Is there anybody here who is in credit research? I am specifically looking at equity research versus credit research. The ins, outs, advantages, pay scale, etc. I have some more questions that I can PM/email you.

Comments (14)


I believe credit research is more technical and quantitative, and it's probably a very different job depending on whether you do research on investment grade or junk bonds.

I would also like to read some insights on this.

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You can PM a few questions.


I work as a buyside credit analyst. The sellside research we get from banks is basically of two types: Corporate credit research is generally the same idea as equity research and covers individual names or on a sector. We are focused on HY credit so I can't speak as much to investment grade. The other type is what I would call macro/structured research, which presents ideas about the overall credit market such as CDS curve trade ideas, different asset classes, etc.

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^^^Thanks Kenny, I'm also currently a credit analyst. But I work in the real estate side of the business. Looking to make a move post MBA.


Between credit research and equity research what are your thoughts about the skills you'd gain as well as opportunities if one were decide to leave?

Someone interested in investing should focus on ____ ?



I was wondering the same thing. The forums on here for research is a little specific in pegging down only equity research.

Macro/structured research sounds more interesting to me personally. Kenny, I've also heard people mentioned similar research roles as a strategist. Any ideas of places that make the distinction in the recruiting process for research roles?


from a cross-capital structure perspective - the credit guys like to do bond math in their head. seriously,if you are doing research the job isn't that different for anything remotely risky, but the personalities are. if you aren't sure, go to a big management company or a less focused fund so you can switch if necessary.


Credit research is one of the main ways to getting into hedge funds

I don't get how it is possibly career limiting...


Sounds like a great role to transition to the buyside (Especially if you are able to cover distressed names). Unlike ER, I believe that the credit guys generally sit on the trading floor so you will get a grasp on the trading aspect as well.


I believe that their is a pretty big difference between regular credit research and FI strategy. FI strategy is more quant based from the positions that I've seen while credit research is more comparable to ER.

But I don't think it'll narrow your skills in that sense of not being able to find something else. I am also trying to work in CR, as I've done an internship and hopefully will be landing a FT gig soon. But CR is a good skill set for getting into AM or HFs as well. Not so sure about PE, but while it may not be as "door opening" as IB analyst or ER associate positions, I'd like to think that it is the next best thing.

In CR (vanilla research), there is more of a distinction between investment grade and HY/distressed research compared with the more sector distinction in ER.

But then again, a lot of this is my own opinion.

"History doesn't repeat itself, but it does rhyme."


Would be interested in knowing this as well.


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