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Open nowPosted 10 days ago

Fixed Income Credit Intern

State of Wisconsin Investment Board18 open roles

Where
Madison Wisconsin
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Your applicationOpen nowFixed Income Credit InternState of Wisconsin Investment Board · Madison Wisconsin
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The clock on this job

Early applications get read.

8.1% of postings close within 7 days. Measured by our own scanner across the market. State of Wisconsin Investment Board postings stay open a median of 29 days.

Share of postings closed within
  1. 1.8%1 day
  2. 3.5%3 days
  3. 8.1%7 days
  4. 15.1%14 days
  5. 33.9%30 days
This job: posted 10 days ago

State of Wisconsin Investment Board median: 29 days open

The posting

Making a Difference

The State of Wisconsin Investment Board (SWIB), founded in 1951, is a premier global investment organization responsible for managing the more than $178 billion of assets of the fully funded Wisconsin Retirement System (WRS), the State Investment Fund and other state funds. Through SWIB’s effective and innovative investment management, WRS remains one of the only fully funded US public pensions. The WRS consistently ranks among the 10 largest public pension funds in the U.S. SWIB is recognized by the investment industry for our teamwork and innovation. SWIB pursues sophisticated global investment strategies across the asset and risk allocation spectrum. Providers across the investment ecosystem seek to partner with SWIB.

Serving more than 703,000 beneficiaries of the WRS, SWIB is a mission-driven organization focused on providing a strong financial future to those who committed their careers to public service. For public employees and the 1,607 Wisconsin employers who contribute on their behalf, we are a trusted partner. Our team innovates continuously to meet the challenges of an evolving investment landscape while growing and protecting the assets of the WRS.

SWIB provides a strong, steady economic pillar for the state of Wisconsin by growing the trust funds under its management, managing risk, and optimizing costs of the long term. We are a mission-driven organization and the participants we serve are our mission. By bringing a disciplined, prudent, and innovative approach to market opportunities, SWIB has been successful in generating required returns and maintaining the trust of the beneficiaries and stakeholders of the funds we oversee.

Home To Top Talent

Our high-performing staff is key to what makes us a premier investment manager. SWIB is committed to investing in talented professionals to implement our robust, sophisticated investment strategies and to keep the organization at the forefront of the investment industry. We encourage innovation and offer professional development opportunities to help staff sharpen and expand their skills. Approximately 61 percent of SWIB’s investment professionals are Chartered Financial Analyst (CFA) charterholders.

Job Description:

About the Team

The Fixed Income Strategies Group manages approximately $18 billion across the fixed income spectrum, in separate actively managed portfolios focused on rates, Structured Products, Investment Grade credit, High Yield credit, and Leveraged Loans. Each portfolio seeks income and capital appreciation using a disciplined, repeatable investment process tailored to its sector, which includes robust risk allocation and management. Within this structure, investment professionals are empowered to meaningfully influence portfolio outcomes.

The Leveraged Credit team manages a $7.0 billion High Yield and a $3.0 billion Leveraged Loan portfolio(s), with each team member working across both. The portfolio(s) have access to a wide range of security types, including derivatives in credit, equity and rates space to pursue their return and risk targets. The Leveraged Credit team is currently seeking to add a Summer Analyst for summer 2027.

Position Overview

The Leveraged Credit Team is seeking a Summer Analyst to join the Fixed Income Strategies Group. This internship will provide students with hands-on experience in credit investing, with a primary focus on High Yield and Leveraged Loans. In addition, interns will gain broader exposure to fixed income investing through cross-strategy learning opportunities with the Structured Products, Investment Grade, Rates, and Trading teams.

Interns will gain direct experience in fundamental credit analysis, financial modeling, and portfolio monitoring, while also developing an understanding of how specialized strategies across the fixed income spectrum contribute to the overall portfolio. This role is designed to provide a well-rounded introduction to institutional credit investing and prepare candidates for potential future careers in investment management.

Essential activities:

  • Conduct financial and credit analysis of current and prospective high-yield and leveraged loan investments, including review of company financial statements, operating performance, and industry trends.
  • Use approved AI and automation tools to streamline elements of the investment process, including research synthesis, data organization and validation, and recurring analytical tasks, while following established team processes and firm-wide controls.
  • Develop and maintain detailed financial models to support investment recommendations.
  • Prepare written research, credit memos, and verbal presentations on investment recommendations and credit quality for senior staff.
  • Learn and participate in the investment process, including idea generation, due diligence, portfolio monitoring, and and ongoing credit and risk assessment of portfolio holdings.
  • Stay current on market, industry, and company-specific developments that impact creditworthiness and portfolio risk.
  • Participate in cross-strategy learning opportunities with Structured Products, Investment Grade, Rates, and Trading teams to broaden exposure to securitized products, corporate credit, macro fixed income strategies, and trading and execution.

The Ideal candidate:

  • Ability to work in Madison, WI for an approximate 10-week period, beginning summer of 2027.
  • Current undergraduate or graduate student pursuing a degree in Finance, Economics, Accounting, or a related field.
  • Foundational understanding of corporate finance and accounting, with an interest in developing knowledge of fixed income markets.
  • Interest in credit markets, particularly high yield, leveraged loans, and structured products.
  • Excellent analytical, quantitative, and problem-solving skills with the ability to interpret complex financial data.
  • Familiarity with AI tools and an interest in developing AI-enabled tools and workflows to improve research and analytical efficiency.
  • Proficiency with Microsoft Excel and familiarity with financial modeling; exposure to Bloomberg, Octus, S&P Capital IQ, Moodys Research, CreditSights, Pitchbook, or other financial tools is a plus.
  • Strong written and verbal communication skills; ability to clearly articulate investment views.
  • Highly motivated, detail-oriented, and capable of working both independently and as part of a collaborative team.
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