Job vacancy: Vice president, credit derivatives marketing

Only 40 or 50 people are capable of doing this London-based job according to the headhunter Sandton group, which has placed an advert for it. Others need not apply.

The ad specifies a minimum of four years related experience in a top tier bank. Jonathan Astbury of Sandton said: "Credit derivatives have only been around in a big way for six years and there just aren't many people with the track record we need."

The job market in credit derivatives has slowed in the past year, as a result of defaults and some players pulling out of the market. But there are still plenty of vacancies compared to other investment bank sectors. This role involves marketing products to captive clients of a major US bank.

"The clients may be there already. But the challenge will be in selling products that may be completely new and strange to them," said Astbury. For that reason the job could go to a structurer with no experience of marketing at all, as understanding of the products is key.

Astbury said the hiring bank was a market leader, one of just a handful at the forefront of sophisticated products involving equity, CDO on demand and CDO asset-backed transactions.

The role was a brand new one, rather than a replacement position, and the successful candidate might well come from a leading rival.

About 20 people so far had applied to the advert, which was placed three weeks ago, said Astbury. Half of those had been based in the US.

"It's very possible the role will go to someone from New York, as it involves marketing there as well as London. There will be travel involved."

Other headhunters said the stated compensation did not look especially high. But high quality candidates know that for any job, pay is always negotiable.

Job Vacancy looks at advertisements from both eFinancialCareers.com and other sources