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

About this role

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-

Apply for this role on Morgan Stanley’s official careers site.