Where to Learn?

Don't mean to derail the thread here, but generally for FI you are better served to understand how analyze companies and the industries in which they compete. For bigger picture PM work, it is also complex and you generally would have to a) have been trading FI for a few years before you can put together portfolios in a technical/relative value way, or b) have been in research for a few years so you can direct a trader which bonds to consider buying. Once you learn how to do research on a company/industry level, then valuation comes in but it is not like equity valuation it is instead somewhat based on relative value (to other company spreads), how far out on the curve to go, etc. Learning how to do this through books would be almost impossible as you would have to monitor spreads, interest rate levels, liquidity, etc. on a daily basis. This is why my suggestion for learning how to do FI PM work would be to try and get in with a FI AM firm - they will typically look for someone who has trading experience and/or experience with research. Research is probably an easier route to take for most, circling back to my suggestion of learning how to analyze companies.