CMBS / CRE Research - Associate (PA)

KBRA; Dresher (Montgomery County); Hybrid; USD 90,000 - 110,000; Full time

Benefits offered by this job

Hybrid work schedule

Competitive benefits and paid time off

Paid family and disability leave

401(k) plan with employer match

Educational assistance

Employee referral bonus program

Job summary

KBRA is looking for a highly motivated CMBS / CRE Research Associate in Dresher, Pennsylvania. This position involves supporting the CMBS group by producing high-quality research and analysis related to commercial real estate. Candidates should have a Bachelor's degree and 2-5 years of relevant experience, as well as advanced skills in Excel and SQL. The job offers a hybrid work schedule and a competitive salary ranging from $90,000 to $110,000 annually.

Qualifications

• 2-5 years of experience in CMBS, CRE analytics, structured finance, or data-driven research roles.
• Experience with CRE data platforms like Trepp database is desired.
• Familiarity with Generative AI tools for research and data insights is a plus.

Responsibilities

• Develop CMBS and CRE research publications including market commentary and thematic reports.
• Analyze datasets for loan and ratings performance, and property-level metrics.
• Prepare monthly research reports for CMBS market participants.

Skills

Advanced proficiency in Excel

Strong working knowledge of SQL

Commercial real estate fundamentals

Data analysis and manipulation

Research and writing skills

Education

Bachelor’s degree in Finance, Real Estate, Economics, Data Science

Tools

SQL

Excel

VBA

Job description

Position Title: CMBS / CRE Research - Associate (PA)

Entity: Kroll Bond Rating Agency, LLC

Employment Type: Full-time

Location: Dresher, Pennsylvania

Overview

Kroll Bond Rating Agency (KBRA)’s CMBS group is seeking a highly motivated CMBS / CRE Research Associate to support the firm’s commercial real estate (CRE) and CMBS platform. The CMBS group assigns and maintains credit ratings and conducts thought‑leadership research across Conduit, SASB, Agency, CRE CLO, SFR, Data Center, and other CRE transactions. This role works closely with the Senior Researcher and other teams to produce high‑quality research, data analysis, and publications that inform market participants and support KBRA’s ratings process. It is ideal for candidates with strong analytical and technical skills, an interest in CRE and structured finance, the ability to translate complex data into clear actionable insights, and strong writing and communication abilities.

Job Responsibilities

• Support the development of CMBS and CRE research publications including market commentary, thematic reports, default studies, and sector analyses.
• Analyze large proprietary and third‑party datasets related to loan and ratings performance, property‑level metrics, and broader CRE market trends. Extract, clean, and manipulate data using SQL, Excel, and VBA to support research.
• Formulate data‑centered opinions to support internal and external research.
• Prepare, draft and edit CRE and CMBS research pieces within company publishing guidelines, producing monthly research reports for CMBS market participants.
• Assist with various ad hoc data management tasks or projects to ensure an efficient and effective group workflow.
• Stay abreast of CRE and CMBS markets and trends as well as general economic and capital market conditions by attending seminars and conferences and reading industry literature.

Qualifications

• Bachelor’s degree in Finance, Real Estate, Economics, Data Science, or a related field.
• Two to five years of experience in CMBS, CRE analytics, structured finance, or data‑driven research roles.
• Advanced proficiency in Excel, including financial modeling, large dataset manipulation, and automation using VBA and AI.
• Strong working knowledge of SQL for querying, extracting, and managing data.
• Solid understanding of commercial real estate fundamentals and capital markets, with familiarity with CMBS structures, loan‑level analysis, and surveillance concepts preferred.
• Experience working with CRE data platforms, especially Trepp database and CREFC Investor Reporting Package, is desired.
• Exceptional attention to detail and strong verbal, written, and presentation skills; ability to multitask and manage deadlines.
• Ability to take initiative and work independently while collaborating with team members.
• Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus.

Salary Range

The anticipated annual base salary range for this full‑time position is $90,000 to $110,000. Offer amounts are determined by factors such as experience, skills, geography, and other job‑related factors.

Benefits

• Hybrid work schedule (Tuesday, Wednesday, Thursday in the office).
• Competitive benefits and paid time off.
• Paid family and disability leave.
• 401(k) plan with employer match (100% vested).
• Educational and professional development financial assistance.
• Employee referral bonus program.

Equal Employment Opportunity Statement

KBRA encourages applications from all qualified individuals without regard to race, color, religion, gender, sexual orientation, gender identity or expression, age, national origin, marital status, citizenship, disability, veteran status, or any other basis prohibited by federal, state or local law.