Associate Director – Structured Finance (CMBS), London

About the Role:

Grade Level (for internal use):

12 About the Role

S&P Global Ratings' Structured Finance CMBS team evaluates the credit risk of securitized commercial mortgage structures, analyzing underlying asset performance, structural protections, cash-flow mechanics, and downside stress scenarios to produce independent credit opinions that help issuers and investors compare complex instruments. Based in London, you will lead analytical coverage of a defined CMBS portfolio, mentor junior analysts, and drive the responsible adoption of AI-enabled workflows — contributing to market insights on performance trends, issuance conditions, and emerging themes in commercial real estate.

What You'll Do

Impact

You will contribute to independent credit opinions that the commercial mortgage securitization market depends on. Your analytical leadership will maintain the quality and consistency of S&P Global's CMBS coverage, your coaching of junior analysts will deepen the team's commercial real estate credit expertise, and your contribution to AI-enabled workflows will help the team deliver faster, more rigorous, and more consistent insights.

Responsibilities

Team Contribution & Capability Building

Act as a senior reference for junior analysts, coaching on CMBS credit fundamentals, financial modeling, data quality, and responsible AI use; coordinate portfolio workflows, proactively manage capacity and quality risks, and drive continuous improvement through refined processes and the governed rollout of new tools.

Core Analytical & Delivery

• •Deliver end-to-end analytical execution across a defined CMBS portfolio — including new transaction analysis and ongoing surveillance — reconciling credit inputs, documenting assumptions and model changes, and maintaining consistently high standards of analytical quality and clarity.
• •Use approved generative AI tools to accelerate research, comparisons, and drafting, with rigorous validation and full accountability for all outputs.

Stakeholder & Market Engagement

Translate data, analysis, and research into market-facing narratives for issuers, investors, and senior market participants; build trusted stakeholder relationships and contribute to thought leadership on CMBS and commercial real estate trends.

Risk Management & Operations

Maintain strict adherence to methodology, confidentiality, and data governance requirements; escalate emerging risks early and embed responsible AI practices with appropriate governance and human oversight throughout all workflows.

What We're Looking For

Required Skills and Experience

• •Specialized experience in commercial real estate finance and/or CMBS, including leading new transaction analysis and ongoing portfolio surveillance.
• •Strong credit and financial analysis skills in structured finance, with the ability to translate complex CMBS data into clear, decision-useful narratives grounded in evidence and sound judgment.
• •Proven ability to coach and advise junior colleagues on credit fundamentals, operational processes, and quality standards, with a track record of delivering high-quality outputs with limited oversight.
• •Practical experience integrating generative AI or large language model tools into analytical workflows to drive productivity, with the ability to shape AI and automation use cases within appropriate governance and change management frameworks.
• •Effective written and verbal communication skills for committee-ready documentation and engagement with issuers, investors, and market participants.
• •A continuous improvement mindset, with experience simplifying and standardizing analytical processes through tooling, automation, or workflow redesign.
• •Sound judgment on responsible AI use, including rigorous validation practices, bias awareness, data protection, and adherence to approved boundaries.

Preferred or Helpful Experience

• •An S&P Global employee at this level would typically have 5 to 10 years of relevant experience in commercial real estate finance, structured finance, or CMBS analysis.
• •Education: Bachelor's degree or equivalent required. A master's degree or professional certification (such as CFA) is highly valued. We welcome candidates from traditional finance disciplines as well as diverse academic backgrounds that support innovative and critical thinking.

Additional Information

• •We require all candidates who reach the final stage of our interview process to attend at least one in-person interview, which is ordinarily at your nearest S&P Global Ratings office. This must be completed before we can proceed to an offer.
• •Employees are required to work from the office a minimum of two days per week.

• About S&P Global Ratings
• At S&P Global Ratings, our analyst-driven credit ratings, research, and sustainable finance opinions provide critical insights that are essential to translating complexity into clarity so market participants can uncover opportunities and make decisions with conviction. By bringing transparency to the market through high-quality independent opinions on creditworthiness, we enable growth across a wide variety of organizations, including businesses, governments, and institutions.

S&P Global Ratings is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world’s leading organizations navigate the economic landscape so they can plan for tomorrow, today.

For more information, visit www.spglobal.com/ratings

What’s In It For You?

Our Mission:

Advancing Essential Intelligence.

Our People:

We're more than 35,000 strong worldwide—so we're able to understand nuances while having a broad perspective. Our team is driven by curiosity and a shared belief that Essential Intelligence can help build a more prosperous future for us all.From finding new ways to measure sustainability to analyzing energy transition across the supply chain to building workflow solutions that make it easy to tap into insight and apply it. We are changing the way people see things and empowering them to make an impact on the world we live in. We’re committed to a more equitable future and to helping our customers find new, sustainable ways of doing business. Join us and help create the critical insights that truly make a difference.

Our Values:

Integrity, Discovery, Partnership

Throughout our history, the world's leading organizations have relied on us for the Essential Intelligence they need to make confident decisions about the road ahead. We start with a foundation of integrity in all we do, bring a spirit of discovery to our work, and collaborate in close partnership with each other and our customers to achieve shared goals.

Benefits:

We take care of you, so you can take care of business. We care about our people. That’s why we provide everything you—and your career—need to thrive at S&P Global.

Our benefits include:

Health & Wellness: Health care coverage designed for the mind and body.

Flexible Downtime: Generous time off helps keep you energized for your time on.

Continuous Learning: Access a wealth of resources to grow your career and learn valuable new skills.

Invest in Your Future: Secure your financial future through competitive pay, retirement planning, a continuing education program with a company-matched student loan contribution, and financial wellness programs.

Family Friendly Perks: It’s not just about you. S&P Global has perks for your partners and little ones, too, with some best-in class benefits for families.

Beyond the Basics: From retail discounts to referral incentive awards—small perks can make a big difference.

For more information on benefits by country visit: https://spgbenefits.com/benefit-summaries

Global Hiring and Opportunity at S&P Global:

At S&P Global, we are committed to fostering a conne