Signed FT for macro research at BB bank doing fixed income strategy. With my final year left in uni/starting out as an analyst, is CFA worth pursuing if I want to deeply learn about markets and hop to macro HF in few years. Would have time to pursue and could see myself in AM years down also. If not, other suggestions to do to help get there? (MSF, MBA, coding, etc.) Thanks
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us or uk?
US
How did you find macro research roles at BB? Thanks for the help, and CFA will definetely help with breaking macro hedge funds
The CFA of old *might* have helped you. But honestly the CFAI has watered down the curriculum so much to bolster sign-ups for the exam that they hardly cover anything that is needed professionally anymore. I say that as someone who worked his butt off to get the charter and then see email after email from the institute talking about changing this or that in the curriculum that adds no long-term value but just aids in flash in the pan concepts. So no, I don't think you should do the CFA. Unless you're in a client focused role, it will be of no use.
Coding and the ability to dive into large data sets and draw conclusions and insights will be of use in macro as you should be able to apply those skills to understand leading indicators and position portfolio accordingly (i.e. the Bridgewater model)
Could you expand more on the Bridgewater model?
Someone will probably come for my head as i’m taking some liberties, but essentially Bridgewater doesn’t take on individual security risk. They take a step back and try to understand the broader macroeconomic picture and then make calculated bets to wager on their interpretation of the way the winds are blowing. That could be something like going long olive futures (or a proxy if that doesn’t exist) if they forecasted the drought in the mediterranean.
To this kind of work, however, requires massive amounts of data and interpretation which is where data analysis and coding come into play.
This is just wrong.
Theyve been getting rid if easier sections, such as the basic bond math stuff @ L1, to make room for more useful stuff (like their modelling course).
The CFA has things it can be criticized for, but this isnt one of them, as it bas arguably become HARDER over time.
I sit for my L3 in 2 months.
Thought as much
Francois Trahan started the Macro Specialist Designation, but that is newer and I'm not sure how much clout would hold with employers. Completely macro focused though...
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