Research Analyst

Fidelity Investments • Boston, MA

19d • $100,000 - $200,000 • Onsite

About The Position

Fidelity’s High Income & Alternatives division provides investment expertise across non-investment-grade corporate credit, emerging markets debt, and real estate debt. Its strategies span public and private markets and include high-yield bonds, leveraged loans, convertible securities and equities, as well as tactical asset allocation, structured credit, and liquid alternatives arbitrage strategies.

The Research Analyst will join the High Income & Alternatives team and generate fundamentally driven investment ideas to inform decisions across the capital structure in high-yield, leveraged loan, and distressed debt markets. This visible role’s analysis and recommendations will influence portfolio construction and performance. The position is located in Fidelity’s Boston office and reports to the Managing Director of Research for High Income & Alternatives. The analyst will collaborate with portfolio managers and research analysts.

The analyst will originate, underwrite, and monitor investment opportunities; conduct fundamental corporate-credit analysis; develop financial and restructuring models; produce research reports and present recommendations; provide real-time analysis of covered credits; assess macroeconomic and industry developments; and mentor junior analysts. Fidelity states that it is transitioning to a full-time onsite working model through a phased regional and role-based rollout, so onsite expectations may vary and evolve. The position does not offer immigration sponsorship.

Requirements

• At least 7 years of relevant buy-side or sell-side experience in high-yield, leveraged finance, or distressed debt research.
• Expert-level proficiency in financial modeling, valuation, and credit analysis.
• Ability to assess legal documentation, including credit agreements and indentures, and understand drivers of credit- and equity-related instruments.
• Exceptional written and verbal communication skills, including the ability to articulate and defend complex investment ideas concisely and persuasively.
• Strong academic background.

Nice To Haves

• Direct experience analyzing companies through in-court and out-of-court restructurings is highly desired.
• A Master’s degree (MBA) and/or Chartered Financial Analyst (CFA) designation is strongly preferred.

Responsibilities

• Originate, underwrite, and actively monitor investment opportunities across the capital structure in high-yield bonds, leveraged loans, convertible bonds, and equities.
• Conduct fundamental analysis of corporate credit, including complex capital structures, covenant packages, and potential recovery scenarios.
• Develop and maintain financial models, projections, valuation analyses, and restructuring waterfall models to formulate and support investment theses.
• Publish high-quality research reports and present investment recommendations to the portfolio management team.
• Serve as a subject matter expert for covered credits, providing real-time analysis and commentary on earnings and market-moving events.
• Identify and analyze macroeconomic and industry trends, catalysts, and dislocations to generate investment ideas.
• Mentor and develop junior analysts and foster a collaborative, high-performing team culture.

Benefits

• Comprehensive health care coverage
• Emotional well-being support
• Market-leading retirement benefits
• Generous paid time off
• Parental leave
• Charitable giving employee match program
• Educational assistance, including student loan repayment and tuition reimbursement
• Learning resources to develop your career
• Bonus or other variable compensation may be included depending on position and eligibility requirements

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: No Education Listed