Description
Agency: Minnesota State Board of Investment (SBI)
Title: Investment Analyst/Officer, Cash Management
Classification: Investment Analyst, Senior or Investment Officer
Travel Required: Minimal, up to 5%
Telework Eligible: SBI currently utilizes a hybrid model, with weekly anchor days required. This is subject to change at the discretion of the SBI Executive Director.
Salary Range(s):
Investment Analyst, Senior: $139,771 to $188,400 annually*
Investment Officer: $162,843 to $230,808 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.
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 $160 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 Cash Management team invests to preserve capital, maintain a high degree of liquidity, and maintain a level of current income appropriate to the level of risk in the portfolio.
About the Opportunity:
The Investment Analyst/Officer will work as part of the Minnesota State Board of Investment’s (SBI) Internal Cash Desk. The Internal Cash Desk is responsible for conducting day-to-day trading of fixed income securities, formulating portfolio management in accordance with return and risk objectives, and executing the strategy across the Invested Treasurer’s Cash (ITC) Pool, Debt Service and other accounts. As a member of the investment team, this position will conduct fixed income credit research in support of the Desk’s approved issuer list, prepare and present written reports to the SBI cash team and senior management, and contribute to portfolio risk management and process improvement efforts. The Analyst/Officer will work closely with portfolio managers to learn all aspects of the portfolio management process to develop the knowledge to trade and manage the ITC portfolio in a back-up capacity, with the goal of assuming greater ongoing primary portfolio management responsibility over time.
Primary Responsibilities
Research and evaluate assigned credit issuers according to SBI’s credit review schedule, maintain SBI’s ‘Approved Issuers List’, optimize SBI’s use of rating agency information, and prepare in-depth research reports for presentation to the team and senior management.
Integrate data in reports by using technology from other vendors (Bloomberg, rating agencies, broker/dealer websites, etc.) into research reports and portfolio reports to improve data flow and support consistent data updates and refresh of credit research reports.
Using technology, assist in developing and supporting SBI’s internal cash team analytical efforts related to macroeconomic data, portfolio metrics, trading calculations, and Asset Liability Management (ALM) via dashboard or another end user interface.
Actively participate in the Internal Cash Desk’s portfolio strategy meetings, develop knowledge around the process of formulating overall near-term and longer-term investment strategy and risk management parameters, given near-term cash flow needs and projections, and relative value considerations in each market environment.
Shadow/train on day-to-day Internal Cash portfolio strategy through trading of securities via approved broker/dealer counterparties, Bloomberg trading interfaces or other electronic trading systems.
Contribute to SBI’s market knowledge, investor presence and reputation among the fixed income investor community/street and peer organizations by representing SBI at trade shows, industry conferences and events, both in person and remotely.
Support SBI’s middle office via operational workflow related to order management, repo trading/collateral management, trade entry and trade settlement/clearing.
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
HOW TO APPLY:
https://msbi.us/employment-opportunities#open
Posting Closes: 2/20/2026
As part of the application process, please include a cover letter detailing your interest in the position.
Requirements
Minimum Qualifications:
Education: Bachelor’s degree in a finance-related or analytical discipline (e.g. Finance, Economics, Accounting, Business, Mathematics, Statistics, Engineering, or Computer Science)
Experience: 2-5 years of relevant experience within an investment management environment (e.g. trading, security analysis, economic analysis, and/or portfolio management support).
Investment Knowledge: Core understanding of financial markets, including basics of fundamental analysis with a natural curiosity to expand understanding.
Core technical skills: Intermediate-to-advanced proficiency in Excel; comfort working with Microsoft Word and PowerPoint, or similar productivity tools.
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.
Attention to detail: Demonstrated ability to maintain high degree of accuracy in work product.
Ability to work well under deadlines and under pressure: Demonstrated ability to thrive under tight deadlines and excel in a fast-paced trading and portfolio management environment.
Preferred Qualifications:
Education: Master’s degree in a finance-related discipline.
Experience: 5+ years of relevant investment industry experience in security analysis, trading, portfolio management, economic analysis, asset-liability management, and/or portfolio analysis.
Experience with fixed income, preferably within money market and/or short-term fixed income assets, corporate credit and asset-backed securities.
Systems: Direct experience with portfolio analysis and risk management tools such as Bloomberg, YieldBook, BondEdge or Factset.
Technical Skills: Advanced Excel (including macro/VBA/API) and demonstrated experience in building and improving processes within Excel or other data environments (e.g. SQL, PowerBI, Tableau).
Credentials: Completion of or progress towards completion of the Chartered Financial Analyst (CFA) program or similar investment industry credential program.
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 will not sponsor applicants for work visas. All applicants must be legally authorized to work in the US.
