Investment Internship

Summary

It is the mission of the Investment Department to optimize the total return of the IMRF investment portfolio through a policy of long-term diversified investment, using parameters of prudent risk management.  The Investment Intern will join the Illinois Municipal Retirement Fund Investment team during the Summer of 2026.  Investment Interns are hired for a 10-week experience where they will be exposed to a wide variety of career paths in the investing field and learn how to invest and administer a $60 billion public pension plan. The Illinois Municipal Retirement Fund is invested across domestic equity, fixed income, international equity, alternative investments, and real estate asset classes.  IMRF also has internally managed assets.

This position is paid at $25.00 per hour.  To be considered for this role you must be an undergraduate college student obtaining a degree in one of the following majors: Business, Finance, Economics, Investments, or related field.  Travel costs and or relocation associated with this process will not be incurred by IMRF.

Responsibilities

During the internship, the Investment Intern will receive training and work on a variety of tasks and projects that directly impact the Illinois Municipal Retirement Fund.  Investment Interns will report to the  Managing Investment Officer II-Diversity Programs & Total Portfolio and work with the entire Investment Department Staff gaining exposure to internal and external asset management including but not limited to asset allocation, portfolio management, investment manager due diligence and monitoring, performance reporting, securities lending, proxy voting, portfolio analysis, and operations.

General Duties

• Stay abreast of global macro and micro economic conditions and capital markets
• Monitor market, industry, and asset class trends
• Assist in the administration and management of the entire IMRF portfolio
• Work as part of a team to implement best operational practices in a high-performance culture
• Provide operational assistance across all asset classes

·       Attend prospective and current investment manager meetings

·       Assist with due diligence on prospective investment opportunities and prepare quantitative and qualitative analysis

·       Assist with internally managed portfolio implementation strategies using various risk budgeting techniques

·       Work with Internal Equity team to implement trades generated by the investment models and monitor trading costs

·       Monitor portfolio risk characteristics, model efficacy and portfolio performance attribution

·       Review investment managers’ monthly performance reports

·       Review consultant’s performance reports to monitor investment manager performance

·       Assist with onboarding investment managers by following account opening process

·       Assist with processing capital calls and distributions notices and prepare letters of direction

·       Assist with the review, and processing of investment management fee invoices and prepare letters of direction

·       Assist in monitoring investment manager compliance with investment management agreements/guidelines, limited partnership agreements, and IMRF’s Investment policies

·       Assist with monitoring and reporting of IMRF’s Minority Manager and Broker Programs

·       Perform ad hoc data analysis and research projects

·       Complete a capstone project

All Investment Interns will also be cross trained to perform all the tasks and must be familiar with all aspects of Investment Department. These tasks include but are not limited to: assignments in real estate; alternative investments; security lending; portfolio guideline compliance reviews; proxy voting; total fund and individual portfolio manager performance reviews; preparation of annual investment reports; and other projects as assigned by management.

Note: The duties are subject to change, without notice, at the discretion of management.

Supervisory Responsibilities

This job has no supervisory responsibilities.

Qualifications

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.  To be considered for this role you must be an undergraduate student studying one of the following fields: Business, Finance, Economics, Investments, or related field. 

Approximate dates for internship are June 15, 2026 – August 14, 2026

Applicants interested in applying must submit the following materials uploaded via Taleo before January 30, 2026:

• Current resume

• Cover letter of no more than 750 words.  Please describe your interests, experience or other background that would assist in the internship experience and how the internship at the Illinois Municipal Retirement Fund would support your career goals.  

• Current academic transcript 

• Letter of recommendation from someone other than a friend, classmate, or family member who can speak to your academic or work experience.

Education and/or Experience

·       Pursuing a bachelor’s degree in Business, Finance, Economics, Investments, or related field and be at least a sophomore or junior as of the Fall 2025

Other Competencies Required

·       Passionate about pursuing a career in the Investments field and desire to learn

·       Desire to succeed, create, and foster a team-oriented environment

·       Capacity to learn quickly and work independently

·       Self-motivated with demonstrated success at independent analytical work

·       Ability to establish positive working relationships demonstrating integrity and respect

·       Strong work ethic

·       Ability to take initiative and solve issues in an independent environment

·       Strong oral and written communication skills (including presentation skills)

·       Strong analytical and problem-solving skills

·       Knowledge of Microsoft Office Suite, specifically Microsoft Excel for financial analysis

·       Ability to travel occasionally; holds a valid Driver's License

·       Ability to work in Oak Brook, Illinois in a full-time capacity for approximately 10 weeks beginning in June 2026

Language Skills

Ability to read, analyze, and interpret common business and technical journals, financial reports, and legal documents. Ability to write investment memoranda and other general correspondence that conform to prescribed style and format. Ability to effectively discuss and/or present information to IMRF Staff.

Mathematical Skills

Ability to work with mathematical concepts such as probability and statistical inference. Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.

Reasoning Ability

Ability to apply principles of logical or scientific thinking to a wide range of intellectual and practical problems. Ability to deal with nonverbal symbolism (formulas, scientific equations, graphs, musical notes, etc.,) in its most difficult phases. Ability to deal with a variety of abstract and concrete variables.

Physical Demands

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit and talk or hear. The employee is occasionally required to stand; walk; reach with hands and arms; and stoop, kneel, crouch, or crawl. The employee must occasionally lift and/or move up to 25 pounds.

Work Environment

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually quiet.

Travel costs associated with the interview process will not be incurred by IMRF.