Associate Analyst Program, Fitch Ratings, Chicago - July 2025

Fitch Ratings is a leading provider of credit ratings, commentary, and research.  Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise.  The additional context, perspective, and insights we provide help investors to make important credit judgments with confidence.

The Fitch Ratings 2025 Associate Analyst Program (July 2025 cohort) is an exceptional entry level opportunity for recent graduates. The full-time graduate program is a combination of structured training designed specifically to provide a broad analytical perspective and on-the-job learning experience. As an Associate Analyst, you’ll be assigned to a specific Fitch Ratings product group and provided roles and responsibilities that fully immerse you in the credit rating process.

During the 12-month program, Associate Analysts will get placed in analytical team where they will collaborate with senior analysts on new issuer ratings and gather and analyze the latest industry, regulatory, and economic information. At Fitch, you will receive the training to develop a high level of service to investors and issuers and a team-oriented approach to ratings analysis. Day to day work will include evaluating risk, participation in rating committees, drafting rating affirmations, and writing research reports. 
 

Eligibility:

• December 2024-June 2025 graduates; with less than 12 months of relevant full-time experience. 
• Must be able to work in Chicago (hybrid office schedule)
• Ability to start July 2025
• Students must have work authorization in the U.S 

We’re looking for:

• Intellectually curious students with financial flair and a keen interest in credit, fixed income and industry analysis. 
• Strong, clear, and concise communicators, both verbally and written 
• Students from a diverse range of academic backgrounds with a passion for finance, research and analysis are welcome; A plus if you study one or more of the following majors: Real Estate, Finance, Economics, Accounting, and/or Political Science 
• Individuals who truly value integrity and objectivity – these are two values we hold ourselves to and pride ourselves on

Product groups and teams likely to be included are:

• Structured Finance
• Corporate Ratings
• Financial Institutions
• US Public Finance
• Global Infrastructure and Project Finance Group

Read below to learn more about our different analytical groups. 

Structured Finance
Fitch’s Structured Finance maintains existing ratings and assigns ratings to new structured finance transactions. Fitch currently rates Structured Finance transactions across four main asset classes: Asset Backed Securities, Residential Mortgage-Backed Securities, Commercial Mortgage-Backed Securities and Structured Credit.

Corporate Ratings
The Fitch Ratings Corporates group provides public and private ratings on companies and their debt instruments, including — bank loans, senior and subordinated debt, commercial paper and preferred stock. The group's analytical methodology addresses the legal, regulatory and market environments in over 100 countries in which Fitch Ratings operates, with particular emphasis on debt structure. 

Financial Institutions
Fitch’s financial institutions’ coverage includes not only banks but also finance and leasing companies, securities firms, and asset management organizations. In addition, the group supports dedicated teams for rating specialized securities such as covered bonds.

US Public Finance 

Fitch Ratings creates value beyond the rating by bringing an informed perspective to the U.S. Public Finance sector. Nearly 90% of the world’s largest institutional investors routinely turn to Fitch Ratings for in-depth analysis, comprehensive research and easily understood criteria for rating state and local governments, public housing, higher education, healthcare, public power, and public transportation bonds. With offices across the United States, our analysts are sensitive to local legislative and legal issues and are poised to address the specific needs of regional markets.

Global Infrastructure & Project Finance Group

Fitch's Global Infrastructure and Project Finance Group (GIG) is responsible for the credit ratings of debt related to infrastructure assets mainly in the transportation, energy, and social infrastructure sectors in the Americas.

The portfolio includes public ratings and private credit opinions covering a variety of transaction types (project finance, corporate finance, and structured finance). The assets include airports, toll roads, ports, rail infrastructure, power plants, oil and gas facilities, wind and solar parks, schools and hospitals. The team's output consists mainly of annual surveillance reviews, new ratings and sector research reports which are published primarily through Fitch's website.

Expected base pay rates for the role will be $70,000 per year. Actual salaries will be determined on an individualized basis and may vary based on factors including but not limited to education, training, experience, past performance, and other job-related factors.  Base pay is one part of Fitch’s total compensation package, which, depending on the position, may also include commission earnings, discretionary bonuses, long-term incentives, and other benefits sponsored by Fitch. 

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