EM Credit/FX/Rates Trading

Hi, I wanted to learn more about the EM side of macro trading, at most banks. I had a few questions:

  1. Generally, which one of EM Credit/Rates/FX has the most traders/is the biggest business at Bulge Brackets? (or is this totally bank dependent)
  2. What are the pros/cons of choosing to intern/start full time on EM desks?
  3. Compared to DM rates- especially at the junior level, is there less coding involved/more news/trade pitching? How about generally compared to other desks?
  4. Within EM, main differences between EM Credit, Rates and FX? In terms of skillset and also just generally in terms of what you trade etc.

Thanks

5 Comments
 
  1. bank dependent. Although, I will say FX and rates will have majority of their seats based on their home currency (USD in NY, GBP in London, etc). London is a much better hub for EM macro in my opinion.
  2. It's about the same as any other macro desk. It won't hurt you.
  3. Not sure.
  4. Credit, rates, and FX pretty much covers everything in EM besides equities lol. The instruments are the same as what you see in the US market albeit less liquid in some cases. Skills carry over. 
 
Most Helpful

Consequatur ut adipisci non. Unde quidem sed non expedita quia eos voluptatibus sapiente. Aut iure praesentium cumque nostrum quas est tenetur. Qui quaerat molestiae ut.

Aspernatur eum recusandae voluptatem temporibus magnam autem veritatis. Necessitatibus adipisci esse ut cupiditate quos. Nihil natus ipsam debitis libero quis. Ut nesciunt nulla sit magnam voluptas perferendis temporibus doloribus. Laudantium quod voluptate veritatis est qui inventore architecto.

Career Advancement Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

October 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

October 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
kanon's picture
kanon
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
GameTheory's picture
GameTheory
98.9
6
DrApeman's picture
DrApeman
98.9
7
dosk17's picture
dosk17
98.9
8
CompBanker's picture
CompBanker
98.9
9
Betsy Massar's picture
Betsy Massar
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”