Quantitative Research Analyst Fixed Income, Specialist

Do you have a strong quantitative foundation and genuine curiosity about fixed income markets

Come join Vanguards Fixed Income Group as a Quantitative Research Analyst. We are looking for someone who combines rigorous mathematical and statistical thinking with an investors mindset someone who doesnt 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 investors 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

• Masters or PhD in a STEM discipline (Mathematics Statistics Physics Financial Engineering Economics or related field). Strong candidates with a Bachelors 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.

About Vanguard

At Vanguard our core purpose is to take a stand for all investors to treat them fairly and to give them the best chance for investment success. Every decision we make to best serve our clients crew and communities is guided by one simple statement: Do the right thing. We believe that a critical aspect of doing the right thing requires building diverse inclusive and highly effective teams of individuals who are as unique as the clients they serve. We empower our crew (thats what we call our staff) to contribute their distinct strengths to achieving Vanguards core purpose through our values.

Inclusion Statement

Vanguards continued commitment to diversity and inclusion is firmly rooted in our culture. Every decision we make to best serve our clients crew (internally employees are referred to as crew) and communities is guided by one simple statement: Do the right thing.

We believe that a critical aspect of doing the right thing requires building diverse inclusive and highly effective teams of individuals who are as unique as the clients they serve. We empower our crew to contribute their distinct strengths to achieving Vanguards core purpose through our values.

When all crew members feel valued and included our ability to collaborate and innovate is amplified and we are united in delivering on Vanguards core purpose: to take a stand for all investors to treat them fairly and to give them the best chance for investment success.

How We Work

Vanguard has implemented a hybrid working model for the majority of our crew members designed to capture the benefits of enhanced flexibility while enabling in-person learning collaboration and connection. We believe our mission-driven and highly collaborative culture is a critical enabler to support long-term client outcomes and enrich the employee experience.