Associate Director - Structured Finance (CMBS), London

S&P Global; Greater London; Hybrid; GBP 90,000 - 150,000; Full time

Benefits offered by this job

Two days in office per week

Job summary

S&P Global Ratings in London leads CMBS credit analysis for a defined portfolio, mentoring junior analysts and driving AI-enabled workflows to deliver faster, more rigorous insights. The role emphasizes high-quality analytical delivery and governance in a dynamic market environment.

The position requires extensive CRE/CMBS experience, strong communication skills, and a commitment to responsible AI practices within a robust governance framework. Hybrid work with office presence is expected.

Qualifications

• Specialized experience in commercial real estate finance and/or CMBS.
• Strong credit and financial analysis skills in structured finance.
• Proven ability to coach junior colleagues on credit fundamentals and processes.
• Experience integrating generative AI or LLMs into analytical workflows.
• Effective written and verbal communication for committee-ready docs.
• Continuous improvement mindset to standardize workflows.

Responsibilities

• Team Contribution & Capability Building: coach juniors, coordinate portfolio workflows, manage capacity and quality risks.
• Core Analytical & Delivery: end-to-end CMBS portfolio analysis and surveillance with clear documentation.
• Stakeholder & Market Engagement: translate analysis into market narratives for issuers and investors.
• Risk Management & Operations: uphold methodology, confidentiality, and responsible AI governance.

Skills

CMBS credit analysis

Structured finance

Coaching juniors

AI-enabled workflows

Data governance

Written/verbal communication

Education

Bachelor's degree or equivalent

Master's degree or CFA valued

Tools

Generative AI tools

Large language models (LLMs)

Job description

About the Role

S&P Global Ratings' Structured Finance CMBS team evaluates the credit risk of securitized commercial mortgage structures, analyzing underlying asset performance, structural protections, cash-flow mechanics, and downside stress scenarios to produce independent credit opinions that help issuers and investors compare complex instruments. Based in London, you will lead analytical coverage of a defined CMBS portfolio, mentor junior analysts, and drive the responsible adoption of AI-enabled workflows - contributing to market insights on performance trends, issuance conditions, and emerging themes in commercial real estate.

What You'll Do

Impact

You will contribute to independent credit opinions that the commercial mortgage securitization market depends on. Your analytical leadership will maintain the quality and consistency of S&P Global's CMBS coverage, your coaching of junior analysts will deepen the team's commercial real estate credit expertise, and your contribution to AI-enabled workflows will help the team deliver faster, more rigorous, and more consistent insights.

Responsibilities

Team Contribution & Capability Building

Act as a senior reference for junior analysts, coaching on CMBS credit fundamentals, financial modeling, data quality, and responsible AI use; coordinate portfolio workflows, proactively manage capacity and quality risks, and drive continuous improvement through refined processes and the governed rollout of new tools.

Core Analytical & Delivery

Deliver end-to-end analytical execution across a defined CMBS portfolio - including new transaction analysis and ongoing surveillance - reconciling credit inputs, documenting assumptions and model changes, and maintaining consistently high standards of analytical quality and clarity.

Use approved generative AI tools to accelerate research, comparisons, and drafting, with rigorous validation and full accountability for all outputs.

Stakeholder & Market Engagement

Translate data, analysis, and research into market-facing narratives for issuers, investors, and senior market participants; build trusted stakeholder relationships and contribute to thought leadership on CMBS and commercial real estate trends.

Risk Management & Operations

Maintain strict adherence to methodology, confidentiality, and data governance requirements; elevate emerging risks early and embed responsible AI practices with appropriate governance and human oversight throughout all workflows.

What We're Looking For

Required Skills and Experience

• Specialized experience in commercial real estate finance and/or CMBS, including leading new transaction analysis and ongoing portfolio surveillance.
• Strong credit and financial analysis skills in structured finance, with the ability to translate complex CMBS data into clear, decision-useful narratives grounded in evidence and sound judgment.
• Proven ability to coach and advise junior colleagues on credit fundamentals, operational processes, and quality standards, with a track record of delivering high-quality outputs with limited oversight.
• Practical experience integrating generative AI or large language model tools into analytical workflows to drive productivity, with the ability to shape AI and automation use cases within appropriate governance and change management frameworks.
• Effective written and verbal communication skills for committee-ready documentation and engagement with issuers, investors, and market participants.
• A continuous improvement mindset, with experience simplifying and standardizing analytical processes through tooling, automation, or workflow redesign.
• Sound judgment on responsible AI use, including rigorous validation practices, bias awareness, data protection, and adherence to approved boundaries.

Preferred or Helpful Experience

An S&P Global employee at this level would typically have 5 to 10 years of relevant experience in commercial real estate finance, structured finance, or CMBS analysis. Education: Bachelor's degree or equivalent required. A master's degree or professional certification (such as CFA) is highly valued. We welcome candidates from traditional finance disciplines as well as diverse academic backgrounds that support innovative and critical thinking.

Additional Information

Employees are required to work from the office a minimum of two days per week.

About S&P Global Ratings

At S&P Global Ratings, our analyst-driven credit ratings, research, and sustainable finance opinions provide critical insights that are essential to translating complexity into clarity so market participants can uncover opportunities and make decisions with conviction. By bringing transparency to the market through