Analyst, Underwriter (Direct Lending)

What You'll Do

• Conduct due diligence including company and industry research, financial analysis, and cash flow modeling to assess creditworthiness
• Support preparation of credit memos and present recommendations to the investment committee
• Partner with stakeholders including sponsors, management teams, bankers, and internal teams
• Monitor portfolio performance and compliance with credit agreements and internal policies
• Ensure portfolio data is accurate, timely, and complete for reporting purposes
• Collaborate with team members to support deal execution and ongoing business initiatives

Who You Are

• Bachelor's degree in finance, accounting, economics, or a related field (minimum 3.50 GPA)
• Ability to analyze financial statements, evaluate data, and formulate conclusions; familiarity with leveraged buyout modeling
• Proficient in Excel, Microsoft Word, and PowerPoint

Skills That Will Help You Stand Out

• Previous experience with Bloomberg preferred
• Knowledge of private credit/direct lending and fixed income strategies, including general knowledge of bond mechanics and pricing calculations
• Familiarity with database structures, big data techniques (e.g., Cassandra, Spark, Hadoop), and programming languages (e.g., Python, MATLAB, R) a plus
• Previous internship in finance preferred

Salary Range & Compensation

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): $89,300 - $152,400 / year

The following locations are examples of market-specific salary ranges across the 3 locations:

• Des Moines, IA: $89,300 - 120,650 / year
• Chicago, IL: $103,400 - $139,700 / year
• New York, NY: $112,800 - 152,400 / year

Time Off & Benefits

• 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.

Additional Details

• Pension Eligible: No
• Location(s): We’re open to in-office or hybrid talent. Hybrid locations: Chicago, Des Moines, or New York City. You’ll work with your leader to determine the best option based on several factors.

Work Authorization & Ethics

• Work Authorization/Sponsorship: At this time, we’re not considering applicants who need immigration sponsorship now or in the future to work in the United States. This includes F1-OPT, F1-CPT, H-1B, TN, L-1, J-1, etc.
• Investment Code of Ethics: For Principal Asset Management positions, you’ll follow an Investment Code of Ethics related to personal and business conduct and personal trading activities for you and members of your household. These requirements may also apply to other positions across the organization.

Experience & Values

At Principal, we value diverse experiences and talents. We support our employees with comprehensive, competitive benefits to protect their well-being. Learn more about our purpose, values, and benefits on our careers site. Principal is an Equal Opportunity Employer. All qualified applicants will receive consideration without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.

Application Window & Privacy

• Posting Window: Applications accepted for 3 full days after the Original Posting Date; the posting may be extended or removed based on applications received. If reposted, applications are accepted for at least 1 full day after the Most Recently Posted Date.
• Posting Date: Original Posting Date 6/2/2026; Most Recently Posted Date 6/3/2026
• Note: Principal uses AI tools to assist in reviewing and evaluating applications. AI supports recruitment but does not make final hiring decisions without human involvement. Please review our Workforce (U.S.) Privacy Notice for more details on data privacy rights.