Position Title: 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 is seeking a highly motivated CMBS / CRE Research Associate to support the firm’s commercial real estate (CRE) and CMBS platform. The CMBS group assigns and maintains credit ratings and conducts thought-leadership research across Conduit, SASB, Agency, CRE CLO, SFR, Data Center, and other CRE transactions.

This role will work closely with the Senior Researcher, as well as modeling, new issue and surveillance teams, to produce high-quality research, data analysis, and publications that inform market participants and support KBRA’s ratings process. This role is ideal for candidates with strong analytical and technical skills, an interest in CRE and structured finance, the ability to translate complex data into clear actionable insights, and strong writing and communication abilities.

Job Responsibilities:

• Support the development of CMBS and CRE research publications including market commentary, thematic reports, default studies, and sector analyses
• Analyze large proprietary and third-party datasets related to loan and ratings performance, property-level metrics, and broader CRE market trends. Extract, clean, and manipulate data using SQL, Excel, and VBA to support research
• Formulate data-centered opinions to support internal and external research
• Prepare, draft and edit CRE and CMBS research pieces within company publishing guidelines. Produce monthly research reports for CMBS market participants
• Assist with various ad hoc data management tasks or projects to ensure an efficient and effective group workflow
• Stay abreast of CRE and CMBS markets and trends as well as general economic and capital market conditions by attending online or in-person seminars and conferences and reading industry literature

You will be successful in this role if you have:

• Bachelor’s degree is required, preferably in Finance, Real Estate, Economics, Data Science, or a related field
• Two to five years of experience in CMBS, CRE analytics, structured finance or data-driven research roles
• Technical Skills: Advanced proficiency in Excel, including financial modeling, large dataset manipulation, and automation using VBA and AI. Strong working knowledge of SQL for querying, extracting, and managing data (expected to be used regularly)
• Solid understanding of commercial real estate fundamentals and capital markets. Familiarity with CMBS structures, loan-level analysis, and surveillance concepts preferred
• Experience working with CRE data platforms (especially, Trepp database) and CREFC Investor Reporting Package is desired.
• Exceptional attention to detail; strong verbal, written and presentation skills; ability to multitask and manage deadlines.
• Ability to take initiative and work independently and work closely with fellow team members in a collaborative environment. 
• Familiarity with Generative AI tools such as ChatGPT for research, data insights, and general productivity is a plus

Salary Range:

The anticipated annual base salary range for this full-time position is $90,000 to $110,000. Offer amounts are determined by factors such as experience, skills, geography, and other job-related factors.

Benefits:

• A hybrid work schedule (Tuesday, Wednesday, Thursday in the office)
• Competitive benefits and paid time off
• Paid family and disability leave
• 401(k) plan, including employer match (100% vested)
• Educational and professional development financial assistance
• Employee referral bonus program

About Us:

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

More Info:

KBRA encourages applications from all qualified individuals without regard to race, color, religion, gender, sexual orientation, gender identity or expression, age, national origin, marital status, citizenship, disability, and veteran status or any other basis prohibited by federal, state or local law.

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