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Cmbs Jobs (NOW HIRING)

Bellwether

Senior Associate, CMBS Debt

El Segundo, CA

$140K/yr

Overview We are looking for a Senior Associate, CMBS Debt to join the rapidly growing Debt Team at Bellwether, with a focus on CMBS and CRE-structured products (SASB, CRE CLO, Conduit, etc.). The ...

KBRA

CMBS / CRE Research - Associate (NY)

New York, NY · On-site

$90K - $120K/yr

CMBS / CRE Research - Associate (NY) Entity: Kroll Bond Rating Agency, LLC Employment Type: Full-time Location: New York, New York Summary/Overview : Kroll Bond Rating Agency (KBRA)'s CMBS group is ...

KBRA

CMBS / CRE Research - Associate (NY)

New York, NY · Hybrid

$90K - $120K/yr

CMBS / CRE Research - Associate (NY) Entity: Kroll Bond Rating Agency, LLC Employment Type: Full-time Location: New York, New York Summary/Overview : Kroll Bond Rating Agency (KBRA)'s CMBS group is ...

KBRA

CMBS / CRE Research - Associate (PA)

Dresher, PA · Hybrid

$90K - $110K/yr

CMBS / CRE Research - Associate (PA) Entity: Kroll Bond Rating Agency, LLC Employment Type: Full-time Location: Dresher, Pennsylvania Summary/Overview : Kroll Bond Rating Agency (KBRA)'s CMBS group ...

Bellwether

Senior Associate, CMBS Debt

El Segundo, CA · On-site

Overview We are looking for a Senior Associate, CMBS Debt to join the rapidly growing Debt Team at Bellwether, with a focus on CMBS and CRE-structured products (SASB, CRE CLO, Conduit, etc.). The ...

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How much do cmbs jobs pay per year?

As of Jul 27, 2026, the average yearly pay for cmbs in the United States is $135,863.00, according to ZipRecruiter salary data. Most workers in this role earn between $137,500.00 and $141,000.00 per year, depending on experience, location, and employer.

What are the typical career growth opportunities for professionals working in CMBS roles?

Professionals in CMBS roles often start as analysts and can advance to senior analyst, associate, and vice president positions, with some ultimately reaching director or managing director roles. Career growth is supported by gaining experience in underwriting, securitization, and portfolio management, as well as developing expertise with key market data platforms. Additionally, many CMBS professionals transition into broader real estate finance, investment banking, or asset management positions as their careers progress. Working in this field offers valuable exposure to commercial real estate markets and structured finance, opening doors to diverse advancement opportunities.

What is a CMBS job?

A CMBS (Commercial Mortgage-Backed Securities) job typically involves analyzing, structuring, trading, or managing securities backed by commercial real estate loans. Professionals in this field work in investment banks, rating agencies, or asset management firms, assessing credit risk, underwriting loans, and monitoring portfolio performance. Roles can include CMBS analyst, trader, originator, or portfolio manager. Strong financial modeling, market analysis, and real estate knowledge are essential skills in this sector.

What are the key skills and qualifications needed to thrive in the Cmbs position, and why are they important?

To excel in a CMBS (Commercial Mortgage-Backed Securities) role, you need strong financial analysis skills, a solid understanding of real estate markets, and advanced proficiency in Excel and financial modeling, typically backed by a degree in finance or a related field. Familiarity with industry platforms such as Trepp, Bloomberg, and Argus, as well as credentials like CFA or MBA, are highly valued. Exceptional attention to detail, analytical thinking, and clear communication are important soft skills in this position. These competencies are crucial for accurately underwriting loans, performing due diligence, and effectively communicating complex analyses to internal and external stakeholders.

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Infographic showing various Cmbs job openings in the United States as of July 2026, with employment types broken down into 100% Full Time. Highlights an 100% In-person job distribution, with an average salary of $135,863 per year, or $65.3 per hour.
Senior Associate, CMBS Debt

Senior Associate, CMBS Debt

Bellwether

El Segundo, CA

$140K/yr

Full-time

Posted 19 days ago

Job description

Bellwether is a global advisory firm that helps businesses solve their most complex challenges and enhance enterprise value. We specialize in formulating and executing dynamic growth strategies through true partnership with our clients. Merging deep industry expertise, advanced analytical capabilities and best-in-class talent, we create value across the business lifecycle, from transaction management to operational transformation. Bellwether specializes in the management, analysis, and reporting of over $40 billion of AUM across a wide range of real estate related assets and corporate platforms in North America, Europe and Asia. Bellwether is privately held and has offices in Los Angeles, Newport Beach, London and Dallas. 

Overview

We are looking for a Senior Associate, CMBS Debt to join the rapidly growing Debt Team at Bellwether, with a focus on CMBS and CRE-structured products (SASB, CRE CLO, Conduit, etc.). The ideal candidate is a savvy problem solver who thrives in a fast-paced, challenging environment and consistently exceeds expectations. We are seeking an agile team player who enjoys working cross-functionally with different parts of the organization.

An ideal candidate will have experience with fixed income products, commercial real estate asset management, and servicer/special servicer oversight.

Key Responsibilities
  • Own the proactive monitoring and management of a portfolio of Conduit / CLO SASB investments;
  • Monitor credit performance at the portfolio, deal, loan, property, tenant, and bond levels, identifying material changes in cash flow, occupancy, tenant rollover, debt service coverage, valuation, refinance risk, watchlist migration, and default probability;
  • Lead periodic re-underwriting and reforecasting of collateral and bond cash flows, incorporating updated property performance, market assumptions, refinancing scenarios, appraisal changes, and structural features;
  • Develop and communicate actionable investment recommendations including hold, add, reduce, or sell decisions based on collateral fundamentals, bond structure, expected loss, relative value, liquidity, and total return considerations;
  • Maintain portfolio watchlists and risk stratification frameworks, highlighting near-term maturity risk, trigger exposure, concentration risk, specially serviced assets, and other positions requiring heightened surveillance;
  • Liaise with special servicers, master servicers and trustees to ensure appropriate actions are taken on behalf of Bellwether’s clients;
  • Analyze and interpret remittance reports, servicer commentary, rating agency actions, trustee reporting, legal documents, and market news to assess credit developments and escalation needs;
  • Leverage Intex, Trepp, Bloomberg, CoStar, Vichara, Axiometrics, and other internal/external data sources to improve surveillance efficiency, data integrity, and investment decision-making;
  • Build, enhance, and maintain scalable surveillance tools, reports, and dashboards that support portfolio monitoring, exception reporting, and management visibility across a large position count;
  • Prepare investment memoranda, surveillance summaries, and portfolio updates for senior management, investment committees, and clients, clearly articulating key risks, mitigants, and recommended actions;
  • Mentor junior team members and help manage workflow, including review of analyses, prioritization of assignments, and development of best practices for underwriting and surveillance; and
  • Support ad hoc client requests.
Professional Experience
  • 5–8+ years of relevant experience in CMBS, structured products, commercial real estate credit, or a related institutional investment role. Work experience with CMBS asset management, credit surveillance, CMBS originations, and/or rating agencies is preferred.
  • Fixed income experience, including portfolio management of CMBS positions, familiarity with fixed income analysis tools, and price/yield analytics.
  • Familiarity with large relational data structure across the deal, loan, property, and tenant levels.
  • Familiarity with SQL, Python, VBA, Power BI, Tableau, or similar tools to automate surveillance and reporting is strongly preferred.
  • Working knowledge of CMBS and CRE CLO deal mechanics, including waterfalls, triggers, advancing, appraisal reduction amounts, losses, control rights, and special servicing dynamics.
  • Advanced proficiency in Microsoft Excel, PowerPoint and Intex. Strong working knowledge of Trepp, Bloomberg, CoStar, and similar surveillance platforms.
  • Experience with property underwriting and advanced financial modeling.
  • Prior experience reviewing or mentoring junior analysts/associates and helping coordinate team workflows is preferred.
  • Experience presenting and leading meetings with clients and senior level team members.
Education/Certification
  • Bachelor's degree in economics, Finance, Mathematics, Engineering, Computer Science, or related field.
Essential Skills & Competencies

Bellwether seeks to hire entrepreneurial individuals who are highly motivated, mature and intelligent, with demonstrated excellence in prior endeavors. The successful candidate should have:

  • Job Knowledge & Technical Ability: Strong attention to detail, organizational skills, and ability to multitask. Ability to read and analyze investment, lease, loan and management agreements. Property underwriting and advanced financial modeling skills. Proficiency with Excel and CRE loan servicing software. Fluency with CMBS and broader structured products. Experience with or understanding of basic capital market principles including interest rate calculations and basic bond math.
  • Initiative & Dependability: Ability to perform responsibilities independently and proactively, solve problems, and improve processes and/or services. Self-directed, takes initiative and responsibility, ensures completion of tasks.
  • Communication: Excellent verbal and written communication skills; strong listening and interpersonal skills. Highly effective at preparing and presenting information.
  • Professionalism & Teamwork: Acts with honesty and integrity and maintains confidentiality, adheres to company policies. Promotes a collaborative and productive work environment. Demonstrates team building, support and respect.
Travel Requirements
  • Travel is not anticipated but may be needed from time to time.
Position Details
  • Classification:  Exempt
  • Position Status:  Regular, Full Time
  • Reports To:  Vice President, Senior Vice President or Managing Director, Debt
  • Direct Reports:  Yes
Physical and Mental Demands
  • While performing the duties of this job, the employee is regularly required to stand, sit, and walk. Must be able to sit at an office workstation for an extended period of time. May need to reach, stoop, or kneel to access items.
  • Must be able to talk, hear and use wrists, hands and/or fingers frequently and repetitively to operate a computer, telephone and other office productivity machinery.
  • Must frequently prepare or inspect documents, and convey details or important instructions or ideas accurately, loudly, or quickly.
  • Ability to work independently, and prioritize duties to ensure timely completion. The ability to collaborate is also imperative.
  • Requires active listening, critical thinking, making decisions, time management, as well as administration skills.
  • Ability to interact in a courteous professional manner at all times.
  • Regular, predictable attendance is required.
  • The physical and mental demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the functions.
Work Environment
  • No hazardous or significantly unpleasant conditions (such as in a typical office).
  • Moderate noise (i.e., business office with computers, phones, printers and light traffic)
  • Indoor business office environment with windows; light foot traffic within work areas
  • The work environment characteristics described here are representative of those a teammate encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Benefits
  • We offer a comprehensive benefits package that includes:
  • Employer-paid Medical, Dental & Vision, with buy-up options available
  • Flexible Spending Account, Health Savings Account
  • Carrot Fertility Benefit - $10,000 lifetime benefit
  • 401k company match 4%, immediately vested
  • Generous PTO, 11 Paid Company Holidays & Paid Holiday Office Closure
  • 14 weeks Maternity Leave & 12 weeks Parental Leave
  • Wellbeing program offerings
  • Cell phone reimbursement
  • Engaging team events & holiday parties
$140,000 base, plus discretionary bonus
Offered salary is based on a variety of factors, including skills, experience, and qualifications for the role.
#LI-Onsite

Intent of Position Description
This position description describes the general nature and level of work required by the position. It is not intended to be an all-inclusive list of qualifications, skills, duties, responsibilities or working conditions of the job. The job description is subject to change with or without notice, and Management reserves the right to add, modify or remove any qualification or duty. Nothing in this job description changes the existing at-will employment relationship between the Company and the employee occupying the position.
 
Equal Opportunity Employer
Bellwether is an equal-opportunity employer. Bellwether complies with all federal, state, and local laws providing equal employment opportunities, and all other employment laws and regulations. All qualified applicants are considered for employment without regard to an individual's race, color, religion, religious creed, national origin, ancestry, citizenship, physical or mental disability, medical condition  (including cancer and genetic characteristics), genetic information, marital status, reproductive health decision-making, sex, gender (including gender identity and gender expression), age, sexual orientation, protected veteran and/or military status, protected medical leaves, domestic violence victim status, political affiliation, or any other status protected by federal, state, or local laws. All candidates must be able to prove eligibility to work in the United States.

We may use artificial intelligence (AI) tools to support parts of the hiring process, such as reviewing applications, analyzing resumes, or assessing responses and identifying potential inconsistencies or verification signals in application materials based on available information. These tools assist our recruitment team but do not replace human judgment. Final hiring decisions are ultimately made by humans. If you would like more information about how your data is processed, please contact us.