1. What is a Research Analyst at Voya Financial?

As a Research Analyst at Voya Financial, you are at the critical intersection of data, market intelligence, and investment strategy. Voya is a premier health, wealth, and investment company, and our research teams are the engines that power informed decision-making across the enterprise. Whether you are supporting an Agency MBS trading desk in Atlanta or driving high-level market research strategies in Hartford, your insights directly influence portfolio performance, product innovation, and ultimately, the financial well-being of our clients.

Your work has a tangible impact on the business. You will be tasked with synthesizing complex quantitative data, evaluating macroeconomic trends, and building models that guide asset allocation and trading strategies. Because Voya manages significant assets across diverse portfolios, even minor optimizations driven by your research can result in substantial value creation. You are not just crunching numbers; you are shaping the narrative that portfolio managers, traders, and senior leadership rely on.

Expect a role that balances deep, solitary analytical work with highly collaborative, cross-functional communication. The environment at Voya Financial is known for being supportive and intellectually rigorous. You will be challenged to defend your methodologies, adapt to shifting market conditions, and continuously refine your technical toolkit, all while working within a culture that deeply values integrity, teamwork, and sustainable growth.

2. Getting Ready for Your Interviews

Preparing for a Research Analyst interview at Voya Financial requires a strategic approach. You must demonstrate both technical mastery and a nuanced understanding of financial markets. Interviewers will look for your ability to translate complex data into actionable business strategies. Focus your preparation on the following key evaluation criteria:

Quantitative & Analytical Rigor We evaluate your ability to handle large datasets, build robust financial models, and apply statistical methods to market problems. You can demonstrate strength here by clearly explaining your methodology, discussing how you handle data anomalies, and showcasing proficiency in tools like Excel, SQL, or Python.

Market & Domain Knowledge Depending on your specific track—such as Fixed Income (Agency MBS) or broader Market Research—you must understand the underlying mechanics of your asset class. Interviewers will assess your grasp of macroeconomic indicators, interest rate impacts, and valuation techniques. Show your strength by weaving current market events into your answers.

Problem-Solving Ability This criterion measures how you structure ambiguous financial challenges. We want to see how you approach a problem when the data is incomplete or the market is volatile. You can excel here by thinking out loud, breaking complex scenarios into manageable variables, and proposing logical, step-by-step solutions.

Communication & Culture Fit At Voya Financial, collaboration is paramount. We evaluate how well you can distill complex quantitative findings into clear insights for non-technical stakeholders, such as portfolio managers or executives. Demonstrate this by being concise, receptive to feedback, and showing an eagerness to work cross-functionally.

3. Interview Process Overview

The interview process for a Research Analyst at Voya Financial is designed to be thorough but respectful of your time. It typically begins with an initial phone screen with a recruiter, who will assess your background, baseline technical skills, and alignment with Voya’s core values. This is followed by a technical screening, usually conducted via video with a hiring manager or a senior analyst. During this stage, expect to discuss your past projects, technical toolkit, and specific market knowledge related to the team you are interviewing for.

If you progress to the final rounds, you will face a virtual or onsite interview loop consisting of three to five distinct sessions. These panels will include a mix of behavioral assessments, deep-dive technical interviews, and often a case study or modeling exercise. For quantitative and trading-focused roles, you may be asked to walk through a specific scenario, such as analyzing prepayment risks for mortgage-backed securities or presenting a market research strategy.

Throughout the process, Voya’s interviewing philosophy heavily emphasizes a balance between technical exactness and cultural alignment. Interviewers are not just looking for the right answer; they are observing how you handle pressure, how you communicate your thought process, and whether you embody the collaborative spirit that defines our teams.

The visual timeline above outlines the standard progression from the initial recruiter screen to the final panel interviews and offer stage. Use this to pace your preparation, ensuring your technical skills are sharp for the initial screens while reserving time to practice presentation and behavioral responses for the final loop. Note that specific stages, such as the inclusion of a take-home modeling test, may vary slightly depending on whether you are targeting a quantitative, trading, or market research focus.

4. Deep Dive into Evaluation Areas

To succeed in the Research Analyst interviews, you need to prepare for several distinct areas of evaluation. Our interviewers use these topics to gauge your readiness for the specific demands of the role.

Financial Modeling & Quantitative Analysis

This area is foundational. Interviewers need to know that you can build, maintain, and interpret complex models without constant supervision. Strong performance means not only getting the math right but also understanding the real-world implications of your model's outputs and limitations.

Be ready to go over:

• Data Manipulation: Using SQL, Python, or R to clean and analyze large datasets efficiently.
• Valuation Models: Discounted cash flow (DCF), yield curve modeling, and scenario analysis.
• Risk Assessment: Calculating value at risk (VaR), stress testing, and understanding standard deviation in portfolio returns.
• Advanced concepts (less common):
  • Stochastic modeling techniques
  • Machine learning applications in predictive market research
  • Advanced time-series forecasting

Example questions or scenarios:

• "Walk me through how you would build a model to forecast cash flows for a newly issued mortgage-backed security."
• "How do you handle missing or corrupt data when building a quantitative model?"
• "Explain a time when your model produced an unexpected result. How did you troubleshoot it?"

Asset Class & Market Expertise

Depending on the specific desk you are joining, you must possess deep knowledge of relevant asset classes. For example, roles in Atlanta often focus heavily on Agency MBS and fixed income. Interviewers want to see that you understand the macro and micro factors driving these markets.

Be ready to go over:

• Fixed Income Mechanics: Duration, convexity, and the impact of Federal Reserve rate changes.
• MBS Specifics: Prepayment speeds (CPR/PSA), refinancing incentives, and pool characteristics.
• Macroeconomic Indicators: How inflation, employment data, and GDP growth impact asset pricing.
• Advanced concepts (less common):
  • Option-adjusted spread (OAS) modeling
  • Relative value trading strategies between different MBS cohorts

Example questions or scenarios:

• "If the Fed unexpectedly raises interest rates by 50 basis points, how would you expect Agency MBS spreads to react?"
• "Explain the concept of convexity to someone who has no background in finance."
• "What current macroeconomic trend do you believe is being mispriced by the market right now?"

Strategy & Business Acumen

For roles leaning toward market research or senior quantitative positions, you are expected to connect data to broader business strategies. Strong performance here involves demonstrating that you understand how Voya makes money and how your research helps portfolio managers generate alpha or mitigate risk.

Be ready to go over:

• Competitor Analysis: Understanding the landscape of financial services and asset management.
• Product Strategy: How research insights drive the development of new investment vehicles.
• Actionable Reporting: Distilling months of research into a one-page summary for executive decision-making.

Example questions or scenarios:

• "Pitch an investment idea or market strategy based on a recent economic report you read."
• "How would you prioritize your research efforts if multiple portfolio managers request urgent, conflicting analyses?"
• "Describe a time when your research directly changed a business or investment decision."

Behavioral & Cultural Alignment

Voya places a massive premium on workplace culture. Interviewers will assess your emotional intelligence, your ability to work within a team, and your resilience. A strong candidate provides structured, reflective answers that highlight collaboration, accountability, and a proactive mindset.

Be ready to go over:

• Conflict Resolution: Navigating disagreements over data interpretations or methodologies.
• Adaptability: Pivoting your approach when market conditions change drastically.
• Leadership: Taking initiative on research projects without waiting for explicit instructions.

Example questions or scenarios:

• "Tell me about a time you had to communicate a highly complex quantitative concept to a non-technical stakeholder."
• "Describe a situation where you made a mistake in your analysis. How did you handle it?"
• "Why are you specifically interested in joining Voya Financial?"

5. Key Responsibilities

As a Research Analyst, your day-to-day responsibilities will be dynamic, blending deep analytical focus with active collaboration. You will spend a significant portion of your time designing, testing, and maintaining quantitative models or market research frameworks. This involves pulling data from sources like Bloomberg, internal databases, or third-party vendors, and transforming that data into actionable insights. You are responsible for ensuring the accuracy and integrity of the data that feeds into Voya’s investment strategies.

Collaboration is a daily requirement. You will work closely with portfolio managers, traders, and senior leadership to interpret market movements. For instance, if you are supporting the Agency MBS desk, you will provide daily commentary on prepayment trends, yield curve shifts, and relative value opportunities. You will be expected to attend strategy meetings, present your findings, and field rapid-fire questions from the trading floor about your models' assumptions.

Additionally, you will drive long-term strategic projects. This might involve developing new automated reporting tools to save the team hours of manual work, conducting deep-dive thematic research on emerging market trends, or collaborating with the engineering team to deploy a new quantitative model into production. You are expected to be a proactive problem solver, constantly looking for ways to refine methodologies and improve the team's analytical capabilities.

6. Role Requirements & Qualifications

To be competitive for the Research Analyst role at Voya Financial, candidates must present a blend of rigorous technical skills, domain expertise, and strong communication abilities. The requirements scale with seniority, from foundational analytical skills for mid-level roles to strategic leadership for Director-level positions.

Must-have skills:

• Advanced Excel Proficiency: Mastery of complex formulas, VBA, and financial modeling.
• Data Querying & Programming: Strong skills in SQL for data extraction, and proficiency in Python or R for statistical analysis and automation.
• Financial Market Knowledge: A solid understanding of macroeconomics, fixed income, equities, or specific asset classes like Agency MBS.
• Analytical Problem Solving: The ability to structure ambiguous questions and build logical, data-driven frameworks.
• Stakeholder Communication: Proven ability to present complex data clearly to non-technical audiences.

Nice-to-have skills:

• Bloomberg Terminal Experience: Familiarity with pulling data and utilizing Bloomberg's analytical tools.
• Advanced Degrees/Certifications: A Master’s degree in Finance, Economics, Financial Engineering, or progress toward a CFA charter.
• Data Visualization: Experience with tools like Tableau or PowerBI to create interactive dashboards for portfolio managers.
• Machine Learning Exposure: Basic understanding of predictive modeling techniques to enhance traditional financial analysis.

7. Common Interview Questions

While you cannot predict every question, familiarizing yourself with these common patterns will help you structure your thoughts. These questions reflect the core competencies expected of a Research Analyst at Voya Financial.

Quantitative & Technical Skills

These questions test your hands-on ability to manipulate data, build models, and apply statistical concepts to real-world financial scenarios.

• Walk me through the process of building a Discounted Cash Flow (DCF) model. What are the most sensitive assumptions?
• How would you write a SQL query to identify the top-performing assets in a specific sector over a rolling 30-day window?
• Explain the difference between R-squared and Adjusted R-squared in the context of a regression model.
• Describe a time you used Python or R to automate a manual financial reporting process.
• How do you test a quantitative model for overfitting?

Financial Markets & Domain Knowledge

These questions evaluate your understanding of the macroeconomic environment and specific asset classes, particularly fixed income and MBS.

• What factors drive prepayment risk in an Agency MBS portfolio, and how do you model them?
• How does a flattening yield curve impact the valuation of a fixed-income portfolio?
• If the inflation rate comes in 1% higher than expected tomorrow, walk me through the immediate impacts across different asset classes.
• Explain the concept of Option-Adjusted Spread (OAS) and why it is critical for evaluating mortgage-backed securities.
• What are the key differences in risk profiles between Agency and Non-Agency MBS?

Behavioral & Leadership

These questions assess your cultural fit, emotional intelligence, and ability to thrive in Voya’s collaborative environment.

• Tell me about a time you disagreed with a portfolio manager or senior stakeholder regarding an investment insight. How did you resolve it?
• Describe a situation where you had to quickly learn a new technical skill or market concept to complete a project.
• Share an example of a time when your analysis was wrong. What were the consequences, and what did you learn?
• How do you prioritize your workload when you receive multiple urgent requests from different trading desks?
• Give an example of how you have improved a process or methodology within your team proactively.

Problem-Solving & Case Scenarios

These questions test your ability to structure ambiguous problems and think critically under pressure.

• We are considering launching a new investment product focused on sustainable (ESG) fixed-income assets. How would you research the viability of this market?
• You notice a sudden, unexplained spike in the yield of a specific bond in our portfolio. Walk me through your troubleshooting steps.
• If you only had three macroeconomic data points to predict the direction of the US economy over the next six months, which would you choose and why?
• Estimate the total daily trading volume of Agency MBS in the US market. Walk me through your assumptions.

8. Frequently Asked Questions

Q: How technical are the interviews for the Research Analyst position? The technical rigor depends heavily on the specific team. For a Quantitative Research Analyst or an Agency MBS Trading Analyst, expect deep dives into programming (Python/SQL), statistical modeling, and fixed-income math. For a Market Research Director, the focus will lean more toward strategic thinking, market trends, and stakeholder influence, though a strong analytical foundation is still required.

Q: What is the typical timeline from the first screen to an offer? The process usually takes between 3 to 5 weeks. After the initial recruiter screen, the technical screen is typically scheduled within a week. If successful, the final virtual or onsite loop is usually scheduled a week or two later, followed by a decision within a few days.

Q: What makes a candidate stand out at Voya Financial? Successful candidates differentiate themselves by showing a dual capacity: they possess exceptional quantitative skills but also understand the "so what?" of their analysis. Being able to connect a complex data point to a real-world trading strategy or business outcome is highly valued by Voya's hiring managers.

Q: What is the working culture like for Research Analysts? Voya is highly regarded for its collaborative, supportive environment and strong commitment to work-life balance. While the work is intellectually demanding and tied to fast-paced market hours, the culture emphasizes teamwork over cutthroat internal competition. You are expected to be driven, but also approachable and willing to mentor others.

Q: Are these roles remote, hybrid, or fully onsite? Most Research Analyst roles at Voya Financial operate on a hybrid schedule. Positions tied closely to trading desks or specific regional hubs—such as Atlanta, GA, or Hartford, CT—typically require a presence in the office a few days a week to foster collaboration and rapid communication.

9. Other General Tips

• Think Aloud on Quant Questions: When presented with a complex math or modeling question, do not work in silence. Interviewers care as much about your logical framework and assumptions as they do about the final answer. Talk through your steps so they can guide you if you veer off track.
• Know Voya’s Business Lines: Voya is a unique player focusing on workplace benefits, retirement, and institutional investments. Tailor your answers to show you understand how your research supports these specific business areas, rather than giving generic Wall Street answers.

• Brush Up on Current Events: You are interviewing for a role that analyzes markets. Be prepared to discuss current interest rates, recent Federal Reserve actions, and major geopolitical events. Have a well-reasoned opinion on where the market is heading.
• Structure Your Behavioral Answers: Use the STAR method (Situation, Task, Action, Result) for all behavioral questions. Voya values clear, concise communication, and this framework ensures you deliver impactful stories without rambling.

• Prepare Insightful Questions: At the end of your interviews, ask questions that show you are thinking deeply about the role. Ask about the team's data infrastructure, how research is integrated into the trading process, or the biggest challenges the desk is currently facing.

10. Summary & Next Steps

Securing a Research Analyst position at Voya Financial is a rewarding achievement that places you at the heart of a premier financial institution's strategic operations. This role offers the unique opportunity to blend rigorous quantitative analysis with high-level market strategy, all within an organization known for its supportive culture and commitment to employee well-being. Whether you are building models in Atlanta or driving research initiatives in Hartford, your work will directly empower Voya to deliver exceptional value to its clients.

The compensation data above reflects the wide variance in the Research Analyst job family at Voya, ranging from entry-to-mid-level trading analysts to senior quantitative and director-level roles. When interpreting this range, consider that your specific offer will depend heavily on your years of experience, your technical specialization (e.g., advanced quant skills vs. general research), and your geographic location.

To succeed in your interviews, focus your preparation on mastering your technical toolkit—Excel, SQL, Python—and deepening your understanding of the specific asset classes relevant to the role. Practice communicating complex ideas simply, and reflect on your past experiences to highlight your collaborative nature and problem-solving resilience. Remember that focused, structured preparation will significantly elevate your confidence and performance. You have the analytical foundation to excel; now it is time to demonstrate your strategic vision. Good luck!