Structured Finance - CMBS, Associate Director, Surveillance - Chicago

Fitch Ratings; Chicago (IL); On-site; USD 140,000 - 190,000; Full time

Benefits offered by this job

Hybrid work environment

Training and mentorship

Retirement planning

Healthcare benefits

Job summary

Fitch Ratings in Chicago seeks a Structured Finance – Credit Analyst, Associate Director – CMBS (Surveillance) to advance credit opinions and publish research on CMBS transactions. You will analyze U.S.

and Canadian CRE properties, develop cash flow models, and prepare committee materials for rating decisions. The role requires 5–7 years in CRE underwriting/valuation, advanced Excel/Word skills, and the ability to manage multiple priorities across diverse property types.

Qualifications

• Bachelor's degree in finance, real estate, or related field required.
• 5–7 years of experience in CRE underwriting, valuation, or loan workouts.
• Advanced Excel and Word proficiency; financial modeling experience a plus.
• Strong analytical, quantitative, and organizational skills; ability to manage multiple priorities.
• Experience across various commercial property types; excellent written and oral communication for committee presentations.

Responsibilities

• Identify and assess credit strengths and risks of U.S. and Canadian CRE properties through market analysis, property fundamentals, and trends.
• Use property, loan-level, and portfolio-level analysis, including detailed cash flow analyses and valuations for performing/non-performing loans.
• Prepare detailed committee materials and communicate rating conclusions to credit committee.
• Publish detailed rating commentaries and research reports.
• Mentor or manage junior analysts.

Skills

Advanced Excel

Analytical skills

Organizational skills

Communication skills

Education

Bachelor's degree in finance/real estate or related field

Tools

Excel

Word

Job description

Structured Finance – Credit Analyst, Associate Director – CMBS (Surveillance)

As one of the world’s top three credit ratings agencies, Fitch Ratings plays a critical role in global capital markets by providing supplementary credit analysis, ratings, research, and commentary to financial market participants. For over 100 years, Fitch Ratings has been creating value for global markets through its rigorous analysis and deep expertise, which have resulted in a variety of market leading tools, methodologies, indices, research, and analytical products. Fitch Ratings is part of Fitch Group, a global leader in financial information services with operations in more than 30 countries, which also includes Fitch Solutions. With dual headquarters in London and New York, Fitch Group is owned by Hearst.

At Fitch Ratings, credit analysts play a pivotal role in moving markets, as quality credit analysis is the lifeblood of our organization. With a legacy of over a century, our unique approach to credit ratings offers unmatched opportunities for professional growth. Embracing a “challenger mindset,” you'll join a team dedicated to innovating service to our clients. Our people-driven analysis thrives on collaboration across all levels and locations, surpassing traditional financial modeling. Lastly, as part of our global community, you'll find inspiration, challenge, and support, with ample opportunities for visibility and influence in the global financial marketplace.

Want to learn more about a career as a credit analyst at Fitch Ratings? Visit: https://careers.fitch.group

Fitch Ratings is adding a highly motivated commercial real estate finance professional to analyze commercial mortgage-backed securities in our New York / Chicago office.

Successful candidates should demonstrate the ability to analyze and develop credit opinions relating to CMBS transactions, communicate credit opinions to the public and publish research on transactions and industry trends.

About The Team

Join a team focused on providing Fitch’s opinions and commentary regarding transactions and ratings within the Commercial Real Estate (CRE) sector to investors and market participants. Our team's responsibilities include a diverse portfolio of CRE, including multi- and single-borrower transactions, CRE CLO and Data Centers, across North America. Foster a collaborative and team-oriented work environment.

How You’ll Make An Impact

• Identify and assess credit strengths and risks of U.S and Canadian commercial real estate properties including market analysis, property-level fundamentals, and industry-specific trends that may impact loan performance. (30%)
• Use quantitative skills to analyze property, loan-level and portfolio-level characteristics as well as industry trends within an assigned portfolio. Includes detailed property cash flow analysis and updated property valuations on performing and non-performing loans. (30%)
• Prepare detailed committee materials and communicate rating conclusions to credit committee. (20%)
• Publish detailed rating commentaries and research reports. (10%)
• Mentor or manage junior analysts. (10%)

You May Be a Good Fit If

• You hold a bachelor's degree, with preference for a d egree in finance, real estate, or a related field.
• You have 5 to 7 years experience in commercial real estate underwriting, valuation or loan workouts.
• You demonstrate advanced expertise in Excel and Word, experience in financial modeling a plus.
• You have strong analytical, quantitative, and organizational skills, with the ability to manage multiple priorities.
• You have experience across various commercial property types.
• You exhibit e xcellent written and oral communication skills for committee presentations and external engagement.

What Would Make You Stand Out

• Securitization or capital markets experience.
• Loan workout and/or lending experience.

Why Choose Fitch

• Hybrid Work Environment: 3 days a week in office required based on your line of business and location
• A Culture of Learning & Mobility: Dedicated trainings, leadership development and mentorship programs designed to ensure that your time at Fitch will be a continuous learning opportunity
• Investing in Your Future: Retirement planning and tuition reimbursement programs that empower you to achieve your short and long-term goals
• Promoting Health & Wellbeing: Comprehensive healthcare offerings that enable physical, mental, financial, social, and occupational wellbeing
• Supportive Parenting Policies: Family-friendly policies, including a generous global parental leave plan, designed to help you balance career and family life effectively
• Inclusive Work Environment: A collaborative workplace where all voices are valued, with Employee Resource Groups that unite and empower our colleagues around the globe

Fitch is committed to providing global securities markets with objective, timely, independent and forward-looking credit opinions. To protect Fitch’s credibility and reputation, our employees must take every precaution to avoid conflicts of interest or any appearance of a conflict of interest. Should you be successful in the recruitment process at Fitch Ratings you will be asked to declare any securities holdings and other potential conflicts prior to commencing employment. If you, or your immediate family, have any holdings that may conflict with your work responsibilities, you may be asked to divest yourself of them before beginning work.

Fitch is proud to be an Equal Opportunity and Aff… We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.