Investment Consulting Graduate Internship Program
Are you applying to the internship?
Job Description
About NEPC, LLC:
NEPC, LLC is a full-service investment consulting firm established in 1986 and headquartered in Boston, Massachusetts. With approximately 375 employees and over 425 clients, NEPC offers a wide range of consulting services, including asset allocation, performance measurement, policy formulation, investment manager research, and discretionary portfolio management. Their diverse clientele includes defined benefit and defined contribution plans, endowments, foundations, trusts, public and corporate entities, Taft-Hartley plans, health and welfare funds, high-net-worth individuals, insurance companies, and private plans. NEPC’s mission is to assist clients in building successful investment programs, employing diverse and proven strategies to maximize returns while mitigating risk. They describe their work environment as fun (but demanding), with excellent working conditions and a supportive, team-oriented atmosphere. NEPC is an Affirmative Action/Equal Opportunity Employer.
Job Description: Investment Consulting Graduate Internship Program
NEPC is seeking five summer interns for their Investment Consulting Graduate Internship Program. The internship offers a hybrid work model, allowing interns to work in Boston, Chicago, San Francisco, or Atlanta offices or fully remotely (in states where NEPC is registered, with potential location limitations). Candidates should be actively pursuing an MBA or master’s degree, preferably in Finance or Economics.
Program Structure:
The program is merit-based and designed to attract and support diverse talent within the investment industry. Successful completion of the internship leads to consideration for permanent employment in NEPC’s Consulting Development Program post-graduation. This program involves several months in the investment research group, gaining exposure to manager selection, portfolio construction, asset allocation, and other aspects of investment research. Following the research assignment, interns are permanently placed as Senior Consulting Analysts, supporting clients across various client types by assisting consultants with manager selection, report preparation, performance analysis, and other duties. Pursuit of the CAIA or CFA designation is strongly encouraged.
Internship Requirements:
Candidates should have prior investment industry exposure (through permanent positions or internships). Essential skills include strong analytical abilities, excellent written and verbal communication, proficiency in Microsoft Office Suite (Excel, Word, PowerPoint), meticulous attention to detail, and a willingness to learn. Certain projects require more specialized technical skills (detailed in the project descriptions below).
Project Assignments (Interns will be assigned to one project):
• Project 1: Investment Manager Research (Investment Framework Project): Creating a unified investment framework across asset classes. Requires critical thinking, communication, coding (preferred), and Excel skills. Focuses on private markets, public markets, and hedge funds.
• Project 2: Corporate (Capital Markets Assumptions Model): Developing a stochastic framework and model across multiple asset classes. Requires strong Excel skills, the ability to manage large datasets, quantitative research capabilities, and a willingness to learn independently.
• Project 3: Marketable Equity (Client Exposure & Tear Sheets): Updating a 3-rated exposure list, identifying low-exposure strategies, and analyzing performance. Requires strong Excel and PowerPoint skills; Backstop and/or eVestment experience is highly preferred.
• Project 4: Portfolio Construction (Machine Learning Model for Stochastic Asset Class Returns): Developing a machine learning model to estimate stochastic asset class returns based on macroeconomic factors. Requires proficiency in R and/or Python, experience with relevant machine learning libraries, and a strong background in time-series analysis and econometrics.
• Project 5: OCIO Team (OCIO Private Markets Analysis and Competitor Positioning): Conducting competitive analysis, developing brand positioning, creating tools to categorize private market manager exposures, and performing attribution analysis. Requires strong Excel skills and knowledge of private equity (a plus).
