Investment Analyst, Risk Management

CFA Institute; Saint Paul (MN); On-site; USD 106,000 - 194,000; Full time

Job summary

The Minnesota State Board of Investment seeks an Investment Risk Analyst to support enterprise-wide portfolio risk management and quantitative oversight of all assets under SBI’s management. You’ll monitor risk across asset classes, inform asset allocation decisions, and provide tools and reporting for investment staff and committees.

You’ll work with senior leaders and portfolio teams, expanding your market knowledge and technical toolkit through a collaborative, learning-focused environment

Qualifications

• Bachelor’s degree in a quantitative or analytical discipline (e.g. Finance, Statistics, Mathematics, Economics, Engineering, Computer Science).
• 2+ years of relevant experience in investment analysis, risk/performance analytics, or portfolio analytics, preferably with an asset allocator, investment consultant, or asset manager.
• Intermediate-to-advanced proficiency in Excel; comfort with large datasets and multiple data sources.
• Exposure to Python, R, SQL, and data visualization (PowerBI, Tableau) with willingness to deepen these skills.
• Pursuit of CFA program is encouraged.
• Excellent organizational skills and ability to manage multiple deadlines.

Responsibilities

• Support quantitative risk management oversight of the total investment portfolio, including market exposures and factor risks across asset classes.
• Maintain and enhance investment data, spreadsheets, and other reporting tools.
• Assist in design and production of internal risk reports for staff and committees.
• Automate data aggregation and transformation from custodians, managers, and internal systems.
• Support portfolio level analysis: asset allocation, rebalancing, what-if analysis, stress-testing.
• Analyze liquidity and cash flow forecasts, considering private markets pacing.
• Contribute to oversight of FX hedging, passive management and beta overlay programs.
• Assist in due diligence on external investment managers with exposure and performance diagnostics.
• Participate in process and system improvements to align with best practices.

Skills

Excel

Python

R

SQL

Power BI

Tableau

Data analysis

Communication

CFA progress

Education

Bachelor’s degree in Finance, Economics, Statistics or related field

Master’s degree in quantitative field (preferred)

CFA credential or progress toward CFA (preferred)

Tools

FactSet

Aladdin

Barra

Bloomberg PORT

Burgiss

Job description

About the SBI:

The Minnesota State Board of Investment (SBI), established by Article XI of the Minnesota Constitution, is responsible for investing all state funds. Its membership, as specified in the Constitution, consists of the Governor (who serves as chair), the State Auditor, the Secretary of State, and the Attorney General.

The SBI manages over $170 billion across the State’s retirement funds, cash accounts, and other pools and trusts. These assets are invested across multiple strategies, including public and private equity, fixed income, real assets, and private credit. The SBI invests primarily through external managers, with the goal of generating attractive long-term returns without taking undue risk.

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.

Why Work for Us:

The State of Minnesota also has over 100 state agencies, so the possibilities of serving our great state through a multitude of programs and roles are endless! The State of Minnesota also has our own Enterprise Talent Development department to keep your skills and knowledge sharp. You may also qualify for Public Service Loan Forgiveness, which forgives the remaining balance of your student loans after 120 qualifying monthly payments!

What’s also great about this job is the competitive wage and comprehensive benefits package including low cost/high value medical and dental insurance, employer paid life insurance, retirement plan, health care savings plan, generous vacation and sick leave, paid holidays, and numerous tax-deferred benefit options (e.g., 457B investment plan, long and short-term disability plans, etc.). Benefits offered are:

• Medical and dental insurance
• Life insurance
• 11 paid holidays per year
• Parental leave
• Pension and retirement saving plan
• Vacation and Sick leave
• Long and short term disability insurance

About the Opportunity:

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.

Salary Range

Investment Analyst, Intermediate: $106,592 – $137,370 annually*

Investment Analyst, Senior: $143,821 – $193,871 annually*

• 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.

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 a 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: Completion of or progress towards professional credentials such as:

• 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.