Sep 16, 2022

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!

3 Comments
 

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

 
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