Fixed Income Credit Intern

State of Wisconsin Investment Board • Madison, WI

1d • Onsite

About The Position

SWIB is seeking a Summer Analyst to join the Fixed Income Strategies Group. This internship will provide students with the opportunity to gain hands-on exposure to credit investing across multiple fixed income sectors, with a primary focus on High Yield and Leveraged Loans. In addition, interns will participate in supplementary rotations with teams covering Structured Products (including MBS, CMBS, ABS, and CLO sectors), Investment Grade Credit, Rates, and Trading. 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.

Requirements

• Ability to work in Madison, WI for an approximate 10-week period, beginning Summer of 2026.
• Current undergraduate or graduate student pursuing a degree in Finance, Economics, Accounting, or a related field.
• Strong understanding of corporate finance, accounting, and fixed income concepts.
• 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.
• Proficiency with Microsoft Excel and familiarity with financial modeling; exposure to Bloomberg, Capital IQ, 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.

Responsibilities

• 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.
• Develop and maintain detailed financial models (e.g., cash flow projections and credit metrics) to support investment recommendations.
• Participate in the investment process, including idea generation, due diligence, portfolio monitoring, and risk assessment.
• Prepare written research, credit memos, and verbal presentations on investment recommendations and credit quality for senior staff.
• Collaborate with Structured Products, Investment Grade, and Rates teams through supplementary rotations to broaden exposure to securitized products, corporate credit, and macro fixed income strategies.
• Gain practical insights into trading strategies and execution by shadowing the trading desk.
• Monitor existing portfolio holdings financial performance
• Stay current on market, industry, and company-specific developments that impact creditworthiness and portfolio risk.

What This Job Offers

• Career Level: Intern
• Number of Employees: 101-250 employees