Can I pursue Sales and Trading and still become a Portfolio Manager in the long run? Or would Equity Research be a better Career?
So I am a junior in college looking for an internship in Sales and Trading or Equity Research, in hopes to start my career in one of these paths out of college. I want to become a portfolio management in the long run and I am wondering which area would be best suited for this exit opportunity. I am in love with the trading aspect but I am not so sure in the long run the exit opportunities are there, am I wrong or is that true?
Also, if anyone would provide which of these two: Sales and Trading, Equity Research, would have greater exit opportunities to break into Portfolio management.
What desk are you referring to here? I spoke recently to a PM at PIMCO who used to be a rates trader at a BB. Trading in fixed income is a perfect choice if you want to end up in FI research. Not sure about equities tho. Also traders have amazing exit opps to HFs.
Ik this doesn't really answer your question, just dumping what info I have
Yea I appreciate the advice. That does answer most of it, I just wanted to know which pathway would be better but you are right as to which desk and specialty (equities or fixed income) matters. Preferably equities but I know most S&T is FI. Trading exit ops I hear are great for hedge funds too but they are execution traders, so my next question would be; can execution traders transition into PM?
Fuck that's a tough one, at a LO I'll say it's incredibly hard (not impossible) to be a Trader at a BB and transition to buyside and become a PM, most remain as Dealers on the buyside (still making incredible money for really just pushing a button and managing relationships btw). The thing is I can't speak for a HF but just from doing my own personal reading I'd say it's a lot easier to become a PM at a HF coming from a Trading role at a BB, specifically in Rates/Macro Trading. Equities again I'd say it's probably a lot more difficult but i'm not too sure and someone with more knowledge on the situation can probably chime in.
I thought trading was coveted in credit?? Clearly I was wrong then.
For reference, this PM prioritised exposure and deep macro knowledge. Not just news about macro variables changing but developing a pattern from recurring movements to enhance the investing decision (predictability - if this then that). I'm not completely sure though, I'm just starting to get into understanding recruiting
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