SPG, Non-Agency Desk Strategist - Fixed Income - Vice President

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.

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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 is an equal opportunity employer committed to building and maintaining a workforce that is diverse in experience and background. Our recruiting efforts reflect our strong commitment to a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents.

Our workforce reflects a broad cross-section of the global communities in which we operate, bringing a variety of backgrounds, talents, perspectives, and experiences.

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