Fixed Income Credit Intern

About the role

The State of Wisconsin Investment Board (SWIB), founded in 1951, is a premier global investment organization responsible for managing more than $178 billion of assets of the fully funded Wisconsin Retirement System (WRS), the State Investment Fund, and other state funds. Through SWIB’s effective and innovative investment management, WRS remains one of the only fully funded U.S. public pensions and consistently ranks among the 10 largest public pension funds in the U.S. SWIB serves more than 703,000 beneficiaries of the WRS and 1,607 Wisconsin employers, providing a strong financial future to those who committed their careers to public service.

The Fixed Income Strategies Group manages approximately $18 billion across the fixed income spectrum in separate actively managed portfolios focused on rates, Structured Products, Investment Grade credit, High Yield credit, and Leveraged Loans. The Leveraged Credit team manages a $7.0 billion High Yield and a $3.0 billion Leveraged Loan portfolio, with each team member working across both. Portfolios have access to a wide range of security types, including derivatives in credit, equity, and rates space to pursue return and risk targets.

This internship will provide students with hands-on experience in credit investing, with a primary focus on High Yield and Leveraged Loans. Interns will also gain broader exposure to fixed income investing through cross-strategy learning opportunities with the Structured Products, Investment Grade, Rates, and Trading teams. The role is designed to provide a well-rounded introduction to institutional credit investing and prepare candidates for potential future careers in investment management. The position is based in Madison, WI for an approximate 10-week period beginning summer 2027.

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.
• Use approved AI and automation tools to streamline elements of the investment process, including research synthesis, data organization and validation, and recurring analytical tasks, while following established team processes and firm-wide controls.
• Develop and maintain detailed financial models to support investment recommendations.
• Prepare written research, credit memos, and verbal presentations on investment recommendations and credit quality for senior staff.
• Learn and participate in the investment process, including idea generation, due diligence, portfolio monitoring, and ongoing credit and risk assessment of portfolio holdings.
• Stay current on market, industry, and company-specific developments that impact creditworthiness and portfolio risk.
• Participate in cross-strategy learning opportunities with Structured Products, Investment Grade, Rates, and Trading teams to broaden exposure to securitized products, corporate credit, macro fixed income strategies, and trading and execution.

Requirements

• Current undergraduate or graduate student pursuing a degree in Finance, Economics, Accounting, or a related field.
• Foundational understanding of corporate finance and accounting, with an interest in developing knowledge of fixed income markets.
• 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.
• Familiarity with AI tools and an interest in developing AI-enabled tools and workflows to improve research and analytical efficiency.
• Proficiency with Microsoft Excel and familiarity with financial modeling; exposure to Bloomberg, Octus, S&P Capital IQ, Moody’s Research, 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.
• Ability to work in Madison, WI for the duration of the internship.