Path to macro PM?

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

1. Sell-Side BB Trading: Starting on a sell-side trading desk (e.g., FX, EM, Rates) is a common and effective route. It provides exposure to market-making, client interaction, and trading strategies, which are directly transferable to a macro PM role. Desks like EM local markets, FX, and Rates/FX volatility are particularly relevant.
2. Buy-Side Analyst Programs: Starting on the buy-side (e.g., Desco, Bracebridge, Rokos, Pimco, BW, Capula) can also be a strong option, especially if you join a macro-focused fund. However, these roles often require a more developed skill set, so sell-side experience can be a stepping stone.

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

• London and New York: These are the top hubs for macro trading and hedge funds, offering the most opportunities and exposure to global markets.
• Hong Kong and Singapore: These are strong for Asia-focused macro strategies, particularly if you want to specialize in EM or APAC markets.

Math/Econ Classes to Take

1. Mathematics:
   • Linear Algebra
   • Probability and Statistics
   • Calculus (Multivariable)
   • Stochastic Processes
   • Optimization Techniques
2. Economics:
   • Macroeconomics (focus on monetary policy, central banking)
   • International Economics
   • Econometrics
   • Economic Indicators and Data Analysis

Additional Tips for Becoming a Macro PM

1. Build a Strong Macro Foundation: Read books like "Macroeconomics for Professionals", "Central Banking 101", and resources on economic indicators.
2. Develop Trade Ideas: Start formulating and sharing trade ideas with PMs or sell-side desk heads for feedback.
3. Networking: Build relationships with recruiters and PMs at top funds. Direct outreach can sometimes open doors.
4. Skill Development: Gain experience in both research and trading. Some funds prefer strategists, while others value trading backgrounds.

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