Municipal Credit Analyst

Northwestern Mutual•Milwaukee, WI

1d•Hybrid

About The Position

About the Job: The role centers on fundamental credit research across investment‑grade municipal bonds, developing forward‑looking credit views and issuer‑level risk assessments. Responsibilities include monitoring credit, operating, and capital trends across key municipal sectors and synthesizing financial, legal, economic, demographic, and political/regulatory factors into clear actionable conclusions. This position involves building sector frameworks with scenario analysis, producing clear, well‑reasoned written research and investment recommendations, and leveraging advanced analytics, technology and AI‑enabled tools to enhance efficiency. The role also collaborates across the Public Investments platform to ensure consistent credit philosophy and support multi-sector strategies. What You’ll Do: Demonstrates expertise across the municipal market, including state and local governments, not-for-profit entities, and other public sector organizations. Performs comprehensive fundamental credit analysis of issuers, encompassing financial statement review, assessment of financial policies, evaluation of management performance, and analysis of credit ratings. Leads and directs sector research, maintaining up-to-date knowledge of industry trends to deliver in-depth credit assessments and sector perspectives. Exhibits strong written and verbal communication skills, crafting concise and persuasive investment theses and recommendations. Delivers timely and well-founded investment recommendations aligned with current portfolio strategy. Assumes leadership and collaborates on team-wide projects and initiatives, particularly those focused on data and technology enhancements. Integrates new technologies, data management systems, and analytical tools into municipal research processes. Partners with management to enhance research methodologies, development procedures, and the adoption of best practices. Group/Organizational Dynamic: Promotes a culture of mutual respect and high ethical standards. Adopts NM Behaviors: Client First, Powered by Our People, Future Focus. Exercise good judgment and independent thought. Generates and leads process improvements through the effective use of technology and data science. Effectively respond in a timely manner to requests for data, opinions, and other information. Attends, leads, and participates in group activities and actively engages others in relevant discussions. What You’ll Bring to the Role: Five+ years of experience researching municipal bonds, ideally at a buy-side asset manager, rating agency, or similar platform. Knowledge of debt capital markets and municipal debt structures, with demonstrated expertise in revenue-backed municipal sectors and familiarity with legal security structures, covenants, flow-of-funds, and issuer financials. Bachelor’s degree with an emphasis on municipal finance, economics, statistics or a related field; MBA desirable. CFA designation or progress towards attaining the CFA designation required. Strong analytical skills, particularly in financial statement analysis and presenting credit recommendations for potential investment opportunities. Effective oral and written communication skills, with ability to prioritize work effectively. Proficiency with Investor Tools CreditScope, Bloomberg, Blackrock Aladdin and other data analytic tools is desirable. Skills You Will Have: Attention to Detail: Focuses on specific details to spot and correct errors in advance of them being found and surpass quality expectations. Performs work with thorough proofreading for presentation, content, accuracy, and overall quality. Industry Knowledge: Demonstrates extensive knowledge of common practices, regulatory considerations, market trends and the competitive landscape within a particular industry / sector to better understand and address unique client requirements, challenges, and context. Interpersonal Savvy: Relates well to all kinds of people inside and outside of the organization. Builds appropriate rapport, constructive and effective relationships. Uses diplomacy and tact and diffuses high-tension situations comfortably. Risk Evaluation: Assesses the significance of identified risks, makes judgments about the significance of the risk in relation to the organization's objectives and assesses whether the risk is acceptable or not. Considers factors such as the organization's risk appetite, risk tolerance, and risk management resources to help decision-makers determine which risks require further action and which can be accepted or tolerated. Financial Acumen: Applies the knowledge of financial statements, financial analysis, budgeting, forecasting, and financial modeling to ensure decisions are fiscally sound and responsible. #LI-Hybrid Compensation Range: We believe in fairness and transparency. It’s why we share the salary range for most of our roles. However, final salaries are based on a number of factors, including the skills and experience of the candidate; the current market; location of the candidate; and other factors uncovered in the hiring process. The standard pay structure is listed. Grow your career with a best-in-class company that puts our clients' interests at the center of all we do. Get started now! Northwestern Mutual is an equal opportunity employer who welcomes and encourages diversity in the workforce. We are committed to creating and maintaining an environment in which each employee can contribute creative ideas, seek challenges, assume leadership and continue to focus on meeting and exceeding business and personal objectives. If you work or would be working in California, Colorado, New York City, Washington or outside of a Corporate location, please click here for additional information pertaining to compensation and benefits. At Northwestern Mutual, we believe relationships are built on trust. That our lives and our work matter. These beliefs launched our company over 160 years ago. Today, they're just a few of the reasons why people choose to build careers at Northwestern Mutual as we are growing our digital and tech capabilities and are always on the lookout for bright, tech-savvy candidates. Northwestern Mutual is proud to be an equal opportunity employer. We have chosen to build a diverse and inclusive workplace where talented people from all backgrounds want to be, want to stay, and want to build their future. We celebrate and support our differences for the benefit of our employees, our products, and our community. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender identity or expression, sexual orientation, national origin, disability, age or status as a protected veteran, or any other characteristic protected by law.

Requirements

Five+ years of experience researching municipal bonds, ideally at a buy-side asset manager, rating agency, or similar platform.
Knowledge of debt capital markets and municipal debt structures, with demonstrated expertise in revenue-backed municipal sectors and familiarity with legal security structures, covenants, flow-of-funds, and issuer financials.
Bachelor’s degree with an emphasis on municipal finance, economics, statistics or a related field; MBA desirable.
CFA designation or progress towards attaining the CFA designation required.
Strong analytical skills, particularly in financial statement analysis and presenting credit recommendations for potential investment opportunities.
Effective oral and written communication skills, with ability to prioritize work effectively.

Nice To Haves

Proficiency with Investor Tools CreditScope, Bloomberg, Blackrock Aladdin and other data analytic tools is desirable.

Responsibilities

Demonstrates expertise across the municipal market, including state and local governments, not-for-profit entities, and other public sector organizations.
Performs comprehensive fundamental credit analysis of issuers, encompassing financial statement review, assessment of financial policies, evaluation of management performance, and analysis of credit ratings.
Leads and directs sector research, maintaining up-to-date knowledge of industry trends to deliver in-depth credit assessments and sector perspectives.
Exhibits strong written and verbal communication skills, crafting concise and persuasive investment theses and recommendations.
Delivers timely and well-founded investment recommendations aligned with current portfolio strategy.
Assumes leadership and collaborates on team-wide projects and initiatives, particularly those focused on data and technology enhancements.
Integrates new technologies, data management systems, and analytical tools into municipal research processes.
Partners with management to enhance research methodologies, development procedures, and the adoption of best practices.
Promotes a culture of mutual respect and high ethical standards.
Adopts NM Behaviors: Client First, Powered by Our People, Future Focus.
Exercise good judgment and independent thought.
Generates and leads process improvements through the effective use of technology and data science.
Effectively respond in a timely manner to requests for data, opinions, and other information.
Attends, leads, and participates in group activities and actively engages others in relevant discussions.