Mutual Opportunities
Structured Credit Associate
Boston, Massachusetts
Thank you to our employees for voting us one of the top places to work in Massachusetts for five consecutive years!
Overview
A career with us means you’ll work alongside exceptional people and be empowered to reach your professional and personal goals. Our employees are at the foundation of what enables MassMutual to deliver on our purpose to help people secure their futures and protect the ones they love.
We embrace the idea that we all are stronger and better through our support for one another. We strive to create a culture where employees feel valued and are celebrated for who they are.
“Since our founding in 1851, mutuality has put our policyowners at the center of everything we do. At our core, we’re a company of people helping people in their time of need, and that spirit extends to the culture we’ve built at our company. Our employees support and rely on each other each day, collaborating to deliver the best solutions for our customers and help millions more secure their future and protect the ones they love.”
Job Description
Structured Credit Associate
Fixed Income Portfolio Management Team
Full-Time
Boston, MA
The Opportunity
The Structured Credit Associate will be responsible for the evaluation, structuring, diligence, and on-going monitoring of structured credit investments for MassMutual’s General Investment Account (GIA). The associate will also help manage relationships with MassMutual’s public and private asset-backed managers and will work closely with internal Portfolio Managers and the Head of Fixed Income Portfolio Management. This role will have direct responsibility for the secondary coverage of assigned sectors of the GIA. The structured credit portfolio consists of a portfolio of diverse assets, structures, and managers; the assets are often complex, bespoke,and under negotiated terms. The role will report to the Head of Asset-Backed Finance.
The Team
The Fixed Income Portfolio Management (FIPM) team has responsibility for asset allocation, fundamental credit underwriting and monitoring, ESG investment strategy, and macroeconomic research. A small and highly collaborative team, FIPM works with other teams in Investment Management to manage the product segment portfolios and the approximately $250 billion GIA. The team pairs fundamental investment analysis and asset allocation skills with quantitative and asset/liability management expertise. This high-profile group works across all of Investment Management as well as with our other internal stakeholders including product, actuarial, treasury, accounting, risk, legal, and compliance, among others.
The Impact:
The associate will support the continued growth of the structured credit portfolio and the GIA more broadly with the structuring, underwriting, monitoring, and closing of asset-backed transactions and Investment Management Agreements. This workwillassist the investment management department’s goal of providing MassMutual policy holders’ financial security.
Act as a thought leader for designated areas of concentration.
Execute fundamental credit analysis of individual holdings within various structured asset classes and recommendations of action where necessary. Recommendations are used by Portfolio Managers, the Head of Asset Allocation, and the Head of FIPM to drive and influence investment decisions for the GIA, and to ensure investment recommendations are aligned to our investment philosophy/fit our long-term strategy (i.e. patient, long-only investment style that strives to manage risks and take advantage of opportunities).
Research, underwrite, analyze, and monitor multiple fixed income asset classes including bringing names and/or strategies through Investment Committee(s).
Conduct in-depth macro research into various investment-related topicsto supportthe evaluation of potential investment opportunities as well as the surveillance of current GIA holdings.The insights generated from this researchare intended to be additive to performance, relative to benchmark and pricing assumptions. Deep, thorough, and original structured credit research results in actionable, real-time investment decisions across assigned sectors.
Work with owned and/or outside asset managers to reviewtheir respectiveGIAfixed income portfolios, strategy,and performance to provide recommendations to the senior leadership of FIPM.
Contribute to MassMutual Investment Management’s collaborative investment process by sharing views with Investment Management leadership (PMs and Analysts), providing critical input to the team related to their analysis and associated buy/sell recommendations.
The Minimum Qualifications
Bachelor’s Degree in Finance, Economics or related field
3+ years of relevant experience structuring and underwriting complex structured credit investments in an Investment Banking role,a Junior Portfolio Managementrole for an asset manager, or similar.
3 + years of experience modeling complexinvestments across Asset-Backed Securities markets.
The Ideal Qualifications
Advanced degree in Finance, MBA or CFA designation preferred.
Experience working with transaction counsel and analyzing complex structures.
A systematic and deep thought process with the ability to understand and articulate portfolio implications of individual ideas.
Comfort with basic concepts in structured finance, such as structural leverage, LTV & attachment and detachment points, triggers, covenants, collateral types, speeds, default curves, average life, structure types and performance metrics.
Ability to underwrite, structure and act as diligence-lead on private ABS transactions.
A high degree of intellect, curiosity, drive for continued improvement, and a passion for investing.
Attention to detail, strength of conviction, ability to think independently, and generate original ideas and opinions.
A desire to work in a collegial team-oriented environment and openness to discussing, sharing, and debating original investment ideas with a collaborative style.
An effective communication style that has been applied in presenting to clients, senior leadership, and broader audiences; strong communication skills (both written and oral) that result in succinct and defensible recommendations.
A flexible, open-minded style and an interest in gaining perspectives from various sources and people. Highest standards of personal honesty and integrity.
Knowledge and experience with Liability Driven Investment (LDI) and/or insurance solutions preferred.
Proficiency In Microsoft Office with strong Excel modeling skills; ability to work with complex datasets.
Proficiency in Bloomberg terminal.
Understanding of cash flow modeling and exposure to Intex (or like) modeling.
What to Expect as Part of MassMutual and the Team
Regular meetings with the Fixed Income Portfolio Management team.
Focused one-on-one meetings with your manager
Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQIA+, veteran and disability-focused Business Resource Groups
Access to learning content on Degreed and other informational platforms
Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits
#LI- FT1
If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
California residents: For detailed information about your rights under the California Consumer Privacy Act (CCPA), please visit our California Consumer Privacy Act Disclosures page.
MassMutual will accept applications on an ongoing basis until such time as a candidate has been offered employment. The job description includes the main duties of this position, which may evolve over time. You may be required to perform other duties not listed.
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment.
Salary Range: $113,100-$148,400
Hiring Process
Explore
Explore our open jobs by clicking 'search jobs' to find a position that aligns with your experience and skills. You may also consider joining our Talent Network.
Apply
Click the “apply” button on that job posting to complete and submit your application. Your application will be reviewed by a recruiter, which, due to the volume of applications received, may take some time as we carefully consider each application.
Screen
After your application has been reviewed, if you meet the qualifications for the role, a recruiter will reach out to you to start a conversation.
Interview
If you are invited for an interview, you will be scheduled to meet with the hiring manager and hiring team.
Offer
If you are extended an offer to join MassMutual and accept, your start will be contingent upon a satisfactory background check.
Hire
If you accept the offer, we will be so excited to welcome you to the MassMutual community!
If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
By the numbers*
- 85% of employee respondents say they are proud to work at MassMutual
-
90
% of employee respondents say the work they do at MassMutual is meaningful - 85% of employee respondents say they feel encouraged to come up with new and better ways of doing things
*Source: 2025 MassMutual employee engagement survey
Award-Winning Culture
MassMutual is guided by a single purpose: We help people secure their future and protect the ones they love. As a company operated for the benefit of our members and participating policyowners, we are defined by mutuality and our vision to provide financial well-being for all Americans. It’s more than our company structure — it’s our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources and rely on each other when it counts.
We strive to build a thriving community where everyone is valued, included, and feels that they belong.
At MassMutual, we Live Mutual.
How We Work
MassMutual’s flexible workplace approach combines the importance of connecting in person and the flexibility of working remotely. Our hybrid model puts collaboration first with employees coming in at least three days per week to our spectacular campus settings and also enjoying the flexibility of remote Fridays, company-wide remote weeks, and a bank of flexible remote weeks to use throughout the year.
Benefits for the whole you (and your loved ones)
There’s more to your life than your job and there’s more to your aspirations than a paycheck. We take a holistic view of compensation and benefits that provides the flexibility to create a healthy balance in your life for work, family, and community. We offer the benefits you’d expect, like medical, dental, 401(k), and generous vacation time, but we also offer ones you might not expect, like three paid days for volunteering, a $1,250 annual Well-Being Wallet, and up to 320 hours of caregiver leave.
Explore some of our offerings below. Benefit details can be found here.
Why MassMutual?
Kevin
Compliance Consultant
Seth
Service Management Consultant
Kymberly
Head of Experience Journey Mapping
where we work
Springfield Office
1295 State Street, Springfield, MA
Boston Office
10 Fan Pier Blvd, Boston, MA
New York Office
2 Park Ave,
New York, NY
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