# Non-Agency CMBS Trading - Fixed Income Division - Analyst/Associate [Morgan Stanley](https://www.jorb.ai/firms/morgan-stanley.md) · New York · United States · [Sales & Trading](https://www.jorb.ai/jobs/sales-trading.md) Morgan Stanley is hiring a Non-Agency CMBS Trading - Fixed Income Division - Analyst/Associate in New York. Posted 2026-06-05; applications close 2026-08-04. **Apply**: https://ms.wd5.myworkdayjobs.com/External/job/New-York-New-York-United-States-of-America/Non-Agency-CMBS-Trading---Fixed-Income-Division---Analyst-Associate_JR038427 Posted 1d ago. ## Role details ## Overview Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm serves clients worldwide, including corporations, governments and individuals, from more than 1,200 offices in 43 countries. Our culture emphasizes integrity, excellence, strong teamwork, and a balanced approach to personal and professional life. ## About Morgan Stanley Morgan Stanley’s Institutional Securities Group (ISG) is a broad and diversified business that provides institutions with nearly every kind of financial product and service across the world’s major markets. Whether you’re planning complex deals, trading on market movements, or analyzing financial needs, Morgan Stanley is the place to be. ## The SPG Trading Team The Securitized Products Group (SPG) includes several trading businesses (Agency MBS, residential mortgage loans, RMBS, CMBS, CLOs, and other ABS), a lending arm focusing on traditional Commercial Real Estate and Warehouse (FID Secured Lending “FSL”), and a CUSIP financing business. This is a complex and growing portfolio that serves a wide range of clients to execute on their business strategies. The SPG Trading team is looking for an experienced Analyst to Associate level candidate to join the team. ## Primary Responsibilities - Price, hedge, evaluate, manage risk, and engage clients as a Non-Agency CMBS trader and market maker across the capital structure - Assess relative value across the CMBS credit landscape, including conduit deals, SASB transactions, CRE CLOs, and CMBX indices, incorporating views on underlying commercial real estate fundamentals and macro credit conditions - Formulate, express, and execute trade ideas in non-agency CMBS and related credit, interest rate, and equity hedging instruments - Interact with a diverse client base to provide liquidity as a market maker and build firm relationships - Assist desk with daily risk and P&L reporting, compiling market color, indications, and weekly commentary - Maintain frequent dialogue with internal teams including IT, strats, sales, trading desks, research, operations, and finance ## Required (Must-Have) - 0–2 years of experience in CMBS, structured credit, securitized products, or leveraged finance, preferably in a trading, sales, or banking capacity - Strong understanding of non-agency CMBS products, including SASB, conduit transactions, CRE CLOs, and CMBX - Demonstrated ability to analyze relative value across credit products and manage risk in a fast-paced trading environment - Strong quantitative, analytical, and problem-solving skills - Excellent communication and interpersonal skills, with the ability to interact effectively with clients and internal stakeholders - Proven ability to manage multiple priorities and perform under tight deadlines - Series 7 and 63 licenses (or ability to obtain within a reasonable timeframe) ## Preferred (Nice-to-Have) - Familiarity with commercial real estate (CRE) underwriting and credit analysis - Experience working with trading desks in securitized products or credit markets ## What You Can Expect from Morgan Stanley At Morgan Stanley, we raise, manage and allocate capital for our clients—helping them reach their goals. Our values—putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back—guide decisions across more than 80,000 employees in 1,200 offices across 42 countries. You’ll find an opportunity to work with the best and brightest in an environment that supports and empowers you. Our teams are collaborative, creative, and diverse. We offer comprehensive employee benefits and opportunities to grow within the firm. To learn more about our offices globally, please visit: https://www.morganstanley.com/about-us/global-offices. ## Compensation Expected base pay rates at commencement are as follows: Analyst: $110,000–$125,000 per year; Associate: $150,000–$200,000 per year. Base pay is determined on an individualized basis and is part of total compensation, which may include commission, incentive compensation, discretionary bonuses, and other Morgan Stanley sponsored benefits and incentives. ## Equal Opportunity Morgan Stanley is an equal opportunity employer committed to building and maintaining a diverse workforce. Our recruiting efforts reflect a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents. Our workforce reflects a broad cross-section of global communities, bringing varied backgrounds, talents, perspectives, and experiences. For more information, visit: https://www.morganstanley.com/people-opportunities/eeo. ## Applying to this role This Non-Agency CMBS Trading - Fixed Income Division - Analyst/Associate role at Morgan Stanley runs through the firm's own careers portal and expects a CV and cover letter written specifically for the posting, not a portable submission carried across firms. Jorb AI's application agent tailors a CV and cover letter from your background to this posting and tracks the role alongside the rest of your applications. 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