Q3 Early Careers Program - Structured Finance
Job Description As an Associate Analyst in Moody's Early Careers Program you will:
- Join Moody's Structured Finance ratings lines of business (LOB)
- Receive analytical and professional onboarding by the Moody's Credit Academy plus on-going training, including selective cross-training in different asset classes or sectors.
- Support senior lead analysts across different offices with financial modeling and preparation of rating committees, publications such as press releases, credit opinions, research and investor outreach materials.
- Interact with bond issuers and arrangers and present your analysis in credit committees
- Work on global or cross LOB projects, as opportunities arise.
- Be mentored by senior lead analysts to further develop your analytical skills.
A dedicated Associate Analysts team manager (AATM) will support and track progress on your career development goals, by providing timely coaching and career guidance.
The start date for this program will be in July 2020. The Role
We are looking for a talented and highly motivated individual to work within the Structured Finance Group (SFG) Ratings and Research Support (RRS) team. This role is ideal for candidates who are interested in credit analysis and gaining broad exposure to the securitisation sector.
The role will provide quantitative and analytical support to the Rating and Research (R&R) team covering Structured Finance in the EMEA region. The role will provide the individual an opportunity to be part of the formation of the RRS group for SFG working in partnership with the R&R teams, by providing a wide range of analytical support services that contribute to the overall credit analysis function performed by these teams.
This role will focus on EMEA Consumer and/or Corporate asset sectors, such as Residential Mortgage (RMBS) and Asset-Backed Securities (ABS), Collateralized Loan Obligations (CLO), credit derivatives, asset-backed commercial paper (ABCP), repackaged bond and CMBS, covering both primary and surveillance activities. There is also potential for cross-training across varying asset sectors and methodologies within SFG as part of career progression.
The role requires a strong academic background with experience in financial and quantitative analysis. The ideal candidate for this role will possess strong analytical and organizational skills, demonstrate attention to detail, and enjoy working in a collaborative and versatile team environment.
The Associate Analyst 3 (AA3) will conduct comprehensive analysis on an assigned portfolio of ratings/credits. The AA3 will perform holistic evaluations of credit risk by integrating credit inputs prepared by others, including Financial Data Analysts (FDAs), RRS Associates and external parties. In conducting credit analysis for their assigned portfolios, transactions or credit reviews, AA3s will actively participate in rating committee discussions and interact with issuers and other market participants, in collaboration with Lead Analysts.
The AA3 role is integral to Moody's focus on ratings accuracy, research and market outreach. The AA3 role will focus primarily on one Line of Business (LOB), with the potential for cross-training in other LOBs over time. Key Responsibilities
- Performs day-to-day credit analysis related to ratings, research, presentations, and investor outreach. Examples of analytical work produced include:
- Analyse portfolio and loan level data , and writing analytical commentary in accordance with Moody's methodologies.
- Assisting with proprietary models, identifying trends in data, and applying analytical skills and judgment to form well-reasoned credit conclusions.
- Support reviewing transaction legal documentation and building knowledge of cash flow and loss allocation rules.
- Develops strong working knowledge of Moody's methodologies and credit rating best practices, applying these with guidance from Lead Analysts.
- Prepares first draft of rating committee memos, in collaboration with Lead Analysts.
- Demonstrates the ability to understand and identify key factors that affect issuer credit ratings.
- Interprets and analyzes financial data and other credit inputs provided by others e.g. FDAs and RRS Associates.
- Monitors credit quality and issuer and/or portfolio trends by following market developments, analyzing issuer reporting, and engaging with issuers directly for follow-up clarification and information.
- Participate in due diligence meetings
- Attends rating committee meetings and is encouraged to participate, including offering analysis and opinion where appropriate.
- May complete Credit Estimates used to assess elements of credit risk in certain rated transactions.
Research & Investor Outreach
- Prepares first draft of core research as applicable to the LOB e.g. credit opinions, issuer and sector comments, press releases, pre sale and new issue reports etc. in collaboration with Lead Analysts.
- Contributes to research strategy, including idea generation and preliminary drafting, adhering to Moody's research standards.
- Attends investor briefings and issuer meetings as required; may help prepare presentation materials; a rrives prepared to engage in discussions.
- Builds positive relationships with issuers - displays initiative to understand the issuer's business and proactively responds to issuer enquiries.
- Performs analytical tasks related to portfolio reviews and other credit projects.
- Operates applicable ratings and research systems and utilizes software specific to the rating group. Identifies all issues with data for follow up with Lead Analyst.
- Demonstrates sound understanding and judgment in applying Moody's processes, documentation standards and best practices, adhering to all laws and policies.
Coaching & Guidance
- Provides clear, concise and constructive guidance in the delegation of work to Associates (if applicable), actively managing workload pipeline in order to provide sufficient time for completion. Seeks Associate Analyst Team Manager (AATM) guidance where needed to determine how to allocate work.
- Provides feedback to AATM on the quality and accuracy of work produced by Associates, along with providing constructive and proactive feedback to Associates and FDAs.
- Our Early Careers Program is open to final year BSc and MSc students, as well as recent graduates with up to 3 years work experience
- Solid quantitative understanding
- Strong background in quantitative analysis
- Strong working knowledge of MS Excel, Word and PowerPoint. Proficiency in VBA is advantageous
- Experience with other analytical tools are beneficial
- Solid verbal, written communication and interpersonal skills
- Ability to work effectively in a collaborative team environment
- Strong organizational skills and attention to detail
- Ability to adapt to a changing environment and prioritize tasks accordingly
- Fluency in English is required. For the Consumer team, additional fluency in one of the following languages is advantageous: German, French, Italian, Spanish and Dutch
Moody's is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, protected veteran status, sexual orientation, gender expression, gender identity or any other characteristic protected by law.
Candidates for Moody's Corporation may be asked to disclose securities holdings pursuant to Moody's Policy for Securities Trading and the requirements of the position. Employment is contingent upon compliance with the Policy, including remediation of positions in those holdings as necessary.