In London IBD and want to get to Global Macro. Is this my highest likelihood play?

I'm a second year analyst at GS/JP in a top group where I am a top ranked analyst (London). I would like to make my way into a Global Macro Fund and am committed to doing any of the 'ugly' steps such as taking the CFA while in banking / PE, doing a top Masters in Economics etc.


What I am currently thinking is: (1) Start studying for the CFA immediately, (2) Move to the best PE firm I can or move internally to a Rates desk (MD has a lot of pull and is supportive), (3) Do a two year Masters in Economics at Oxford specifically (I didn't do a Econ UG and its the only two year Econ Masters Course, so it would buy me some time to learn the fundamentals), (4) Do exceptionally well there and apply for Global Macro Funds


Am I right in thinking this is the best chance I have? What odds would you give me of breaking in if I were to do the above. Any recommendations for a good book on economic indicators / must reads for Global Macro?

 

Will hire for local micro position handling analysis of economic trends regarding supply and demand of commodities. I feel like this position will be the best stepping stone to make it into global macro.

Namely, as a cashier at Burger King, checking on how many fries and burgers we are selling.

(/s)

 

Do top global macro funds really do academic macro econ the same way top UK unis do it? I'm doing an econ UG in a UK target rn and it seems galaxies away from anything useful. Except for certain macroeconomics modules, I'd give them that, but then still a lot of dumbing down, distilling and extracting I'd have to do to be practical for global macro. Read a lot of Bridgewater research, and obviously the layman-friendly Dalio stuff, all that stuff seems so user-friendly and non-hardcore economist, exactly the sort of thing a normie would think of when they think 'economics'

 

The economics you learn at university is completely irrelevant for global macro. 

My edge comes from not having a formal training in economics which means my thinking is unconstrained.  

 

lol i'm in college studying econ and I keep thinking "this stuff is so theoretical .................. how is any of this useful"

 

From the options you give above, I would move internally to a rates desk. Or any other research or trading desk that deals with macro products. 

You want to end up in a position where you are developing your own macro views ie producing research reports or implementing your own views ie via trading. At the same time do the Certificate in Quantitative Finance.

Even for discretionary positions, if you do not have the right quant skills, you are majorly handicapping yourself. 

You don't need to do a masters or the CFA.  I would even go so far as saying the CFA  is completely useless for global macro. I don't think an economics masters will offer you much either. Going down the PE route would also be a waste of time for macro. 

 

How would macro sales be as a way to get into macro HF? It seems like macro sales (rate sales/ fx sales) would be generating ideas for their clients and communicating them?

Trading is better as you get experience in managing risk. But sales is certainly possible for the reasons you wrote, seen it done many times.

 
Most Helpful

A lot of good advice but would emphasize 1.) don't do PE and 2.) don't do the CFA, but definitely don't do PE. Assuming you are committed (it could be tough) the next steps will depend on a few things.

Do you have a STEM undergrad? If so then the MD "pull" for internal rates desk could be viable if you do some self study and would be you best option. If not then I would consider a masters to brush up on your quant skills. Not as familiar with UK masters- a MA Econ from Oxford would be useful if you used it to open doors and do some self study to be prepared for interviews but there may be other masters that are better. The catch is if they are more STEMy you probably need a STEMy undergrad in which case you should go the rates desk option.

TLDR if you have a STEM background go the internal transfer rates option, if not don't "burn" this connection and find a relevant master where you can pick up the necessary quant skills

 

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