Hello chimps,
I’m a first year consultant who isn’t enjoying very much his job. I’ve seen a job offer as Structured Finance Analyst in Fitch ratings, mainly rating Asset Backed Securities (ABS), Residential Mortgage Backed Securities (RMBS), Commercial Mortgage Backed Securities (CMBS) and Structured Credit (SC). As I am already working, I wouldn’t like to have too many job interviews, just for those jobs which I really would like to get. In this situation, I would like to understand the position before applying for it. I mean, everyday life, what is the salary, hours… those kinds of things.
Thank you all in advance. Hope someone can help me.
Tximu.
Don't do it. Ratings agencies are where thought goes to die. Something about financial firms which don't participate in financial markets.. in my limited experience, they're all filled with rote, non-creative drones.
first of all the above poster is correct and secondly this company pays sh*t
Is it really that bad? Couln't it help me to get a job in Asset management/private banking in the future?
Within structured finance there is some movement from credit rating agencies ("CRAs") to banks' cap markets desks, although I think this is getting less common as the regulatory environment & public scrutiny tightens. As for asset management, depending on the product covered as a ratings analyst, I wouldn't be surprised to learn that bigger CLO managers occasionally hire from the CRAs, although I imagine they might be more senior. I'd expect that insurance asset management or a fixed income fund might be a "more likely" route. I don't think that it will help you with private banking at all, since you will be perceived as a specialist in specific products, while private banking portfolio management really doesn't get that granular.
On the whole, I would counsel against this opening. If you are genuinely interested in a career working with structured/securitized products, there are better routes (although this would be worth considering), and if you're not interested in them, then this CRA job is going to crush your soul.
Sorry to hear that... I really want to get a more financial job than my actual consultant job…More market oriented… Getting a job in asset management or private banking isn’t easy and I hoped this rating job could be something that could help me get a job like that in the future… Hope I get some interviews in January…
Thank you for your time and advice.
Hi Tximu,
Did you end up taking that job ? if so, how was the interview process, did you have to do excel assessment test and a writing test ?
Hey Lanmurray, can you tell me more about the excel test and written test?
Fitch Ratings - ABS Analyst Interview (Originally Posted: 03/30/2010)
I have an interview for an asset backed securities analyst position at fitch coming up. Does anyone know what I should expect. I'll be meeting with an HR person, hiring manager, and two MDs from the ABS group. Thanks.
Besides run of the mill fit and basic technicals I'd know the flow and structure of ABS. Check out Moodys.com
You can register for a free account: http://v3.moodys.com/registerinfo.aspx
Then go to Ratings Methodologies: http://v3.moodys.com/researchandratings/methodology/003006001/rating-me…
Find any of the ABS products, the ratings methodology guides for ABS-type products will probably be 10-20 pages and will explain just about everything from the structure to some of the key points. I wouldn't get too caught up in the details, what you're really trying to do is have a superior (compared to other prospective monkeys) understanding of what ABS is so you can blow them out of the water with the "what do you think ABS is?" or "what do you think we do here"?
Know how to rate crap AAA.
Hahah, This made me laugh. Great comment, although not entirely true. ABS's bonds got a really bad wrap with all this mortgage crap, but in general they are worthy of that AAA rating. ABS bonds are very interesting and complex, but because of their structure and set up they are (in general) better than respective corporates.
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