BB S&T New Graduate Analyst - Advice to progress as rapidly as possible
Am joining a BB in a couple months and have aims to eventually leave to top macro AM/HF. I would like to learn as fast as possible to understand Macro idea generation and use my time in S&T as usefully as possible and we still haven't been allocated desks. How would you advise on becoming ready to exit to a macro shop a few years down and which desks do you think would equip me with the skills required, where and how would I learn idea generation, should I prioritise RV or Macro? For context, maths/stats with economics undergraduate.
rip a xanny
Bump
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Wow, chill.
Bump
Macro is a fairly meaningless term simply because of the sheer range of asset classes and sub asset classes that it encompasses. At the same time, most fresh juniors and college students tend to have a poor and mostly romanticised picture of what the day to day trades look like for these traders/funds. To put it plainly, you’re not gonna be George Sorors betting on Black Mondays/BoJ interventions for 99.99% of the time, and a lot of macro trading is actually very micro.
It would help if you explained why you wish to enter ‘macro’ and what your relative skillset is and where your weaknesses lie tbh. If your motivations arise because you did some politics classes and read the nyt everyday & think you can call geopolitics well, then I’m sorry to break it to you that it’s not gonna help much if at all really
Hi there thank you very much for your reply, I worked on a rates desk during my internship and my day to day consisted of a lot of researching and pitching different curve trades such as 5s30s, 2s10s on the back of statistical and macroeconomic data analysis. I would use tools like time series forecasting, using alt data, using options markets to identify what was priced in and general statistical analysis. I also used tools such as PCA for RV fly trade ideas. I would like to continue and become excellent at generating these ideas which took a lot of due diligence and data analysis that I enjoyed and the role that seems to allow me to develop in this way the most is macro in HF or AM and hence I wanted to ask what I could gain in S&T to become more skilful in that field
Macro
Most of these traders will come from emerging market desks, FX desks, or rates desks where they’ve dealt with significant flow and have managed a non-trivial book that involved significant warehousing of risk.
Credit
For traders that deal in IG, HY, CLOs, or distressed credit they can sometimes exit to credit funds that have an area devoted to their area of expertise. For example, it’s not uncommon for CLO traders to go to a credit fund that has a dedicated arm for investing in CLOs (as many of the larger credit funds, like those associated with PE funds, do).
Quant Funds
Many traders who work on more quant-oriented products – like equity derivatives – will move to so-called quant funds like Two Sigma, Citadel, AQR, or D.E. Shaw (to name the largest ones). These traders aren’t necessarily quants but can rather just be equity derivative traders that have gone through the normal S&T program.
Are there systematical quant desks at BB?
Yes there are but they are not anywhere near quant maker makers level in terms of capabilities
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