Role Overview
The Securitized Products Group (SPG) is seeking a highly talented and motivated CMBS-focused trading desk strategist / analyst. The successful candidate will work closely with traders in a fast-paced, real-time trading environment, developing analytics, valuation frameworks, and investment insights to support secondary market trading and relative value analysis. They will be expected to demonstrate a thorough, detail-oriented approach to commercial real estate and CMBS fundamentals, with the ability to proactively identify actionable trading and investment opportunities. A strong track record of partnering with traders and other desk stakeholders to deliver practical, business-driven solutions is essential. The role is focused on CMBS, and candidates should have meaningful hands-on experience analyzing commercial real estate collateral and CMBS structures. Previous exposure to other products is acceptable, provided CMBS is the primary focus of their current or recent role. Skills Required
Bachelor’s degree in economics, finance, real estate, statistics, or a related discipline
3–5+ years of experience dedicated to CMBS, ideally as the primary focus of the role
Strong foundation in commercial real estate fundamentals, including: Property-level cash flow analysis (NOI, NCF)
Cap rates, yield metrics, leverage and debt service ratios
Rent rolls, vacancy analysis, tenant quality
Comparables and market-level analysis across major CRE sectors (office, retail, industrial, hotel, etc.)
Familiarity with CMBS products and indices, including CMBX
Exposure to CMBS data and analytics platforms, ideally Intex and at least one of Trepp or CoStar
Ability to generate and articulate investment ideas and relative value views, both internally and externally
Strong verbal and written communication skills, with the ability to translate complex analysis into clear, actionable insights
High degree of self-motivation and ownership mindset
Skills Desired
Advanced degree (e.g., MS, MFE, MBA) in a related discipline
Working knowledge of Python, or alternatively strong proficiency in Excel/VBA, for data analysis and automation
Experience working with large datasets and performing ad-hoc analytical work
Familiarity with SQL or other database tools
Experience contributing to valuation models, scenario analysis, or stress testing frameworks
Nice to Have
Experience reviewing or analyzing CMBS deal documentation
Understanding of regulatory or stress-testing frameworks relevant to structured products
Working knowledge of Q/KDB
WHAT YOU CAN EXPECT FROM MORGAN STANLEY
At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work. To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices into your browser. Compensation and Equal Opportunity
Expected base pay rates for the role will be between $225,000 - $250,000 per year for Vice President, at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
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The Securitized Products Group (SPG) is seeking a highly talented and motivated CMBS-focused trading desk strategist / analyst. The successful candidate will work closely with traders in a fast-paced, real-time trading environment, developing analytics, valuation frameworks, and investment insights to support secondary market trading and relative value analysis. They will be expected to demonstrate a thorough, detail-oriented approach to commercial real estate and CMBS fundamentals, with the ability to proactively identify actionable trading and investment opportunities. A strong track record of partnering with traders and other desk stakeholders to deliver practical, business-driven solutions is essential. The role is focused on CMBS, and candidates should have meaningful hands-on experience analyzing commercial real estate collateral and CMBS structures. Previous exposure to other products is acceptable, provided CMBS is the primary focus of their current or recent role. Skills Required
Bachelor’s degree in economics, finance, real estate, statistics, or a related discipline
3–5+ years of experience dedicated to CMBS, ideally as the primary focus of the role
Strong foundation in commercial real estate fundamentals, including: Property-level cash flow analysis (NOI, NCF)
Cap rates, yield metrics, leverage and debt service ratios
Rent rolls, vacancy analysis, tenant quality
Comparables and market-level analysis across major CRE sectors (office, retail, industrial, hotel, etc.)
Familiarity with CMBS products and indices, including CMBX
Exposure to CMBS data and analytics platforms, ideally Intex and at least one of Trepp or CoStar
Ability to generate and articulate investment ideas and relative value views, both internally and externally
Strong verbal and written communication skills, with the ability to translate complex analysis into clear, actionable insights
High degree of self-motivation and ownership mindset
Skills Desired
Advanced degree (e.g., MS, MFE, MBA) in a related discipline
Working knowledge of Python, or alternatively strong proficiency in Excel/VBA, for data analysis and automation
Experience working with large datasets and performing ad-hoc analytical work
Familiarity with SQL or other database tools
Experience contributing to valuation models, scenario analysis, or stress testing frameworks
Nice to Have
Experience reviewing or analyzing CMBS deal documentation
Understanding of regulatory or stress-testing frameworks relevant to structured products
Working knowledge of Q/KDB
WHAT YOU CAN EXPECT FROM MORGAN STANLEY
At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work. To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices into your browser. Compensation and Equal Opportunity
Expected base pay rates for the role will be between $225,000 - $250,000 per year for Vice President, at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs. Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees. It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law. Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
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