Just wanted to see if I could get a little context on the difference in these positions, mainly an insight into what a "structured finance analyst" would do in a large brokerage like CBRE/JLL/C&W. I understand that in banks, these analysts are very quant focused as they are essentially developing ABS, but I assume that would not necessarily be the same for a commercial brokerage firm.
Thanks in advance.
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Structured Finance is a very new term. Probably less than 10yrs old and only been used since about 5yrs ago. I see this term going away because in the end, it's still debt or equity.
You will be pricing and sizing loans anywhere you go as an analyst.
What is ABS, other than black plastic :) seriously though.
...ABS is asset backed securities, bank issues ABS backed by credit card debt or auto loans
Structured finance is not going away, all rating agencies and banks refer to CMBS as structured finance
Bumping this
As a former analyst at one of the brokerages, I can say you're helping drive the origination process for debt and equity transactions. This means underwriting deals in excel and adjusting Argus models, researching the market using CoStar, REIS, and brokerage research reports, pulling together sale / rent comps, drafting offering memos, sending OMS out to the market to target capital providers, responding to their questions & requests, tracking quotes and managing the closing process. Assuming you're on a good team you'll get exposure to all the different property types, capital structures (bridge, senior, mezz, pref. equity, equity, fee / lease hold bifurcations) and capital sources (banks, debt funds, life cos., CMBS, mortgage reits, equity shops). It provides great exit opps if you don't want to see you're self as a brokerage role in the long term. I'd approximate the job was 40% quantitative & 60% qualitative.
I used to be an analyst at one of these firms.
Pros: - Exposure to an array of funding types/asset classes and sponsors in a range of geographic locations - Serious income upside if you make it broker - Strong exit opportunities (at analyst level; longer you stay, worse exit opps become)
Cons: - Graphic management of package creation is a BITCH. However, debt/equity is way better than investment sales. - Potentially unstable workflow/income dependent upon how comp is structured. You will become solely reliant on the brokers you produce. They have a bad year, you will feel it. - Lack of exposure to development and construction. A development analyst at a top shop will get a better, more rounded education in CRE than a capital markets analyst (IMO).
agree with these points. How long is too long in terms of exit opps?
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