Active Municipal Credit Research Analyst

Vanguard; Malvern (Chester County); Hybrid; USD 80,000 - 110,000; Full time

Job summary

Vanguard seeks an Active Municipal Investment Analyst to join its Municipal Fixed Income Research team in a collaborative apprenticeship model. You will conduct fundamental credit research, evaluate investment opportunities, and translate issuer analysis into clear opinions and actionable insights across investment-grade and high-yield municipal credits.

The role involves working with portfolio managers and traders to develop investment strategies, build financial models, and monitor market

Qualifications

• Undergraduate degree or an equivalent combination of education, training, and professional experience.
• Experience in financial services, public finance, investment research, or another analytical field that demonstrates transferable skills.
• Strong written and verbal communication skills, including the ability to present analytical findings and views clearly.
• Ability to work collaboratively with senior analysts, portfolio managers, traders, and other investment professionals.
• Strong attention to detail, organizational skills, and commitment to maintaining accurate, high-quality research and financial data.
• Experience or exposure to investment management, financial markets, public finance, or related fields (preferred).
• Exposure to Python, R, or comparable analytical and data-development tools (preferred).

Responsibilities

• Conduct fundamental credit research on municipal issuers across assigned sectors, regions, and areas of coverage.
• Support senior analysts in evaluating credits, maintaining issuer coverage, and developing investment perspectives.
• Develop and contribute to internal credit ratings, credit outlooks, investment theses, relative value assessments, and investment strategy recommendations.
• Translate research findings into timely, actionable insights for senior analysts, portfolio managers, traders, and other investment stakeholders.
• Present credit opinions, research findings, and investment views in team discussions, portfolio reviews, and other investment forums.
• Analyze audited financial statements, budgets, operating performance, revenue trends, debt profiles, capital plans, liquidity, leverage, debt-service coverage, pension obligations, and other long-term liabilities.
• Build and maintain financial models, bond payment schedules, scenario analyses, and stress tests to evaluate the relationship between operating performance and credit quality.
• Respond to research and fixed income desk inquiries and provide analysis supporting portfolio and investment decisions.
• Monitor economic, demographic, political, regulatory, and public-policy developments that may affect individual issuers or municipal sectors.
• Contribute to special projects and initiatives that enhance the team’s research capabilities, analytical tools, data quality, and investment processes.

Skills

Financial analysis

Communication

Collaboration

Attention to detail

Public finance experience

Education

Undergraduate degree

Tools

Python

R

Job description

Vanguard seeks an Active Municipal Investment Analyst to join its Municipal Fixed Income Research team in a collaborative apprenticeship model. You will conduct fundamental credit research, evaluate investment opportunities, and translate issuer analysis into clear opinions and actionable insights across investment-grade and high-yield municipal credits.

The role involves working with portfolio managers and traders to develop investment strategies, build financial models, and monitor market