Incoming analyst at a credit hedgefund - how to prep?
Thanks in advance for everyone’s input. I am a 2nd year banking analyst in a fairly modeling intensive EB coverage group. Landed myself a credit hedge fund role during oncycle last year which was more of a lucky draw as I did not know anything about restructuring or credit investing besides having had read a few chapters of Moyer and a lot of literatures about the space. My interviews were tough but I was articulate enough so perhaps got hired on the spot given that (for example, case study prompt was asking where you’d invest in cap structure, but I built a fairly detailed operating model and spoke solely about the business during debrief as I don’t quite know about the credit aspect of things).
Im very interested in the space and learned about restructuring model via wall street prep, but am a bit panicked about my next job. What should I read and do to set myself up for a credit hedge fund? (strategy is a mix of event driven and distressed).
Based on the most helpful WSO content, here are some recommendations to prepare for your role at a credit hedge fund, especially focusing on event-driven and distressed strategies:
Books to Read:
Blogs and Online Resources:
Key Areas to Focus On:
Credit Analysis Skillset:
Understanding Capital Structure:
Restructuring and Bankruptcy Proceedings:
Technical Skills:
Practical Steps:
Read Investor Letters:
Work on a Pitch:
Brush Up on Accountancy and Valuation:
By focusing on these areas and utilizing the recommended resources, you'll be better prepared for your role at the credit hedge fund. Good luck!
Sources: Distressed Debt Hedge Fund out of College - Prep Advice, https://www.wallstreetoasis.com/forum/investment-banking/how-to-prepare-for-restructuring-technical-questions?customgpt=1, Best books to read to get me up to speed at a distressed debt hedge fund?, How to Prepare for Restructuring Technical Questions, Private Credit Resources and Prep
Bump
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