Corporate Finance Equity Specialist

Join Ofwat’s Risk and Return Team as a Corporate Finance Principal Equity Specialist.

We have 1 Fixed Term contract until the end of December 2027 available, but it is also open to loans and secondments.

* Office

Location:

* London (E14 4HD
) or Birmingham (B5 4UA
) with hybrid working

We’re Ofwat, the Water Services Regulation Authority – a non‑ministerial government department responsible for regulating the water sector in England and Wales.

As the economic regulator of water and wastewater companies in England and Wales, our role is to enable, incentivise and hold companies to account for providing the very best for customers, communities and the environment. We also oversee the markets in the water sector to ensure they’re working for customers. Following the Independent Water Commission Final Report and subsequent White Paper - 'New Vision for Water', the UK government has set out a bold new direction – one that brings together expertise from across the sector to deliver better outcomes for customers and the environment.

We are seeking an experienced Financial Economist or Corporate Finance Equity Specialist to join our Risk & Return team within the Price Review Directorate to help with preparations for PR29, the price review covering the period 2030‑2035.

The successful candidate will play an important role in determining our methodology for the allowed return on equity for PR29. We expect the draft and final methodology for PR29 to be published in 2027.

• Plan and prioritise your time - working to team‑level and directorate‑level milestones, and where new developments may require reprioritisation.
• Interpret financial data, arguments and analysis - for instance from company consultant reports and papers they reference.
• Monitor market data - to develop a well‑informed understanding of equity investor sentiment by considering equity analyst commentary from Ofwat's subscriptions as well as the features of recent equity transactions.
• Conduct and commission financial analysis - for instance using the latest market data to estimate the return on equity using the CAPM.
• Draft slide packs and documents - for instance drafting a discussion paper to inform a cost of equity workshop or consultation, or a slidepack for a discussion that helps Ofwat Board to decide whether to sign‑off on a cost of equity policy proposal.
• Verbally present findings - for instance briefing the team's Director on the key findings of review work or analysis.
• Develop and interrogate Excel‑based models - while not primarily a modelling role, it will likely involve some scrutiny of non‑Ofwat models and may involve having a hand in developing in‑house models to support our policy areas.
• Oversee junior staff time - the role is likely to involve managing the time of 1 junior colleague, and potentially more during peak periods (e.g. a graduate).
• Build relationships - in particular with other Risk & Return team members, and other Ofwat teams where there is thematic overlap, and external stakeholders such as counterparts in other regulators, or investors.
• Develop skills - to build on your existing base of financial knowledge and skills through taking on structured or unstructured learning opportunities.

Below are some of the key essential experience, skills & knowledge required for this post:

• Lead criterion
  :
  Experience in applying financial economics and/or corporate finance to the analysis of equity pricing.
• Advanced understanding of financial economics and/or corporate finance theory related to the cost of equity (particularly e.g. asset pricing models e.g. the CAPM).
• Advanced understanding of equity markets, including the roles played by different types of investors and funds, and the relevance of fund characteristics (e.g. open/closed fund) to economically regulated sectors.
• Good Microsoft Excel skills (particularly familiarity with VLOOKUP, SUMIFS, AVERAGE IFS, INDEX(MATCH); familiarity with array formulae and VBA would be useful but is not essential.
• Good written and oral communication skills, including the ability to understand and concisely explain complex issues in non‑technical…