Structured Products Intern

State of Wisconsin Investment Board; Madison (WI); On-site; USD 25,000 - 39,000; Full time

Job summary

State of Wisconsin Investment Board (SWIB) is seeking an intern to join the Fixed Income Strategies Group in Madison for a roughly 10-week Summer 2027 program. You will gain hands-on exposure to Structured Products and broader fixed income securities, while learning through real-world portfolio analysis.

As an undergraduate or graduate student in a quantitative field, you will build financial models, perform security-level analysis, and support portfolio monitoring with guidance from seasoned

Qualifications

• Currently pursuing a degree in a quantitative field.
• Strong understanding of fixed income concepts.
• Experience with financial modeling and Excel.
• Familiarity with financial analytics tools is a plus.
• Available for ~10 weeks in Summer 2027 in Madison, WI.

Responsibilities

• Conduct security level analysis across structured products.
• Develop financial models for cash flow projections.
• Participate in investment process: idea generation, due diligence, monitoring.
• Collaborate with PMs, Traders, and Research on portfolio analysis.
• Shadow trading desk to gain execution insights.
• Monitor portfolio performance and risk.
• Stay current on market developments affecting creditworthiness.

Skills

Fixed Income knowledge

Analytical skills

Quantitative mindset

Team collaboration

Education

Undergraduate or graduate student in a quantitative field

Tools

Excel

Bloomberg

Aladdin

Yield Book

Job description

Making a Difference

The State of Wisconsin Investment Board (SWIB), founded in 1951, is a premier global investment organization responsible for managing the more than $178 billion of assets of the fully funded Wisconsin Retirement System (WRS), the State Investment Fund and other state funds. Through SWIB’s effective and innovative investment management, WRS remains one of the only fully funded US public pensions. The WRS consistently ranks among the 10 largest public pension funds in the U.S. SWIB is recognized by the investment industry for our teamwork and innovation. SWIB pursues sophisticated global investment strategies across the asset and risk allocation spectrum. Providers across the investment ecosystem seek to partner with SWIB.

Making a Difference

The State of Wisconsin Investment Board (SWIB), founded in 1951, is a premier global investment organization responsible for managing the more than $178 billion of assets of the fully funded Wisconsin Retirement System (WRS), the State Investment Fund and other state funds. Through SWIB’s effective and innovative investment management, WRS remains one of the only fully funded US public pensions. The WRS consistently ranks among the 10 largest public pension funds in the U.S. SWIB is recognized by the investment industry for our teamwork and innovation. SWIB pursues sophisticated global investment strategies across the asset and risk allocation spectrum. Providers across the investment ecosystem seek to partner with SWIB.

Serving more than 703,000 beneficiaries of the WRS, SWIB is a mission-driven organization focused on providing a strong financial future to those who committed their careers to public service. For public employees and the 1,607 Wisconsin employers who contribute on their behalf, we are a trusted partner. Our team innovates continuously to meet the challenges of an evolving investment landscape while growing and protecting the assets of the WRS.

SWIB provides a strong, steady economic pillar for the state of Wisconsin by growing the trust funds under its management, managing risk, and optimizing costs of the long term. We are a mission-driven organization and the participants we serve are our mission. By bringing a disciplined, prudent, and innovative approach to market opportunities, SWIB has been successful in generating required returns and maintaining the trust of the beneficiaries and stakeholders of the funds we oversee.

Home To Top Talent

Our high-performing staff is key to what makes us a premier investment manager. SWIB is committed to investing in talented professionals to implement our robust, sophisticated investment strategies and to keep the organization at the forefront of the investment industry. We encourage innovation and offer professional development opportunities to help staff sharpen and expand their skills. Approximately 61 percent of SWIB’s investment professionals are Chartered Financial Analyst (CFA) charterholders.

Job Description

About the Team

The Fixed Income Strategies Group manages over $18 billion across the fixed income spectrum, in separate actively managed portfolios focused on Rates, Structured Products, Investment Grade credit, High Yield credit, and Leveraged Loans. Each portfolio seeks income and capital appreciation using a disciplined, repeatable investment process tailored to its sector, which includes robust risk allocation and management. Within this structure, investment professionals are empowered to meaningfully influence portfolio outcomes.

The Structured Products team manages a $3.1 billion active portfolio as well as a Long/Short MBS/TBA portfolio, with each team member working across both. The portfolio(s) have access to a wide range of security types, including derivatives in credit and rates space to pursue their return and risk targets. The team is currently seeking to add an intern for Summer 2027.

Position Overview

SWIB is seeking an intern to join the Fixed Income Strategies Group. This internship will provide students with the opportunity to build hands‑on exposure to Structured Products as well as gain knowledge of other Fixed Income products.

Interns will gain direct experience in fundamental analysis, financial modeling, and portfolio monitoring, while also developing an understanding of how specialized strategies across the fixed income spectrum contribute to the overall portfolio. This role is designed to provide a well‑rounded introduction to institutional fixed income investing/trading and prepare candidates for potential future careers in investment management.

Essential Activities

• Conduct security level analysis across the Structured Products universe (agency and non-agency MBS, CMBS, ABS, and CLO) from both technical and fundimental standpoint.
• Develop and maintain detailed financial models (e.g., cash flow projections and credit metrics) to support investments and relative value.
• Participate in the investment process, including idea generation, due diligence, portfolio monitoring, and risk management.
• Collaborate with Portfolio Managers, Traders, and Research teams on portfolio analysis (top down) and security selection (bottom up).
• Collaborate with broad Investment Grade, High Yield and Interest Rate teams through supplementary rotations to broaden exposure to corporate credit, and macro fixed income strategies.
• Gain practical insights into trading strategies and execution by shadowing the trading desk.
• Monitor existing portfolio holdings financial performance and risk management.
• Stay current on market, industry, and company‑specific developments that impact creditworthiness and portfolio risk.

The Ideal Candidate

• Ability to work in Madison, WI for an approximate 10-week period, beginning Summer of 2027.
• Current undergraduate or graduate student pursuing a degree in a quantitative field.
• Strong understanding of Fixed Income concepts and terminology (Duration/Convexity/OAS/etc).
• Interest in Structured Products (agency and non-agency MBS, CMBS, ABS, and CLO) analysis and trading.
• Excellent analytical, quantitative, and problem‑solving skills with the ability to interpret complex financial data.
• Proficiency in Microsoft Excel and experience with programming languages, including ability to work with databases.
• Familiarity with financial modeling; exposure to Bloomberg, Aladdin, Yield Book or other fixed income analytics tools are a plus.
• Strong written and verbal communication skills; ability to clearly articulate investment views.
• Highly motivated, detail‑oriented, and capable of working both independently and as part of a collaborative team.