Can someone break down the differences between these two paths, for someone interested in trading/investing in credit broadly at an HF, but needs to discern differences in strategies between starting as an analyst in these two places?
Like credit, can’t decide if I want to pivot to macro credit or distressed debt. What’s the differences between personality, investing style, big funds in the space, etc. I know it sounds broad but I’m new.
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By macro credit do you mean CDX options and credit ETFs? If so, this is one of the more technical desks within S&T and will be more suitable towards quantitative backgrounds (coding is likely required). Distressed Debt is also a super interesting space, but will use more traditional finance knowledge (balance sheets, more micro, excel). Totally a matter of preference of micro vs macro and more traditional finance vs quant. Can’t go wrong in either!
Really confused which to lean towards. I actually have a background in both, and did interns at distressed and macro. If the goal is to become a PM, which gives a better shot if your agnostic?
No idea tbh. Not an expert on that sort of thing, so I can't speak to that. I think if you want to exit into anything "quanty", macro credit will be a far better choice. Distressed debt I am not overly knowledgable on, but I'd imagine exits may be some type of distressed debt HF or maybe even private credit? I personally would pick macro credit, but I am biased towards the more macro, quanty products
Both will give you a roughly equal chance of becoming a PM, you'll just be running different strategies. RX banking will probably give you more transferable skills if public markets don't work out though.
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