Fixed Income Division - Analyst / Associate, Commodity Structurer

Morgan Stanley•New York, NY

8d•$110,000 - $200,000•Hybrid

About The Position

Morgan Stanley's Fixed Income Division is seeking a Commodity Structurer for the Global Commodities Structuring Group, focusing on the North American Power and Gas (NAPG) desk. This role, based in Houston or New York, involves developing and executing complex transactions in physical and financial power and gas markets, managing risk, and creating PnL opportunities for a diverse client base. The NAPG desk structures and manages transactions with durations of one to twenty-plus years, providing services such as load-following, resource management, and risk management solutions for various clients including municipals, commercial and industrial loads, load aggregators, independent power producers, and renewable generation developers. The Global Commodities Structuring Group collaborates closely with Origination and Trading teams to model transactions, negotiate client confirmations, book trades, and coordinate with second-line functions like strats, operations, credit, valuation control, legal, and finance. This group also plays a key role in developing new client solutions, trading risk management strategies, pricing and capital frameworks, and execution processes.

Requirements

Bachelor's or Master's degree in finance/financial engineering, computer science, other engineering, mathematics, or another quantitative discipline.
1–3 years of relevant industry experience.
Demonstrated interest in energy markets, particularly natural gas or power, through work experience, coursework, or independent study.
Strong knowledge of Microsoft Excel and PowerPoint required.
Strong analytical aptitude, communication, and attention-to-detail skills required.
Coursework covering at least any one of the following topics required: corporate finance, financial accounting, probability & statistics, credit fundamentals.

Nice To Haves

Experience in the energy markets (natural gas or power preferred) or energy infrastructure project finance are a plus.
Advanced coursework in financial mathematics, option theory, is a plus, but not required.
Programming experience (e.g., Python, C++, Scala, or other) is a plus, but not required.

Responsibilities

Develop in-depth understanding of client motivations, pricing methodologies, market risk and credit risk management strategies, firm systems, and the transaction lifecycle for physical and financial gas deals.
Perform pricing analysis and coordinate with strats, trading and other relevant groups to help position the firm to win client mandates.
Coordinate transaction execution process and act as liaison between commodities and other client-facing teams such as IBD coverage, structured finance & lending and capital markets.
Prepare client marketing materials as well as internal presentations for structured transaction review process.
Perform adhoc credit and market risk analysis in collaboration with internal risk review groups.
Develop the booking plan and review deal confirmations in coordination with origination, trading, legal, operations, and credit teams prior to execution.
Book trades upon execution and report PnL and risk to finance and risk control groups.
Review current structured portfolios and update modeled parameters as required for live deals.
Work with second-line teams to improve infrastructure, risk management, operations.
Act as a backup in absence of team members.
Work with middle office and back office on PnL and trade reconciliation, including investigating and resolving breaks.
Work with IT to improve processes and systems, including automating recurring analysis and reporting.
Act as a backup in the absence of team members.