You will work alongside senior quants and portfolio managers to develop quantitative tools, back-test investment strategies, and generate insights that directly influence how we manage billions in fixed income assets.
Do you have a strong quantitative foundation and genuine curiosity about fixed income markets?
Come join Vanguard’s Fixed Income Group as a Quantitative Research Analyst. We are looking for someone who combines rigorous mathematical and statistical thinking with an investor’s mindset—someone who doesn’t just build models but asks whether the signal makes investment sense and how it translates into portfolio decisions.
Core Responsibilities
* Build and maintain quantitative portfolio construction, risk management, and signal research tools that support the fixed income investment process.
* Design, implement, and run backtests and scenario analyses for trading and allocation strategies; critically evaluate results with an investor’s lens (not just statistical significance, but economic rationale).
* Develop and enhance valuation, relative value, and risk models for fixed income instruments (government bonds, credit, derivatives, structured products).
* Conduct research on systematic signals—from macro factors to cross‑sectional drivers—and communicate findings clearly to portfolio managers and traders.
* Gather, clean, and analyze large datasets (market data, fundamentals, flows, positioning) to surface actionable investment insights.
* Integrate with portfolio management and trading teams, contributing a quantitative perspective to daily market discussions and investment decisions.
* Participate in special projects and perform other duties as assigned.
Qualifications
* Master’s or PhD in a STEM discipline (Mathematics, Statistics, Physics, Financial Engineering, Economics, or related field). Strong candidates with a Bachelor’s degree and demonstrated quantitative depth will also be considered.
* Solid foundation in probability, statistics, time series analysis, and optimization. Familiarity with econometrics or machine learning methods is a plus.
* Understanding of fixed income products and bond math (duration, convexity, yield curve dynamics, spread analysis). CFA candidates or coursework in fixed income are preferred.
* Thinks like an investor: able to form views on markets, question model outputs, and connect quantitative results to portfolio implications. Intellectual curiosity about macro, rates, and credit markets.
* Proficiency in Python. Exposure to SQL and version control (Git) is helpful. Prior experience with Bloomberg or other market data platforms is a plus.
* 3+ years of relevant experience (internships, research assistantships, or early‑career roles in quantitative finance, asset management, or related fields).
* Strong written and verbal communication skills; ability to distill complex quantitative concepts for a non‑technical investment audience.
Special Factors
* Hybrid working model
* Vanguard is not offering sponsorship for this position.
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