Incoming first-year analyst at an Asset Manager specializing in fixed income. I've been told that first-year analysts generally start out in Trading or Research depending on skills and fit. What are some of the pros and cons of each, and is there one I should be trying to steer towards?
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Research: You will be doing bottoms up diligence on investment ideas, building financial models, writing memos, communicating ideas internally, talking with company mgmt and industry experts, etc. Its a more of a transferable skillset vs trading. The job can be much less social and depending on the firm can be a lot of working in isolation without specific deadlines or deliverables so you really need to self motivate. Its kinda like doing book reports for a living.
Trading: You will be working with the PMs and maybe analysts internally to determine buys/sells and then interacting with sales and trading counter parties. Some firms the traders are more execution focused whereas others the traders have more influence. More fast paced, gotta remember a lot of things with quick recall, probably be on the more social side as relationships can be very important. You're not driving the investment decisions. Probably a much less transferable skillset.
What you should try for probably depends on what you prefer doing based on the above.
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