Equity Derivs vs Convertibles - Exit Opps into Global Macro?
Hi I was wondering if anyone could shed some light on which of these (equity derivs or convertibles trading) would provide a better exit opportunity into the buyside, specifically global macro HFs??
Wondering Same I might have a internship with equity derivs so curious as well...are you looking FT or internship?
Well, I could rotate through both for my internship but I'm interested in finding out which of those is better, assuming FT for 1-3 years.
If you're looking to exit into global macro focused HFs, equity derivatives is the way to go since you'll be dealing a lot more with the capital markets in equity derivatives compared to convertibles. My 2 cents
Hi matek, I don't know too much about convertibles trading - would you mind elaborating on your post, specifically, why convertibles don't deal as much with the capital markets as do equity derivs?
I have no idea what you mean by those in equity derivatives "deal a lot more with the capital markets" compared to convertibles... Anyway, if you're looking to do Global Macro I'd say equity derivatives because it is a lot less about equity trading, much more about vol. If you know how to trade volatility and vol products, the applications to FX/Rates/Commodities etc you'll be able to learn.
Thanks Revsly. How would you view the exit opportunities for convertibles on a stand-alone basis, i.e., would convertibles trading still provide a good exit opportunity into global macro??
Equity derivatives is a good choice- certainly within equities. There's some complicated strategies out there, and if you can observe something that the markets are overlooking and hand the idea off to the traders or to a client who's looking for a less expensive way to place a bet, you're adding a lot of value.
That said, I think there's better places to wind up if they pay just as well- particularly if there's a way for you to work for the CRO of Equities or Fixed Income. Their job is to worry all day long about macro-type things, and make sure the CEO/CFO can see them coming.
If you hoard cash like crazy, you won't need to join a global macro hedge fund- instead, you can open a global macro hedge fund- or perhaps a prop shop if you're a crazy saver. The CRO at your firm will probably sit on the trading floor- you'll see and hear how these trades go down, and most importantly, you'll be trained to think and worry about macro fundamental stuff that the maket makers aren't thinking about.
Prestige is only helpful if you need to worry about raising capital. If you're a good saver and you come from a family of savers, you'll eventually be able to open your own prop shop or at least hedge fund- what you really need is competence on the fundamental macro level. If you fall into that situation, you want to be hanging out and going over ideas with the risk managers almost as much as you do the traders and sales guys.
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