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

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