Should I Re-recruit for FT?
Hi, I'm a junior going to be interning with a small (2 billion AUM) and sub-50 employees CLO manager this upcoming summer. I was wondering if it makes sense to start my career at this firm. And if it isn't the right place/ don't get a return how hard would it be to recruit for HY credit research entry level positions? Would appreciate any feedback you can give me.
Comments (5)
Hi Intern in AM - Other, the silence is deafening, sorry about that.... Any of the threads below helpful?
More suggestions...
You're welcome.
Bump
Starting at a small CLO shop is a great internship. CLOs are a crucial part of the LL market and will give you great exposure to rating agency analysis, generic considerations around how loans are categorized and evaluated, help you better understand the power of leverage, and help you understand how loans trade and generally how markets work. Small is good because assuming your co-workers are halfway decent people, there will be an element of personalization that often doesn't exist at larger CLO shops, let alone BBs.
In terms of generic exits from the internship, a BB banking gig would set you up better. But if your goal is AM / credit research, or even banking, or really any finance job, but particularly AM / credit research, a CLO junior year internship will do just fine.
In fact I think a lot of senior people would be quite interested to hear about your experience. It stands out, despite being such a pivotal cog in the markets.
Thank you so much for advice. Last summer I did an internship at a large Asset Manager got some exposure to credit research through Municipal Credit (good experience learning more about the industry, found Munis to be somewhat dry, didn't get the return offer). So after that recruiting for a new internship was awkward as all the places have different timelines and none are willing to extend. Got this internship after speaking to a Professor at my school, he advised me to try out CLOs just to leave no stone unturned. His friend is one of the principals here and I did the interview process.
For FT, recruiting I was thinking of targeting mainly BB Credit Research opportunities as honestly, I still don't know that much about the good Credit Asset Managers(at least the ones that hire out of UG).With this internship, I hope to figure out whether or not I like the space and go from there. I picked this place over a few others because of it being credit focused and the background of the managing principals who made the credit/distressed arm at this HF before founding this place 16 years ago or so
Only lead I have is getting rejected from PGIM and having a discussion with this analyst who told me what I got wrong during my hirevue (though he wouldn't give me his name or email for some reason?) I know personally, IB wouldn't work for me for longer than 6 months after networking and constantly being exposed to it in this out of school program I'm in.
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