LO AM Credit Research or LO AM Quantitative Research for SA?

Current junior here. My end goal is to become a portfolio manager of a mutual fund/potentially a HF, so ideally I would want to skip IB. Pros and Cons for each:

Credit Research at LO AM:

Pros:

  • Solid (at least according to WSO) buy-side shop within the fixed income investing sphere. Not a PIMCO but there are already so few FI investing SA positions to begin with. Large ($100b+) AUM.
  • NYC
  • I've had a background in doing fixed-income pitches in investing competitions and FI investing really interests me a lot. I much prefer fixed income investing towards equity investing.
  • Exit ops are apparently strong; solid b-school placement as well as exits into prominent credit shops.

Cons:

  • Lower pay
  • No point in staying past 3+ years since no one ever leaves
  • Less "prestigious"/well-regarded than QR option.

Quantitative Research at LO AM:

Pros:

  • SA'ed here this past summer, absolutely love the culture and the people. (I was in a different area of the firm)
  • Incredible educational opportunities in terms of the internship program (speaking from firsthand experience)
  • One of the top names within LO AM (think Fidelity, Wellington, Blackrock, etc.).

Cons:

  • Not based in NYC (and I kind of want to be in NYC as a young professional)
  • Sense that I'm not smart enough for the job. I bombed all my quant trading/research interviews with the market makers (Citadel, Jane Street, IMC, etc), which really discouraged me and made me question if I'm fit for this type of role and career.
  • Would not be FI focused.
  • Is it worth doing two summers at the same place? Or is it better to try another firm for a summer and if I really want to come back full time?

Obviously I'd be happy with both opportunities, but considering my career goals, does anyone have any thoughts? Thank you so much!

Comments (3)

Sep 16, 2022 - 9:31pm
rugbyladdy, what's your opinion? Comment below:

What asset classes / strategies were you working on during your internship / would you be able to work on in the future in that group?

Array
  • Intern in HF - Other
Oct 24, 2022 - 8:59am

If your ultimate goal is to become a PM, then credit research is much more applicable than QR long-term

Most Helpful
Oct 25, 2022 - 11:10pm
marketMergerMaddie, what's your opinion? Comment below:

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