Howdie,
I am considering accepting my Summer Analyst internship position at an MF to join their Liquid Credit (trading High Yield Bonds & Leveraged Loans) team. The analyst program is relatively new. I would love to hear opinions on:
- Learning opportunities compared to BB/EB
- Prestige
- Recruiting
- Associate Recruiting to HF
- Associate Recruiting to PE (I am particularly interested in UMM funds in NY)
- How pay scales up to the VP level
- And any media that I should read/keep up with to learn more about the HY/LL credit markets
Thanks in advance!
PE will be non existent, credit funds will be plenty.
If you want PE and optionality then go to BB/EB.
This
Howdy partner!
First off, congratulations on your Summer Analyst internship position! That's a big step. Now, let's dive into your questions:
Learning Opportunities: Compared to BB/EB, you'll likely get more hands-on experience in a Liquid Credit team at an MF. You'll be dealing with high yield bonds and leveraged loans, which will give you a deep understanding of the credit markets.
Prestige: While BB/EBs have their own prestige, working in an MF's Liquid Credit team is also highly regarded. It's a specialized field and can set you apart from others.
Recruiting:
Pay: While I don't have the exact figures, typically, the pay in MFs scales well as you move up the ladder. The exact amount can vary based on the fund's performance, your performance, and other factors.
Media: To keep up with the HY/LL credit markets, I'd recommend following financial news outlets like Bloomberg, Financial Times, and Wall Street Journal. Also, keep an eye on reports from credit rating agencies like Moody's, S&P, and Fitch.
Remember, this is just my two cents. It's always a good idea to reach out to people in the industry to get their perspective. Good luck with your decision!
Sources: MF Liquid Credit SA / Analyst Programs, L/S Credit HF Analyst - Q&A, https://www.wallstreetoasis.com/forum/private-equity/liquid-credit-leveraged-loans-high-yield-groups?customgpt=1, https://www.wallstreetoasis.com/forum/hedge-fund/qa-credit-analyst-at-5b-distressed-shop?customgpt=1
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