What’s the best place to start learning as a macro trader? Is it sell side BB trading, or is it better to start off on the buy side in an analyst programme (like Desco, Bracebridge, Rokos, Pimco, BW, pod shop, Capula)? Is experience in structuring useful? Are certain geographies better for career growth (eg HK, London, NY, Singapore)? Also what sort of maths / Econ classes are useful?
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To become a macro PM, here's what you need to know based on the most helpful WSO content:
Best Starting Point: Sell-Side vs. Buy-Side
Is Structuring Experience Useful?
Structuring experience can be helpful but is not as directly relevant as trading. It may provide a solid foundation in understanding complex products, but transitioning to a trading or research role is often necessary to move toward a macro PM position.
Geographies for Career Growth
Math/Econ Classes to Take
Additional Tips for Becoming a Macro PM
By combining the right experience, education, and networking, you can position yourself effectively for a macro PM role.
Sources: Best Desks for Sell-Side Trader --> Buy-Side Macro PM, https://www.wallstreetoasis.com/forum/hedge-fund/developing-macro-understanding?customgpt=1, Q&A: Non-Target School to Portfolio Manager at a Top Hedge Fund – 6 Years Out of Undergrad, Routes to Buyside PM, https://www.wallstreetoasis.com/forum/job-search/help-me-formulate-a-career-plan?customgpt=1
Structuring is good, BB trading is good, generally everything you said could work. I would also emphasize the quant aspect. Nowadays, macro is increasingly a quantitative role with a lot of modeling work for things like macroeconomics or fx.
What are your thoughts on places like PIMCO?
I don't think many of their macro PMs are from in house. Entry level roles are portfolio reporting. I'd rather be a BB and build a trading book.
Good place with decent names, but I'm so far away from AM firms that I couldn't comment too much on them. You'd have a good career coming from there though.
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