I have a problem that I would love to get some valuable advice on. I recently graduated from top 5 MBA program and was able to find a job in fixed income structuring with ofbanks. The desk I got an offer from, deals with liability side structuring - structuring loans for corporate clients. After a long-enough period I came to definite conclusion that I am clearly NOT enjoying this desk AT ALL for several reasons:
- Not sure what skill set I develop in this job - on the deals we work on, real in-depth fundamental credit analysis is done by a separate prop desk, while derivatives are structured and priced by derivatives structuring desk (when we decide to embed derivatives in the deal), we are then left to do the least desirable tasks - pricing on the credit side (returns analysis) and then, WORST OF ALL, dealing with legal docs structuring (I hate hate hate that part).
- Unlike derivative structurers, we do not get to interact with market-driven side of fixed income business i.e. traders, sales teams that market the instruments to the buy side. We deal mostly with coverage guys who source the deals. In short I am suffocating.
- I have an uneasy feeling that we are considered a backwater among structurers. Any experienced structurers (FX or derivatives) please confirm or deny this.
Basically, I came to conclusion that I need to switch desks as soon as practicable. My genuine interests lie in the following rather different areas:
- FX structuring
- Distressed debt (with possibility to move across capital structure)
The only problem, doing so internally would pose a political obstacle. I tried switching desks 3-4 months ago but instead got a hint that I was seen in this role in the foreseeable future. The only problem is that I DON'T!!!
What is the best way for me to maximise my chances of getting into one of the above roles? Where do I even start? What are the first actions I need to take? I would be extremely grateful for useful advice from experienced people.
I was willing to give this job a try because of market conditions, but my patience is running very low. Please excuse the tone of this letter, but I am rather frustrated at this point.