Are there any jobs in this industry (for someone with an IB background) that aren't just stock pickers?
Probably sounds like a dumb question, but given my IB background it seems most opportunities that give me any looks are Pods or SM "value investing" shops focused on stock picking.
I'd like to do something more focused on analyzing market cycles/psychology, multi-asset trends, sector trends, macro research and economic analysis.
I guess my main question is are these roles out there for someone looking to transition from a few years in IB or do I need to get my feet wet with traditional HF exits? Perhaps I am looking at the wrong industry and need to look more into research or institutional sales? Any advice on how to break into the above roles would be much appreciated thank you
I do not understand which job responsibilities you are actually talking about and I doubt I am alone in this regard.
You want to pontificate about market trends and psychology without putting on any trades? You specifically don’t want to be involved with pitching any stocks? There are “thematic research” roles in some ER depts but they are totally ridiculous and the content written is absolutely inane. (Check out Barclays and Jefferies for some examples.) S&T depts also have “strategists” that are responsible for doing some higher level macro or sector-specific pitching and middlemanning between ER and buyside traders, but they’re still pitching stock ideas mostly.
Honestly it sounds like you want a PhD lol. Short of that you’re not that qualified to think at the high levels you want to? Doing my best to guess at what you want so if you could be more specific, we could all help more
Sorry if not clear. I was essentially wondering if there were shops that more so focus on timing market regimes with a broad sector/ETF focus. Multi-asset allocations (bonds, commodities, fx, etc) would be interesting as well.
I would be interested in the high-level macro and market strategy that you alluded to the most, but it seems that's not a realistic or plausible path without many years of experience and a very strong track record
To my knowledge, there aren’t any research jobs that focus on “timing market regimes.” I don’t even know what that means bro. I think you need to start networking with people who might do something close to what you think it is they do and then go ask them these questions. Needless to say I dont think you have enough knowledge about the work you’re asking about to begin with, so that’s the rock and the hard place you’re in. Time to start calling up ppl at your bank imo. Start with S&T and ask for the strategists. It’s not some extremely senior role requiring a “track record.” It’s a sales job
Isn't this just Global Macro investing what you're describing? I will look at Macro or Multi-Asset desks from the sounds of it.
Yes exactly, but from what I've read the feeders for these are from S&T or heavier quantitative roles rather than IB. I see from your title you're in S&T which I've definitely considered moving into on the Sales side. I imagine making the transition from 3+ years in IB to S&T will be a tough story to sell? Nor will I get any credit for my IB experience (understandably so)
Try RIAs or other asset managers that aren't sponsors (e.g. a wealth management firm vs. an ETF manager). What you are describing is not "macro", it is discretionary asset allocation.
Thanks! This is what I was seeing from some research as well but seems a bit difficult to break in to these roles straight from IB without a CFA? It’s a big commitment but would you say to perhaps go down the CFA route?
A CFA helps. It doesn't hurt to start the CFA process...
You want to do macro, you just don't know the words to describe it. From a fundamental POV, covering financials will be the closest you can get. Otherwise, lateral to S&T or get a technical masters degree.
Gotcha yes macro for sure, seems a more technical route is needed now and the days of discretionary macro are dwindling
I work at a platform in discretionary macro and joined directly out of school. PM me and can help you out
sounds like you want to go into macro trading. Only way in is through s&t. Idk how old you are but if you're junior you may be able to lateral within the bank to a desk if you network enough or you can get an MFE and recruit again as a trader.
Anyone know what the comment deleted by mods was? (OP here)
Check out allocation consultants like Cambridge Advisors (maybe too much of a step downstream coming from IB) or roles at endowments or outsourced CIOs (but not sure if they will look at someone with just an IB background). A lot of this is more picking funds and it sounds like maybe you want to more direct investing but take a look just to cross them out.
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