Quantitative Research Analyst – Fixed Income, Specialist

Job Description

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.

This is a hands-on research role. 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. The ideal candidate brings solid math/stats training, strong coding skills, foundational knowledge of bond markets, and intellectual curiosity to connect quantitative research to real investment outcomes.

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

Pay Transparency

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Benefits

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