Fixed Income Internship Preparation Advice
I accepted an offer for a fixed income, rotational program over the summer. I'm looking to hit the ground running once I start, so I would like to build up my knowledge of the asset class. What will be most helpful to read or watch? I'd like to receive an offer for a full-time position.
Not much to it. Understand your bond math, if rates go up in Dec, pay attention to how that affects the bond and currency markets. Have a good understanding of interest rate derivatives. Brush up on your presentation skills.
On a more important note, I would say that you would benefit from quickly figuring out the culture of the group you will be working with and adapt asap. What I mean is, for example, if everyone besides client facing LPMs are business casual, then don't wear a suit and tie after the first couple of days, if you don't have much work in the beginning and the majority of your group leaves around 6pm, don't stay until 11pm just because you think you have to, etc.
Hey I wonder if you'll be at my shop. I pretty much echo what trailmix said. I read WSJ everyday and watched CNBC while I was drinking my coffee before class in the spring. Once you figure out what desk you start on you can start to research the sector a bit. If you're super bored/eager then you can start figuring out the 10-k reading strategy (I believe blackhat had a super good post on that). It of course comes with practice, but knowing to look into certain footnotes early on is a huge time saver. You should also network a bit before you start. I had a hard time finding alumni in fixed inc, but the one or two I found were able to offer some priceless insights.
The hardest part for me was adjusting from an equity view to a debt view. Its all about the cash flow, leverage, and qualitative factors (generally speaking here). Good luck with the position. Bond geeks have a good time.
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