Investment Analyst, Risk Management

Minnesota Direct Care and Treatment; Saint-Paul; Hybrid; CAD 149,000 - 271,000; Full time

Job summary

The State Board of Investment in Minnesota is seeking an Investment Risk Analyst to support enterprise-wide portfolio risk management and quantitative oversight across asset classes.

You will monitor risk, inform asset allocation decisions, and develop reporting tools in collaboration with the Risk Management team. This role offers opportunities to deepen market understanding and sharpen analytical skills in a collaborative environment.

Qualifications

• Bachelor’s degree in a quantitative or analytical discipline.
• 2+ years of investment analysis or risk analytics experience.
• Advanced Excel; comfortable with large diverse datasets.
• Exposure to Python/R/SQL and data visualization tools.
• Pursuit of CFA program encouraged.

Responsibilities

• Support quantitative risk management oversight of the total portfolio.
• Maintain and enhance investment data, spreadsheets, and tools.
• Produce internal risk reports for staff and committees.
• Automate data aggregation from custodians, managers and IT.
• Support portfolio level analysis, rebalancing, and stress-testing.
• Analyze liquidity, FX hedging, and beta overlay programs.
• Assist due diligence on external investment managers.
• Contribute to process and data tool improvements.

Skills

Excel

Python

R

SQL

PowerBI

Tableau

Data analysis

Communication

Education

Bachelor’s degree in Finance/Statistics/Math/Economics/Engineering/CS

Tools

FactSet

Aladdin

Barra

Bloomberg PORT

Burgiss

Job description

Working Title: Investment Analyst, Risk Management

Job Class: Investment Analyst, Intermediate/Senior

• Job ID: 96723
• Location: St. Paul
• Telework Eligible: Yes, with weekly anchor days required. This is subject to change at the discretion of the SBI Executive Director.
• Full/Part Time: Full-Time
• Regular/Temporary: Unlimited
• Who May Apply: Open to all qualified job seekers
• Date Posted: 09/12/2026
• Closing Date: 10/02/2026
• Hiring Agency/Seniority Unit: Investment Board / Investment Board
• Division/Unit: State Board Of Investment(SBI) / Risk Management
• Days of Work: Monday - Friday
• Travel Required: Minimal, up to 10%
• Salary Range: $106,592 - $137,369 / Inv Analyst Intermediate $143,821 – $193,871 / Inv Analyst Senior
• Classified Status: Unclassified
• Bargaining Unit/Union: 221 - Excluded All Others/Unrep
• FLSA Status: Exempt - Professional
• Designated in Connect 700 Program for Applicants with Disabilities: No

The work you'll do is more than just a job.

At the State of Minnesota, employees play a critical role in developing policies, providing essential services, and working to improve the well‑being and quality of life for all Minnesotans. The State of Minnesota is committed to equity and inclusion, and invests in employees by providing benefits, support resources, and training and development opportunities.

The Investment Risk Analyst supports enterprise‑wide portfolio risk management and quantitative oversight of all assets under SBI’s management, helping to monitor risk and exposures across asset classes, inform asset allocation and rebalancing decisions, and provide tools and reporting for investment staff and committees.

This role offers a great opportunity for a curious, analytically minded professional to deepen their understanding of global markets, portfolio risk, and long‑term investment strategy by working closely with the Director of Risk Management and portfolio teams. With an emphasis on continued learning, you’ll have meaningful exposure to tools, data, and research, with ongoing opportunities to expand both your market expertise and technical toolkit in a collaborative and entrepreneurial environment.

Primary Responsibilities

• Support the quantitative risk management oversight of the total investment portfolio, including market exposures and factor risks across asset classes and strategies.
• Maintain and enhance investment data, spreadsheets, and other tools for both reporting and decision support.
• Assist in the design, production, and enhancement of internal risk reports, including materials for staff and committee meetings.
• Help streamline and automate data aggregation and transformation (e.g., from custodians, managers, consultants, and internal systems), working with IT and/or external data consultants as needed.
• Support portfolio level analysis, including asset allocation policy implementation, portfolio rebalancing, what‑if analysis, and stress‑testing.
• Analyze portfolio liquidity and cash flow forecasts, considering private markets commitment pacing and capital calls/distributions into rebalancing needs.
• Contribute to oversight and analysis of FX hedging, passive management and beta overlay programs.
• Support quantitative due diligence on external investment managers, including exposure analysis, factor/sector breakdowns, and performance diagnostics.
• Participate in ongoing process and system improvements, including evaluation of risk, performance, and data tools to align with industry best practices.

Minimum Qualifications

• Education: Bachelor’s degree in a quantitative or analytical discipline (e.g. Finance, Statistics, Mathematics, Economics, Engineering, Computer Science)
• Experience: 2+ years of relevant experience in investment analysis, risk/performance analytics, or portfolio analytics, preferably with an asset allocator, investment consultant, or asset manager.
• Core technical skills: Intermediate-to-advanced proficiency in Excel; comfort working with large, complex datasets and multiple data sources.
• Emerging technical skills: Exposure to analytical tools, programming languages (e.g., Python, R), SQL, and data visualization (e.g. PowerBI, Tableau) with a demonstrated aptitude and willingness to deepen these skills over time.
• Development: Willing participation in and desire to make continuous progress toward completion of the Chartered Financial Analyst (CFA) program.
• Communication: Excellent organizational skills, with the ability to manage and prioritize multiple tasks and deadlines in a structured manner.

Preferred Qualifications

• Education: Progress toward or completion of Master’s degree in a quantitative or finance-related discipline.
• Experience: 3-5+ years of relevant experience in investment analysis, risk/performance analytics, or portfolio analytics, preferably with an asset allocator, investment consultant, or asset manager.
• Systems: Direct experience with risk, performance, and portfolio analytics systems (e.g., FactSet, Aladdin, Barra, Bloomberg PORT, Burgiss)
• Technical Skills: Advanced Excel (including macro/VBA/API) and demonstrated experience in programming and data visualization using large datasets in a professional setting.
• Investment Knowledge: Core understanding of financial markets, including asset allocation, benchmarks, risk management principles and the distinction between various risk metrics (volatility, tracking error, liquidity). Familiarity with index families and benchmarking tools (e.g., MSCI, Bloomberg, S&P, custom policy benchmarks), including how they are used in evaluating managers and portfolios.
• Credentials:
  • Chartered Financial Analyst (CFA)
  • Financial Risk Manager (FRM)
  • Certificate in Investment Performance Measurement (CIPM)
  • Chartered Alternative Investments Analyst (CAIA)

Additional Requirements

It is the policy of the State Board of Investment that all employees submit to a background investigation prior to employment. The background check may consist of the following components:

• SEMA4 Records Check (applies to current and past State employees only)
• Criminal History Check
• Employment Reference Check
• Social Security and Address Verification
• Education Verification
• Driver's License Check

The State Board of Investment does not sponsor applicants for work visas. All applicants must be legally authorized to work in the US.

Contact

If you have questions about this position, contact Sally Spreeman at [e-mail] or 651-284-7870.

Working together to improve the state we love.

What do Minnesota's State employees have in common?

• A sense of purpose in their work
• Connection with their coworkers and communities
• Opportunities for personal and professional growth

Benefits

• The State of Minnesota offers an excellent and comprehensive benefits package. Listed salary ranges reflect total cash compensation. Note that positions are not eligible for incentive compensation.

As an employee, you’ll have access to one of the most affordable health insurance plans in Minnesota, along with other benefits to help you and your family be well.

Your Benefits May Include:

• Paid vacation and sick leave
• 12 paid holidays each year
• Low‑cost medical, dental, vision, and prescription drug plans
  • Fertility care, including IVF
  • Diabetes care
  • Dental and orthodontic care for adults and children
• 6 weeks paid leave for parents of newborn or newly adopted children
• Pension plan that provides income when you retire (after working at least three years)
• Employer paid life insurance to provide support for your family in the event of death
• Short‑term and long‑term disability insurance that can provide income if you are unable to work due to illness or injury
• Tax‑free expense accounts for health, dental, and dependent care
• Resources that provide support and promote physical, emotional, social, and financial well‑being

Support To Help You Reach Your Career Goals

• Training, classes, and professional development
• Tuition reimbursement
• Federal Public Service Loan Forgiveness Program (Some positions may qualify for the Public Service Loan Forgiveness Program. For more information, visit the Federal Student Aid website at studentaid.gov)

Employee Assistance Program (EAP) For Work/life Support

• A voluntary confidential program that helps employees and their families with life challenges that may impact overall health, personal well‑being, or job performance
• Common sources of stress can be addressed through the EAP: mental health, relationship challenges (personal and work), grief and loss, finances, and legal issues
• Daily Living/Convenience Services: Chore services, home repair, trip planning, child/elder care

Programs, resources and benefits eligibility varies based on type of employment, agency, funding availability, union/collective bargaining agreement, location, and length of service with the State of Minnesota.

EQUAL OPPORTUNITY EMPLOYERS

Minnesota state agencies are equal opportunity, affirmative action, and veteran‑friendly employers. State agencies are committed to creating a workforce that reflects the diversity of the state and strongly encourages persons of color and Indigenous communities, members of the LGBTQIA2S+ community, individuals with disabilities, women, and veterans to apply. The varied experiences and perspectives of employees strengthen the work we do together and our ability to best serve Minnesotans.

All qualified applicants will receive consideration for employment without regard to race, color, creed, religion, national origin, sex (including pregnancy, childbirth, and disabilities related to pregnancy or childbirth), gender identity, gender expression, marital status, familial status, age, sexual orientation, status regarding public assistance, disability, veteran status or activity in a local Human Rights Commission or any other characteristic protected by law.

APPLICANTS WITH DISABILITIES

Minnesota state agencies make reasonable accommodations to their employees and applicants with disabilities. If you have a disability and need assistance in searching or applying for jobs with the State of Minnesota, call the Careers Help Desk at 651-259-3637 or email [e-mail] and let us know the support you need.