Investment Fellow - Hybrid, CFA Support & Mentorship

Austincc; New York (NY); Hybrid; USD 63,000 - 75,000; Full time

Benefits offered by this job

Hybrid work schedule

Tuition assistance

CFA study time & exam fee support

Networking opportunities with senior/­

Professional development programs

Job summary

The New York State Teachers’ Retirement System (NYSTRS) is seeking four Investment Fellows for Summer 2026/2028 and Summer 2027/2029. Fellows rotate through Private Equity, Real Estate, Fixed Income and Public Equities, gaining hands-on experience with mentorship, networking, and CFA study time.

The program offers a hybrid work schedule, tuition assistance, paid time off, and opportunities to engage with senior staff and system-wide events. Strong analytical and finance basics are expected.

Qualifications

• Minimum Qualifications include a bachelor’s or master’s degree between specified dates.
• Preferred qualifications emphasize finance, analytics and investments.
• Strong MS Office skills and communication abilities are desirable.

Responsibilities

• As an Investment Fellow, you will rotate through Private Equity, Fixed Income and Public Equities, supporting due diligence and reporting.
• Conduct quantitative and qualitative analyses and prepare memos and board materials.
• Assist in portfolio monitoring, cash flow models and performance review processes.
• Participate in meetings with managers, advisors and peers and support external partners.
• Contribute to portfolio planning, market research and industry conferences.

Skills

Analytical and quantitative skills

Interest in investments

Familiarity with capital markets

CFA/CAIA progression

Microsoft Office Suite

Written and verbal communication

Independent and teamwork

Curiosity for learning

Interpersonal skills

CRM systems

Education

Bachelor’s or Master’s degree

Finance, Accounting, Business Management or related field

Tools

CRM systems

Job description

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Investment Fellow (Summer 2026/Summer 2027)

Established in 1921 by the New York State Legislature, the New York State Teachers’ Retirement System (NYSTRS) provides retirement, disability and death benefits to eligible New York state public school teachers and administrators. The System is among the 10-largest public defined benefit pension funds in the nation based on total assets, according to the news organization Pensions & Investments.

Our Mission: To provide our members with a secure pension.
Our Vision: To be the model for pension fund excellence and exceptional customer service.
Our Values: Respect, Excellence, Diversity, Balance, Integrity, Resourcefulness, Diligence

NYSTRS is one of the most secure and well-funded public pension plans in the country.

We serve more than 275,000 active members and nearly 185,000 retirees and beneficiaries. As of June 30, 2025, NYSTRS paid $8.7 billion in annual benefit payments.

Position Summary

The New York State Teachers’ Retirement System (NYSTRS) Investment Fellows program is a 2-year program during which Investment Fellows move between the various asset classes at 6-month intervals. During the two years, Fellows will be provided hands-on training in each asset class: Fixed Income, Real Estate, Private Equity, and Public Equities. They will work closely with experienced professionals in the finance field and will be paired with a mentor for the duration of the program. The program provides selected Fellows with many benefits including: a hybrid work schedule, flexible working hours, paid time off, state pension, tuition assistance, CFA study time & exam fee support, and more. There will be networking opportunities with executives and senior-level staff as well as professional development programs and participation in system-wide events and activities.

We are seeking to fill a total of four (4) positions as follows:

• Two (2) positions for the period of July 2026 through June 2028
• Two (2) positions for the period of July 2027 through June 2029

Minimum Qualifications

July 2026 through June 2028

• Applicants must be a bachelor’s or master’s degree student or recent graduate who received or will receive a bachelor’s or master’s degree between December 2025-May 2026.

July 2027 through June 2029

• Applicants must be a bachelor’s or master’s degree student who will receive a bachelor’s or master’s degree between December 2026-May 2027.

Preferred Qualifications

• A bachelor's degree or master's degree in Finance, Accounting, Business Management or a closely related field
• Possess analytical and quantitative skills
• Demonstrate an interest in investments and the pursuit of an exciting and rewarding career
• Some familiarity with capital markets and/or investment theory
• Interest in, or progression towards, industry certifications such as the CFA, CAIA or other relevant certifications
• Competency with Microsoft Office Applications with an emphasis on Excel, Outlook, Power Point, and Word
• Strong written and verbal communication skills
• Ability to work independently and in team settings
• Demonstrate initiative and a curiosity for learning
• Excellent interpersonal skills

Work Modality

Currently we have a hybrid work schedule which may be subject to change in the future.

Job Duties

As an Investment Fellow, you can expect to work closely with asset class professionals who are committed to supporting you as you navigate through the program and gain exposure and learn a variety of responsibilities associated with the role. Examples of the job duties of the Investment Fellow may include, but are not limited to, the following:

Private Equity

• Review, analyze, and evaluate domestic and international private equity and private debt investment opportunities
• Conduct quantitative and qualitative due diligence and present findings to the internal private equity team and selectively to the internal investment committee
• Draft investment memos as directed by senior internal Private Equity team staff
• Generate monitoring reports for funds each quarter based on analysis of quarterly financial reports, recent manager interactions, and other funds updates from the System’s private equity and private debt partnerships
• Support senior internal Private Equity team staff in the review of cash flows, market values, and build out of cash flow models as directed
• Participate and take notes at meetings with the System’s private equity and private debt managers, consultants, and peers using a CRM system
• Provide support in the generation of quarterly board reports and other projects as directed
• Participate in the underwriting of new property /mortgage acquisitions and fund investments
• Monitor the commingled fund universe and evaluate existing System portfolio fund investment performance against comparable peer set
• Participate in on-site diligence inspections for direct real estate acquisition/origination opportunities
• Work with external service providers including separate account advisors, joint venture partners, property managers, leasing agents, accountants, attorneys, appraisers, etc.
• Monitor commingled fund performance to identify drivers of performance, conflicts and concerns
• Present on acquisition and origination activity and investment recommendations at internal department, Internal Investment Committee, Real Estate Advisory Committee and Board meetings (as needed)
• Represent NYSTRS at advisory board meetings as needed
• Stay abreast of real estate market conditions and trends through discussions with industry participants and attendance at industry conferences and trainings
• Participate in the preparation of the portfolio strategic plan

Fixed Income

• Perform assigned fixed income related quantitative and qualitative research and analyses, as well as prepare and develop periodic monthly and quarterly reports (e.g., for Board meetings) as requested
• Perform due diligence and financial analysis on bond issuers being considered for purchase and/or sale in the short- and long-term bond portfolio
• Perform administrative duties as necessary including: preparation, dissemination, follow up for receipt and review of the: annual broker/dealer updates, and five-year broker/dealer questionnaire; annual No Gift policy letter; QIB document; and any counter party related documents that require completing.
• Participate in the active monitoring, due diligence and or research of external fixed income managers
• Assist with the coordination and execution of foreign currency trades in support of externally managed accounts across various System departments

Public Equities

• Daily monitoring of internal portfolios for consistency with stated objectives.
• Validate the daily investment process; check daily holdings reconciliation reports and facilitate resolution of any position discrepancies and other data related issues.
• Review index changes and corporate action events for impact on internal portfolios and generate recommendations for specific actions resulting from such events.
• Rebalance internal portfolios according to investment guidelines and cash-flow instructions; run optimizations, review optimal portfolio characteristics, and communicate trade instructions to trader
• Generate data/reports as necessary for monthly internal investment committee, investment advisory committee, quarterly board packages, investment policy manual, ACFR
• Participate in relevant conferences and educational sessions to gain exposure to market insights and develop industry awareness through networking with peers

Work Environment, Travel and Physical Demands

The work environment is sedentary, primarily involves desk-based tasks, such as computer work, administrative duties, or in-person or virtual communications. Physical demands are minimal, with occasional requirements to lift light objects, typically under 10 pounds. Depending on the asset class, the role may include occasional travel to specific locations for meetings or site visits. Overall, the job emphasizes mental and organizational tasks over physical activity making it suitable for individuals comfortable with a predominately seated, office-oriented lifestyle.

Salary Grade

• Grade 14 (First year of the program)
• Grade 16 (Second year of the program)

July 2026 through June 2028

• Grade 14 -$63,074 (First year of the program)
• Grade 16 -$72,607 (Second year of the program)

July 2027 through June 2029

• Grade 14 -$64,966 (First year of the program)
• Grade 16 -$74,785 (Second year of the program)

Job Type

Temporary

EEO STATEMENT

At NYSTRS, diversity, equity, and inclusion are integral to our mission of providing our members with a secure pension and exceptional customer service. We are committed to fostering an inclusive and equitable culture where all diversity is valued and recognized as a source of strength and enrichment across all operations.

NYSTRS is proud to provide equal opportunities to all employees and qualified applicants without regard to race, color, religion, creed, sex, gender expression or identity, national origin, age, ability and disability status, veteran status, marital status, pregnancy status, sexual orientation, citizenship, or any other legally protected class. We are committed to being a workplace that attracts, supports, and retains talented individuals from diverse backgrounds and experiences while championing equal opportunity across recruitment, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.

All applications to NYSTRS should be done via our website . NYSTRS will never ask you to submit private information via email or direct you to submit private information to another site as part of our recruitment process.