Investment Analyst - Credit Research

Job Description:

The Corporate Credit Investment Analyst will be an essential member of the PMAM investment team and will help develop forward-looking credit views through rigorous fundamental research, financial analysis and market surveillance. The analyst will evaluate corporate issuers and securities, contribute to investment discussions, and provide input that supports portfolio construction, risk management and investment decision-making. The role offers meaningful exposure to senior investment professionals and potential growth over time, including broader portfolio and trading-related responsibilities.

Penn Mutual Asset Management (PMAM) is an institutional asset management firm located just outside of Philadelphia, Pennsylvania. We are committed to serving the institutional marketplace by offering fixed-income investment solutions. With over $44 billion in assets under management as of June 30, 2026, we are dedicated to creating value through a prudent, thoughtful and rigorous investment decision-making process. As fixed-income specialists, we tailor our proven approach to generate solid risk-adjusted returns, while balancing the need for capital preservation to achieve each investment objective. Since 1989, PMAM has been a registered investment adviser and wholly owned subsidiary of The Penn Mutual Life Insurance Company, a mutual life insurance company that has been in the insurance and investment business since 1847.

Candidate Note: This position operates in a hybrid work environment and requires on-site presence three days per week in Conshohocken, PA.

Key Responsibilities

• Perform fundamental credit research on assigned corporate sectors, including investment-grade and high-yield issuers.
• Develop forward-looking credit opinions on issuers, securities, industries and sectors.
• Analyze financial statements, business models, competitive positioning, capital structures, liquidity, leverage, cash flow generation and debt service capacity.
• Build and maintain financial models to support credit analysis, valuation, scenario analysis and investment recommendations.
• Identify primary and secondary market investment opportunities and present recommendations to portfolio managers and the broader investment team.
• Assess relative value across issuers, sectors, ratings categories, maturities and capital structures.
• Monitor existing portfolio holdings and communicate material credit developments, including earnings, rating agency actions, M&A, regulatory developments and market events.
• Conduct industry research to evaluate secular trends, competitive dynamics, macroeconomic risks and sector-specific credit drivers.
• Prepare written research, investment recommendations and presentation materials for internal investment discussions.
• Interact with issuer management teams, sell-side analysts, rating agencies and other market participants, as appropriate.
• Collaborate with portfolio managers, traders and other analysts to support portfolio construction, risk management and investment decision-making.
• Over time, develop sector expertise and contribute to trading and portfolio positioning.

Skills & Abilities

• Strong analytical, decision-making and problem-solving skills.
• Strong understanding of financial statement analysis, corporate finance and credit risk assessment.
• Experience building and maintaining financial models.
• Knowledge of fixed income markets, corporate bonds, credit ratings, spread analysis and relative value concepts.
• Ability to develop independent credit opinions and translate research into actionable investment recommendations.
• Excellent written, verbal and presentation skills.
• Ability to communicate complex credit issues clearly and concisely.
• Strong attention to detail and ability to manage multiple priorities in a fast-paced investment environment.
• Ability to work collaboratively with portfolio managers, traders, analysts and other investment professionals.
• Intellectual curiosity, initiative and a desire to develop deep sector expertise.
• Bloomberg experience preferred.
• Knowledge of Derivative Solutions or other portfolio/risk systems is a plus.
• CFA progress or interest in pursuing the CFA designation is a plus.

Education & Experience

• Bachelor's degree in finance, economics, accounting, business or a related field required.
• 1-5 years of investment, credit research, investment banking, leveraged finance, rating agency, commercial banking, corporate banking or related financial analysis experience required.
• Experience with investment-grade and/or high-yield corporate credit preferred.

Location

Conshohocken, PA (Hybrid work schedule, three days per week on-site).

Base Salary Range - $95,000 - $115,000

For over 175 years, Penn Mutual has empowered individuals, families and businesses on the journey to achieve their financial goals. Through our partnership with Financial Professionals across the U.S., we help instill the confidence and reliability that comes from a stronger financial future. Penn Mutual and its affiliates offer a comprehensive suite of competitive products and services to meet the unique needs of Financial Professionals and their clients, including life insurance, annuities, wealth management and institutional asset management. To learn more, including current financial strength ratings, visit

Penn Mutual is committed to Equal Employment Opportunity (EEO). We provide employment and advancement opportunities to all qualified applicants and associates, according to applicable laws. This is reflected in our practices for hiring, placement, promotion, transfer, demotion, layoff, termination, recruitment, compensation, selection or training, and all other terms and conditions of employment. All employment-related decisions and practices are free from unlawful discrimination. This includes: race, creed, color, national origin, ancestry, citizenship age, gender (including pregnancy), sexual orientation, gender identity or expression, domestic partnership or civil union status, marital status, genetic information, disability, religious observance or practice, liability, veteran status or any other classification protected under applicable law.