Buy-side FI Trading Tips

In a couple months I will be starting buy-side trading role in FI (think fairly illiquid HY/muni-type debt). The role is purely execution for the PM and Senior Analysts. My background is a several years of experience in PWM, some discretionary equity and corporate/muni FI trading, some execution based.

I'm wondering what I should expect in the way of day-to-day work? Obviously the scale is going to be a lot bigger as this desk's AUM is larger than my entire prior firm's, and there will be comingled accounts, SMAs, etc. instead of just UHNW individual accounts. What should I be preparing in terms of my technical skill set? I've been brushing up with Fabozzi, any other reading recommendations? I know Excel fairly well in terms of Vlookups, if/then, etc. but don't know VBA and limited macro experience. Will I need to get VBA down cold?

Appreciate any and all advice. Thanks.

 

Ah sorry I've miss-worded it, in Australia we call all the BB banks 'investment banks' (no commercial operations, just markets + investment banking).

Essentially I'm asking whether starting in the markets division of a non-BB bank will be bad for a trading career, or whether it is easy enough to move between BB and non-BB banks in regards to trading.

 

This seems like is BB vs MM or boutique firm.

There are benefits to working at both types of banks. BB banks offer great training to their incoming classes to give some knowledge before you even step on a desk. You will aslo have a strong brand behind you which is great for the resume. Usually have more clients and more flow.

However, there is nothing wring with trading at smaller MM firm. A lot of these environments are eat-what-you-kill and you can potentially make a lot more money compared to a BB firm. Its also possible to begin trading early and move up quicker.

 
Bobb:
This seems like is BB vs MM or boutique firm.

There are benefits to working at both types of banks. BB banks offer great training to their incoming classes to give some knowledge before you even step on a desk. You will aslo have a strong brand behind you which is great for the resume. Usually have more clients and more flow.

However, there is nothing wring with trading at smaller MM firm. A lot of these environments are eat-what-you-kill and you can potentially make a lot more money compared to a BB firm. Its also possible to begin trading early and move up quicker.

True.

 
Bobb:
This seems like is BB vs MM or boutique firm.

There are benefits to working at both types of banks. BB banks offer great training to their incoming classes to give some knowledge before you even step on a desk. You will aslo have a strong brand behind you which is great for the resume. Usually have more clients and more flow.

However, there is nothing wring with trading at smaller MM firm. A lot of these environments are eat-what-you-kill and you can potentially make a lot more money compared to a BB firm. Its also possible to begin trading early and move up quicker.

Cheers for that mate, makes sense to me. There is a good chance I'll end up choosing this firm because the MD is a good guy who I could learn heaps from and seems like a good environment.

Thanks again

 
Best Response
tipers:
Bobb:
This seems like is BB vs MM or boutique firm.

There are benefits to working at both types of banks. BB banks offer great training to their incoming classes to give some knowledge before you even step on a desk. You will aslo have a strong brand behind you which is great for the resume. Usually have more clients and more flow.

However, there is nothing wring with trading at smaller MM firm. A lot of these environments are eat-what-you-kill and you can potentially make a lot more money compared to a BB firm. Its also possible to begin trading early and move up quicker.

Cheers for that mate, makes sense to me. There is a good chance I'll end up choosing this firm because the MD is a good guy who I could learn heaps from and seems like a good environment.

Thanks again

Go where you enjoy. You will be sitting within inches of these guys for 60 hours a week. Going to want to get along with them

Good Luck

 

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