Hi all,
I just got first round for fidelity high yield, but i haven't been able to find any resources on the general structure of their interview. Has anyone had experience with interviewing with them / can you shed some light on some of the questions they will ask?
Also can anyone point to good resources to read up on high yield investing?
Thanks a bunch and love the site!
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High Yield analyst, or portfolio? There's big difference - FMR is a huge company.
It's high yield research associate!
S&P has primers on HY debt and leveraged loans. Not revelatory, but it can help. Fabozzi's Fixed Income handbook is a good general bond resource, but has all of 2 pages on HY.
I have looked for resources on HY debt. There is not much out there (actually there is more material on distressed than actualy HY).
I would suggest just picking a company with some interesting HY bonds (you can find these with a bond screen on Yahoo finance), and then plowing through prospectuses. Boring as hell, but it will help you understand some of the more common features.
Expect the interview to be similar to equity research. First, HY bonds behave a lot like equity. Second, they probably do not expect undergrads to be familiar with bonds (unless you are at a business school). You will probably get a "pitch me a stock" type question.
I would understand convexity & duration, barbell and bullet portfolios, seniority, and some common bond features (converts, callable bonds, etc).
Convexity and duration has nothing to do with high yield. I wouldn't worry about the debt side other than the basics, how it differs vs. equity, and stuff like that.
True, but I would understand it to be safe, at least conceptually. If you are not a business major and do not have finance work experience, the odds of being asked about it are slim to none. But you still might get questions relating to how bonds trade, for instance "what would happen to the price of a bond if treasury rates increased?"
No worries guys, I got my rejection letter!
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