Risk > Graduate

Business Description

Risk Management at Citi
Risk Management is an independent organization within Citi that partners with each of its major businesses, globally. Risk Management plays a critical role in developing and implementing business strategies that help Citi grow responsibly. Citi's profitability could be affected by a number of global and local economic factors such as liquidity of the global financial markets, the level and volatility of interest rates, equity prices, investor sentiment, inflation or the availability and cost of credit. Risk Management's independent judgment allows it to take these factors into consideration and make important risk decisions for the organization.

Our Programs

Full Time Program

The goal of the Risk Management Associate (RMA) Program is to develop global risk managers who bring their varied experience and knowledge into every transaction to help influence the overall strategy of the business.

• It is a two-year developmental program providing accelerated learning with the opportunity for each Associate to shape his or her career. Rotations are designed to expose the Associate to Citi's different businesses; Alternative Investments, Commercial Markets Group, Corporate Center, Markets and Banking, Global Consumer Group and Global Wealth Management
• The Program provides four, diverse, six-month rotational assignments, one of which may be overseas; dependant upon factors including but not limited to the Associate's work performance and business needs.
• Rotations are designed to expose the Associate to Citi's different businesses; Alternative Investments, Commercial Markets Group, Corporate Center, Markets and Banking, Global Consumer Group and Global Wealth Management.
• The program begins in August with one month of classroom training in New York City with the first rotation starting in September.
• It is anticipated that successful Associates will move into positions in one of Citi's Global Risk Management businesses post-Program. Associates are encouraged to identify their preferred risk management area of focus.

Summer Internship

The Risk Management Summer Associate (RMSA) Program is a challenging opportunity designed to engage Summer Associates in a 10- to 12- week assignment within a Citi Global Risk Management team. The program begins in late May and concludes in early August. Associates will work on key projects that enhance their understanding of Risk Management. They will work closely with experienced senior managers, enjoy a diverse work experience and contribute to business decisions. Opportunities may occur in any of the following business areas: Citi Alternative Investments, Commercial Markets Group, Corporate Center, Markets and Banking, Global Consumer Group and Global Wealth Management.

Summer Diaries

Howard Lu

Week 1 & 2

I came to Citi’s Risk Management Summer Associate Program as a first-year MBA from the University of Chicago Graduate School of Business, eager to apply my finance training to some of the fastest growing areas in credit derivatives. My rotation assignment was in Market Risk Management for Citi Markets & Banking, a fast-paced environment where Citi’s daily trading positions are impacted by market movements across the globe.
My first day began with a broad introduction to Citi attended by Summer Associates from across the firm. It was extremely helpful to hear from former interns who had been in our positions several years earlier; they each offered useful tips on how we could make the most of our internships at Citi.
Soon thereafter, I had lunch with my senior mentor, a Class of 2006 graduate of the RMA Program working in Market Risk for Citi Alternative Investments. Also present was my peer mentor, a current RMA who was rotating through the area I was assigned for the summer. Through them I was able to acquire a deeper understanding of the structure of the RMA Program, along with the evolving role of risk management in a truly global institution such as Citi. I was also excited to finally meet my manager and his group, who covered a wide variety of trading desks within Global Credit Products. After going on a tour of the trading floor, I soon began the important process of acquiring key product knowledge that is necessary for managing the significant trading positions at Citi Markets & Banking.
The first two weeks of my internship were also very socially active: Besides attending a welcome reception for the RMSAs, I also spent a beautiful New York evening at a Mets game in Citi Field over beer, food, and new friends from the nation’s top MBA programs.

Week 3 & 4 

During the weekly Market Risk Managers’ meetings, our participants included colleagues from across Europe, Asia and Latin America – testimony to the global scope of risk management at Citi. From our conference room overlooking the Hudson River and lower Manhattan, we analyzed Citi’s trading exposures in the context of emergent market and macroeconomic trends. The senior risk managers were able to help me put my product knowledge in a much broader context, ranging from Credit to Rates and Commodities.
To broaden my risk management exposure even further, my contact with senior management started off with breakfasts with the Chief Administrative Officer for Global Risk & Compliance and the Senior Risk Officer for the entire Citi organization. Through these intimate discussions, I learned at first hand the absolute level of commitment and support that Citi’s top-level management has for the RMA Program. I was also fascinated to hear from such senior leadership on Citi’s points of differentiation as a financial institution, and the integral role of risk management in Citi’s strategic positioning.

Week 5 & 6

What had made my internship such a great learning opportunity thus far was that my manager had coached many full-time RMAs rotating through his group. Consequently, I was able to work on assignments that produced real business impact. It made such a big difference to work with teammates who actively involved me in key market risk analyses that best shed light on their day-to-day responsibilities. These analyses complemented my two major assignments, which were to develop early warning indicators that could help senior management anticipate changes in credit market sentiment, and to create a platform for automating trading product permissions.
By the time I received my mid-summer review, I had already been able to construct in my mind what I wanted to get out from the remainder of my internship. The review was also a very valuable opportunity to get direct feedback from my manager, who wanted to ensure my summer was sufficiently diversified across the numerous responsibilities within his group.

Week 7 & 8

The “Distinguished Speaker” series gave all of us summer interns an ongoing opportunity to learn from the careers of senior management within Citi, including the CEO of Citi, Chuck Prince. He spoke with profound insight on the credit market conditions that I had observed first-hand as a summer associate in Market Risk, and on his vision for Citi juxtaposed against its rich international lineage. I was very impressed with Citi’s commitment to its internship programs, a message that I also took away from a cocktail reception organized for all current, incoming and summer RMAs. There I was given the opportunity to personally meet members of the Operating Committee, and to begin the process of learning about their different worlds within Risk. It was extremely helpful to have made so many connections across the organization so I could decide which full-time rotations would best grow my career post-MBA.

Week 9 & 10

As my internship drew to an end, I attended a brainstorming offsite in a Long Island country club with Citi’s head of Risk Aggregation. With numerous activities like golf, tennis and swimming, this brainstorming outing gave us a fun opportunity to think outside the box about credit, market and operational risk on a firmwide basis. It was also my last chance to spend time with my fellow RMSAs before we returned to our respective MBA programs. Both Citi and the RMA Program have exceeded all my expectations – no way could my MBA experience have been the same without having worked alongside such accomplished professionals, learning about some of the most complex credit derivatives that are attracting attention in the market. I return to Chicago having been stretched and challenged in the world’s most global financial institution.

Who we are looking for

• Currently pursuing an MBA with a concentration in Finance or Economics
• Course work in corporate finance, capital markets and financial statement analysis
• 3 - 5 years of significant, relevant work experience
• Strong analytical, quantitative, problem-solving skills
• Flexibility and adaptability to changing business directions
• Willingness to take initiative
• Strong communication, leadership and interpersonal skills
• Professional and personal maturity
• Self-motivated, willingness to learn while keeping an open mind
• Willingness to cross borders, businesses, ideas and cultures

Recruitment Process

All applications must be received through our online system, etc. Any specific instructions you may have.

Where

The Risk Management Associate Program is based in New York City with rotations available in Asia, Europe, Latin America and the United States.
The Risk Management Summer Associate Program is only available in New York City.

Our People

Rodrigo Aguilar MBA: Thunderbird Graduate School, BS: Babson College, Major: International Management/Finance Risk Management Associate

What advice would you offer prospective candidates on transitioning from school to the workplace?

Work is very similar to school in that you are constantly learning. Never be afraid to keep learning at work, ask questions and take on tasks that seem very difficult for you. The more unfamiliar you are with a rotation the more you will learn.

What about your career excites you the most - gets you out of bed in the morning?

The fact that I have the unique opportunity to work in four different areas of the bank in only 2 years time span. Additionally, Citi has a presence in 100 countries which means I have many options globally where I can work.

How do you apply your degree to what you're doing now?

Although I did not study Risk Management or rigorous quantitative discipline in my MBA, my International Management and Finance Degree plays a great role on what I do day to day. One of the important classes received in School was cross cultural communication, which is something that I apply every day as I hold conference calls with various persons from different regions of the world.

What skills have you found to be the most useful in your position?

The nice thing about the RMA program is that in every rotation you are required to use different skills. In Risk Oversight there were a lot of analytical and written skills required, while in LATAM the essential ones are leadership, presentation and communication skills.

What non-work related activities do you get involved in through Citi (community, mentoring, charity)?

I have been involved in several community activities while in Citi. The most rewarding one was last November on Citi’s Global Volunteer day. I helped organize a Fair for adopted children from developing countries. Many of them were from my home country Guatemala.

Where do you see yourself in five years?

I see myself in the Consumer Business side, probably somewhere in the LATAM Region. I would really enjoy if, at some point in my career, I could be a Country Risk Manager in any of the Central American countries.

What do you enjoy doing outside work?

Most importantly being with my family and my newborn daughter. I also enjoy running and playing tennis with my friends.

Sheba Kitami MA International Economics & Finance, Brandeis University Risk Management Associate

What advice would you offer prospective candidates on transitioning from school to the workplace?

They should be very inquisitive and keep up to date on what is taking place both within the firm and the industry. In a company as huge and dynamic as Citi, there is never a shortage of new, challenging and exciting projects and changes taking place. In order to make the most of one’s experience, it is important to keep in the loop of what is going on within the business and take the opportunity to get involved.

If asked about your career at a dinner party, how would you describe it?

Risk Management is an exciting field to be in right now and the RMA program offers a unique opportunity for exposure to the different aspects of risk facing global companies like Citi. The high quality and variety of the rotations ensure that I am constantly learning and building my knowledge base. In addition, I have had the opportunity to meet and work with some of the smartest people in the industry who have both inspired and challenged me to work at developing my career.

What about your career excites you the most - gets you out of bed in the morning?

It would have to be the people I work with. My job to date has offered me the amazing opportunity to work with and learn from some of the smartest, most driven people in the industry who constantly challenge and encourage me to learn.

What do you consider Citi's competitive edge?

Citi’s global presence and the diversity of its products and businesses give it an edge in the industry. It has succeeded in gaining the right balance between being a truly global company with the ability to tailor solutions to meet local client needs.

How would you describe your team and the people you work with?

The RMA class of 2006 is as diverse, smart and interesting as it gets; 14 people, 10 nationalities, 5 continents, different professional backgrounds, each doing rotations within different risk management functions: There is never a shortage of new and interesting things to learn from each other. The group I am currently working with (GCC) has a very supportive team of smart people who ensure that I am getting the most out of my 6 months rotation with them.

How has Citi supported your career development?

The RMA program is run by a very supportive management team that ensures that we are getting the most out of our professional experience at Citi. We have a great mentoring program that pairs each associate with a senior mentor within the risk management function as well as a peer mentor within the program to guide us as we advance in our careers. The program also offers great training opportunities to develop the right set of skills needed to advance on the job; In addition to two months of intensive classroom training in risk management skills, we took a leadership training course that included one on one leadership coaching.

Our rotation choices are selected from a high quality pool of jobs that span across the different businesses including the opportunity to work abroad and hence build our international experience.

If you could have dinner with anyone (past or present) who would it be and why?

Nelson Mandela for so many obvious reasons! He is a true example of what a moral and political leader should be.