. . "Basically what they do is, (what I learned from interviews and friends...) if IB issues a CDO, MBS, ABS... they need to state the terms including risks, return and others in the prospectus, the group's job is to run the model to see if the pricing of the structured product is right and do some other analysis, in the end we tell the investment bank if our calculation is the same as theirs. it is not" . .