Fixed Income Research Analyst I

Fidelity; Merrimack (NH); On-site; USD 90,000 - 130,000; Full time

Benefits offered by this job

On-site health and wellness centers

Fully paid parental leave

Job summary

Fidelity is seeking a Fixed Income Research Analyst I in Merrimack, NH to conduct deep credit research on financial institutions and support bond fund decisions. The role involves qualitative and quantitative analysis, developing investment ideas, and communicating credit opinions through written work and presentations.

The position requires experience in credit analysis, data synthesis from regulatory sources, and collaboration across investment teams.

Qualifications

• Bachelor's or Master's in a relevant field with required years of experience.
• Experience performing credit research on financial institutions.
• Proficiency in Python/SQL, data extraction from regulatory sources.

Responsibilities

• Provides fundamental analysis of assigned issuers through qualitative and quantitative methods.
• Generates investment ideas and responds to market opportunities, including assigning and updating ratings.
• Builds and maintains analytical tools to support the research and investment process.
• Engages in regular discussions on investment strategy and processes.
• Collaborates effectively in team-based investment processes.
• Maintains strong relationships with issuers, rating agencies, and external counterparts.
• Monitors existing holdings and ratings.
• Works closely with investment professionals across the organization.

Skills

Fixed income analysis

Credit research

Python

SQL

NLP

Data extraction

Regulatory data sources

Education

Bachelor’s degree in Economics or Finance or related field

Master’s degree in Finance or Economics (optional with no experience)

Tools

Reorg

PACER

SEC Filings

OSFI reports

Job description

Fixed Income Research Analyst I

Fidelity is transitioning to a full-time onsite working model in phases by region and role. See job description for more information.

Onsite

Location

• Merrimack, NH

Team

• Investment Management

Experience Level

Vice President

Job Description:

Note: Fidelity will not provide immigration sponsorship for this position.

Position Description:

Performs deep, independent credit research to add value to bond funds and performs minimal credit risk (MCR) assessments on credits for money market funds covering a subset of banks and finance companies, including Business Development Corporations (BDCs). Communicates credit opinions, relative value and MCR determinations to support security selection and portfolio positioning decisions through published written work and presentations. Researches economic, market, and policy developments to assess their impact on fixed income securities and portfolio exposures.

Primary Responsibilities:

• Provides fundamental analysis of assigned issuers through qualitative and quantitative methods.
• Generates investment ideas and responds to market opportunities, including assigning and updating ratings.
• Builds and maintains analytical tools to support the research and investment process.
• Engages in regular discussions on investment strategy and processes.
• Collaborates effectively in team-based investment processes.
• Maintains strong relationships with issuers, rating agencies, and external counterparts.
• Monitors existing holdings and ratings.
• Works closely with investment professionals across the organization, including equity, high income, alternatives, and asset allocation teams.
• Ensures accuracy, consistency, and integrity of analytical outputs, models, and research materials used in the investment process.
• Interacts regularly with other analysts, portfolio managers and traders across a variety of investment mandates as part of the team-based investment process.

Education and Experience:

Bachelor’s degree in Computer Science, Engineering, Economics, Financial Markets, Finance, or a closely related field (or foreign education equivalent) and three (3) years of experience as a Fixed Income Research Analyst I (or closely related occupation) performing credit research on financial institutions using independently established qualitative and quantitative methods within an investment management environment.

Or, alternatively, Master’s degree in Computer Science, Engineering, Economics, Financial Markets, Finance, or a closely related field (or foreign education equivalent) and no experience.

Skills and Knowledge:

Candidate must also possess:

• Demonstrated Expertise (“DE”) performing independent fixed income security, issuer, and sector analysis on financial institutions by integrating financial statements, capital structure data, and credit metrics into assessments of credit quality for investment mandates; designing and implementing advanced data acquisition, extraction, and analytical methodologies to pull and synthesize complex financial data from diverse regulatory sources -- Call Reports, SEC filings (10-K and 10-Q schedules), OSFI reports, and Form ADV filings; and augmenting the investment research process by improving the efficiency of data synthesis and identifying non-obvious patterns within large datasets to inform fundamental financial modeling and analysis, using programming languages (Python and SQL) and machine learning (ML) techniques.
• DE designing and engineering automated data workstreams to analyze the underlying portfolios of BDCs and specialty finance companies; performing advanced coding in Python and SQL, alongside sophisticated ML techniques, including Natural Language Processing (NLP), to programmatically extract, parse, and structure granular investment-level data from unstructured and disparate sources -- private loan database (Reorg) and bankruptcy filing system (PACER); and creating aggregated datasets for conducting in-depth fundamental analysis, risk assessment, and valuation of portfolio holdings.
• DE performing comprehensive credit analysis of financial institutions by leveraging private credit strategies (tech/ARR lending, specialty asset-backed lending, real estate lending, life science lending, and secondaries); and conducting a granular, "bottom-up" review of the quality and risk within underlying investment portfolios, and a "top-down," strategic assessment of business models, competitive positioning, and growth drivers within the financial institution space.
• DE analyzing complex securities and financing arrangements across the capital structure to inform superior investment selection in public investment-grade credit; conducting comprehensive investment-grade credit analysis and relative-value and risk assessment; and performing integrated capital-structure evaluation (including private and traded loans, junior credit layers, and preferred/common equity).

Fidelity’s Onsite Working Model
Fidelity is transitioning to a full-time onsite working model through a phased rollout across regions and roles. Currently, some roles and locations require 100% onsite presence, while others require less. Onsite expectations are likely to evolve as the rollout continues. This transition does not apply to fully remote roles.

Category:

Investment Professionals

Please be advised that Fidelity’s business is governed by the provisions of the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, ERISA, numerous state laws governing securities, investment and retirement-related financial activities and the rules and regulations of numerous self-regulatory organizations, including FINRA, among others. Those laws and regulations may restrict Fidelity from hiring and/or associating with individuals with certain Criminal Histories.

Benefits that balance life and work

From our fully paid parent leave to our on-site health and wellness centers, our benefits support the belief that more balance you have, the better you can achieve your goals.

Company overview

Reasonable accommodations

Fidelity will reasonably accommodate applicants with disabilities who need adjustments to participate in the application or interview process. To initiate a request for an accommodation contact the HR Accommodation Team by sending an email to [e-mail], or by calling 800-835-5099, prompt 2, option 3.

Equal opportunity employer

Fidelity Investments is an equal opportunity employer. We believe that the most effective way to attract, develop, and retain a diverse workforce is to build an enduring culture of inclusion and belonging.

Applicant screening

At Fidelity, we value honesty, integrity, and the safety of our associates and customers within a heavily regulated industry. Certain roles may require candidates to go through a preliminary credit check during the screening process. Candidates who are presented with a Fidelity offer will need to go through a background investigation and may be asked to provide additional documentation as requested. This investigation includes but is not limited to a criminal, civil litigations and regulatory review, employment, education, and credit review (role dependent). These investigations will account for 7 years or more of history, depending on the role. Where permitted by federal or state law, Fidelity will also conduct a pre-employment drug screen, which will review for the following substances: Amphetamines, THC (marijuana), cocaine, opiates, phencyclidine.

AI Guidelines

Learn about our guidelines for use of AI when applying for a Fidelity job