R_Summer Analyst Program – Global Markets, Municipals

Recruitment began on January 6, 2026

and the job listing Expires on February 2, 2026

New York, New York, United States of America

Hours:

40

$30.00 – $45.00 USD

TD is committed to providing fair and equitable compensation opportunities to all colleagues. Growth opportunities and skill development are defining features of the colleague experience  compensation policies and practices have been designed to allow colleagues to progress through the salary range over time as they progress in their role. The base pay actually offered may vary based upon the candidate’s skills and experience, job-related knowledge, geographic location, and other specific business and organizational needs.

As a candidate, you are encouraged to ask compensation related questions and have an open dialogue with your recruiter who can provide you more specific details for this role.

As a leading corporate and investment bank, TD Securities offers a wide range of integrated capital markets products and services. Our corporate, government, and institutional clients choose us for our innovation, execution, and experience. With over 7,200 professionals operating in 39 cities across the globe, we work closely with our clients to help them meet their needs today and prepare for tomorrow.

TD Securities is looking for candidates with varying backgrounds and experiences to join our 2027 Global Markets Summer Analyst Program – Municipals and be immersed in our inclusive culture!

This program will connect you with experienced professionals through on-the-job training. You will work alongside industry experts in a fast-paced collaborative environment. This is a ten-week program running from early June to mid-August in person in our offices in New York City.

At TD Securities, Municipals (comprised of Public Finance Banking, Municipal Sales & Trading, and Automated Trading) function within Global Markets as an integral part of the full suite of services we provide. The Public Finance team covers all sectors within the municipal finance space such as state and local governments, infrastructure, power and utilities, higher education, housing, not-for-profit health care and transportation and assists clients in analyzing and issuing various offerings of municipal securities.

The Municipal Sales and Trading and Automated Trading teams are active market-makers and one of the largest liquidity providers in the muni market, covering trades of all sizes from micro-lots to big blocks. Following training, this unique program provides summer analysts with two rotations spanning approximately 4 weeks each with the banking and sales and trading teams.

The Muni team interacts frequently with other areas of the Bank, including:
Debt Capital Markets, Credit Management, Market Risk Solutions, Sustainable Finance, Corporate and Investment Banking, and Global & US Fixed Income Sales and Trading.

As a summer analyst, you will:

• Work with seasoned Public Finance bankers and Municipal Sales & Trading professionals and acquire the knowledge and skills necessary to become a Full Time Analyst in the municipal finance space.
• Provide analytical, research, and transactional support to the Public Finance team, while assisting in the preparation of cash flow modeling and other financial analysis in connection with potential or live capital markets financings. You will also assist bankers in the preparation of proposals and pitch books for prospective and current clients detailing firm capabilities and financing solutions.
• Gain exposure to the sales and trading of municipal securities and new issue underwriting by shadowing our team of industry veterans. Learn how to price municipal bonds and how to hedge and manage risk. Develop an understanding of the various market participants (dealers, customers, brokers, etc.) and how to effectively communicate and engage with them.
• Learn about algorithmic trading, portfolio trading, ETF creations/redemptions by interacting with TDSAT (TD Securities Automated Trading).
• Have the ability to take ownership on assigned tasks and projects, managing assignments through successful completion.
• Stay fully informed on market…