Active Municipal Investment Analyst

The Vanguard Group; Malvern (Chester County); Hybrid; USD 90,000 - 130,000; Full time

Benefits offered by this job

Hybrid work model

Job summary

Vanguard seeks an Active Municipal Investment Analyst to join its Municipal Fixed Income Research team in Malvern, PA. You will conduct fundamental credit research on municipal issuers, support senior analysts, and translate findings into credit opinions and investment insights across investment-grade and high-yield credits.

The role emphasizes collaboration with portfolio managers and traders, rigorous financial modeling, and staying current on market developments.

Qualifications

• Undergraduate degree or equivalent experience.
• Experience in financial services, public finance, investment research, or related analytical field.
• Strong written and verbal communication, with ability to present findings clearly.
• Ability to collaborate with senior analysts, PMs, traders, and other investment professionals.
• High attention to detail and quality research/data.

Responsibilities

• Conduct fundamental credit research on municipal issuers across sectors and regions.
• Support senior analysts in evaluating credits and developing investment perspectives.
• Develop internal credit ratings, outlooks, and investment theses.
• Translate research into timely, actionable insights for investment stakeholders.
• Present opinions and research findings in team discussions and portfolio reviews.
• Build and maintain financial models, cash flow, and stress tests to analyze credit quality.

Skills

Financial services experience

Strong written communication

Strong verbal communication

Collaborative work style

Attention to detail

Education

Undergraduate degree

Tools

Python

R

Job description

Vanguard is seeking an Active Municipal Investment Analyst to join its Municipal Fixed Income Research team. This position offers the opportunity to develop municipal credit research and investment expertise through a collaborative apprenticeship model, working alongside experienced investors at the largest institutional municipal fixed income investment manager. Supporting senior analysts, the Investment Analyst will conduct fundamental credit research, evaluate investment opportunities, and translate issuer‑level analysis into clear credit opinions, relative value assessments, and actionable investment insights across investment‑grade and high‑yield municipal credits. The analyst will collaborate closely with portfolio managers and traders to develop and implement investment strategies. The successful candidate will bring intellectual curiosity, sound analytical judgment, an interest in financial markets, and the ability to form and communicate investment views in an evolving market environment.

In this role, you will 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.

We recognize that strong candidates can bring different combinations of experience and skills, and we encourage applicants who are excited about the role and interested in developing as investors to apply.

Qualifications Required

• 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.

Preferred

• Experience or exposure to investment management, financial markets, public finance, or related fields.
• Interest in or progress toward the Chartered Financial Analyst designation or other relevant financial certification.
• Exposure to Python, R, or comparable analytical and data‑development tools.

What Will Help You Succeed

• A genuine passion for markets and an interest in developing a career in fixed income investing.
• A curious and independent mindset, balanced with the ability to contribute effectively within a collaborative, team‑based investment process.
• Willingness to develop and communicate analytical conclusions while remaining open to alternative viewpoints and new information.
• Interest in developing sound investment judgment and forming well‑supported views when information is incomplete or market conditions are ambiguous.

Special Factors Sponsorship

Vanguard is not offering visa sponsorship for this position.

About Vanguard

At Vanguard, we don't just have a mission—we're on a mission.

To work for the long‑term financial wellbeing of our clients.

To lead through product and services that transform our clients' lives.

To learn and develop our skills as individuals and as a team.

From Malvern to Melbourne, our mission drives us forward and inspires us to be our best.

How We Work

Vanguard has implemented a hybrid working model for the majority of our crew members, designed to capture the benefits of enhanced flexibility while enabling in‑person learning, collaboration, and connection.

We believe our mission‑driven and highly collaborative culture is a critical enabler to support long‑term client outcomes and enrich the employee experience.

Vanguard, one of the world's leading investment management companies, serves individual investors, institutions, employer‑sponsored retirement plans, and financial professionals.

We have a diverse and talented crew with a culture that promotes teamwork, along with an unwavering focus on serving our clients' best interests.