Just received an summer analyst offer in the structured credit group of a ~$320B asset manager. The structured credit group manages about $14B of that. The role sounds very exciting and I would be happy to accept, but was just curious about career paths for people who have done this in the past. Anyone have any experiences to share? Is PM the best goal to work for? Do people usually stay in structured credit or do they move to other groups? Thanks so much.
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structured credit is a great spot, you likely will have more opps in credit, but assuming there's a corporate element to it, a jump to equity wouldn't be bad. I think this will be a great place to be for several decades, kudos kid
many thanks, kind sir. it sounds like a really fascinating place, and there are some pretty big players. now just counting down to summer.
Hey, how was it? I'm looking to break into structured credit on the buyside. What skills would you say help? Is Intex proficiency a must have? Is it primarily quantitative?
thought it was a great experience. I'd say intex proficiency is great if you have access to it, if not I wouldnt worry, its not that hard to train someone to model cash flow waterfalls and look at stress-tests in the program. the most important skillset I was told is to fully (I mean fully) understand the mechanics of the vehicle, as well as the effect on cash flows/tests from individual bad credits. The team I worked on would survey the worrisome credits in the pool, see who else is holding them, get the report from the credit analyst, call up the CLO management team, then make a call on the tranche we'd invest down to. Then the PM would choose the individual paper. Really fun work, would say learning the mechanics and its effects on the WAS/WAL/haircuts/sub/oc cushions from market events would be pretty helpful. Wells and MS have great 50+ page primers out there that tell you everything about it.
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