Working Title: Investment Analyst, Risk Management
Job Class: Investment Analyst, Intermediate/Senior
Agency: Investment Board
Job ID : 96723
Location : St. Paul
Telework Eligible : Yes, with weekly anchor days required. This is subject to change at the discretion of the SBI Executive Director.
Full/Part Time : Full-Time
Regular/Temporary : Unlimited
Who May Apply : Open to all qualified job seekers
Date Posted : 09/12/2026
Closing Date : 10/02/2026
Hiring Agency/Seniority Unit : Investment Board / Investment Board
Division/Unit : State Board Of Investment(SBI) / Risk Management
Days of Work : Monday - Friday
Travel Required : Minimal, up to 10%
Salary Range: $106,592 - $137,369 / Inv Analyst Intermediate $143,821 - $193,871 / Inv Analyst Senior
Classified Status : Unclassified
Bargaining Unit/Union : 221 - Excluded All Others/Unrep
FLSA Status : Exempt - Professional
Designated in Connect 700 Program for Applicants with Disabilities (https://mn.gov/mmb/careers/diverse-workforce/people-with-disabilities/connect700/) : No
The work you'll do is more than just a job.
At the State of Minnesota, employees play a critical role in developing policies, providing essential services, and working to improve the well-being and quality of life for all Minnesotans. The State of Minnesota is committed to equity and inclusion, and invests in employees by providing benefits, support resources, and training and development opportunities.
The Investment Risk Analyst supports enterprise-wide portfolio risk management and quantitative oversight of all assets under SBI's management, helping to monitor risk and exposures across asset classes, inform asset allocation and rebalancing decisions, and provide tools and reporting for investment staff and committees.
This role offers a great opportunity for a curious, analytically minded professional to deepen their understanding of global markets, portfolio risk, and long-term investment strategy by working closely with the Director of Risk Management and portfolio teams. With an emphasis on continued learning, you'll have meaningful exposure to tools, data, and research, with ongoing opportunities to expand both your market expertise and technical toolkit in a collaborative and entrepreneurial environment.
Primary Responsibilities
Support the quantitative risk management oversight of the total investment portfolio, including market exposures and factor risks across asset classes and strategies.
Maintain and enhance investment data, spreadsheets, and other tools for both reporting and decision support.
Assist in the design, production, and enhancement of internal risk reports, including materials for staff and committee meetings.
Help streamline and automate data aggregation and transformation (e.g., from custodians, managers, consultants, and internal systems), working with IT and/or external data consultants as needed.
Support portfolio level analysis, including asset allocation policy implementation, portfolio rebalancing, what-if analysis, and stress-testing.
Analyze portfolio liquidity and cash flow forecasts, considering private markets commitment pacing and capital calls/distributions into rebalancing needs.
Contribute to oversight and analysis of FX hedging, passive management and beta overlay programs.
Support quantitative due diligence on external investment managers, including exposure analysis, factor/sector breakdowns, and performance diagnostics.
Participate in ongoing process and system improvements, including evaluation of risk, performance, and data tools to align with industry best practices.
Minimum Qualifications
Education: Bachelor's degree in a quantitative or analytical discipline (e.g. Finance, Statistics, Mathematics, Economics, Engineering, Computer Science)
Experience: 2+ years of relevant experience in investment analysis, risk/performance analytics, or portfolio analytics, preferably with an asset allocator, investment consultant, or asset manager.
Core technical skills: Intermediate-to-advanced proficiency in Excel; comfort working with large, complex datasets and multiple data sources.
Emerging technical skills: Exposure to analytical tools, programming languages (e.g., Python, R), SQL, and data visualization (e.g. PowerBI, Tableau) with a demonstrated aptitude and willingness to deepen these skills over time.
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.
Preferred Qualifications
Education: Progress toward or completion ofMaster's degree in a quantitative or finance-related discipline.
Experience: 3-5+ years of relevant experience in investment analysis, risk/performance analytics, or portfolio analytics, preferably with an asset allocator, investment consultant, or asset manager.
Systems: Direct experience with risk, performance, and portfolio analytics systems (e.g., FactSet, Aladdin, Barra, Bloomberg PORT, Burgiss)
Technical Skills: Advanced Excel (including macro/VBA/API) and demonstrated experience in programming and data visualization using large datasets in a professional setting.
Investment Knowledge: Core understanding of financial markets, including asset allocation, benchmarks, risk management principles and the distinction between various risk metrics (volatility, tracking error, liquidity). Familiarity with index families and benchmarking tools (e.g., MSCI, Bloomberg, S&P, custom policy benchmarks), including how they are used in evaluating managers and portfolios.
Credentials: Completion of or progress towards professional credentials such as:
Chartered Financial Analyst (CFA)
Financial Risk Manager (FRM)
Certificate in Investment Performance Measurement (CIPM)
Chartered Alternative Investments Analyst (CAIA)
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 does not sponsor applicants for work visas. All applicants must be legally authorized to work in the US.
AN EQUAL OPPORTUNITY EMPLOYER
Minnesota State Colleges and Universities is an Equal Opportunity employer/educator committed to the principles of diversity. We prohibit discrimination against qualified individuals based on their race, sex, color, creed, religion, age, national origin, disability, protected veteran status, marital status, status with regard to public assistance, sexual orientation, gender identity, gender expression, or membership in a local commission as defined by law. As an affirmative action employer, we actively seek and encourage applications from women, minorities, persons with disabilities, and individuals with protected veteran status.
Reasonable accommodations will be made to all qualified applicants with disabilities. If you are an individual with a disability who needs assistance or cannot access the online job application system, please contact the job information line at 651-259-3637 or email careers@state.mn.us . Please indicate what assistance is needed.
