fixed income career

youngblood90's picture
Rank: Monkey | banana points 56

Hi everyone, you all have helped me before and I would like some advice now. I am currently working in trading right now in New York, but I have come to realize that trading is not for me. I want to be more on the investment side. I have been offered a position with a fixed income investment firm as an analyst, and I think I am going to take it. I think fixed income is very interesting and I am excited about the opportunity. My question is what would the career path look like? Obviously I could stay here and move up to portfolio manager. I might be able to make the jump to a hedge fund. I also plan on getting an MBA from a top tier school. Would I be able to make the jump to private equity, VC, or distressed debt investing? Just curious, thanks for the help.

Comments (26)

Nov 14, 2012

Bump. A little help??

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Nov 14, 2012

I'm in the same boat as you- looking to make the leap from quant research to IM. How did you go about it? And what firm are you starting with?

Nov 14, 2012

I actually found it on LinkedIn. One of the head guys has a similar background to mine so he and I hit it off. I think .LinkedIn is one of the best resources to find a job. Also call to follow up, out of 1000 that applied I was one of very few that called.

Nov 19, 2012

Getting your MBA would be a good way to open a few doors for yourself. If you like the firm, you could always stay, go to school part-time and get promoted after you get your degree. It would probably take about 10 years to get to a true PM role if you are starting out from scratch. You might be able to do some PM support work after (PM, but following manager's advice and investment strategy) about 5 years, maybe less since you have trading experience. These are all estimates and it varies. Once you have an MBA (if you go part-time), you can always change shops to do something different or to get a promotion. If you are applying for a full-time program, then you can move into PE or whatever other buyside role you want but it will be, as expected, difficult. Although I would argue that it will be easier compared to have zero experience as an analyst.

PM is great, but involves a lot of administrative work.. not sure why so many people are so gung-ho to be a PM. Except for the published salary statistics they read, of course.

Nov 21, 2012

Thanks very much for your input

Nov 16, 2016

Thank you very much for shearing.

Nov 16, 2016

Hey nanavivi, I'm here because nobody responded to this thread after a few days...maybe one of these resources will help you:

  • Fixed Income Sales and Trading 101 to know for FI. In addition, The Handbook of Fixed Income Securities by Frank Fabozzi is a highly ... example questions to understand going in (@MonkeyBusiness): What is duration? How is it calculated? Term ... Fixed Income (FI)- What Is It?
  • Student Loans: How can it be fixed? forgetfulness to servicer errors. The effect of this is much higher monthly payments. How can the issue of ... student loans (depending where you went to college). " About one in six U.S. adults has a student ... Education updates, here is what was found in the trends. 1. Fewer Borrowers are Falling Behind Late payments ...
  • Buyside Viewpoint from a Fixed Income PM able to use some of your financial education in a role where it is useful to have that education. After ... create those opportunities. What I mean by this is that in high school, you might have had to work your ... you're doing, and how it will be used. This is critical, whether
  • Fixed income sell side trading is a dying career currently working under the fixed-income division of S&T. I told them about my plans to pursue S&T ... as a career and they all told me the same thing- S&T fixed income in the US is getting more and ... were worried about their jobs, although they did mention it was harsher in the equities division than ...
  • GSAM Fixed Income Product Management team and is focused on enabling distribution channels to win and retain Fixed Income clients through ... interview is? Position is in Bangalore,India. Thanks!! Goldman Sachs fixed income product management ... position is about.The interview is telephonic.This is the JD the HR lady sent me:
  • Outlook & Exit Opps of Fixed Income vs. Equity Research outlook for fixed-income research is better or worse than equity research? Also, how do the exit ... Based on what I've read in various threads, it seems that in the near future, (sell-side) ... equity research as a whole is consolidating and will not grow too much. I wanted to know whether the ...
  • How can I learn more about Fixed Income? I'm mainly familiar with equities, but really want to learn more about fixed income in ... general. Is there a book or guide that is good for this? Thanks! to Monday, June 19, 2017- 1:55pm ...
  • More suggestions...

If we're lucky, the following users may have something to say: @Ahmed-Hazem @joey joe joe shabadoo @sigan7

If those topics were completely useless, don't blame me, blame my programmers...

Nov 16, 2016

What the hell? You can't reduce an entire asset class down to prestige! Depends on the part within, your function, the bank's performance in that part, etc.

    • 2
Nov 16, 2016

What do you mean prestige?

Do you mean will people think you are smart? wealthy? This is a very strange question.

Nov 16, 2016

Bill Gross is obviously a know-nothing POS. Nobody would ever look up to him. It's not like he became a billionaire or anything, or vaulted PIMCO into the top tier of AM. Please, some people even think that there was a time where PTTRX was the largest fund on the face of planet earth.

/s
-I'm in Equities.

I break things internally before we roll them out so people don't break them externally, and find data problems. I also know the story behind every one of our ETF's performance quirks back to inception. Our PMs come to me when they need help.

Nov 16, 2016

about as prestigious as ops at Nomura

Nov 16, 2016

Get a life. People like you disgust me.

    • 1
Best Response
Nov 16, 2016

I'm not exactly sure what you mean when you speak to working FI at a BB. Do you mean a desk? Working in Asset Management? It's an extremely robust and broad asset class

With respect to prestige, I don't think there's an appropriate answer to give here. All groups are quite reputable and well respected, and will each case give you unique experiences and skillsets. The degree to which you want to work in FI depends heavily on what you are looking to get out of it and the type of work you would like to do in the future.

Do you have an affinity to reading about fixed income valuation? do you take a liking to things such as bond convexity/duration, among others? It might be a good area for you in this case.

In my view, you never should base a decision of working off prestige, as it rarely works out well. OTOH, going to a reputable shop, being in a decent group, and producing superior work product will help get you to where you need to be so you can decide the next steps of your career later on :)

There's a closer meaning to my user name. Try reading it quickly. Perhaps you will then understand ;P

    • 3
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Nov 16, 2016

You've checked M&I? I'm pretty sure there were a few topics concerning what you're looking for on there.

Nov 16, 2016

I'm sure you've already seen this, but BlackHat made a really good topic posting in the Asset Management sub-forum.

http://www.wallstreetoasis.com/forums/life-at-a-to...

It goes over what to expect on the job and how recruitment is. I haven't been able to find a more comprehensive resource than that, so I'm interested in this as well.

Nov 16, 2016
Dreizzy:

I'm sure you've already seen this, but BlackHat made a really good topic posting in the Asset Management sub-forum.

//www.wallstreetoasis.com/forums/life-at-a-to...

It goes over what to expect on the job and how recruitment is. I haven't been able to find a more comprehensive resource than that, so I'm interested in this as well.

thank you!

Nov 16, 2016

One way of making this happen is a move within your current company. Can you get to know the head of the FI group and check to see if there is an opening in near future. This likely would be your best bet.

Nov 16, 2016

Thanks for the suggestion, but my company is not a financial institution. I would have to change companies. I am ok with starting at the bottom, but the problem is getting the interview. All I can think of is attending CFA events. Even then, once people see my background has been mostly in accounting, it would be tough to break into fixed income.

I'm open to any thoughts/suggestions.

Array

    • 1
Nov 16, 2016

How about you work your job for a year first and then figure out what to put on your resume instead of asking people who don't have your job to do that for you...

    • 1
Nov 16, 2016

You have never worked in this field... Ergo, you should learn whatever you are able to. Attempting to "fine-tune your learning" at this early stage are rather counterproductive, IMHO.

Nov 16, 2016

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Nov 16, 2016