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What You'll Do

We’re looking for either an Associate or Fixed Income Trader to join our Principal Global Fixed Income team. In this position, you’ll play a key role in maximizing performance through trading, including day-to-day buying and selling of securities for portfolios/client accounts primarily covering Agency Mortgage Backed Securities (MBS), while also providing a backup role to other traders across other securitized markets.

Trading and Execution :

• Identify, analyze, and execute relative value trades (e.g., electronic and over-the-counter) to optimize portfolio performance

• Ensure best execution by balancing negotiated price, size, and service within established guidelines

• Monitor open positions, model trade ideas, and ensure all transactions are accurately documented

Market Research and Insights :

• Conduct in-depth research and analysis on MBS and the securitized market

• Provide actionable insights to portfolio managers and analysts to support informed investment decisions

• Develop and recommend trading strategies based on market activity and relative value assessments

Relationship Building :

• Cultivate and maintain strong relationships with industry contacts (e.g., Wall Street traders, brokers)

• Disseminate insights and key takeaways from interactions with the street to inform internal stakeholders

Systems and Process Improvements :

• Partner with IT to enhance trading systems (e.g., Charles River, Aladdin) and streamline processes

• Lead initiatives to improve workflow, reporting systems, and analysis tools

Operating at the intersection of financial services and technology, Principal builds financial tools that help our customers live better lives. We take pride in being a purpose-led firm, motivated by our mission to make financial security accessible to all. Our mission, integrity, and customer focus have made us a trusted leader for more than 140 years!

Principal Asset Management offers global asset management expertise across a diverse set of traditional and alternative asset classes. Check us out at www.principalam.com !

Who You Are

• Bachelor’s degree in a technical field such as finance, accounting, economics, statistics, engineering, data science, or business analytics

• Previous internship in fixed income, with a high preference of three or more years of experience in fixed income strategies across trading, research, or portfolio management. We may hire at the next level up which would require at least five years related experience

• Strong expertise in fixed income trading, particularly within agency MBS and securitized markets, with a solid understanding of financial accounting, economic theory, global financial markets, and fixed income products and strategies

• Proficiency in trading systems and platforms such as Charles River, Tradeweb, and Aladdin

• Proven ability to analyze complex trading opportunities and execute trades efficiently under market-imposed time constraints while adhering to the best execution principles

• Strong proficiency in Excel and Bloomberg

Skills That Will Help You Stand Out

• MBA, CFA designation, or significant progress toward either

• Collaborative and relationship-focused

• Comfortable taking informed positions and educated risks

Salary Range Information

Salary ranges below reflect targeted base salaries. Non-sales positions have the opportunity to participate in a bonus program. Sales positions are eligible for sales incentives, and in some instances a bonus plan, whereby total compensation may far exceed base salary depending on individual performance. Actual compensation for all roles will be based upon geographic location, work experience, education, licensure requirements and/or skill level and will be finalized at the time of offer.

Salary Range (Non-Exempt expressed as hourly; Exempt expressed as yearly)

$86450 - $167000 / year

Time Off Program

Flexible Time Off (FTO) is provided to salaried (exempt) employees and provides the opportunity to take time away from the office with pay for vacation, personal or short-term illness. Employees don’t accrue a bank of time off under FTO and there is no set number of days provided.

Pension Eligible

No

Additional Information

Location

This role will be based out of our World Headquarters located in Des Moines, IA.

Work Environments

This role offers the ability for in-office or four days in-office and one day remote. You’ll work with your leader to figure out which option may align best based on several factors.

Next Level

We’ll consider talent at the next level with the right experiences and skills which would include at least five years fixed income strategies across trading, research, or portfolio management.

Work Authorization/Sponsorship

At this time, we're not considering applicants that need any type of immigration sponsorship (additional work authorization or permanent work authorization) now or in the future to work in the United States. This includes, but IS NOT LIMITED TO: F1-OPT, F1-CPT, H-1B, TN, L-1, J-1, etc. For additional information around work authorization needs please use the following links.

Nonimmigrant Workers (https://www.uscis.gov/working-in-the-united-states/temporary-nonimmigrant-workers) and Green Card for Employment-Based Immigrants (https://www.uscis.gov/green-card/green-card-eligibility/green-card-for-employment-based-immigrants)

Investment Code of Ethics

For Principal Asset Management positions, you’ll need to follow an Investment Code of Ethics related to personal and business conduct as well as personal trading activities for you and members of your household. These same requirements may also apply to other positions across the organization.

Experience Principal

At Principal, we value connecting on both a personal and professional level. Together, we’re imagining a more purpose-led future for financial services – and that starts with you. Our success depends on the unique experiences, backgrounds, and talents of our employees. And we support our employees the same way we support our customers: with comprehensive, competitive benefit offerings crafted to protect their physical, financial, and social well-being. Check out our careers site to learn more about our purpose, values and benefits.

Principal is an Equal Opportunity Employer

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.

Posting Window

We will accept applications for 3 full days following the Original Posting Date, after which the posting may remain open or be removed based upon applications received. If we choose to post the job again, we will accept additional applications for at least 1 full day following the Most Recently Posted Date. Please submit applications in a timely manner as there is no guarantee the posting will be available beyond the applicable deadline.

Original Posting Date

1/14/2025

Most Recently Posted Date

1/14/2025