Structured Products Intern

State of Wisconsin Investment Board • Madison, WI

2d • Onsite

About The Position

The State of Wisconsin Investment Board (SWIB) is seeking an intern to join the Fixed Income Strategies Group. This internship will provide students with the opportunity to build hands-on exposure to Structured Products as well as gain knowledge of other Fixed Income products. Interns will gain direct experience in fundamental 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 fixed income investing/trading 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 2027.
• Current undergraduate or graduate student pursuing a degree in a quantitative field.
• Strong understanding of Fixed Income concepts and terminology (Duration/Convexity/OAS/etc).
• Interest in Structured Products (agency and non-agency MBS, CMBS, ABS, and CLO) analysis and trading.
• Excellent analytical, quantitative, and problem-solving skills with the ability to interpret complex financial data.
• Proficiency in Microsoft Excel and experience with programming languages, including ability to work with databases.
• 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.

Nice To Haves

• Familiarity with financial modeling; exposure to Bloomberg, Aladdin, Yield Book or other fixed income analytics tools are a plus.

Responsibilities

• Conduct security level analysis across the Structured Products universe (agency and non-agency MBS, CMBS, ABS, and CLO) from both technical and fundimental standpoint.
• Develop and maintain detailed financial models (e.g., cash flow projections and credit metrics) to support investments and relative value.
• Participate in the investment process, including idea generation, due diligence, portfolio monitoring, and risk management.
• Collaborate with Portfolio Managers, Traders, and Research teams on portfolio analysis (top down) and security selection (bottom up).
• Collaborate with broad Investment Grade, High Yield and Interest Rate teams through supplementary rotations to broaden exposure to 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 and risk management.
• Stay current on market, industry, and company-specific developments that impact creditworthiness and portfolio risk.

What This Job Offers

• Career Level: Intern
• Education Level: No Education Listed