Anyone have any advice for someone in a Fixed Income S&T Summer Analyst position.
Books to read? Websites? What to study up on? Anything?
Just looking for any advice and best ways to prepare for this summer.
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Didn't you do all that preparation to actually get the internship? By this time, you should essentially be rereading books for the 2nd, if not 3rd time, and continuing to follow markets. At least that is the situation with me.
Why would you be reading books for a third time? That just sounds inefficient. You will need to be able to pick things up a lot quicker than havign to read it three times on the job
To the original poster, I hate to recommend the book because i feel like walking into an internship you should be looking at somethign more specialized, but Hull's book is your best bet for an overview. But dont go overboard with it, a lot of kids treat it like the bible and od all the exercises etc,. that is pointless, just read through it quickly, find some things that interest you. Use it to find out which desks you would want to be on and then learn as much as you can about those. Your chances of landing the desk you want and getting an offer is much higher if you come in with an indepth knowledge of 1-2 products rather than a very broad overview of all of them. You wuill be taught an overview in your training anyway.
It's just how I learn. For example, reading chapter six from Natenberg's book, I really didn't understand it the first time when I just read it quickly. I had to go through that chapter a second time, taking notes, doing examples, drawing out the graphs, essentially being very methodical about it, before I really began to grasp the concepts. I'm reading through it a third time now and am understanding it even better. It seems that every time I look at it again, more concepts become clear and I am able to see how they fit into the grand scheme of things. Of course, if you sit on an options desk every day, 12 hours per day, for three months, you'll probably learn way more than you could by just reading the books. By the way, in my interviews, I was quizzed on option theory and I am really happy that I read Natenberg a second time while taking notes, because that second read through allowed me to answer those interview questions correctly, and I got the offer, so I don't think it was inefficient.
I'm just looking for a general overview, so I have a better sense of what products interest me and so I am a little more prepared for the summer. Obviously, I will learn on the job and no book can teach you hands on experience. I'm just looking to enhance my general knowledge.
I'm from a target with a non traditional major. I have a great GPA, extracurriculars, etc. So no, I haven't really read a lot of books.
You have any idea what product? Or is this one of those rotations?
Yep, it is a rotational program and we haven't been notified of placement yet.
Do you think it is possible to "predict" placement and kind of tailor your reading based on those predictions? I'm in the same shoes as you, and don't know too much about the process, but I was thinking that your majors might have a lot to do with placement. For example, if you're a math/CS major, you might get on the algos or exotics desks, but if you're an economics major, you might be better suited for the high yield or swaps desk. However, I could be completely wrong, and the assignments could be made based on fit alone. Could a user such as derivstrading comment on this?
Just a few I've read:
Fabozzi's books are good for most the fixed income desks Leveraged Finance by Shenkman if you end up on HY Moyer, Altman, and Whitman's are all good for distress desks
But echo'ing derivs, training and being on the desk will probably be the biggest things.
Work on your Excel skills, follow the rate markets and learn how the common derivatives are priced. Honestly, I think it would be much better to sit down with Excel and try to price derivatives on rates, look at basis and understand a bit of credit essentials rather than reading a book back to back.
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