I am currently wrapping up my first year in institutional AM. I got a brief taste of distressed debt and have been reading up on it for a few years now. I feel confident that this is where my interests lie and wanted to begin setting my sights on this field as I complete a rotational program. I'm in the midst of the CFA program and plan on finishing this at my current employer since they pay for it. The next step would be an MBA, however, I am not sold on this. I was accepted into a T20 law school in undergrad and would rather go that route if a grad degree is needed to transition.

This is a generalization rather than a rule; but the distressed guys I know tend to have a RX background. They understand the bankruptcy process and creditor/debtor covenants . A JD can help in RX banking, but is a very circuitous way to get there (2-3 years BigLaw --> Associate). As you know; the skills in IG/HY are useful; but not directly transferrable/highly valued in a distressed investing role. If your firm does not have a distressed desk; I would try and transfer to another firm's desk as a junior analyst. You are early enough where the transition is justifiable.

Fixed Income AM to Distressed Debt

gryphus

King Kong

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Fixed Income AM to Distressed Debt

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