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Serves as a high-income analyst responsible for the automotive/services sectors. Carries out fundamental equity analysis using a variety of resources, including financial statements, regulatory policy documents, industry publications, economical statistical data, leveraged loan credit agreements, bond indentures, industry conferences, and regular meetings with company management. Develops buy/sell recommendations on a company's entire capital structure, including bank debt, bonds, and equity.
Primary Responsibilities :
Underwrites risk positions and maintains credit/equity surveillance.
Serves as an in-house sector expert and fundamental thought leader in the
Creates and maintains Excel-based financial models, analysis, and projections.
Develops ad hoc briefings and research for portfolio managers and sector leaders.
Presents sector views and opinions.
Participates in monthly investment team meetings.
Maintains coverage of assigned sector stocks, leveraged loans, and bonds held in the portfolio, including performing industry analysis, monitoring trends, and developing a view regarding the relative attractiveness of the assigned sub-sectors.
Maintains up-to-date recommendations and target prices for stocks, leveraged loans, and bonds.
Creates and maintains proprietary financial models and valuation analysis.
Monitors investment thesis to track the progress of dynamics and critical variables.
Communicates updates and recommendations to portfolio managers and sector team.
Education and Experience :
Master's degree (or foreign education equivalent) in Finance, Accounting, Statistics, Business Administration, Mathematics, or a closely related field and two (2) years of experience in the job offered or two (2) years of experience independently researching and recommending investments across the capital structure, including in non-investment grade companies, within both non-cyclical and cyclical American and European industries on the buy-side.
Skills and Knowledge :
Candidate must also possess:
Demonstrated Expertise ("DE") performing industry analysis including supply-demand models, macroeconomic forecasting, quantifying pace of technology innovation, running self-directed channel checks with executives of comparable companies, building MS Excel forecast/valuation models with multiple operating and capital structure scenarios, and running Capital IQ/Bloomberg screens for idea generation.
DE recommending investments in a relative value credit environment, including generating alpha through both overweight and underweight investments in B and BB rated credits by assessing future fundamental positioning, free cash flow generation and leverage metrics; and applying fixed income mathematics to compute credit spreads through MS Excel and Bloomberg models.
DE analyzing the legal aspects of credit investing, including both distressed debt waterfall valuation for claims at each level of a capital structure in restructuring/bankruptcy situations, and interpreting and amending credit agreements in performing credit situations with a focus on covenant analysis quantifying limitation on liens, debt incurrence, and restricted payments.
DE building and executing proprietary processes to analyze and identify investments with superior risk-adjusted returns, applied across asset classes -- equities, bonds, loans, and convertible bonds; and independently presenting investment recommendations to portfolio managers.