Rates Vol vs Macro Credit Trading exits
Have fulltime opportunities lined up in rates vol (gamma / vega) trading and options trading team in macro credit (CDX options, tranches, FI ETF, etc).
I understand these are both great desks and the culture on both teams were very supportive with encouraged mentorship. Currently leaning towards macro credit for its versatility but want to hear some thoughts in terms of hedge fund exits.
What bank? Would say rates vol is better long term, but have heard multiple macro credit analysts leave 2 yrs in for buy side. Depends what you’re interested in and how long you want to stay. Rates vol more developed market whereas macro credit is growing and will be more entrepreneurial.
Probably rates vol in terms of pure rep but it will depend on a) the banks each are for and b) your interests, if you don't care about volatility modelling choose credit and vice versa.
Deutche/Barclays decent in any of these?
Both two of the top desks. Macro credit is more versatile, yes, but try to end up on the nonlinear side (options/tranches/curves). Rates vol would lean towards gamma pod to start. Macro credit exits could be more fundamental or quant and will likely end up more X asset between credit, equities, and securitized products (sometimes rates). Rates vol exits will be more pure macro focused
Deutche/Barclays decent in any of these desks? Incoming there and thinking about placement
You should have great exits if we’re talking about desk alone, ignoring factors like bank etc. I’d lean macro credit.
What's your background like? STEM?
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