0%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.
Model development and validationMainBuilding and independently checking risk and pricing models.
P&L and valuation controlMainProducing and explaining daily P&L and independently checking prices.
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

Market data collection, tolerance checks and standard IPV reports are increasingly automated, and machine learning is tested for proxy pricing of illiquid instruments and outlier detection.

Read the full assessment

Market data collection, tolerance checks and standard IPV reports are increasingly automated, and machine learning is tested for proxy pricing of illiquid instruments and outlier detection. Data gathering work is shrinking. Value grows in judging valuation uncertainty for illiquid and Level 3 positions, challenging traders and models, and explaining adjustments to committees, auditors and supervisors. The World Economic Forum Future of Jobs Report 2025 lists analytical thinking and AI and big data among the skills growing fastest.