How did you prep for a fixed income/macro S&T internship

Incoming S&T intern in London this summer, will be rotating through rates trading and FX trading desks. Background is STEM so my fixed income knowledge is self-taught. What's the best way to spend the next few weeks prepping? Should I be focused on learning about bonds or should I just learn Python/Excel/VBA?
Also, are there any books or resources people actually recommend? I've seen Hull and Tuckman mentioned but not sure what's worth reading vs what's just commonly cited. Any advice from people who've done similar roles appreciated.

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To prep effectively for a fixed income/macro S&T internship, here’s a structured approach based on the most helpful WSO content:

1. Books to Read

Fixed Income Securities by Tuckman/Serrat: This is highly recommended for anyone going into fixed income. It provides a comprehensive foundation but can be a slow read if you're new to the subject.
Handbook of Fixed Income Securities by Fabozzi: A great desk reference for understanding various products. While not ideal for a comprehensive overview, it’s useful for clarifying specific securities.
Interest Rate Swaps and Other Derivatives by Corb: A classic for understanding swaps, though it lacks updates on OIS discounting. Still, it’s a solid resource for grasping swaps concepts.
The Trader's Guide to Key Economic Indicators by Yamarone: Essential for understanding macroeconomic data releases and their market impact, especially if you’re working in macro.
Options, Futures, and Other Derivatives by Hull: Known as the derivatives bible, it balances intuition and analytical rigor, making it a must-read for derivatives knowledge.

2. Technical Skills

Python: If you’re rotating through FX trading or equity desks, Python is often used extensively. Brush up on data manipulation libraries like Pandas and NumPy.
Excel/VBA: Knowledge of Excel is crucial, and VBA can be useful for automating tasks. While not mandatory, it’s a good skill to have.
Bloomberg Terminal: Familiarize yourself with Bloomberg functions, especially if you’ll be working on fixed income desks.

3. Focus Areas

Bonds and Fixed Income Basics: Given your STEM background, focus on understanding bond pricing, yield curves, and duration. Tuckman’s book is a great starting point.
Macro Concepts: Learn how economic indicators (e.g., inflation, GDP, employment data) influence rates and FX markets. Yamarone’s book is excellent for this.
Networking and Desk Dynamics: S&T is a networking game. Spend time building relationships with colleagues on your desk and related desks. Shadowing and coffee chats are invaluable.

4. Additional Tips

Shadow and Learn: Once on the desk, shadow traders and ask questions. Analysts and MDs can provide unique insights.
Be Proactive: Show eagerness to learn and contribute. This will make colleagues more receptive to mentoring you.

By combining these resources and skills, you’ll be well-prepared to excel in your internship. Good luck!

Sources: S&T Literature/Books for Interns?, S&T Literature/Books for Interns?, How to be a good S&T Intern, Getting an S&T Return Offer - A Survival Guide for Future Interns

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How did you prep for a fixed income/macro S&T internship

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