Fixed Income Credit Intern

Making a Difference

The State of Wisconsin Investment Board (SWIB), founded in 1951, is a premier global investment organization responsible for managing the more than $162 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 US public pensions. The WRS consistently ranks among the 10 largest public pension funds in the U.S. SWIB is recognized by the investment industry for our teamwork and innovation. SWIB pursues sophisticated global investment strategies across the asset and risk allocation spectrum. Providers across the investment ecosystem seek to partner with SWIB.

Serving more than 692,000 beneficiaries of the WRS, SWIB is a mission-driven organization focused on providing a strong financial future to those who committed their careers to public service. For public employees and the 1,607 Wisconsin employers who contribute on their behalf, we are a trusted partner. Our team innovates continuously to meet the challenges of an evolving investment landscape while growing and protecting the assets of the WRS.

Job Description:

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.  Each portfolio seeks income and capital appreciation using a disciplined, repeatable investment process tailored to its sector, which includes robust risk allocation and management.  Within this structure, investment professionals are empowered to meaningfully influence portfolio outcomes.

The Leveraged Finance Team manages a $6.0 billion High Yield and a $3.0 billion Leveraged Loan portfolio(s), with each team member working across both. The portfolio(s) have access to a wide range of security types, including derivatives in credit, equity and rates space to pursue their return and risk targets.  The team is currently seeking to add a Summer Analyst for Summer 2026.            

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.

Essential activities:

• 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.

The Ideal candidate:

• 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.