IB to Macro HF?

Currently in IB, but have always had an interest in macro and want to join a macro HF. What's the best way to position myself for this move? I've read about how Soros and Druckenmiller both had an equities background before they switched to macro. Is this even possible nowadays? Are there people who have made moves like this recently? Would appreciate any advice.

Comments (16)

  • Analyst 2 in IB-M&A
3mo 

Are you in M&A or S&T? What's your bachelor?

  • Intern in IB - Cov
3mo 

M&A in a coverage group, degree is a very technical STEM degree but not known for being very quantitative

  • 1
  • Analyst 2 in IB-M&A
3mo 

Alright, similar things. I think you can still try and move to more quant-macro roles if you know python/R, but its going to be tough

  • 1
Most Helpful
  • Research Analyst in AM - FI
1mo 

If you are an intern then no sweat. If out of school a little trickier but possible if only a few years. As above poster notes jr analyst in macro now is all about r/python first and learn intuition/macro second. That said if you have these down/examples of work, then start tracking a few key indicators (us 2 and 10 yr, s and p, gold, oil, dollar) and see how they react to different economic events which will help give you an intuition. There is also an excellent thread on this site on how to learn how to trade a macro product to learn on intuition. When you come across stuff you don't know do a search for some of the fixed income/fx/options/macro recommend books and fill in your knowledge. So counterintuitively- quant skills first, market intuition second, textbook third IMO bc you can get hired with 1+2, maybe even just 1 but not with just 3 or 2 for example.  I know of folks that started in fundamental investing and pivoted early bc had the requisite quant background but I think the equity research to equity strategy to punt on anything is not really a viable option anymore (of course there will be exceptions).

1mo 
yahoo, what's your opinion? Comment below:

Another route that requires less focus on quant / programming skills - there are definitely macro strategies that seek to use equity sectors / single-names to capitalize on broader macro themes. The way these strategies work is to capitalize on big macro themes to position across equity markets and they often require some specialization in sectors with big macro drivers (Energy Sector, Metals Sector, Banks, et al...). These are essentially macro-oriented strategies that intend to use big macro market views to take positions primarily in Equity Markets vs. root markets (Bullish Gold? Take long exposures in Gold Miners vs. other sectors). There are some strategies that will do this as a small subset of an overall strategy and a smaller number of strategies that will exclusively lean on this type of approach.

FWIW - I have only met a small number of people who approach markets in this manner, but they exist. I think this was probably a more common path years ago when there was looser guidelines on mandates relative to today. A good example of a firm like this today might be a firm like Soroban - which (from my understanding) has a relatively good macro background and as an example will take positions in both commodities and commodity-focused single-names when they have a strong theses.

  • Research Analyst in AM - FI
1mo 

Agree. If you are fundamentally trained and want to get into something macro ish then your best route is equity analyst => equity strategist (i.e. sector vs. sector, country vs. country, style vs. style) => equity strategy type fund pm/equity strategy pm for sleeve of macro fund etc/macro fund pm if you're good at it (have seen it done) . You will probably need to pick up some quant skills but nothing too hardcore. Alas as the poster notes, there are not many seats for this.

  • Intern in S&T - FI
1mo 

Sed commodi et rerum cum iste aspernatur quidem. Fugiat sit veritatis molestiae aut atque. Non aut iusto cupiditate et. Enim deserunt consequatur sapiente nihil fuga esse placeat. Ut qui rem et quas.

Velit nobis veritatis itaque odio. Ea minima soluta non rerum.

Voluptas occaecati delectus temporibus sint voluptas deleniti dolorem. Libero vel reiciendis voluptatum et doloribus est quia. Et assumenda vel illo itaque aut animi. Cupiditate esse molestias numquam vitae. Molestias error sit molestiae. Officiis alias neque rerum qui. Soluta vitae porro nostrum sit libero aut voluptate.

Start Discussion

Career Advancement Opportunities

May 2023 Hedge Fund

  • Point72 98.9%
  • D.E. Shaw 97.9%
  • AQR Capital Management 96.8%
  • Magnetar Capital 95.8%
  • Two Sigma Investments 94.7%

Overall Employee Satisfaction

May 2023 Hedge Fund

  • Magnetar Capital 98.9%
  • D.E. Shaw 97.8%
  • Blackstone Group 96.8%
  • Two Sigma Investments 95.7%
  • Millennium Partners 94.6%

Professional Growth Opportunities

May 2023 Hedge Fund

  • D.E. Shaw 99.0%
  • Point72 97.9%
  • AQR Capital Management 96.9%
  • Magnetar Capital 95.8%
  • Citadel Investment Group 94.8%

Total Avg Compensation

May 2023 Hedge Fund

  • Portfolio Manager (9) $1,648
  • Vice President (22) $464
  • Director/MD (11) $434
  • NA (5) $306
  • Manager (4) $282
  • 3rd+ Year Associate (23) $275
  • Engineer/Quant (66) $274
  • 2nd Year Associate (29) $251
  • 1st Year Associate (72) $191
  • Analysts (219) $177
  • Intern/Summer Associate (20) $130
  • Junior Trader (5) $102
  • Intern/Summer Analyst (242) $85