Associate

Northwestern Mutual • Milwaukee, WI

2d • Onsite

About The Position

Northwestern Mutual Investment Management Company, LLC, located in Milwaukee, WI, is a wholly owned subsidiary of the Northwestern Mutual Life Insurance Company with over $250 billion in assets under management (AUM). The Public Investment department manages $135 billion of total AUM and delivers fixed income expertise to Northwestern Mutual and its affiliate corporations, including the foundation and retirement plan. This role conducts fundamental emerging markets credit research across sovereign, quasi-sovereign, and corporate issuers to develop forward-looking credit views and issuer-level risk assessments. The Associate will monitor macroeconomic, political/geopolitical, operating, and capital trends across regions and sectors; synthesize financial and qualitative inputs into clear, actionable conclusions. They will build issuer and country frameworks using scenario and stress analysis; produce concise written research and investment recommendations; and apply data, technology, and AI-enabled tools to improve efficiency. The Associate will also partner across the investment platform to drive a consistent credit philosophy and support portfolio construction and risk management.

Requirements

• One to five years or longer relevant work experience conducting sovereign or corporate credit analysis.
• Bachelor’s degree with an emphasis on finance, accounting, economics, statistics, or other related area.
• Strong analytical skills, including understanding economic trends, performing financial statement analysis, evaluating cross-sector relative value, and presenting credit recommendations for potential investment opportunities.
• Effective oral and written communication skills and demonstrated ability to prioritize work.

Nice To Haves

• Economics background is a plus.
• Master of Science or Master of Business Administration (MBA) preferred.
• CFA designation or progress towards attaining the CFA designation recommended (not required).
• Proficiency with Bloomberg, Blackrock Aladdin, and other programming or data analytic tools is desirable.

Responsibilities

• Conducts fundamental emerging markets credit research across sovereign, quasi-sovereign, and corporate issuers to develop forward-looking credit views and issuer-level risk assessments.
• Monitors macroeconomic, political/geopolitical, operating, and capital trends across regions and sectors; synthesizes financial and qualitative inputs into clear, actionable conclusions.
• Builds issuer and country frameworks using scenario and stress analysis.
• Produces concise written research and investment recommendations.
• Applies data, technology, and AI-enabled tools to improve efficiency.
• Partners across the investment platform to drive a consistent credit philosophy and support portfolio construction and risk management.
• Applies deep expertise in emerging market credit across sovereign, quasi-sovereign, and corporate issuers in investment-grade and high-yield segments.
• Executes fundamental credit analysis, including financial statement review; cash flow and balance sheet assessment; leverage and liquidity analysis; covenant and capital structure review; and evaluation of management and governance quality.
• Builds and maintains financial models, including base-case and downside/stress scenarios and recovery analysis, as appropriate.
• Develops and communicates differentiated investment theses and relative-value views, including buy/hold/sell recommendations aligned with current portfolio strategy.
• Monitors financial disclosures, earnings, corporate actions, rating agency actions, and market technicals; provides timely updates on credit events and market-moving news.
• Integrates macroeconomic, political/geopolitical, and ESG factors into credit assessments, with emphasis on governance, policy/regulatory risk, and country-risk transmission to issuers.
• Promotes a culture of mutual respect and high ethical standards.
• Models NM Behaviors: Client First, Powered by Our People, Future Focus.
• Exercises sound judgment and independent thinking.
• Leads process improvement through effective use of technology and data science.
• Responds in a timely manner to requests for data, opinions, and other information.
• Attends and leads/participates in group activities and engages others in relevant discussion.

Benefits

• Grow your career with a best-in-class company that puts our clients' interests at the center of all we do.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level