Associate Managing Director, North American CMBS Ratings

The Role:

You will serve as a senior transaction lead and people manager on the North American Commercial Real Estate team at Morningstar DBRS, with primary responsibility for the analytical rigor, credit quality, and execution of CMBS ratings, including conduit, SASB, CRE CLO and other transactions. The work calls for deep commercial real estate and structured finance expertise and independent judgment on complex transactions. You will uphold the analytical standards of Morningstar DBRS, mentor junior professionals, and engage with senior market participants.

What you’ll be doing:

• Provide senior leadership and oversight for the analysis and rating of CMBS transactions, including SASB, Conduit, CRE-CLO, Agency and highly customized esoteric CRE debt and structured finance executions.
• Serve as the primary lead analyst and senior credit decision-maker on complex and high-profile transactions, exercising independent judgment consistent with Morningstar DBRS methodologies.
• Evaluate credit risk through detailed property-level, loan-level, and structural analysis, including cash flow modeling and downside stress testing. Determine stabilized and transitional net cash flows across all major commercial property types and loan sizes, from small-balance to large institutional exposures.
• Assess transitional business plans, sponsor quality, capital structures, reserve mechanisms, and execution risks.
• Oversee credit rating discussions and committees, ensuring consistency and adherence to internal policies, compliance requirements, regulatory requirements, and publishing standards.
• Serve as a Committee Chair within the NA CMBS ratings team, completing all required Committee Chair responsibilities, and act as an independent voter, as approved, with other Structured Credit groups.
• Manage, mentor, and develop a team of analysts, establishing analytical standards and ensuring consistent application of rating criteria.
• Work with business development and other senior leaders to allocate deals throughout the new issuance team and monitor workloads across the team.
• Act as the primary client-facing representative with issuers, lenders, investors, and intermediaries, including attending conferences and meetings and taking on speaking engagements.
• Create and lead topical research with publishing and other content creators for presentation to the market. Approve presale reports, final rating reports, press releases and analytical publications.
• Bring expert knowledge of credit models and tools, with a full understanding of their inputs, drivers, and outputs.
• Contribute significantly to refining existing methodologies and developing new methodologies or processes.

What we’re looking for:

• Minimum of 20 years of progressive commercial real estate credit experience, with substantial exposure at a rating agency, lending institution, private credit platform, or comparable credit-focused organization.
• Demonstrated depth of experience in CMBS, structured credit, or securitized real estate products, and a strong understanding of commercial real estate valuation, cash flow analysis, and credit risk drivers across market cycles.
• Demonstrated ability to exercise independent credit judgment and defend recommendations before senior committees.
• Established experience managing and mentoring analytical teams in a performance-driven environment.
• Strong written and verbal communication skills, with the ability to synthesize complex analyses for senior audiences.
• Advanced proficiency in Excel and financial modeling; comfort working with large datasets.
• Bachelor’s degree in finance, real estate, accounting, or a related discipline required; advanced degrees preferred.
• Willingness to work outside of normal business hours, including weekends.
• Ability to travel domestically within North America approximately 15-20%. Valid driver’s license and passport; ability to complete international travel as required.

The Group:

The North American Commercial Real Estate team at Morningstar DBRS analyzes and rates commercial real estate debt and structured finance transactions. The team brings property-level, loan-level, and structural analysis to credit rating decisions, supported by rating methodologies and research for market participants.

About Us

Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,000 issuers and 60,000 securities, it is one of the top four credit rating agencies in the world.

Morningstar DBRS empowers investor success by bringing more transparency and a much-needed diversity of opinion in the credit rating industry. Our approach and size allow us to be nimble enough to respond to customers' needs in their local markets, but large enough to provide the necessary expertise and resources they require. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service.

Morningstar DBRS is the next generation of credit ratings.

Compensation and Benefits

At Morningstar we believe people are at their best when they are at their healthiest. That’s why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:

• Financial Health

  • 100% 401k match up to 6% of salary

  • Stock Ownership Potential

  • Company provided life insurance - 1x salary + commission

• Physical Health

  • Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages

  • Additional medical Wellness Incentives - up to $300-$600 annual

  • Company-provided long- and short-term disability insurance

• Emotional Health

  • Trust-Based Time Off

  • 6-week Paid Sabbatical Program

  • 6-Week Paid Family Caregiving Leave

  • Competitive 8-24 Week Paid Parental Leave

  • Adoption Assistance

  • Leadership Coaching & Formal Mentorship Opportunities

  • Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses

  • Tuition Reimbursement

• Social Health

  • Charitable Matching Gifts program

  • Dollars for Doers volunteer program

  • Paid volunteering days

  • 15+ Employee Resource & Affinity Groups

Total Cash Compensation Range

$187,450.00-293,883.33

Inclusive of annual base salary and target incentive

If you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). If this applies and your account(s) are not with an approved broker, you will be required to move your holdings to an approved broker.

Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.

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About Us

Morningstar is a global independent investment research and financial data company. Here, you'll help uncover what’s hidden, simplify what’s complex, and create insights that empower investor success.

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