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Career Resources
ForTheDream - your answer really depends on where you intend to work. In the UK, I would think your best options would be:
1) Hedge fund (too many to list) 2) Asset manager (Schroders, Ashmore, etc.) 3) Banks (preferably in a research role - FX/rates preferably, but economist/strategist is also good; S&T is dying, thanks to Volcker, and is second-best)
Definitely do not wait for recruiters - they won't come; or they'll come with stuff not relevant to you. Network as much as possible, continually update your knowledge of major industry players, etc.). Many jobs are unposted and you'll (hopefully) land something through these informal channels.
With regards to programming, Excel and VBA are good for basic analysis - but the best is Matlab. SQL is also good. Other languages are also useful - peruse job postings to see; this is a great source of information.
For books, PM me and I can send you a list of recommended books (too many to list).
Is there anyway we can get the original post back? Recruiting in the global macro space isn't a commonly discussed topic as IBD and others -- would be greatly appreciated!
All - I initially took down this post, because it wasn't sufficiently anonymous, but I think there are several lessons others can learn from my mistakes so I've re-posted a new version.
I developed a bug for macroeconomics when I was 16 and have, essentially, worked 80+ hour weeks to further my understanding of what drives economies and markets since then. When I graduated college, I worked for a large institutional investor (note: I'm not American). In 5+ years, I was able to accomplish the following:
25: First currency research project. I was told it was better than a famous macro HF's research on the subject. 26: Told by my MD, who used to be regional Chief Economist for a prominent US bank, that my research was getting more recognition than his. 27: Senior researcher of $10b+ multi-asset portfolio. 28: When I left, my recommendations had generated $400m net profits (SR=0.74)
Simultaneously - I enjoyed my job, team, company; but, when I was 27, realized I wanted to work for a macro fund in NYC, so that I could realize my potential. So I started a job search that proceeded as follows: 27: Read every Albourne report on macro funds (and read 120+ books over the next 2 years). Compiled database of target companies. Cold emailed funds=no replies. Cold emailed high school/college alumni networks=no replies. Applied to 74 positions with banks and asset managers=1 reply; didn't land job. 28: Change tact. Scrapped together b-school applications. Didn't land first or second choice school; got into second choice school (M7) on 2nd application. 30: Graduate from b-school. Interviewing for target company (macro HF); offered back-office job; declined for front-office consideration, which I didn't land (process took 5 months). Next, interviewed with global macro team at prominent PE shop; no offer due to hiring freeze (process took 4 months). 32: I've resolved my work visa and job situation, but it took me 300+ applications. Looking for an upgrade, too...
There's a lot more I could say to outline the above - but that would divulge unnecessary personal information. There are several takeaways I'd like to share, so that others can learn from my mistakes:
1) Applying To Jobs: Global macro's been in decline for years, so it's incredibly hard to land interviews at macro shops. In contrast, the multi-asset space has grown a lot among banks and asset managers. There are more opportunities here.
2) Skills: The industry's become far more quantitative in recent years. If you want to work in macro, a Masters in Economics or Quantitative Finance is far better than an MBA. A PhD's even better. And having extensive programming experience (Python, R, Matlab, etc.) makes you eligible to far more jobs than if you don't. Also, never take your macro skills for granted. Whatever you study, regularly commit extensive time for independent macro analysis.
3) Landing Interviews: Firstly, a US work visa is pretty important, especially given the direction immigration policy is headed (obvious, but worth stating). Once I sorted this, landing interviews got easier. As you can see from my experience, applying for macro jobs from abroad is a hopeless endeavor. Secondly, I've been able to expand my network via the usual suspects (friends, alumni, cold emails, LinkedIn, etc.) - and this has landed most of my interviews and informational chats. What also works is simply reaching out to employees after you've applied to a position on their team. This typically lands me a recommendation - and, rarely, a coffee chat. Applying to jobs without tapping your network is next to useless. Ultimately, be smart about your process. In hindsight, I realize I wasted time applying to jobs from abroad and applying to jobs without leveraging my network to get recommendations. Be thoughtful, practical and realistic about your application strategy; it will save you a lot of time and energy.
4) Interviewing: Nobody cares about your track record (unless you were a PM), past research, passion, work ethic, etc. They typically just want to talk about your resume, current market conditions, etc. In other words, analytical and communication skills are paramount to interviewing; values and abilities (to paraphrase Dalio) are not.
5) Process: Be patient, principled and process-oriented. To thine own self be true. Don't over-commit to any given application or outcome. I made a bad decision when I graduated from grad school, because I was overconfident about a possible outcome. And I made another bad decision when I became too outcome-oriented about a subsequent application (not nearly as bad as it might sound). By all means, be iterative about your interview application process, but never deviate from your principles.
6) Psychology: Interviewing can be emotionally taxing. It can test your stamina, your patience; and ultimately your self-worth and self-identity. The former is fine, the latter is not. By all means, learn from your mistakes and take interview outcomes as 'dots' about who you are, but also realize that there's a lot of luck and randomness involved when interviewing. Ultimately, your failures can define you if you admit defeat and they can define you if they stimulate growth that ultimately causes you to achieve your goals. It's up to you.
Expect an update when I achieve my goals.
Reading all of those books lead to the greatest intellectual growth of my life - which was immensely rewarding. But it was poor time management because it negatively affected my b-school applications, which was a major impediment to me achieving my goals.
Finance Sub-Type Name Title N Business Grove, Andy Only the Paranoid Survive N Business Sloan, Alfred My Years With General Motors N Forecasting De Bono, Edward Six Thinking Hats N Forecasting De Mesquita, Bruno The Predictioneers Game N Forecasting Silver, Nate The Signal and the Noise N Forecasting Tetlock, Phil Superforecasting N Ideas Campbell, Joseph The Power of Myth N Ideas Catmull, Ed Creativity Inc N Ideas Harari, Yuval Sapiens N Ideas Klosterman, Chuck But What If We're Wrong? N Ideas Wilson, Edward Consilience N Leadership Grant, Adam Originals N Leadership Jacques, Elliott Requisite Organization N Leadership Kaplan, Robert What You're Really Meant To Do N Leadership Thiel, Peter Zero to One N Leadership Wooden, John Wooden On Leadership N Performance Lardon, Mark Finding Your Zone N Performance Verstegen, Mark Every Day Is Game Day N Psychology Butler, Timothy Getting Unstuck N Psychology Dawkins, Richard Selfish Gene N Psychology Diamond, Jared The Third Chimpanzee N Psychology Doidge, Norman The Brain That Changes Itself N Psychology Duckworth, Angela Grit N Psychology Junger, Sebastian Tribe N Psychology Kegan, Robert An Everyone Culture N Psychology Ridley, Matt The Red Queen N Psychology Wilson, Edward On Human Nature N Psychology Wilson, Edward The Social Conquest of Earth N Systems Kuhn, Thomas The Structure of Scientific Revolutions N Systems Miller, John Complex Adaptive Systems N Systems Rogers, Everett Diffusion of Innovations Y Biography Dalio, Ray Principles: Volume II Y Biography Drobny, Steven The New House of Money Y History Gordon, Robert The Rise And Fall Of American Growth Y History Graeber, David Debt: The First 5000 Years Y History MacKay, Charles Extraordinary Popular Delusions Y History Reamer, Norton Investment: A History Y Markets Ang, Andrew Asset Management Y Markets Bernanke, Ben Courage to Act Y Markets Calomiris, Charles Fragile by Design Y Markets Chancellor, Edward Capital Returns Y Markets Derman, Emmanuel Models Behaving Badly Y Markets Eichengreen, Barry Hall of Mirrors Y Markets el-Erian, Mohamed The Only Game In Town Y Markets Friedman, Milton Monetary History of the United States Y Markets Lussier, Jacques Successful Investing Is A Process Y Markets Minsky, Hyman Stabilizing an Unstable Economy Y Markets Pedersen, Lasse Efficiently Inefficient Y Markets Sornette, Didier Why Stock Markets Crash Y Markets Spitznagel, Mark Safe Haven Y Markets Spitznagel, Mark The Dao of Capital Y Markets Taleb, Nassim Dynamic Hedging Y Markets Thorp, Edward A Man For All Markets Y Markets Tuckett, David Minding the Markets Y Markets Malkiel, Burton A Random Walk Down Wall Street N Business Christensen, Clayton The Innovator's Solution N Business HBR HBR: Change Management N Business HBR HBR: Communication N Business HBR HBR: Essentials N Business HBR HBR: Leadership N Business HBR HBR: Managing People N Business HBR HBR: Managing Yourself N Business HBR HBR: Strategy N Business Heath, Chip Switch N Business Knight, Phil Shoe Dog N Ideas Carr, Nicholas The Shallows N Ideas Frankl, Viktor Man's Search for Meaning N Ideas Gilbert, Dan Stumbling on Happiness N Ideas Gladwell, Malcolm Outliers N Ideas Huntingon, Samuel Culture Matters N Ideas Schwartz, Barry Paradox of Choice N Ideas Strunk, William The Elements of Style N Ideas Taleb, Nassim Antifragile N Ideas Taleb, Nassim Skin in the Game N Ideas Tough, Paul How Children Succeed N Leadership Carnegie, Dale How to Win Friends and Influence People N Leadership Collins, Jim Good to Great N Leadership Drucker, Peter The Effective Executive N Leadership Humphrey, Judith Speaking as a Leader N Leadership Pffeffer, Jeffrey Power N Leadership Pink, Daniel Drive N Psychology Cialdini, Robert Influence N Psychology Coates, John The Hour Between Dog and Wolf N Psychology Colvin, Geoff Talent is Overrated N Psychology Csikzentmihalyi, Mihaly Flow N Psychology Goleman, Daniel Emotional Intelligence N Psychology Greene, Robert Mastery N Psychology Kahneman, Daniel Thinking, Fast and Slow N Psychology Kegan, Robert Immunity to Change N Psychology Tavris, Carol Mistakes Were Made N Biography Ohanian, Hans Einstein's Mistakes N Business Christensen, Clayton The Innovator's Dilemma N Business Fisher, Ury Getting To Yes N Business Isaacson, Walter Steve Jobs N Business Pink, Daniel To Sell Is Human N Business Rosenzweig, Phil The Halo Effect N Business Senge, Peter The Fifth Discipline N Fiction Keouac, Jack On The Road N History Diamond, Jared Guns, Germs & Steel N Ideas Aurelius, Marcus Meditations N Ideas Bevelin, Peter Seeking Wisdom N Ideas Christensen, Clayton How Will You Measure Your Life N Ideas Diamond, Jared The World Until Yesterday N Ideas Durant, Will Lessons from History N Ideas Gladwell, Malcolm Outliers N Ideas Neustadt, Richard Thinking in Time N Ideas Pirsig, Robert Zen and the Art of Motorcycle Maintenance N Ideas Taleb, Nassim Fooled By Randomness N Ideas Tetlock, Phil Expert Political Judgement N Ideas Waitzkin, Josh The Art of Learning N Leadership Duggan, William Strategic Intuition N Leadership Duhigg, Charles The Power of Habit N Leadership Goldsmith, Marshall What Got You Here Won't Get You There N Leadership Grant, Adam Give and Take N Leadership Loehr, Jim The Power of Full Engagement N Leadership Sutton, Robert The Knowing-Doing Gap N Performance Brown, Daniel James Boys in the Boat N Psychology Aronson, Elliott Social Animal N Psychology Bronson, Po Top Dog N Psychology Damasio, Antonio Descartes' Error N Psychology Dweck, Carol Mindset N Psychology Elster, Jon Explaining Social Behaviours N Psychology Goleman, Daniel Primal Leadership N Psychology Goleman, Daniel Social Intelligence N Psychology Iyengar, Sheena The Art of Choosing N Psychology Lawrence, Paul Driven N Psychology Mate, Gabor In The Realm of Hungry Ghosts N Psychology McGonigal, Kelly The Willpower Instinct N Psychology Medina, John Brain Rules N Psychology Sandberg, Sheryl Option B N Psychology Wilson, Timothy Strangers To Ourselves Y Biography Brandt, Peter Diary of a Professional Commodity Trader Y Biography Dalio, Ray Principles: Volume I Y Biography Drobny, Steven Inside the House of Money Y Biography Drobny, Steven The Invisible Hands Y Biography Gessen, Keith Diary of a Very Bad Year Y Biography Kroijer, Lars Money Mavericks Y Biography Schwager, Jack Hedge Fund Market Wizards Y Biography Schwager, Jack Market Wizards Y Biography Schwager, Jack Market Wizards II Y History Dimson; Marsh; Staunton Triumph of the Optimists Y History Eichengreen, Barry Exorbitant Privilege Y History Frieden, Jeffrey Global Capitalism: Its Fall and Rise In The Twentieth Century Y History Homer, Sidney; Richard, Sylla A History of Interest Rates Y History Koo, Richard The Holy Grail of Macroeconomics Y History Lefevre, Edwin Reminiscences of a Stock Operator Y History Lowenstein, Roger When Genius Failed Y History Mallaby, Sebastian More Money Than God Y History Reinhart, Carmen; Rogoff, Ken This Time Is Different Y Markets Bernstein, Peter Against The Gods Y Markets Boeckh, Anthony The Great Reflation Y Markets Browder, William Red Notice Y Markets Browne, Chris The Little Book of Value Investing Y Markets Douglas, Mark Trading in the Zone Y Markets el-Erian, Mohamed When Markets Collide Y Markets Elder, Alexander Trading for a Living Y Markets Hagstrom, Robert Investing: The Last Liberal Art Y Markets Klarman, Seth Margin of Safety Y Markets Marks, Howard The Most Important Thing Y Markets Mauboussin, Michael More Than You Know Y Markets Mauboussin, Michael Think Twice: Harnessing the Power of Counterintuition Y Markets Montier, James Behavioural Investing Y Markets Munger, Charlie Poor Charlie's Almanack Y Markets Murphy, John Technical Analysis of the Financial Markets Y Markets Roach, Stephen The Next Asia Y Markets Rodrik, Dani The Globalization Paradox Y Markets Soros, George The Alchemy of Finance Y Markets Swensen, David Pioneering Portfolio Management Y Biography Ahuja, Maneet The Alpha Masters Y Biography Browder, Bill Red Notice Y Biography Eckett, Stephen The Harriman House Book of Investing Rules Y Biography Greenspan, Alan The Age of Turbulence Y Biography Kaufman, Henry On Money and Markets: A Wall Street Memoir Y Biography Lewis, Michael Liar's Poker Y Biography Paul, Jim What I Learned Losing A Million Dollars Y Biography Steinhardt, Michael No Bull Y Biography Train, John Money Masters of Our Time Y History Ahamed, Liaquat Lords of Finance Y History Chancellor, Edward Devil Take The Hindmost Y History Eichengreen, Barry Global Imbalances And The Lessons of Bretton Woods Y History Eichengreen, Barry Globalizing Capital Y History Frieden, Jeffrey Debt, Development and Democracy Y History Hackett Fischer, David The Great Wave: Price Revolutions and the Rhythm of History Y History James, Harold The Creation and Destruction of Value Y History Kindleberger, Charles Manias, Panics & Crashes Y History Mackenzie, Donald An Engine Not A Camera Y History Napier, Russell Anatomy of the Bear Y History Walter, Carl; Howie, Fraser Red Capitalism Y History Wood, Christopher The Bubble Economy Y Markets Achuthan, Lakshman Beating the Business Cycle Y Markets Bagehot, Walter Lombard Street Y Markets Biggs, Barton Hedgehogging Y Markets Dumas, Charles Globalization Fractures Y Markets Harris, Larry Trading and Exchanges Y Markets Henderson, Callum Currency Strategy Y Markets Ilmanen, Antti Expected Returns Y Markets Jha, Siddharta Interest Rate Markets Y Markets Lewis, Michael Flash Boys Y Markets Lo, Andrew Adaptive Markets Y Markets Magnus, George Uprising Y Markets Pepper, Gordon The Liquidity Theory of Asset Prices Y Markets Pettis, Michael The Great Rebalancing Y Markets Pettis, Michael The Volatility Machine Y Markets Roche, David New Monetarism Y Markets Schofield, Neil Commodity Derivatives: Markets and Applications Y Markets Shiller, Robert Finance And The Good Society Y Markets Smithers, Andrew Wall Street Revalued Y Markets Soros, George Soros on Soros Y Markets Surowiecki, James The Wisdom of Crowds