First I should say that I am not a quant and I am not looking for a quant role (I have a degree in maths but not a phd and dont think I would be able for that level of work).I have an interview for a IR/FX Valuations Controller where the work will involve running independent price validation (IPV) procedures among other things.I realise that is a middle office role. However I dont want to take a role that almost at the back office, if that makes sense.My current experience is 4 years working for a small advisory firm where I have been pricing derivatives using systems such as bloomberg and building cashflow models in spreadsheets (interest rates, inflation etc). You could argue it was front office since I was dealing with clients, but its not really comparable to a bank.Would this role involve pricing derivatives and use my knowledge of derivatives? Or will it end up being an admin role? Im trying to imagine what the day to day work would involve. Looking on linkedin it seems most people do have quantitative degrees in the field.

One of the jobs you will be doing is using FO's library and calibrated vols/curves/correlations to reprice vanilla and slightly exotic instruments quoted in the market making sure those vols are not too far from the market. You probably won't be implementing stuff or doing research but you'll have time to study the market and interract with FO traders and quants. Potentially, you can move from IPV to MV or risk.

Is it a true "middle" office role in the way that risk is, or is it closer to back office?

Also is "risk" better than "valuations controller"? Its hard for me to know which areas of middle office are "better" than each other.

I think everyone has a different interpretation of "better". E.g., if your goal is to move to FO and you can't get a FO quant role straight away, I would recommend moving to MV as an interim step.

This is an accounting job, and the real accountants will look down on you because you don't actually understand accounting. Being a "controller" may impress some slightly drunk chicks in a bar of your choice, which may have value (I am reminded of how it was seen as better to have a business card saying "Director" than one saying "Managing Director" when there was a major quant finance conference being held in close proximity to Cannes during the annual film festival). But why do you really care of what degree of middle-office credentials the job will bestow upon you?

QuoteOriginally posted by: bearishThis is an accounting job, and the real accountants will look down on you because you don't actually understand accounting. Being a "controller" may impress some slightly drunk chicks in a bar of your choice, which may have value (I am reminded of how it was seen as better to have a business card saying "Director" than one saying "Managing Director" when there was a major quant finance conference being held in close proximity to Cannes during the annual film festival). But why do you really care of what degree of middle-office credentials the job will bestow upon you?I mean which is better in the sense of, more interesting, more rewarding. Even, arguably, better paid. While I may not be a quant, I dont want to be admin.

QuoteOriginally posted by: betamaxxQuoteOriginally posted by: bearishThis is an accounting job, and the real accountants will look down on you because you don't actually understand accounting. Being a "controller" may impress some slightly drunk chicks in a bar of your choice, which may have value (I am reminded of how it was seen as better to have a business card saying "Director" than one saying "Managing Director" when there was a major quant finance conference being held in close proximity to Cannes during the annual film festival). But why do you really care of what degree of middle-office credentials the job will bestow upon you?I mean which is better in the sense of, more interesting, more rewarding. Even, arguably, better paid. While I may not be a quant, I dont want to be admin.what do you want to be?

Quotewhat do you want to be?Thats what Im trying to figure out. I work for a small consultancy so the banking industry is opaque. Im not a sales type person and Im not a quant so Im trying to see where I can fit in give n that I have extensive derivatives pricing knowledge.

I basically agree with Bearish. You will be working in Finance and basically ensuring that the marks are correct for the balance sheet through a whole set of different methods, some of which overkill has stated.I don't know of anyone that has moved from MV to FO but that might be just my experience. I know product controllers that have done that move, I know trading assistance that have done that move and I know traders that have moved to MV. The interesting bit/challenge that you will have is that there will be some "friction" between MV, Product Control and Trading and hence can get drawn into all sorts of "interesting" questions. Depending on the size of the shop you might be called upon by Accounting policy to advise so people know how to account for the trade, of involved with the quants in terms of valuation of the trade so that you can validate the end of month balance sheet. Your described skills-set will probably fit pretty well into this kind of role - hence why they want to interview you. It is a critical function of the bank: I have known numerous banks loose a lot of money due to mismarking their book through a variety of nefarious ways. Whether you use you ability to price derivatives depends on how you define it: You will not be coming up/implementing new models. You will be pricing portfolios and should understand details on derivatives/market practices etc. PBut ThinkDifferent has really hit it on its head: What do you want to do? Is it to use and expand your skills-set or do you want to do something else. Do you want to work for a bank? Why do you want to work for a bank?Not questions to be answered here (necessarily) but worth considering the answers.