Securitized Credit Research Analyst

Macquarie Group; Philadelphia (Philadelphia County); On-site; USD 120,000 - 180,000; Full time

Benefits offered by this job

Wellbeing leave

Parental leave

Volunteer leave

Insurance (medical/dental/vision)

401(k) plan

Learning & development

Recognition awards

Hybrid work

Equipment reimbursement

Job summary

Macquarie Group in Philadelphia seeks a Securitized Research Analyst to join our Global Fixed Income team. You will conduct deep fundamental and structural research across securitized credit markets, feeding investment decisions with differentiated views.

Role requires 4–7+ years in securitized credit, a bachelor’s degree, and strong skills in Excel, Bloomberg, cash flow modelling, and Intex. CFA candidacy is valued; 4-5 onsite days per week in office.

Qualifications

• 3–7+ years of experience in securitized credit across ABS, CMBS, RMBS, Agency MBS or similar.
• Bachelor’s degree required; CFA candidacy valued.
• Proven ability to analyze transactions across the capital structure and evaluate collateral quality.

Responsibilities

• Conduct deep fundamental and structural research across securitized credit markets.
• Develop differentiated fundamental and relative value views feeding investment decisions.
• Present actionable investment views to portfolio managers and implement positions across strategies.

Skills

Experience in securitized credit

Self-starter

CFA candidacy valued

Communication skills

Excel/Bloomberg

Education

Bachelor’s degree

Tools

Intex

Bloomberg

Job description

What We Offer

This is a rare opportunity to join a high-conviction, global fixed income team and contribute directly to the portfolio construction process. Macquarie Asset Management is seeking a Securitized Research Analyst to join our Global Fixed Income team, covering a broad and dynamic universe across the securitized credit landscape — from agency and non-agency RMBS to CMBS, ABS, and beyond. Your analysis will drive positioning across multiple strategies and investment styles, in a market environment shaped by shifting rate expectations, evolving credit performance, and growing investor demand for structured solutions. We are a global financial services group operating in 30 markets with 57 years of unbroken profitability. At Macquarie, you’re empowered to shape a career that is fulfilling and creates value. You will bring your insights and expertise to the task at hand and feel supported as you make your own kind of impact for a better future.

What role will you play?

You will conduct deep fundamental and structural research across securitized credit markets, developing differentiated fundamental and relative value views that feed directly into investment decisions. Working alongside experienced portfolio managers and a globally connected research team, you will be a genuine contributor from day one. This role demands analytical rigor across the full capital structure: from senior tranches to mezzanine and subordinated positions, across deal vintages, collateral types, and credit regimes. You will analyze collateral performance, deal structures, cash flow waterfalls, and macro sensitivities, build actionable investment views, and work with portfolio management teams to implement these positions across a variety of strategy styles. This role requires 4-5 days onsite in our Philadelphia office.

What You Offer

• 3–7+ years of experience in securitized credit, gained at a fund manager, sell-side desk, rating agency, bank or similar role. Demonstrated experience in securitized credit is required, and experience across multiple securitized credit asset classes - including some or all of ABS, CMBS, RMBS, Agency MBS, or other structured products - is preferred.
• A self-starter mindset – you will work independently and with the portfolio management team, take ownership of your coverage, and bring genuine passion for structured markets and fixed income.
• A bachelor’s degree is required, and CFA candidacy or a strong desire to pursue the designation is valued.
• Proven ability to analyze transactions across the capital structure, with comfort evaluating collateral quality, structural protections, and relative value at different attachment points.
• Excellent verbal and written communication skills, with the ability to synthesize complex structured transactions into clear, actionable investment views and manage a broad coverage universe simultaneously.
• Strong Microsoft Office and Bloomberg skills, with proficiency in cash flow modelling and securitization analytics tools such as Intex. Exposure to AI tools is viewed as an asset and a genuine growth opportunity as we continue to integrate these capabilities into the research process.

What We Offer

Benefits

At Macquarie, you’re empowered to shape a career that’s rewarding in all the ways that matter most to you. Macquarie employees can access a wide range of benefits which, depending on eligibility criteria, include:

• 1 wellbeing leave day per year and a minimum of 25 days of annual leave
• 20 weeks’ paid parental leave for primary caregivers along with 12 days of paid transition leave upon return to work and 6 weeks’ paid leave for secondary caregivers
• 2 days of paid volunteer leave and donation matching
• Benefits and initiatives to support your physical, mental and financial wellbeing such as medical, prescription drug, dental, and vision insurance; health savings account and dependent day care savings account; life insurance, disability, and other insurance plans; 401(k) and short/long term disability
• Access to our Employee Assistance Program, a robust behavioural health network with counselling and coaching services
• Access to a wide range of learning and development opportunities, including reimbursement for professional membership or subscription
• Recognition and service awards
• Hybrid and flexible working arrangements, dependent on role
• Reimbursement for work from home equipment

About Macquarie Asset Management

Macquarie Asset Management is a leading global asset manager, trusted by institutions, individuals and communities to responsibly manage $A720 billion in assets. MAM provides clients with a diverse range of investment solutions that seek to deliver superior risk-adjusted returns.

All figures as at 30 September 2025, excluding assets acquired by Nomura on 1 December 2025.

Inclusion at Macquarie

We are committed to providing an inclusive environment for all, where different experiences, skills and perspectives are valued and respected. Macquarie provides access to opportunities for all individuals regardless of race, colour, religion, sex, sexual orientation, national origin, age, disability, protected veteran status, genetic information, marital status, gender identity or any other characteristic or circumstance.

We provide reasonable accommodation to individuals who may need support during the recruitment process and employment. If you require an accommodation, please let us know during the application process.