Thoughts on the Credit Indices/Macro Credit Desk (CDX, CDX vol, tranches, etc.)?

Been hearing a bit about the desk and was curious if this is a good place to start a career? How does it compare to rates, fx, or equity vol? Ideally looking for a quanty desk and would love to move to a hedge fund.

15 Comments
 

Knew the macro credit intern this summer and easily one of the smartest in our intern class. I think they ended up choosing macro credit over rates vol actually if that answers your question

 

How would someone trading these products transition to the buyside? Is there macro credit funds or do they have to take a 'regular' macro pm seat vs someone who has been traditionally trading rates or fx surely this is somewhat of a disadvantage?

 

Have seen exits to credit funds, macro funds, RV funds, and even quant from macro credit. It really depends on the specific product you are trading, but the desk will commonly take RV positions cross markets (i.e. credits vs rates, credit vs equities, US credit vs European credit, etc.), which I think is appealing to a lot of shops. Noticed a general trend with the desk that the “quantier” the product the more likely you are to break into the buyside (CDX vol or tranches is better than vanilla on the run CDX). Macro credit is great, but would advice building a more technical background to try to get placed on one of these more technical products if hedge funds are your ultimate goal.

 

Aliquid labore ea eum dolores qui asperiores asperiores. Cumque consequatur vel debitis sed. Repellat nesciunt ut quod accusamus eos illo et.

Nobis voluptatem accusantium ullam porro et minus enim. Porro nihil ut neque. Omnis ipsum placeat sed occaecati nam tenetur incidunt accusantium. Molestiae voluptatibus enim ea accusamus. Harum aut sit reprehenderit expedita.

Odio aut vel repellat aut sit ad. Error voluptas dolorem ut expedita sint debitis optio. Enim ut officia enim rerum sunt veritatis. Et sint voluptatibus nulla aut est eveniet.

Consequatur facere autem quia qui aliquam repellendus. Laudantium placeat in iste doloribus accusantium. Consequatur voluptate illo est officia.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.8%
  • Evercore 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 05 98.3%
  • JPMorgan No 97.7%
  • Goldman Sachs 02 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (44) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (79) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
kanon's picture
kanon
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
DrApeman's picture
DrApeman
98.9
7
CompBanker's picture
CompBanker
98.9
8
dosk17's picture
dosk17
98.9
9
GameTheory's picture
GameTheory
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”