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Is your friend a student? I haven’t heard anything like that. You could probably go to an asset manager and work on a portfolio of IG or HY bonds but the skill set for distressed is totally different.
He's a past SA starting FT in just under a month, so he's pretty green. Thanks for the info- could you elaborate on the skill set used for distressed? I'm considering a MBA and would love to learn more about pathways to Distressed.
Distressed HFs are composed of former restructuring investment banking analysts (not sure if this includes post-MBA associates), distressed credit research analysts, distressed credit traders (sometimes execution only, sometimes they have a say in overall investment strategy).
I’m not sure what your best options are post-MBA. Read Moyer’s book on distressed debt if you want to learn more about the skill set. There’s tons of info floating around on this forum you just have to dig. I think someone did a distressed credit AMA a while back.
He probably meant towards private credit stuff. If you want to do distress, it's probably best to go into restructuring or credit research.
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