Graduate Programme - Illiquid Credit Risk bei Rothesay Graduates

Role name: Graduate – Illiquid Credit Risk Team                      

Application deadline:  November 2025

Programme start date:  September 2026

Eligibility:  Final year students graduating in Summer 2026

Who we are:

Rothesay is the UK’s largest pensions insurance specialist, purpose-built to protect pension schemes and their members’ pensions. With over £69 billion of assets under management, we secure the pensions of nearly one million people and pay out, on average, approximately £350 million in pension payments each month.

Rothesay is dedicated to providing excellence in customer service alongside prudent underwriting, a conservative investment strategy and the careful management of risk. We are trusted by the pension schemes of some of the UK’s best known companies to provide pension solutions, including British Airways, Cadbury’s, the Civil Aviation Authority, the Co-Operative Group, National Grid, NatWest, Morrisons and Telent.

At Rothesay, we are striving to transform our industry. We believe deeply in creating real security for the future and our leadership in finding new and better ways to do that is the key to our success. To do that, we need the very brightest original thinkers to bring creativity as well as rigour. Rothesay is a rewarding place to work, where quality people can thrive and prosper. We pride ourselves on the connections our people build, many of whom have been with us for over ten years.

Graduate Programme:

Our UK graduate programme is designed to kick-start careers for ambitious and analytical graduates who want to make an impact. Rothesay is built on a multi-talented, multi-disciplined model, collaborating directly and with singular focus to shape the future. Rothesay’s inclusive and collaborative working environment allows our graduates to build a broad skill-set and shape a strong internal network. We support your development journey, growth in your career, in addition to offering a competitive salary and tailored benefits.

Our 2 year* programme starts with a fundamentals week for the entire graduate cohort, where you will have in depth networking and insight sessions on Rothesay as a whole. From week two, you will join your team for professional integrated learning and start to make meaningful contributions. Throughout your first year, alongside your permanent role, you will be part of an on-site graduate development programme with both technical and business skills training.  Our teams run lean, giving you excellent visibility and exposure throughout the business, and we will provide continuous training and upskilling for your future.  Rothesay is a rewarding place to work, where quality people can thrive and prosper.  Regular reviews will take place to support your learning and development with a formal assessment towards the end of the programme.

This opportunity is open to summer 2026 graduates who are looking to launch into their career within an entrepreneurial environment where talent can thrive and excel.

Team overview – The Illiquid Credit Risk team is overseeing the illiquid asset origination effort from a second line standpoint and is responsible for all internal credit rating activity. The team focuses on the credit and rating analysis of the more structured complex illiquid assets, from origination to risk management. The team plays an important role in the success of Rothesay’s asset management.

Job Responsibilities: 

• The credit risk and rating graduate analyst supports the senior team members in the credit risk management of various illiquid asset classes (e.g. project finance, infrastructure, commercial real estate, structured credit and asset-backed financing)
• Supporting the senior analysts in evaluating and challenging existing and new investments proposed by the asset origination team from a credit risk perspective
• Supporting the team in producing performance monitoring and reporting for various asset classes, as well as producing portfolio reviews, deep dives or helping with various projects
• Supporting the team in designing and monitoring internal credit ratings
• Developing and maintaining strong relationships with key internal stakeholders including the asset and trading origination team, the risk team or senior management

Skills and experience required:  What is essential and what is nice to have?

Rothesay competencies:

• Technical Skills - Demonstrates strong technical skills required for the role, pays attention to detail, takes initiative to broaden his/her knowledge and demonstrates appropriate analytical skills. Technical skills are of particular importance for this role, given the relative complexity of financial and credit risk modelling associated with structured illiquid credit
• Drive and Motivation – Be a self-starter; successfully handles multiple tasks, takes initiative to improve his/her own performance, works intensely towards extremely challenging goals and persists in the face of obstacles or setbacks. The role would suit well for an individual who is interested in a career in credit risk management and credit risk modelling, with a focus on complex asset classes
• Teamwork – Demonstrate evidence of being a strong team player, collaborates with others within and across teams, encourages other team members to participate and contribute and acknowledges others' contributions. The team of 8 individuals is fast-paced, and the successful graduate will contribute quickly to the success of the team
• Communication Skills - Communicates what is relevant and important in a clear and concise manner and shares information/new ideas with others. The team is in constant discussion with the asset origination team and contributes to all forums or committees debating about new or existing investments
• Judgement and Problem solving - Thinks ahead, anticipates questions, plans for contingencies, finds alternative solutions and identifies clear objectives. Sees the big picture and effectively analyses complex issues. The Illiquid Credit Risk team covers a wide range of assets and is the primary owner of all the internal credit rating activity, hence agile and solution-oriented individuals are sought
• Creativity/Innovation - Looks for new ways to improve current processes and develop creative solutions that are grounded in reality and have practical value
• Influencing Outcomes - Presents sound, persuasive rationale for ideas or opinions. Takes a position on issues and influences others' opinions and presents persuasive recommendations

Disclaimer This position description is intended to describe the duties most frequently performed by an individual in this position. It is not intended to be a complete list of assigned duties, but to describe a position level.  The role shall be performed within a professional office environment. Rothesay has health and safety polices that are available for all workers upon request.  There are no specific health risks associated with the role.

Inclusion Rothesay actively promotes diversity and inclusivity. We know that our success depends on our people and that by nurturing a culture that values difference, we create a stronger, more dynamic business. We welcome applications from all qualified candidates, regardless of race, colour, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability or age.

The collection of applicant diversity data allows Rothesay to map and gain insights into the impact of our DEI strategy for talent attraction. This data is anonymised and is not analysed against individual applications. By requesting mapping our applicants’ demographic profiles, we can identify the under-represented groups. This enables us to identify any barriers to increasing our diversity and take action.