2027 Fixed Income Investment Associate

Role Overview

The Investment Associate will play an important role in Dodge & Cox's fixed income investment process and be part of a lean investment team, with a primary emphasis on credit investing, but opportunities to work alongside investment professionals across the firm.

The Associate will develop a comprehensive set of skills centered on credit investing, work directly with senior investment professionals, and have the opportunity to meet with management teams representing the largest companies around the world. The bulk of training occurs on the job, supplemented by formal sessions on an interim basis.

This person will also gain exposure to firm-wide investment ideas through ongoing research and portfolio management meetings. Investment Associate projects are wide-ranging.

As a member of the fixed income investment team, this person will support senior professionals in all aspects of the investment process: identifying new opportunities, conducting research and analysis, advocating to investment committees, and managing portfolio exposures. This is a two-to-four-year position, after which candidates generally pursue other professional opportunities or enroll in business school.

Research Associates have gone on to attend business schools including Stanford, Harvard, Wharton, The University of Chicago, and INSEAD.

Key Responsibilities

• Analyze domestic and international corporate and government borrowers, and assist in the preparation of research reports; processes include data collection, fundamental due diligence, financial analysis, and assessment of valuation and potential returns
• Use data to construct and maintain portfolio analysis tools
• Update and maintain research reports on existing portfolio investments
• Prepare client presentation exhibits and reports Ideal Candidate Profile High level of academic and professional achievement, and future growth potential
• Demonstrated interest in financial markets and investing A commitment to high-quality performance and strong attention to detail
• Intellectual curiosity and a drive to learn and improve
• An ability to collaborate effectively within a team-oriented environment
• Initiative and ability to manage multiple projects simultaneously
• Strong verbal and written communication skills Qualifications One to two years of related work experience or an undergraduate experience that demonstrates exceptional potential B.A. or B.S. degree and an excellent academic record
• Coursework in economics, statistics, accounting, and finance is a plus
• Strong quantitative and analytical skills, including experience with financial modeling
• Proficiency with MS Excel and PowerPoint Coursework or demonstrated experience in corporate finance or valuation is a plus
• Familiarity with AI tools (e.g., Claude, Copilot) and willingness to apply them to research workflows Requirements: Dodge & Cox has a 4/1 hybrid work model, and all Dodge & Cox employees are required to be in their assigned office as noted in the job posting Monday - Thursday each week, with the option to work remotely on Friday. The salary range for this position is $155k - $180k. The listed pay scale denotes only the pay range of the base salary and does not include discretionary bonus compensation, which may make up an important portion of the total remuneration. Dodge & Cox encourages applicants to consider the value of the many competitive benefits it offers, including coverage of 100% of all healthcare premiums for employees and their families and fully funding a retirement plan at 25% of the total compensation to the IRS limit. Dodge & Cox also provides additional benefits such as commuter, health & wellness, backup care, matching gift, employee assistance, and life and disability insurance. The listed pay scale reflects the base salary Dodge & Cox reasonably expects to pay for this position and is not a reflection of the highest and lowest base salary of any current Dodge & Cox employee. Actual base salary will be based on factors such as the candidate's prior relevant experience (including within and external to Dodge & Cox, as applicable), education, skills, and knowledge. The job description above is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee. It is the Company’s policy to provide equal opportunity to all persons without regard to race, color, religion, sex, pregnancy, marital or domestic partner status, sexual orientation, gender identity or expression, age, ancestry, national origin, disability, or medical condition, as defined in state and federal laws. This policy covers all aspects of employment including, but not limited to, recruitment, selection, training, promotion, transfer, compensation, demotion, and termination. By applying for a position with Dodge & Cox, you acknowledge that you have read our EEO Policy All Dodge & Cox employees must adhere to the Firm’s security policies and Code of Ethics. Pursuant to the San Francisco Fair Chance Ordinance, we will consider for employment qualified applicants with arrest and conviction records.

About Us

Founded in 1930 in San Francisco, Dodge & Cox is one of the world’s largest independently owned investment firms with over $475 billion in assets under management and 376 employees (as of January 31, 2026). We manage money for individuals and institutions globally with a single investment philosophy applied across a focused set of offerings.

Undistracted by short-term product trends or asset gathering, we concentrate on serving our clients by adhering to our time-tested investment approach. We build investment portfolios using deep fundamental research, a strict price discipline, a long-term investment horizon, and team decision-making. Our engaging, collaborative environment pushes us to accomplish our best.

That’s why many of us devote our careers to Dodge & Cox, ensuring stability and compounding our intellectual capital across generations. This institutional memory—combined with our collaborative culture and focused business model—makes us uniquely suited for long-term investing and enables us to continuously seek lasting value for our clients in a rapidly changing world.

Protect yourself from recruitment scams We have noticed an increase in fraudulent individuals posing as representatives of Dodge & Cox, offering false job interviews or opportunities in exchange for financial or personal information. We take these matters very seriously and want to ensure you are informed and protected.

Please keep the following in mind during your job search: We will never ask for payment or request banking information at any stage of our recruitment process. All official communications will come from a verified Dodge & Cox email address (@dodgeandcox.com). Be cautious of any communication from personal or non-company email addresses. Do not engage with or respond to suspicious emails.

If you are uncertain about the legitimacy of a communication, verify that the email address belongs to Dodge & Cox (@dodgeandcox.com). If you receive any suspicious or fraudulent communication, please report it immediately by contacting us at recruiting@dodgeandcox.com. Your vigilance should keep you protected and help us maintain the integrity of our hiring process.