FT Offers: Top BB S&T vs. BlackRock PMG FI
Hey guys,
I'm trying to decide between an offer from a top BB in s&t (on credit trading desk) and BlackRock PMG in fixed income. I also have an offer with a smaller bank in equity derivs trading which I don't think I'll end up taking...unless people think otherwise. My ultimate goal is to work at a non-quant hedge fund (l/s equity, credit, global macro etc.).
I haven't found too much info on PMG since they've only recently started an undergrad analyst program. It's attractive because I could start learning how to take risk on the buyside right off the bat. On the other hand, I really like the credit desk at the bank and feel that having a top bank on your resume can only bring positive exit opps into the HF world. One concern is the uncertainty surrounding trading on the sellside right now...clearly it's in a tough spot.
What are your thoughts? What would you do?
Regards.
Top BB.
Bulge bracket. Your intuition is correct, the exit opportunities will be broader off that desk.
I am not as familiar with BlackRock PMG but I would not discount that opportunity. If your goal is to be on the buyside, then starting on the buyside makes sense. Dealers are shedding risk and shrinking headcounts, this is a trend that will continue, do you really want to be swimming upstream for the first leg of your career?
I disagree. The natural progression is to go from sell-side to buy-side...you could never be a PM if you started off in buy-side (by never i mean the chances are slim to none). On the sell-side you become an expert in finding the information the buyside wants. Hence, when you cross you are much better informed than if you were to start on the buyside, where you would be dependent on information flow from others rather then being able to conclude and conduct your own analysis.
Wrong
LOL, so wrong. I am amazed how people can speak so confident on a subject that they clearly have no clue about.
What credit desk? And I assume PMG is effectively a research role?
Coming from someone who started out on the buyside, even at tier1 firms, 99% of the time you will not be as well trained or have a structured path the way you will in a bank.
I know PMs working in PIMCO, Western Asset Management, TCW and Doubleline. A good proportion of them started from buy side research. Whether one will become a PM, depends on individual, firm and opportunities available to them. Whether you start on buyside or sellside, especially it's your first job, won't matter to much as long as you are in IB, S&T, Research, and AM.
You will find more PMs are from sell side than buyside, but how many people do you know started from buyside, far less common. The data you started w is baised towards sellside.
To illustrate my argument, lets say 50 guys starts on sellside, 2 starts on buyside, out of 50 guys, 20 of them become PM. For the 2 guys from buyside, one become PM. You know 5 PMs and a decent chance they are all from sellside. But clearly, there is a higher chance to be a PM starting from buyside. Thats why i say your 'concensus' is wrong. The example is for illustration only.
The main thing I see as going against the PMG offer is the fact that you might get stuck in a traditional AM setting (which is fine if that's what you want). Hedge funders tend to have a sell-side background when it comes to fixed income although there are plenty of exceptions.
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